Revenue remains highly inconsistent, fluctuating from $511K in 2024Q1 to $11M in 2026Q2, while gross margins have swung wildly from a negative 45.7% to a positive 87.1% over the same period.
| Sales/Revenue | 16.71M | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - |
| Gross Profit | 10.77M | 310K | 761.03K | 222.47K | -129.03K | 0 | 0 | 14.13K | 170.69K |
| Gross Margin % | 64.44% | 5.09% | 22.99% | 34.48% | -30.17% | - | - | 16.23% | 29.76% |
| Gross Profit Growth % | - | -59.27% | 242.08% | 272.42% | - | - | -100% | -91.72% | - |
| Operating Expenses | 3.63B | -443.9M | 3.21M | 2.64M | 1.59M | 131.81K | 0 | 40.69K | 161.38K |
| OpEx % of Revenue | - | -7283.04% | 96.92% | 408.42% | 370.65% | - | - | 46.73% | 28.14% |
| Selling, General & Admin | 311.63M | 13.98M | 1.23M | 2.06M | 1.57M | 131.81K | 0 | 40.69K | 161.38K |
| SG&A % of Revenue | - | 229.43% | 37.21% | 319.24% | 367.95% | - | - | 46.73% | 28.14% |
| Research & Development | 0 | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - |
| Operating Income | -3.62B | 444.21M | -2.45M | -2.41M | -1.71M | -131.81K | 0 | -26.56K | 9.31K |
| Operating Margin % | -21643.2% | 7288.12% | -73.93% | -373.95% | -400.82% | - | - | -30.5% | 1.62% |
| Operating Income Growth % | - | 18249.69% | -1.43% | -40.77% | -1200.45% | - | 100% | -385.36% | - |
| EBITDA | -3.59B | 444.97M | -1.52M | -1.94M | -1.71M | 0 | 0 | -17.39K | 10.07K |
| EBITDA Margin % | -21507.38% | 7300.61% | -46.04% | -301% | -400.09% | - | - | -19.97% | 1.76% |
| EBITDA Growth % | -165624.22% | 29298.79% | 21.54% | -13.51% | - | - | 100% | -272.64% | - |
| D&A (Non-Cash Add-back) | 526.68K | 761K | 923.54K | 470.7K | 3.13K | 131.81K | 0 | 9.17K | 767 |
| EBIT | -3.6B | 441.12M | -3.02M | -2.37M | -1.71M | -131.81K | 0 | -26.56K | 9.31K |
| Net Interest Income | -5.13M | -244K | -213.96K | -68.74K | -291.05K | -22.42K | -9.35K | -2.64K | -8.92K |
| Interest Income | 282 | 1K | 54.62K | 28.72K | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 5.13M | 245K | 268.58K | 97.46K | 291.05K | 22.42K | 0 | 2.64K | 8.92K |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - |
| Pretax Income | -8.67B | 440.87M | -3.29M | -2.46M | -2.01M | -154.24K | -9.35K | -29.2K | 386 |
| Pretax Margin % | -51875.83% | 7233.34% | -99.46% | -381.98% | -468.87% | - | - | -33.54% | 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 | -8.67B | 348.58M | -3.29M | -2.46M | -2.01M | -154.24K | -9.35K | -29.2K | 386 |
| Net Margin % | -51893.54% | 5719.06% | -99.46% | -381.98% | -468.88% | - | - | -33.54% | 0.07% |
| Net Income Growth % | -240801.52% | 10686.99% | -33.58% | -22.92% | -1200.08% | -1549.97% | 67.99% | -7664.51% | - |
| Net Income (Continuing) | -8.67B | 348.58M | -3.29M | -2.46M | -2.01M | -154.24K | -9.35K | -29.2K | 386 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -19.07 | 1.34 | -0.01 | -0.01 | -0.01 | -0.00 | 0.00 | -0.01 | 0.00 |
| EPS Growth % | -80405.65% | 10251.52% | -32% | - | - | - | - | - | - |
| EPS (Basic) | - | 1.36 | -0.01 | -0.01 | -0.01 | -0.00 | 0.00 | -0.01 | 0.00 |
| Diluted Shares Outstanding | 454.62M | 245.15M | 249.39M | 245.28M | 215.54M | 48.79M | 2.69M | 4.25M | 4.25M |
| Basic Shares Outstanding | 454.62M | 241.38M | 249.39M | 245.28M | 215.54M | 48.79M | 2.69M | 4.25M | 4.25M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Extreme Operational Margin Volatility
As evidenced by the quarterly financial data, BMNR's revenue trajectory remains inconsistent, fluctuating from $511K in 2024Q1 to a peak of $11M in 2026Q2, suggesting that top-line growth is driven by episodic events rather than a predictable, repeatable commercial model for its immersion mining services.
The lack of sequential revenue stability indicates that the company has yet to establish a reliable baseline for its hosting or self-mining operations. Investors should monitor whether the recent revenue jump in 2026Q2 represents a sustainable shift in capacity or merely a transient spike from related-party equipment transactions.
According to historical income statements, BMNR's gross margins have swung wildly from a negative 45.7% in 2025Q4 to a positive 87.1% in 2026Q2, highlighting a fundamental inability to maintain consistent profitability in its core mining and hosting activities amidst fluctuating energy and hardware costs.
The extreme volatility in gross margins suggests that the company's cost structure is highly sensitive to external variables, likely including Bitcoin price volatility and network difficulty. This instability makes it difficult to forecast long-term unit economics, as the current margin profile appears disconnected from operational efficiency.
Based on reported figures, the company's net income profile is heavily skewed by massive, non-recurring swings, such as the $446.5M operating income reported in 2025Q4, which suggests that reported earnings are currently driven by accounting adjustments rather than sustainable, cash-generating operational performance.
The divergence between operating income and core revenue indicates that investors should disregard traditional P/E metrics, as they fail to capture the underlying business health. The significant stock-based compensation expenses, reaching $24.4M in 2026Q2, further dilute the quality of earnings and warrant close scrutiny regarding management's alignment with shareholder interests.
As reported in recent filings, BMNR's SG&A expenses have frequently exceeded total revenue, notably reaching $223.4M in 2026Q1, which implies that the company's current administrative and operational overhead is disproportionately high relative to its ability to generate meaningful top-line returns from its immersion infrastructure.
This cost structure suggests a lack of expense discipline that could jeopardize the company's long-term viability if capital reserves are not managed effectively. The high overhead burden appears to be a significant drag on potential profitability, necessitating a more rigorous approach to scaling operations without ballooning administrative costs.
Analysis of the income statement reveals that BMNR's core operations are currently secondary to non-operating accounting gains, raising concerns that the business model may be unsustainable without continuous capital injections or further asset revaluations that do not reflect actual commercial success in the mining sector.
Short-sellers would likely focus on the disconnect between the company's massive cash position and its inability to generate consistent, positive operating cash flow from its primary business lines. The reliance on related-party transactions and non-recurring income suggests that the company's fundamental value proposition remains unproven and highly speculative.
Quick answers to the most common questions about buying BMNR stock.
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.