Mon, Jul 15, 12:01 PM (54 days ago)
Bitmine Immersion Technologies, Inc. reported a net loss of $2,478,632 for the quarter ended May 31, 2024. Revenues increased significantly to $1,224,992 from $142,126 in the same quarter of 2023, driven by self-mining of digital assets and equipment sales. Self-mining revenue rose to $1,187,759 from $128,479, bolstered by the resolution of operational issues and the commencement of new facilities. Hosting revenues were $16,762, up from zero in the prior year. However, the halving event in April 2024 is expected to reduce future mining revenues. Operating expenses increased to $756,224 from $579,248, mainly due to higher depreciation and related party compensation. Cost of sales rose to $1,003,305 from $72,392, reflecting increased mining activity. Cash flow from operations was negative, but the company expects cash on hand, financing, and revenues to sustain operations for the next 12 months. The company is focusing on expanding hosting centers in the U.S. and Canada.