Revenue jumped to $46.5M in 2026Q3, but net loss widened to $83.6M, with NIM at 0.0% and an efficiency ratio of 113.2%, indicating fee income (88.6% of revenue) cannot offset operating inefficiencies.
Bitmine Immersion Technologies, Inc. (BMNR) annual income statement — 8-year revenue, gross profit & net income history
| Metric | TTM | Aug'25 | Aug'24 | Aug'23 | Aug'22 | Aug'21 | Aug'20 | Dec'13 | Dec'12 |
|---|
| Net Interest Income | 239.08K | -244K | -213.96K | -68.74K | -291.05K | -22.42K | -9.35K | -2.64K | -8.92K |
| NII Growth % | -574.48% | -14.04% | -211.26% | 76.38% | -1197.94% | -139.88% | -253.69% | 70.37% | - |
| Net Interest Margin % | 0% | -0% | -2.94% | -0.84% | -3.65% | -3.47% | -484.35% | -1.43% | -3.89% |
| Interest Income | 5.3M | 1K | 54.62K | 28.72K | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 5.06M | 245K | 268.58K | 97.46K | 291.05K | 22.42K | 0 | 2.64K | 8.92K |
| Loan Loss Provision | 5.05M | 5.54M | 2.28M | 325.35K | 265.65K | -22.42K | 0 | 70.29K | 393.84K |
| Non-Interest Income | 55.89M | 6.09M | 3.26M | 616.56K | 427.67K | 0 | 0 | 87.07K | 573.45K |
| Non-Interest Income % | 99.57% | 104.17% | 107.03% | 112.55% | 313.04% | 0% | 0% | 103.13% | 101.58% |
| Total Net Revenue | 56.13M | 5.85M | 3.04M | 547.82K | 136.62K | -22.42K | -9.35K | 84.43K | 564.53K |
| Revenue Growth % | 980.84% | 92.32% | 455.25% | 300.98% | 709.26% | -139.88% | -111.07% | -85.04% | - |
| Non-Interest Expense | 8.93B | -443.9M | 3.21M | 2.64M | 1.59M | 131.81K | 0 | 40.69K | 161.38K |
| Efficiency Ratio | 15913.66% | -7588.05% | 105.48% | 481.09% | 1160.26% | -587.83% | 0% | 48.2% | 28.59% |
| Operating Income | -8.88B | 444.21M | -2.45M | -2.41M | -1.71M | -131.81K | 0 | -26.56K | 9.31K |
| Operating Margin % | -15822.65% | 7593.35% | -80.46% | -440.47% | -1254.71% | 587.83% | 0% | -31.45% | 1.65% |
| Operating Income Growth % | - | 18249.69% | -1.43% | -40.77% | -1200.45% | - | 100% | -385.36% | - |
| Pretax Income | -8.75B | 440.87M | -3.29M | -2.46M | -2.01M | -154.24K | -9.35K | -29.2K | 386 |
| Pretax Margin % | -15591.24% | 7536.27% | -108.24% | -449.93% | -1467.74% | 687.83% | 100% | -34.58% | 0.07% |
| Income Tax | 2.96M | 92.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | -0.03% | 20.93% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -8.75B | 348.58M | -3.29M | -2.46M | -2.01M | -154.24K | -9.35K | -29.2K | 386 |
| Net Margin % | -15596.51% | 5958.58% | -108.24% | -449.93% | -1467.74% | 687.83% | 100% | -34.58% | 0.07% |
| Net Income Growth % | -245250.3% | 10686.99% | -33.58% | -22.92% | -1200.08% | -1549.97% | 67.99% | -7664.51% | - |
| Net Income (Continuing) | -8.75B | 348.58M | -3.29M | -2.46M | -2.01M | -154.24K | -9.35K | -29.2K | 386 |
| EPS (Diluted) | -15.87 | 1.34 | -0.01 | -0.01 | -0.01 | -0.00 | 0.00 | -0.01 | 0.00 |
| EPS Growth % | -79518.06% | 10251.52% | -32% | - | - | - | - | - | - |
| EPS (Basic) | - | 1.36 | -0.01 | -0.01 | -0.01 | -0.00 | 0.00 | -0.01 | 0.00 |
| Diluted Shares Outstanding | 551.79M | 245.15M | 249.39M | 245.28M | 215.54M | 48.79M | 2.69M | 4.25M | 4.25M |
Quick answers to the most common questions about buying BMNR stock.
For fiscal year 2025, Bitmine Immersion Technologies, Inc. (BMNR) reported total revenue of $5.8M. This represents a 936.3% increase compared to $0.6M in 2012.
Bitmine Immersion Technologies, Inc. (BMNR) is profitable, generating $348.6M in net income for the fiscal year ending 2025 with a net profit margin of 5719.1%.
Bitmine Immersion Technologies, Inc. (BMNR) reported an operating income of $444.2M, resulting in an operating profit margin of 7288.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Bitmine Immersion Technologies, Inc. (BMNR) generated $0.3M in gross profit for the year, representing a gross profit margin of 5.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Dependence on non-interest income
Metrics are mathematically derived from official filings.
Negative NII Persists
Net interest income has been consistently negative, with 2026Q3 showing a $5.3M positive swing, yet cumulative losses suggest structural funding costs exceed asset yields, per company filings.
Despite a reported $5.3M NII in 2026Q3, the preceding quarters show persistent negative NII, indicating that the bank's funding costs have historically outpaced interest-earning asset yields. The sharp positive swing in 2026Q3 may reflect a one-time event or a fundamental shift, but the sustainability is questionable given the prior trend. Investors should monitor whether this improvement is driven by core operations or non-recurring items.
NIM Remains Negative
Net interest margin has been negative for all reported quarters, with 2026Q3 at 0.0%, indicating that interest expense exceeds interest income, as per financial statements.
The negative NIM across all quarters suggests that the bank's cost of funds is higher than the yield on its interest-earning assets, a condition that is unsustainable in the long term. Even in 2026Q3, where NII turned positive, the NIM is reported as 0.0%, implying that the improvement may be offset by other factors. This persistent negative margin highlights a fundamental profitability challenge that requires strategic repositioning.
Efficiency Ratio Spikes
Efficiency ratio reached 113.2% in 2026Q3, indicating non-interest expenses exceed total revenue, a deterioration from 46.7% in 2025Q3, based on reported figures.
The efficiency ratio above 100% means the bank is spending more on operating expenses than it generates in revenue, leading to operating losses. The dramatic increase from 46.7% in 2025Q3 to 113.2% in 2026Q3 suggests a significant rise in costs or a decline in revenue, possibly due to expansion or one-time charges. This trend indicates a lack of operating leverage and raises concerns about cost management.
Provision Volatility High
Provision for loan losses swung from $1.9M in 2025Q4 to $5.7M in 2026Q3, with negative provisions in 2026Q2, indicating erratic credit cost management, per SEC filings.
The provision expense has been highly volatile, with a negative provision in 2026Q2 suggesting a release of reserves, followed by a sharp increase in 2026Q3. This volatility may indicate changing credit quality or management's adjustment to economic conditions. The large provision in 2026Q3, despite negative NII, suggests that credit costs are a significant drag on earnings, and investors should monitor the adequacy of loan loss reserves.
Fee Income Dominates
Non-interest income constitutes 88.6% of total revenue in 2026Q3, up from 98.5% in 2024Q4, highlighting heavy reliance on fee-based revenue, as reported.
The bank's revenue is overwhelmingly dependent on non-interest income, which includes fees and other income, rather than traditional interest income. This reliance exposes the bank to fee income volatility and regulatory changes. The slight decrease in fee percentage in 2026Q3 may indicate diversification, but the absolute level remains high, suggesting that the bank's earnings are not driven by core lending activities.
2026Q3 Earnings Inflection
2026Q3 marks a potential inflection with NII turning positive and revenue surging to $46.5M, yet net loss widened to $83.6M, indicating a mixed signal, per company data.
The third quarter of 2026 shows a dramatic increase in total revenue to $46.5M, driven by a surge in non-interest income, and a positive NII, which is a departure from prior quarters. However, the net loss of $83.6M is the largest in the series, suggesting that expenses and provisions have outpaced revenue growth. This quarter may represent a strategic shift, but the profitability remains elusive, and the sustainability of this revenue spike is uncertain.
Earnings Quality Concerns
The sharp revenue increase in 2026Q3 may be non-recurring, given the historical reliance on fee income and negative NII, raising questions about earnings sustainability, per financial data.
The bank's earnings quality is questionable due to the volatile and non-interest income-driven revenue, which may include one-time gains or mark-to-market adjustments. The negative NII and high efficiency ratio suggest that core operations are not profitable, and the 2026Q3 improvement may not be repeatable. Investors should scrutinize the composition of non-interest income and the sustainability of the positive NII, as the bank's fundamental profitability remains weak.