Fri, Jan 10, 9:39 PM (38 days ago)
Bitmine Immersion Technologies, Inc. (BMNR) reported significant financial developments for the quarter ending November 30, 2024. Revenue surged to $1,200.8K, up from $511.3K in the prior year, driven by increased self-mining and equipment sales. Self-mining revenue reached $483.7K, while equipment sales generated $717.1K. Gross profit was $120.2K, with a gross margin of 10%. However, total operating expenses rose to $1,004.2K, primarily due to a 121% increase in related party compensation and higher professional fees, leading to a net loss attributable to common stockholders of $3,935.4K, or $(0.08) per share. Cash flow from operations was negative at $95.9K, but financing activities provided $412K, including a $250K draw from a line of credit with Innovative Digital Investors. The company holds $797.3K in cash and has significant investments in bitcoin mining infrastructure, including 3,000 miners acquired in November 2024. Trends indicate increasing operational capacity, but challenges remain due to rising mining difficulty and volatile bitcoin prices, impacting future profitability. The company plans to seek additional capital to expand operations amid these uncertainties.