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Corporate events
Filed after the FY2026 Q2 call day (Apr 14, 2026) through the next call day (Jul 14, 2026)From SEC 8-K filings
No 8-K events recorded for this window.
Quarter in detail
· FY2026 Q2
Macro signals
↑Credit
Bitmine Immersion's fiscal 2026 second-quarter 10-Q shows a company now built around an Ethereum treasury and staking model, with total revenue rising to $11,041 from $1,517 almost entirely on newly initiated native staking income of $10,201, while legacy self-mining shrank to $219 and the machine-lease agreements expired unrenewed. Reported results were overwhelmed by a $3,775,209 non-cash unrealized loss on the company's ETH and BTC holdings under ASU 2023-08 fair-value accounting, producing a $3,818,413 net loss even as the underlying operating business remained small and cash-consuming, with general and administrative expenses rising to $74,988 on custody fees, shareholder compensation and stock-based compensation. The company financed a rapid build-out of its treasury, receiving net proceeds of $10,068,914 through its ATM Program and deploying $9,536,644 into ETH, and ended February with $879,577 in cash, no debt, and ETH and BTC holdings of $8,793,210 and $13,073. Management appointed a new CEO and CFO/COO during the period and now frames results as driven by ETH market conditions, staking economics and evolving digital-asset regulation, cautioning that sustained price declines could dampen client spending.
Key themes
7
negative📊 company
ETH Fair-Value Mark Drove A Multi-Billion Loss
The Company recorded an unrealized loss of $3,775,209 related to changes in the fair value of our digital asset holdings under ASU 2023-08 fair-value-through-net-income accounting, which drove a $3,818,413 net loss despite a tiny operating base.
Capital AllocationMacroeconomic
positive📊 company
Revenue Rose To $11,041 Almost Entirely On Staking
Total revenue was $11,041, compared to $1,517, driven almost entirely by newly initiated staking revenue of $10,201, with leasing of $424 and consulting of $197.
Revenue Growth
mixed📊 company
Self-Mining Wound Down; Machine Leases Not Renewed
Revenue from self-mining was $219, compared to $1,517, as the Company continued its strategy of winding down its proprietary self-mining exposure; the machine lease agreements expired December 31, 2025 and were not renewed.
DemandCapital Allocation
negative📊 company
G&A Ballooned; Adjusted Operating Loss Widened
General and administrative expenses were $74,988, compared to $964, primarily related to ETH custodian fees related to treasury operations, shareholder compensation, and stock-based compensation, and Adjusted EBITDA was $(40,819) versus $(583).
Cost Pressure
positive📊 company
Billions Raised To Build A Multi-Billion ETH Treasury
The Company received net proceeds of $10,068,914 through its ATM Program and deployed $9,536,644 into ETH, ending the period with ETH and BTC holdings of $8,793,210 and $13,073.
Capital AllocationCredit
mixed📊 company
Native Staking Launched As Primary Yield Strategy
Native staking, initiated in November 2025, generated staking revenue of $10,201 and is intended to become a primary yield generation strategy of the Company during the current fiscal year, though management notes there can be no assurances.
Revenue GrowthProduct Launch
mixed📊 company
Results Now Hinge On ETH Prices And Regulation
Management notes future results may be materially affected by changes in ETH prices and staking economics and by evolving U.S. and non-U.S. regulatory frameworks, and that conversely, sustained price declines could dampen client spending.
MacroeconomicRegulation Policy
Analyst Q&A
SEC report (10-Q/10-K)
Bitmine Immersion Technologies holds no earnings call and files no regular earnings release. Tellvest scores each quarter from the Management's Discussion & Analysis (MD&A) section of its SEC 10-Q (annual: 10-K), which is management's own narrative of results — there is no analyst Q&A.
Bitmine Immersion's fiscal 2026 second-quarter 10-Q shows a company now built around an Ethereum treasury and staking model, with total revenue rising to $11,041 from $1,517 almost entirely on newly initiated native staking income of $10,201, while legacy…
NegativeETH Fair-Value Mark Drove A Multi-Billion Loss
PositiveRevenue Rose To $11,041 Almost Entirely On Staking
MixedSelf-Mining Wound Down; Machine Leases Not Renewed
Analyst challenge ratePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. · all analyzed quarters
—company-level, not the selected quarter
GAAP revenue YoY +627.6% → base 8. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
▸How this score was built
Base8Base 8GAAP revenue YoY +627.6% → base 8. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.+Transcript0Transcript 0SEC 10-Q MD&A source (source='sec_report'), scored on the standard GAAP rev/EPS base per the runbook 'SEC 10-Q/10-K MD&A source' rule (scored exactly like the Loews prepared-remarks path). GAAP revenue +627.62% (>=15%) maps to base 8. The revenue increase is real operating revenue -- newly initiated native staking of $10,201 plus leasing of $424 and consulting of $197 -- while self-mining fell to $219; the crypto-treasury distortion that dominates this quarter is a $3,775,209 non-cash unrealized mark-to-market loss on the ETH/BTC treasury under ASU 2023-08, which sits in operating expenses and net income, NOT in revenue, so GAAP revenue is clean for the base and transcript_adjustment = 0. BMNR is a digital-asset TREASURY company and is not on the closed Sector Rules Table (only crypto EXCHANGES/COIN are listed), so no base-metric swap applies; the transformed, early-stage revenue mix and the large mark are reflected in the majority negative/mixed theme mix and the hard cap.
Sources.Tellvest earnings-call sentiment score for Bitmine Immersion Technologies, Inc. (BMNR), FY2026 Q2: 6/10. Scores: Bitmine Immersion Technologies, Inc.’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: BMNR daily prices (open, high, low, close) with a 50-day moving average; lines mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
Key financials
FY2026 Q2 selectedReported GAAP figures from SEC filings
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Quarter
Revenue
Rev YoY
EPS
EPS YoY
Op margin
Net margin
FY2024 Q4
$682,435
+178.2%
—
—
-96.8%
-119.3%
FY2025 Q1
$1M
+134.9%
-$1.60
n/m
-73.6%
-81.2%
FY2025 Q2
$2M
+70.2%
-$0.60
n/m
-60.2%
-76.2%
FY2025 Q3
$2M
+67.5%
-$0.31
n/m
-22.8%
-30.4%
FY2025 Q4
$1M
+94.2%
—
—
33696.3%
26515.6%
FY2026 Q1
$2M
+90.9%
-$15.98
n/m
-238564.8%
-226955.7%
FY2026 Q2Selected
$11M
+627.8%
-$8.40
n/m
-34784.7%
-34583.9%
FY2026 Q3
$47M
+2167.8%
-$0.15
n/m
-25.5%
-179.6%
FY2025 Q1: Prior-year quarter was a loss (-$0.40 EPS), so a percent change isn't meaningful.
FY2025 Q2: Prior-year quarter was a loss (-$0.40 EPS), so a percent change isn't meaningful.
FY2025 Q3: Prior-year quarter was a loss (-$0.20 EPS), so a percent change isn't meaningful.
FY2026 Q1: Prior-year quarter was a loss (-$1.60 EPS), so a percent change isn't meaningful.
FY2026 Q2: Prior-year quarter was a loss (-$0.60 EPS), so a percent change isn't meaningful.
FY2026 Q3: Prior-year quarter was a loss (-$0.31 EPS), so a percent change isn't meaningful.
As stated by management
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
EPS
“Net loss (3,818,413); Adjusted diluted loss per common shares $ (0.08 )”
Revenue
“revenues were $11,041, compared to $1,517”
Guidance
“estimated fees that will be incurred from industry-experienced third parties to manage the Company’s multi-billion dollar ETH portfolio are expected to be in the range of $40,000 to $50,000 annually”
Key metric
“the Company recorded an unrealized loss of $3,775,209 related to changes in the fair value of our digital asset holdings”
+
EPS0EPS 0Both the current quarter and the prior-year quarter are loss-making (GAAP net loss $3,818,413 vs $1,156; company_financials.eps -8.40 vs -0.0058, EPS YoY null), so per the runbook loss-making rule the EPS profitability adjustment is skipped -> 0. The current-quarter GAAP loss is essentially entirely a $3,775,209 non-cash unrealized mark-to-market loss on the company's ETH/BTC treasury holdings under ASU 2023-08 (fair-value-through-net-income); management's adjusted diluted loss per share excluding that mark and one-time items was only $(0.08) vs $(0.44). That mark echoes the ETH price, not management execution, so the EPS spread carries no operating-leverage signal -- the crypto-treasury mark-to-market distortion the runbook flags for BMNR. Operating income is likewise dominated by the same mark, and operating margin is deeply negative in both periods, so the OI cross-check is suppressed and uninformative. scoring.EPS YoY is null because company_financials.EPS YoY is null for this quarter.
+
Guidance0Guidance 0Source is a 10-Q MD&A, not an earnings call, and it contains no formal quantified forward earnings/revenue guidance that was raised or lowered -- only qualitative outlook and spend estimates (ETH-portfolio management fees expected to be in the range of $40,000 to $50,000 annually, modest capital expenditures of approximately $1,500, public company costs of approximately $4,000 annually). Spend/cost estimates are inputs, not outcome guidance, so per the spend-metric convention and the SEC 10-Q/10-K MD&A scoring rule, guidance_adjustment = 0.
=
Calculated8→Hard cap6Hard cap 6Calculated total was 8; capped at 6. Majority of themes were negative or mixed, which caps the score at 6. See the Hard caps section on the About page for the full rules.→Final6
How this score was built
Base8Base 8GAAP revenue YoY +627.6% → base 8. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.+Transcript0Transcript 0SEC 10-Q MD&A source (source='sec_report'), scored on the standard GAAP rev/EPS base per the runbook 'SEC 10-Q/10-K MD&A source' rule (scored exactly like the Loews prepared-remarks path). GAAP revenue +627.62% (>=15%) maps to base 8. The revenue increase is real operating revenue -- newly initiated native staking of $10,201 plus leasing of $424 and consulting of $197 -- while self-mining fell to $219; the crypto-treasury distortion that dominates this quarter is a $3,775,209 non-cash unrealized mark-to-market loss on the ETH/BTC treasury under ASU 2023-08, which sits in operating expenses and net income, NOT in revenue, so GAAP revenue is clean for the base and transcript_adjustment = 0. BMNR is a digital-asset TREASURY company and is not on the closed Sector Rules Table (only crypto EXCHANGES/COIN are listed), so no base-metric swap applies; the transformed, early-stage revenue mix and the large mark are reflected in the majority negative/mixed theme mix and the hard cap.+EPS0EPS 0Both the current quarter and the prior-year quarter are loss-making (GAAP net loss $3,818,413 vs $1,156; company_financials.eps -8.40 vs -0.0058, EPS YoY null), so per the runbook loss-making rule the EPS profitability adjustment is skipped -> 0. The current-quarter GAAP loss is essentially entirely a $3,775,209 non-cash unrealized mark-to-market loss on the company's ETH/BTC treasury holdings under ASU 2023-08 (fair-value-through-net-income); management's adjusted diluted loss per share excluding that mark and one-time items was only $(0.08) vs $(0.44). That mark echoes the ETH price, not management execution, so the EPS spread carries no operating-leverage signal -- the crypto-treasury mark-to-market distortion the runbook flags for BMNR. Operating income is likewise dominated by the same mark, and operating margin is deeply negative in both periods, so the OI cross-check is suppressed and uninformative. scoring.EPS YoY is null because company_financials.EPS YoY is null for this quarter.+Guidance0Guidance 0Source is a 10-Q MD&A, not an earnings call, and it contains no formal quantified forward earnings/revenue guidance that was raised or lowered -- only qualitative outlook and spend estimates (ETH-portfolio management fees expected to be in the range of $40,000 to $50,000 annually, modest capital expenditures of approximately $1,500, public company costs of approximately $4,000 annually). Spend/cost estimates are inputs, not outcome guidance, so per the spend-metric convention and the SEC 10-Q/10-K MD&A scoring rule, guidance_adjustment = 0.=Calculated8→Hard cap6Hard cap 6Calculated total was 8; capped at 6. Majority of themes were negative or mixed, which caps the score at 6. See the Hard caps section on the About page for the full rules.→Final6
Bitmine Immersion's fiscal 2026 second-quarter 10-Q shows a company now built around an Ethereum treasury and staking model, with total revenue rising to $11,041 from $1,517 almost entirely on newly initiated native staking income of $10,201, while legacy self-mining shrank to $219 and the machine-lease agreements expired unrenewed
CleanSpark's fiscal second quarter of 2026 saw revenue fall approximately 25% year-over-year to $136 million, directly attributable to a slide in the average Bitcoin price to roughly $76,000 from about $94,000 a year earlier, even though Bitcoin production declined only about 7%
Circle's first quarter of 2026 showed decelerating headline growth, with total revenue and reserve income of $694 million, up 20% year over year, as USDC circulation held around $77 billion (up 28% year over year but roughly flat sequentially) amid a roughly 45% drop in digital-asset markets from their October 2025 peak
Figure Technology Solutions grew consumer loan marketplace volume over 110% year-over-year to approximately $2.9 billion, and adjusted net revenue rose 92% to $167 million with an adjusted EBITDA margin of 50%, versus 33% a year earlier
IREN's March-quarter revenue was roughly flat year over year at $144.8 million, as Bitcoin mining revenue fell to $111.2 million (from $167.4 million) while AI cloud services revenue nearly doubled to $33.6 million
MARA reported first-quarter revenue of $174.6 million, down from $213.9 million a year earlier, as an 18% decline in Bitcoin's average price cut revenue by $33.1 million even as energized hashrate reached a record 72.2 exahash per second, up 33%
Riot Platforms reported Q1 2026 revenue of $167 million (+3.61% YoY) and a net loss of $500 million ($1.44/share) driven by $326.7 million in Bitcoin MTM losses, while launching its data center segment with $33.2 million in revenue including $900,000 in operating lease income at 91% margin from the initial AMD delivery
Bitmine Immersion's fiscal 2026 second-quarter 10-Q shows a company now built around an Ethereum treasury and staking model, with total revenue rising to $11,041 from $1,517 almost entirely on newly initiated native staking income of $10,201, while legacy self-mining shrank to $219 and the machine-lease agreements expired unrenewed
CleanSpark's fiscal second quarter of 2026 saw revenue fall approximately 25% year-over-year to $136 million, directly attributable to a slide in the average Bitcoin price to roughly $76,000 from about $94,000 a year earlier, even though Bitcoin production declined only about 7%
Circle's first quarter of 2026 showed decelerating headline growth, with total revenue and reserve income of $694 million, up 20% year over year, as USDC circulation held around $77 billion (up 28% year over year but roughly flat sequentially) amid a roughly 45% drop in digital-asset markets from their October 2025 peak
CLSK improving · IREN improving · MARA improving · MS improving
Consumer spending
FIGR mixed · HOOD stable · SCHW mixed
Enterprise Spending
CRCL improving · GS improving
Trade & tariffs
IBKR mixed · SCHW deteriorating
Housing
FIGR improving
Oil & energy
GS mixed
Figure Technology Solutions, Inc. Class A Common Stock
Score 9Rev YoY +201.4%Trend
Figure Technology Solutions grew consumer loan marketplace volume over 110% year-over-year to approximately $2.9 billion, and adjusted net revenue rose 92% to $167 million with an adjusted EBITDA margin of 50%, versus 33% a year earlier
IREN's March-quarter revenue was roughly flat year over year at $144.8 million, as Bitcoin mining revenue fell to $111.2 million (from $167.4 million) while AI cloud services revenue nearly doubled to $33.6 million
MARA reported first-quarter revenue of $174.6 million, down from $213.9 million a year earlier, as an 18% decline in Bitcoin's average price cut revenue by $33.1 million even as energized hashrate reached a record 72.2 exahash per second, up 33%
Riot Platforms reported Q1 2026 revenue of $167 million (+3.61% YoY) and a net loss of $500 million ($1.44/share) driven by $326.7 million in Bitcoin MTM losses, while launching its data center segment with $33.2 million in revenue including $900,000 in operating lease income at 91% margin from the initial AMD delivery