HIGHOutside partyCustomer
88%
Mining Pool operator
“10-K Item 1: 'During the fiscal year ended December 31, 2025, one Mining Pool operator accounted for 88% of our total revenue.'”
KEEL · Concentration risk · 10-K extracted
Keel Infrastructure (KEEL) concentration risks
Updated
The most significant concentration Keel Infrastructure discloses is Mining Pool operator at 88%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Keel Infrastructure’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 1 disclosed concentration
HIGH1
MEDIUM0
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-07-06Keel Infrastructure's concentration risk is stark and singular: one Mining Pool operator accounted for 88% of total revenue during the fiscal year ended December 31, 2025. This is a dependency-type exposure rather than a structural, industry-wide feature — it reflects reliance on one specific counterparty's continued business rather than a broad characteristic shared across the crypto-mining sector. With size in the HIGH band and no other concentration exposure disclosed, this single relationship is effectively the entire investment case from a concentration standpoint: any change in that one mining pool's volume, pricing, contract terms, or continued operation would flow through almost directly to Keel's top line, with essentially no diversified customer base to absorb the impact. For an educated investor, this is the one variable to watch above all others — quarterly commentary on the status of this relationship, any diversification efforts, or signs of customer churn should be weighted far more heavily than broader sector trends when assessing this name. This exposure is disclosed in the most recent 10-K.
For the engine’s reasoning on KEEL’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Information Technology Services
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| CACI | CACI International, Inc. | 3 | 1 | 0 | 4 |
| BBAI | BigBear.ai, Inc. | 1 | 1 | 0 | 2 |
| KEEL● | Keel Infrastructure Corp. | 1 | 0 | 0 | 1 |
| ACN | Accenture plc | 0 | 0 | 0 | 0 |
| APLD | Applied Digital Corporation | 0 | 0 | 0 | 0 |
| BR | Broadridge Financial Solutions, | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.