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Nov 30, 2025
Bitmine Immersion Technologies Inc Q1 2026 Earnings Report
Bitmine Immersion Technologies reported a net loss in Q1 2026 driven by a significant unrealized loss on digital assets.
Key Takeaways
Bitmine Immersion Technologies posted a $5.2 million net loss for Q1 2026 despite increased revenues from staking and leasing. Operating expenses soared due to a $5.2 million unrealized loss on ETH and elevated consulting and legal fees tied to its strategic pivot toward an ETH-centric model.
Total revenue rose to $2.29 million, led by staking and equipment leasing.
Net loss reached $5.2 million, largely due to a $5.2 million unrealized loss on ETH holdings.
Adjusted EPS was negative $0.05, with Adjusted EBITDA at -$21.7K.
Company raised $8 million in equity during the quarter to support its ETH-focused strategy.
Revenue by Segment
Forward Guidance
The company will continue its Ethereum-focused treasury strategy, emphasizing staking, low capex operations, and selective ETH accumulation while navigating ETH price volatility and regulatory risks.
Positive Outlook
- Maintaining a capital-light ETH-focused model to reduce mining exposure.
- Expanded staking operations expected to generate recurring yield.
- Strong liquidity with over $887 million in cash.
- Raised $8M through ATM and warrant offerings to support growth.
- Cost structure aligned to scale with ETH treasury size and advisory services.
Challenges Ahead
- Large unrealized losses on ETH may persist due to market volatility.
- High general and administrative expenses related to strategic pivot.
- Reliance on third-party custody and staking providers increases counterparty risk.
- Shift away from mining could limit diversification of revenue streams.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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