Bitmine Immersion Technologies Swings to $9.0M Net Loss in H1 2026

Bitmine Immersion Technologies, Inc., a cryptocurrency mining and staking company, reported a net loss of $9.0 million for the six months ended February 28, 2026, a sharp reversal from a net loss of $2,132 in the same period a year earlier. The loss stemmed almost entirely from a $9.0 million unrealized loss on digital asset holdings. Read more earnings reports.

Revenue for the six-month period climbed to $13,335, up 391% from $2,718 a year earlier. The company generated $11,181 from staking operations, $1,536 from leasing miners, $397 from consulting, $221 from self-mining, and $717 from equipment sales. In the prior-year period, revenue came almost entirely from self-mining, which brought in $2,001.

For the three months ended February 28, 2026, the company posted a net loss of $3.8 million, compared to a loss of $1,156 in the same quarter a year earlier. Quarterly revenue totaled $11,041, driven by $10,201 from staking, $424 from leasing, $219 from self-mining, and $197 from consulting. A year earlier, the company generated $1,517 from self-mining alone.

Cost of sales for the six-month period was $2,451, down 8% from $2,652 a year earlier. The cost of self-mining fell to $788 from $1,982, while new cost categories emerged: $1,327 for leasing operations, $336 for staking, and $670 for equipment sales.

General and administrative expenses surged to $298,625 for the six months, up from $1,923 in the prior-year period. The company attributed the increase to expanded operations and higher professional fees. For the three-month period, G&A expenses totaled $74,988, compared to $964 a year earlier.

The company's accumulated deficit widened to $8.7 million as of February 28, 2026, from $337,392 in retained earnings as of August 31, 2025. The balance sheet showed $879,577 in cash and cash equivalents, up from $511,999 six months earlier.

Bitmine's digital asset holdings were valued at $8.8 million as of February 28, 2026, compared to $8.3 million as of August 31, 2025. The company also held $186,024 in equity investments measured at cost and $14,384 in equity investments measured at fair value.

The company raised $10.1 million through an at-the-market offering and $361,751 from the issuance of liability-classified warrants during the six-month period. It also issued 261.6 million common shares during the period, bringing total shares outstanding to 493.9 million as of February 28, 2026, up from 232.3 million six months earlier.

Operating cash flow was negative $316,599 for the six months, compared to negative $311 a year earlier. The company spent $9.7 million on investing activities, primarily to purchase digital assets totaling $9.5 million and equity investments of $206,024.

Basic and diluted loss per share for the six months was $23.17, compared to $2.34 in the prior-year period. For the three months ended February 28, 2026, loss per share was $8.40, compared to $0.58 a year earlier.

The company declared a cash dividend of $0.01 per share during the quarter, totaling $4,258. Total stockholders' equity stood at $9.9 million as of February 28, 2026, up from $8.7 million six months earlier.

Financial Summary

Balance Sheet Highlights