Filing Flows › Financials › Bitmine Immersion Technologies (BMNR)
Bitmine Immersion Technologies (BMNR) earnings and revenue breakdown
Latest: Q3 FY26 · 10-Q filed Jul 14, 2026 · Bitmine Immersion Technologies (BMNR) Q3 FY26 earnings results →
Q3 FY26 Revenue up 2168% year over year to $46.5M · 180¢ of every $1 of revenue lost · operating margin -25.5%
Bitmine Immersion Technologies made $46.5M in Q3 FY26 (23× Y/Y): Staking and validation $45.7M, Self mining $624K, Consulting $168K. Operating margin -25.5%, net loss $83.6M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Jul 14, 2026.
Drawing the Sankey…
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What changed this quarter
Revenue was $46.5M in Q3 FY26, up 2168% year over year and up 321% from the previous quarter. Staking and validation was the largest line at 98% of revenue. Consulting added $133K year over year (up 380%), 0% of the total change. Self mining declined 23%.
Operating costs exceeded revenue by $11.9M, an operating margin of -25.5%. The fastest-growing cost line was Other operating costs (+7069%). The quarter ended with a net loss of $83.6M, narrower than the previous quarter's $3,818.4M loss. Net interest and other expense of $71.7M was the main reason.
Operating cash flow was $29.0M (up 1630% year over year). Non-cash charges added back $702K of depreciation and amortization and $13.3M of share-based compensation. Working capital and other items added $98.6M. Capital expenditures of $30K left free cash flow of $29.0M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 FY26 | 10-Q | Jul 14, 2026 | $46.5M | 23× | -25.5% | −$83.6M | $29.0M |
| Q2 FY26 | 10-Q | Apr 14, 2026 | $11.0M | +628% | n/m | −$3.8B | −$88.2M |
| Q1 FY26 | 10-Q | Jan 13, 2026 | $2.3M | +91% | n/m | −$5.2B | −$228M |
| Q4 FY25 | 10-K | Nov 21, 2025 | $1.3M | +94% | n/m | $351M | −$5.5M |
| Q3 FY25 | 10-Q | Jul 2, 2025 | $2.1M | +68% | -22.8% | −$623K | $1.7M |
| Q2 FY25 | 10-Q | Apr 14, 2025 | $1.5M | +70% | -60.2% | −$1.2M | −$215K |
| Q4 FY24 | 10-K | Dec 9, 2024 | $682K | +178% | -96.9% | −$814K | $217K |
Charts
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Bitmine Immersion Technologies
Bitmine Immersion Technologies, Inc. is a U.S.-based digital asset technology company focused on acquiring, holding and actively managing ETH as its primary treasury reserve asset. Through equity and other capital markets transactions, we provide investors with indirect exposure to ETH by deploying offering proceeds to acquire and manage ETH within our corporate treasury. From 2021 through mid-2025, we built and operated sites utilizing immersion cooling, conducted self-mining, provided hosting/mining-as-a-service, leased, and sold equipment and related infrastructure. Beginning in the third calendar quarter of 2025, management refined the business to prioritize (i) digital asset ecosystem services (including consulting/advisory), and (ii) disciplined digital asset treasury management, while winding down proprietary self-mining exposure and deferring new site buildouts.
In its own words, from its 10-K, filed Nov 21, 2025.
Bitmine Immersion Technologies against its Finance Services peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: 23× against the peers' median +18%. Operating margin: -25.5% against the peers' median 5.1%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| BMNR Bitmine Immersion Technologies | Q3 FY26 | $46.5M | 23× | -25.5% |
| AXP American Express | Q3 2026 | $20.1B | +9% | 22.6% |
| BTGO Bitgo Holdings | Q2 FY27 | $4.3B | +80% | -0.4% |
| General Motors Financial Company | Q3 2026 | $4.3B | -0.6% | 15.3% |
| SOFI SoFi Technologies | Q3 2026 | $1.4B | +44% | 22.9% |
| COIN Coinbase Global | Q3 2026 | $1.2B | -35% | 5.1% |
| CRCL Circle Internet Group | Q3 2026 | $865M | +17% | 24.1% |
| CHYM Chime Financial | Q3 2026 | $718M | +32% | 4.8% |
| GDOT Green DOT | Q2 2026 | $596M | +18% | -0.1% |
Source: Bitmine Immersion Technologies 10-Q on SEC EDGAR · CIK 1829311 · Finance Services
13F: who owns BMNR and who is buying
More on BMNR
- How Bitmine Immersion Technologies makes money: revenue by segment
- Bitmine Immersion Technologies next earnings date and what analysts expect
- Bitmine Immersion Technologies stock forecast, price target and fair value
- Who owns Bitmine Immersion Technologies stock: holders, funds and Congress trades
- Bitmine Immersion Technologies guidance and outlook
History
Every quarter: Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results · Q3 FY25 results · Q2 FY25 results · Q4 FY24 results