Bitmine Immersion Technologies (BMNR) Q2 2026 earnings summary

Executive summary

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

• Revenue growth driven by staking, consulting, and leasing, with staking becoming the primary yield strategy after November 2025.

• Strategic investments made in Beast Industries and Eightco Holdings to complement ETH treasury strategy.

• Uplisted to NYSE American in June 2025 and to NYSE in April 2026, enhancing capital market access.

Financial highlights

• Three months ended Feb 28, 2026: Revenue $11,041K (up from $1,517K YoY); Net loss $(3,818,413)K (vs. $(1,156)K YoY).

• Six months ended Feb 28, 2026: Revenue $13,335K (up from $2,718K YoY); Net loss $(9,022,508)K (vs. $(2,132)K YoY).

• Unrealized loss from digital assets for six months: $(9,023,134)K, reflecting ETH price volatility.

• Adjusted EBITDA for six months: $(62,135)K, Adjusted EPS: $(0.14) per share.

• Cash and cash equivalents at Feb 28, 2026: $879,577K; working capital $869,527K.

Outlook and guidance

• Focus remains on growing net ETH position, maintaining liquidity, and conservative staking exposure.

• Operating expenses expected to shift toward cybersecurity, custody, and compliance; capex to remain modest.

• Sufficient liquidity projected for at least 12 months, with flexibility to access equity capital as needed.