Bitmine Immersion Technologies (BMNR) Q4 2026 earnings summary

Executive summary

• Shifted from Bitcoin mining and hosting toward an ETH-focused treasury and staking model, with MAVAN providing institutional validator and staking services.

• At August 31, 2026, digital assets, equity investments and cash totaled $15.4B; ETH holdings were 5,901,837 ETH, valued at $14.6B.

• Fiscal 2026 results were heavily affected by a $6.2B unrealized digital-asset loss, primarily from lower ETH fair value.

Financial highlights

• Revenue was $124.8M versus $6.1M in FY2025; staking and validation contributed $121.4M, including $10.8M from Pier Two after its acquisition.

• Operating loss was $6,499.5M versus operating income of $444.2M; net loss was $6,313.4M versus net income of $348.6M.

• Reported basic and diluted EPS were both $(13.11), versus $13.60 basic and $13.41 diluted in FY2025.

• Adjusted diluted EPS was $(0.18) versus $(5.04) in FY2025; adjusted results exclude specified non-cash and one-time items.

• Cash was $545.1M and working capital $528.1M at August 31, 2026; net operating cash used was $305.1M.

Outlook and guidance

• Results are expected to remain sensitive to ETH prices, staking yields, validator performance, protocol changes, regulatory developments and capital-market access.

• Plans prioritize growing net ETH holdings subject to risk and liquidity limits, conservative staking exposure, robust custody and modest capex under a capital-light model.

• Aspiration is to hold approximately 5% of total ETH supply; future purchases and financing depend on market conditions and risk-adjusted returns.

• Management expects available cash, operating cash flows and shelf/ATM access to support operations for at least 12 months under the current operating plan.

• Fiscal year-end changed from August 31 to December 31; a four-month transition period runs September 1–December 31, 2026.