Loading
Sentiment · FY2026 Q3
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.
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin |
|---|---|---|---|---|---|---|
| FY2024 Q4 | $682,435 | +178.2% | $-0.00 | — | -96.8% | -119.3% |
| FY2025 Q1 | $1M | +134.9% | $-0.02 | — | -73.6% | -81.2% |
| FY2025 Q2 | $2M | +70.2% | $-0.01 | — | -60.2% | -76.2% |
| FY2025 Q3 |
| $2M |
| +67.5% |
| $-0.00 |
| — |
| -22.8% |
| -30.4% |
| FY2025 Q4 | $1M | +94.1% | $1.60 | — | 33699.1% | 26517.7% |
| FY2026 Q1 | $2M | +91.0% | $-15.98 | -96165.1% | -237863.1% | -226955.7% |
| FY2026 Q2 | $11M | +627.6% | $-8.40 | — | -34979.5% | -34583.9% |
| FY2026 Q3 | $47M | +2167.9% | $-0.15 | — | -25.5% | -179.6% |
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).
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
BMNR Bitmine Immersion Technologies, Inc. | 6 | +627.6% | |
| CLSK CleanSpark, Inc. | 2 | -24.9% | |
| CRCL Circle Internet Group | 7 | +20.0% | |
| FIGR Figure Technology Solutions, Inc. Class A Common Stock | 9 | +201.4% | |
| GS The Goldman Sachs Group, Inc. | 7 | +13.9% | |
| HOOD Robinhood Markets, Inc. | 8 | +15.1% | |
| MARA Marathon Digital Holdings, Inc. | 2 | -18.4% | |
| MS Morgan Stanley | 9 | +18.8% | |
| RIOT Riot Platforms, Inc. | 6 | +3.6% | |
| RJF Raymond James Financial | 7 | +12.4% | |
| SCHW Charles Schwab Corporation | 9 | +9.8% |