Bitmine Immersion Technologies (BMNR) Q3 2026 earnings summary

Executive summary

• Shifted to an ETH-focused, capital-light model, emphasizing staking and validation services as primary revenue drivers.

• Acquired Pier Two Holdings, expanding institutional staking infrastructure and launching the MAVAN platform.

• Revenue surged due to staking activities, while legacy mining and equipment sales declined.

• Strategic investments in blockchain companies and moonshot opportunities complement ETH treasury strategy.

Financial highlights

• Revenue for the three months ended May 31, 2026 was $46.5M, up from $2.1M year-over-year, driven by staking and validation.

• Net loss for the quarter was $83.6M, compared to $0.6M in the prior year, mainly due to unrealized losses on digital assets.

• Nine-month revenue reached $59.9M, up from $4.8M year-over-year; nine-month net loss was $9.1B, reflecting large unrealized losses on ETH holdings.

• Adjusted EBITDA for the quarter was $(75.7)M, and for the nine months was $(179.0)M.

• Cash and cash equivalents at May 31, 2026 were $340.3M.

Outlook and guidance

• Focus remains on growing net ETH position, maintaining liquidity, and expanding institutional staking services.

• Capital expenditures expected to remain modest; operating expenses to shift toward cybersecurity, custody, and compliance.

• Management expects sufficient liquidity for at least the next 12 months, supported by recent equity and preferred stock offerings.