BMNR

MKT CAP:$10B

Bitmine Immersion Technologies, Inc.

Market Cap

$10B

Financial Services·Financial - Capital Markets·🇺🇸 United States·NYSE

Financials·Financial·🇺🇸·NYSE

Stock Price

$23.31-$7.88 (-25.26%)

Apr 22, 2026

Company Details

Bitmine Immersion Technologies, Inc. operates as a blockchain technology company primarily in the United States. The company engages in ETH treasury operations; BTC ecosystem services, including consulting and advisory engagements and equip...

CEO

Chi Tsang

IPO Date

Jun 5, 2025

Website

bitminetech.io

Key Metrics TTM

Revenue

$7M

+118.7% YoY

Net Income

-$4.9B

EPS (Diluted)

-$14.39

Free Cash Flow

-$322M

Revenue / Share

$0.02

Gross Margin

20.3%

Operating Margin

3101.7%

Net Margin

-67544.6%

FCF Margin

-4478.3%

P/S

1404.7x

P/E

—

Earnings Reports

Q1 2026

Jan 13, 2026

$2M+91.0%EPS -$15.98

Q4 2025

Nov 21, 2025

$1M+94.1%EPS $1.60

Q3 2025

Jul 2, 2025

$2MEPS -$0.00

Q2 2025

Apr 14, 2025

$2M+70.2%EPS -$0.01

Q1 2025

Jan 10, 2025

$1M+134.9%EPS -$0.02

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$0	$0	-$664.0K
Q2 22	$349.3K	$117.1K	-$39.0K
Q3 22	$16.6K	-$83.1K	-$413.1K
Q4 22	$61.8K	-$163.0K	-$598.1K
Q1 23	$101.7K	-$16.8K	-$491.9K
Q2 23	$156.1K	$60.6K	-$288.9K
Q3 23	$142.1K	$69.7K	-$509.5K
Q4 23	$245.3K	$108.9K	-$1M
Q1 24	$511.3K	$104.1K	-$611.9K
Q2 24	$891.6K	$323.6K	-$648.7K
Q4 24	$682.4K	$111.6K	-$660.5K
Q1 25	$1M	$120.2K	-$884.0K
Q2 25	$2M	$304.7K	-$913.6K
Q3 25	$2M	$490.9K	-$468.0K
Q4 25	$1M	-$605.8K	$446M
Q1 26	$2M	$1M	-$222M

Valuation

Quarter	P/S	P/E
Q1 22	—	—
Q2 22	172786.0x	—
Q3 22	153911.4x	—
Q4 22	27686.0x	—
Q1 23	18942.5x	—
Q2 23	67420.8x	—
Q3 23	34098.9x	—
Q4 23	37674.9x	—
Q1 24	17158.3x	—
Q2 24	12317.4x	—
Q4 24	8976.2x	—
Q1 25	3758.6x	—
Q2 25	1759.7x	—
Q3 25	2720.8x	—
Q4 25	6793.1x	118.8x
Q1 26	1974.3x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 22	$12.7K	-$112.7K
Q3 22	-$397.5K	-$1M
Q4 22	-$1M	-$2M
Q1 23	-$611.9K	-$611.9K
Q2 23	$159.7K	-$310.1K
Q3 23	$9.1K	-$252.1K
Q4 23	$618.2K	$323.1K
Q1 24	-$45.3K	-$125.0K
Q2 24	-$159.0K	-$136.6K
Q4 24	$218.3K	$218.3K
Q1 25	-$95.9K	-$113.9K
Q2 25	-$214.2K	-$214.2K
Q3 25	$2M	$2M
Q4 25	-$6M	-$7M
Q1 26	-$228M	-$229M
Q2 26	-$88M	-$88M

Capital Expenditures

Quarter	CapEx
Q2 22	$125.4K
Q3 22	$666.3K
Q4 22	$498.5K
Q1 23	$0
Q2 23	$469.8K
Q3 23	$261.3K
Q4 23	$295.0K
Q1 24	$79.7K
Q2 24	$22.4K
Q4 24	$4
Q1 25	$18.0K
Q2 25	$0
Q3 25	$0
Q4 25	$1M
Q1 26	$376.0K
Q2 26	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	—	+3758.5%
Q2 22	—	+6537.7%
Q3 22	—	+3069.9%
Q4 22	—	+593.2%
Q1 23	—	-10.6%
Q2 23	-55.3%	+14.6%
Q3 23	+757.9%	+51.7%
Q4 23	+296.8%	+104.5%
Q1 24	+402.7%	+89.2%
Q2 24	+471.2%	+246.1%
Q4 24	+380.2%	+106.1%
Q1 25	+389.4%	+54.5%
Q2 25	+196.8%	+116.4%
Q3 25	+130.1%	+63.6%
Q4 25	+94.1%	-33248.3%
Q1 26	+91.0%	+10666.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 22	$0	0.0%
Q3 22	$134.3K	810.9%
Q4 22	$156.9K	253.8%
Q1 23	$75.4K	74.2%
Q2 23	$49.8K	31.9%
Q3 23	$293.3K	206.4%
Q4 23	$899.4K	366.6%
Q1 24	$279.5K	54.7%
Q2 24	$275.4K	30.9%
Q4 24	$288.7K	42.3%
Q1 25	$471.1K	39.2%
Q2 25	$200.7K	13.2%
Q3 25	$647.6K	31.6%
Q4 25	$1M	83.5%
Q1 26	$677.0K	29.5%
Q2 26	$24M	—

OpEx Breakdown

Quarter	G&A	S&M
Q1 22	$652.0K	$12.0K
Q2 22	$55.9K	$92.5K
Q3 22	$217.0K	—
Q4 22	$159.6K	$275.5K
Q1 23	$180.2K	—
Q2 23	$143.7K	$130.4K
Q3 23	$327.2K	$110.7K
Q4 23	$99.2K	$959.1K
Q1 24	$144.3K	$349.2K
Q2 24	$456.6K	$357.0K
Q4 24	$167.5K	—
Q1 25	$185.7K	—
Q2 25	$587.6K	—
Q3 25	$509.0K	—
Q4 25	$13M	—
Q1 26	$223M	—

Revenue Segments

Quarter	Revenue From Sale Of Mining Equipment
Q2 22	$344.7K

War Chest

Quarter	Cash	Short-term Investments	Total
Q3 22	$499.9K	$0	$499.9K
Q4 22	$392.6K	$0	$392.6K
Q1 23	$180.6K	$0	$180.6K
Q2 23	$402.4K	$0	$402.4K
Q3 23	$518.4K	$0	$518.4K
Q4 23	$270.5K	$0	$270.5K
Q1 24	$470.5K	$0	$470.5K
Q2 24	$342.3K	$0	$342.3K
Q3 24	$281.0K	$0	$281.0K
Q4 24	$499.0K	$0	$499.0K
Q1 25	$797.3K	$0	$797.3K
Q2 25	$483.0K	$0	$483.0K
Q3 25	$1M	$0	$1M
Q4 25	$512M	$0	$512M
Q1 26	$888M	$0	$888M
Q2 26	$880M	$0	$880M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	203M	+29.0%	-82.5%
Q2 22	207M	+2.0%	-82.2%
Q3 22	219M	+5.5%	+1459.3%
Q4 22	228M	+4.2%	+44.7%
Q1 23	243M	+6.9%	+19.9%
Q2 23	244M	+0.2%	+17.8%
Q3 23	244M	+0.2%	+11.8%
Q4 23	248M	+1.7%	+9.0%
Q1 24	249M	+0.2%	+2.2%
Q2 24	249M	+0.1%	+2.1%
Q4 24	250M	+0.2%	+2.1%
Q1 25	237M	-5.0%	-4.5%
Q2 25	198M	-16.4%	-20.3%
Q3 25	201M	+1.2%	-19.5%
Q4 25	209M	+4.0%	-16.4%
Q1 26	326M	+56.1%	+37.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$0	2
Q2 22	$174.6K	2
Q3 22	$8.3K	2
Q4 22	$10.3K	6
Q1 23	$17.0K	6
Q2 23	$26.0K	6
Q3 23	$23.7K	6
Q4 23	$40.9K	6
Q1 24	$85.2K	6
Q2 24	$148.6K	6
Q4 24	$97.5K	7
Q1 25	$171.5K	7
Q2 25	$216.8K	7
Q3 25	$293.1K	7
Q4 25	$441.6K	3
Q1 26	$764.3K	3

Revenue / Employee