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.
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.
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