BITMINE IMMERSION TECHNOLOGIES, INC. (BMNR) — Fundamental Analysis

BitMine Immersion Technologies (BMNR) is a small Bitcoin mining company that has grown revenue rapidly from near zero in 2021 to roughly $6.1 million in its fiscal year ending August 2025 — and the most recent quarterly filing shows an annualized revenue run rate that would dwarf those prior years. However, the picture is complicated: while the annual 2025 figures show strikingly high operating and net margins (72% and 57%, respectively), the most recent quarter ending May 2026 tells a very different story, with a net margin of negative 8,200% — a sign that a large, likely non-cash or one-time charge severely distorted results. The balance sheet has strengthened considerably, with a current ratio above 36x in the latest quarter, and the company carries no reported debt-to-equity figure in any period. CapEx remains modest relative to revenue. Taken together, BMNR is an early-stage miner showing real top-line momentum but highly volatile, difficult-to-interpret profitability — investors should treat the headline margin figures with caution and focus on operational cash generation and whether the business can sustain revenue growth.

Snapshot & Big Picture

BitMine Immersion Technologies mines Bitcoin using immersion-cooling technology, which the company positions as more energy-efficient than traditional air-cooled operations. The company's SEC filing history only extends back to fiscal year 2021, when it reported zero revenue. It has since grown steadily, reaching $427K in FY2022 and $3.3M in FY2024 before jumping to $6.1M in FY2025. The most recent quarterly filing (for the quarter ended May 31, 2026) reported $46.5M in revenue for that single quarter alone — a dramatic step-up that suggests either a significant business expansion, an asset or revenue event, or a change in reporting structure. No debt-to-equity ratio was available in any filing period, suggesting either minimal debt or that the metric was not disclosed in a straightforward form.

Latest Quarter Snapshot

The quarter ended May 31, 2026 — reported in the 10-Q filed July 14, 2026 — is the most current data available and supersedes the annual figures in terms of recency. Revenue came in at $46.5M for the quarter, a massive leap from the full-year FY2025 figure of $6.1M. Despite this, the gross margin was essentially breakeven at just 1.05%, and the operating margin was negative 25.5%. The net margin of negative 8,205% signals an enormous loss relative to revenue — almost certainly driven by a large non-cash charge, impairment, or one-time expense that dwarfed operating income. The current ratio remained healthy at 36.7x, indicating the company held substantial liquid assets relative to near-term obligations. CapEx for the quarter was $376,000, representing less than 1% of revenue (0.81% capex-to-revenue ratio), suggesting very low capital intensity in this period.

Profitability

BMNR's profitability trend has been anything but linear. In FY2021 and FY2022, the company was deeply unprofitable — losing multiple dollars for every dollar of revenue as it built out operations. By FY2024, losses had narrowed considerably in proportional terms, though the company was still burning cash at roughly a 1:1 ratio to revenue. FY2025 marked a dramatic apparent reversal, with an operating margin of nearly 73% and a net margin of 57% — highly unusual for a Bitcoin miner, which typically operates on thinner margins. The EBITDA figure for FY2025 was reported at approximately $445M against only $6.1M in revenue, which is arithmetically inconsistent with normal operations and almost certainly reflects a large fair-value gain, asset revaluation, or non-cash item. Readers should approach the FY2025 margin figures with significant skepticism and review the full 10-K disclosures carefully. The most recent quarter reverts to losses, reinforcing that underlying operational profitability remains elusive.

Financial Health

The company's liquidity position has improved dramatically. After falling to a dangerously low current ratio of 0.49x in FY2024 — meaning current liabilities exceeded current assets — the company swung to 51.5x in FY2025 and 36.7x in the latest quarter. This suggests a significant capital raise or asset acquisition occurred in or around FY2025. No debt-to-equity ratio was reported in any filing period, so leverage cannot be assessed directly from the data provided.

Capital Expenditures: CapEx has been volatile but generally low in dollar terms. In FY2021, the company spent $427,296 on capital investment against zero revenue. FY2022 saw $2.77M in CapEx — a capex-to-revenue ratio of 647%, reflecting the heavy upfront infrastructure cost of an early-stage miner. By FY2024, CapEx had dropped sharply to $76,000 (2.3% of revenue), and FY2025 shows $1.07M (17.5% of revenue) — a moderate uptick as the business scaled. The most recent quarter shows $376,000 in CapEx against $46.5M in revenue (0.81%), a very low intensity ratio. The overall trend suggests the company is past its heaviest infrastructure-building phase, though the FY2025 step-up warrants monitoring to see if reinvestment accelerates as the business grows.

Growth

Pre-calculated revenue CAGRs for BMNR are unavailable across all standard windows, as detailed below. This reflects the company's very short and uneven SEC filing history.

While formal CAGR figures cannot be stated, revenue has clearly grown from zero in FY2021 to $6.1M in FY2025 — and the most recent quarter alone reported $46.5M. Whether that quarterly figure is sustainable or represents a structural shift in the business model will be the central question for assessing BMNR's growth trajectory going forward.

Source Filings

• 10-Q filed July 14, 2026 — Quarter ended May 31, 2026
• 10-Q filed April 14, 2026