Detailed financial statements for Bitmine Immersion Technologies, Inc. (BMNR): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Bitmine Immersion Technologies, Inc. is a blockchain technology company primarily operating in the United States. The company's activities include managing an Ethereum (ETH) treasury, and offering a range of services for the Bitcoin (BTC) ecosystem, such as consulting, advisory, and equipment leasing. It also assists in optimizing and securing third-party power and hosting solutions for its clients.
Analysis Summary
Trailing-twelve-month margins: gross margin 83.5%, operating margin -145.1%, net margin -143.1%.
At the current price of $26.79, BMNR has negative trailing earnings (P/E not meaningful) and an ROE of -84.58%. Market capitalisation stands at $15.3B, placing it among large-cap names.
Balance sheet quality for BMNR: current ratio of 51.5. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of -$5.2M represents -1% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2012 | 2013 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $573,450 | $87,070 | 0 | 0 | $427,669 | $645,278 | $3.3M | $6.1M |
| Cost of Revenue | $402,764 | $72,936 | 0 | 0 | $556,699 | $422,808 | $2.5M | $5.8M |
| Gross Profit | $170,686 | $14,134 | 0 | 0 | -$129,030 | $222,470 | $761,027 | $310,000 |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $161,380 | $40,690 | 0 | $131,815 | $1.6M | $2.1M | $1.2M | $14.0M |
| Operating Expenses | $161,380 | $40,690 | 0 | $131,815 | $1.6M | $2.6M | $3.2M | -$443.9M |
| Operating Income | $9,306 | -$26,556 | 0 | -$131,815 | -$1.7M | -$2.4M | -$2.4M | $444.2M |
| EBITDA | $10,073 | -$17,390 | 0 | 0 | -$1.7M | -$1.9M | -$2.1M | $441.9M |
| Interest Expense | $8,920 | $2,643 | $9,348 | $22,424 | $291,049 | $97,460 | $268,578 | $245,000 |
| Pre-tax Income | $386 | -$29,199 | -$9,348 | -$154,239 | -$2.0M | -$2.5M | -$3.3M | $440.9M |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $92.3M |
| Net Income | $386 | -$29,199 | -$9,348 | -$154,239 | -$2.0M | -$2.5M | -$3.3M | $348.6M |
| EPS | $0.00 | $-0.01 | $0.00 | $-0.00 | $-0.01 | $-0.01 | $-0.01 | $1.36 |
| EPS (Diluted) | $0.00 | $-0.01 | $0.00 | $-0.00 | $-0.01 | $-0.01 | $-0.01 | $1.34 |
| Shares Outstanding (Diluted) | $4.3M | $4.3M | $2.7M | $48.8M | $215.5M | $245.3M | $249.4M | $245.2M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $1.3M | $2.3M | $11.0M | $46.5M |
| Gross Profit | -$605,793 | $1.3M | $9.6M | $40.8M |
| Operating Income | $446.5M | -$5.45B | -$3.86B | -$11.9M |
| EBITDA | $443.9M | -$5.30B | -$3.86B | -$11.5M |
| Net Income | $351.3M | -$5.20B | -$3.82B | -$83.6M |
| EPS | $1.62 | $-15.98 | $-8.40 | $-0.15 |
| EPS (Diluted) | $1.60 | $-15.98 | $-8.40 | $-0.15 |
Balance Sheet (10y)
| Year | 2012 | 2013 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 0 | $1,375 | $1,930 | $218,737 | $392,550 | $270,547 | $499,000 | $512.0M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $51,524 | 0 | 0 | 0 | $491,395 | $374,444 | $374,000 | $510,000 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $30,049 | $1,625 | $1,930 | $218,737 | $888,945 | $879,460 | $1.5M | $513.0M |
| Property, Plant & Equipment | 0 | 0 | 0 | $427,296 | $6.5M | $4.9M | $4.8M | $516,000 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | $21,434 | $129,469 | 0 | 0 |
| Total Assets | $229,281 | $184,751 | $1,930 | $646,033 | $8.0M | $8.2M | $7.3M | $8.80B |
| Accounts Payable | $7,250 | 0 | 0 | $3,680 | $84,761 | $74,903 | $400,584 | 0 |
| Short-term Debt | $492,072 | $484,680 | $50,447 | $277,296 | 0 | $1.3M | $1.6M | 0 |
| Total Current Liabilities | $493,691 | $484,680 | $52,005 | $285,481 | $317,674 | $1.6M | $3.1M | $10.0M |
| Long-term Debt | $40,000 | $40,000 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $533,691 | $524,680 | $52,005 | $285,481 | $569,995 | $1.9M | $3.2M | $102.3M |
| Retained Earnings | -$1.5M | -$1.6M | -$307,095 | -$461,334 | -$2.5M | -$4.9M | -$8.2M | $337.4M |
| Total Equity | -$304,410 | -$339,928 | -$50,075 | $360,551 | $7.4M | $6.3M | $4.1M | $8.69B |
| Total Debt | $532,072 | $524,680 | $50,447 | $277,296 | 0 | $1.3M | $1.6M | 0 |
| Net Debt | $515,982 | $523,305 | $48,517 | $58,559 | -$392,550 | $1.0M | $1.1M | -$512.0M |
| Working Capital | -$463,642 | -$483,055 | -$50,075 | -$66,744 | $571,271 | -$679,096 | -$1.6M | $503.0M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $512.0M | $887.7M | $879.6M | $340.3M |
| Total Assets | $8.80B | $11.49B | $9.89B | $11.63B |
| Total Liabilities | $102.3M | $235.7M | $36.2M | $30.1M |
| Total Equity | $8.69B | $11.25B | $9.86B | $11.60B |
| Total Debt | 0 | 0 | $1.3M | $1.2M |
Cash Flow (10y)
| Year | 2012 | 2013 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Net Income | $386 | -$29,199 | -$9,348 | -$154,239 | -$2.0M | -$2.5M | -$3.3M | $328.2M |
| Depreciation & Amortization | $767 | $9,166 | 0 | 0 | $3,125 | $470,705 | $923,545 | $761,000 |
| Stock-based Compensation | 0 | 0 | 0 | 0 | $856,724 | $1.3M | $1.1M | $2.4M |
| Change in Working Capital | 0 | 0 | $9,348 | $6,628 | -$483,860 | -$256,529 | $789,494 | $98.9M |
| Operating Cash Flow | $2,771 | -$28,706 | 0 | -$76,361 | -$1.6M | -$809,715 | -$28,753 | -$4.1M |
| Capital Expenditure | 0 | -$4 | 0 | -$427,296 | -$2.8M | -$612,288 | -$75,934 | -$1.1M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $2,770 | -$28,710 | 0 | -$503,657 | -$4.4M | -$1.4M | -$104,687 | -$5.2M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$5.5M | -$228.4M | -$88.2M | $29.0M |
| Capital Expenditure | -$1.0M | -$376,000 | 0 | -$30,000 |
| Free Cash Flow | -$6.6M | -$228.7M | -$88.2M | $29.0M |
| Dividends Paid | 0 | 0 | -$4.3M | 0 |
| Stock-based Compensation | $1.1M | $677,000 | $24.4M | $13.3M |
Growth & Margins (10y)
| Year | 2012 | 2013 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -84.8% | -100.0% | +50.9% | +413.0% | +84.1% | |||
| Net Income Growth (YoY) | -7,664.5% | +68.0% | -1,550.0% | -1,200.1% | -22.9% | -33.6% | +10,687.0% | |
| EPS Growth (YoY) | -8,100.0% | +100.0% | -190.6% | -7.5% | -32.0% | +10,403.0% | ||
| Shares Change (YoY) | +0.0% | -36.8% | +1,714.9% | +341.8% | +13.8% | +1.7% | -1.7% | |
| FCF Growth (YoY) | -1,136.5% | +100.0% | -772.9% | +67.7% | +92.6% | -4,880.6% | ||
| Gross Margin | 29.8% | 16.2% | -30.2% | 34.5% | 23.0% | 5.1% | ||
| Operating Margin | 1.6% | -30.5% | -400.8% | -373.9% | -73.9% | 7,288.1% | ||
| EBITDA Margin | 1.8% | -20.0% | -400.1% | -293.9% | -63.4% | 7,249.8% | ||
| Net Margin | 0.1% | -33.5% | -468.9% | -382.0% | -99.5% | 5,719.1% | ||
| FCF Margin | 0.5% | -33.0% | -1,028.0% | -220.4% | -3.2% | -85.5% | ||
| Effective Tax Rate | 0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | 20.9% |
Per-Share Data (10y)
| Year | 2012 | 2013 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.00 | $-0.01 | $0.00 | $-0.01 | $-0.02 | $-0.01 | $-0.00 | $-0.02 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $4.3M | $4.3M | $2.7M | $48.8M | $215.5M | $245.3M | $249.4M | $241.4M |
What to look at in Financial Services
Asset managers, brokers, fintech, exchanges. They are not banks — look at AUM, fees and FCF quality.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — Good asset managers have >30% margins thanks to scalability
- ROE — Quality financial services have a consistent ROE >15%
- FCF / Net Income — Earnings quality — >90% expected in capital-light businesses
- Debt / Equity — Fintech and brokers with high D/E are time bombs in crises
- P/E vs own 5y — Asset managers have stable multiples in well-known ranges
- Dividend yield + buybacks — These businesses return a lot of capital — look at total yield (div + buybacks)
Profitability
| Return on Equity | -84.58% |
| Return on Invested Capital | -76.45% |
| Return on Assets | -75.28% |
| Gross Margin | 83.48% |
| Operating Margin | -14,514.00% |
| Net Margin | -14,306.56% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 36.68 |
| Piotroski F-Score | 4 |
| Altman Z-Score | 62.07 |
Key Ratios (10y)
| Year | 2012 | 2013 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| P/E | 400,000.00 | -4,000.00 | -9,893.13 | -14,062.50 | -1,827.96 | -1,400.00 | -875.76 | 32.07 |
| P/B | -559.11 | -400.56 | -1,846.85 | 6,089.54 | 494.87 | 548.78 | 705.23 | 1.21 |
| P/S | 296.80 | 1,563.80 | 0.00 | 0.00 | 8,567.73 | 5,321.61 | 870.90 | 1,727.46 |
| Gross Margin | 29.8% | 16.2% | 0.0% | 0.0% | -30.2% | 34.5% | 23.0% | 5.1% |
| Operating Margin | 1.6% | -30.5% | 0.0% | 0.0% | -400.8% | -373.9% | -73.9% | 7,288.1% |
| Net Margin | 0.1% | -33.5% | 0.0% | 0.0% | -468.9% | -382.0% | -99.5% | 5,719.1% |
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Explore sector: Financial Services · Financial - Capital Markets
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