Bitmine Immersion Technologies (BMNR) Q1 2026 earnings summary

Executive summary

• Transitioned to an ETH-focused, asset-light model, emphasizing digital asset treasury management and Ethereum-adjacent services, reducing proprietary mining exposure and capital expenditures.

• Uplisted to NYSE American and strengthened liquidity through public offerings and an at-the-market (ATM) equity program, with $4.6M of ATM capacity remaining as of November 30, 2025.

• Key performance drivers are ETH market conditions, staking economics, client demand for advisory/leasing, and access to capital.

Financial highlights

• Total revenue for the quarter ended November 30, 2025 was $2,293K, up 91% from $1,201K in the prior year period, driven by new consulting, leasing, and staking revenues.

• Net loss was $(5,204,095) compared to $(974) in the prior year, primarily due to a $5.2M unrealized loss on digital asset holdings and a significant increase in general and administrative expenses.

• Adjusted EBITDA was $(21,715), compared to $(501) in the prior year, after excluding non-cash and one-time items.

• Adjusted EPS was $(0.05) versus $(0.24) in the prior year.

• Cash and cash equivalents at quarter-end were $887,678, with working capital of $751,900.

Outlook and guidance

• Management expects operating expenses to shift toward cybersecurity, custody, compliance, and technology enablement, with capital expenditures remaining modest.

• Staking is expected to become a primary yield generation strategy, with projected annual consulting fees of $40,000–$50,000 to be offset by staking income.

• Sufficient liquidity is expected for at least the next 12 months, with future funding dependent on market conditions and capital access.