BitMine Reports Fiscal 1st Quarter 2025 Financial Results
Bitmine Immersion Technologies (OTCQX: BMNR) announced its fiscal Q1 2025 financial results.
Key highlights include a 135% increase in revenue to $1,200,830 compared to $511,308 in Q1 2024. This growth was driven by the sale of mining equipment and self-mining revenue.
The company reported a net loss attributable to common shareholders of $3,935,386, primarily due to a one-time, non-cash deemed dividend of $2,960,648 on Series A Preferred Stock. The basic and diluted loss per share was $(0.08) compared to $(0.02) in Q1 2024.
Bitmine increased its number of owned miners to 4,640 from 1,606 a year ago. Operational cash use was $(95,934) compared to $(45,290) in the previous year.
Operational updates include the purchase of 3,000 additional miners, with 2,600 installed by December, expected to triple self-mining revenue once fully operational. Approximately 400 miners are under warranty and being replaced.
Bitmine Immersion Technologies (OTCQX: BMNR) ha annunciato i risultati finanziari per il primo trimestre fiscale del 2025.
I punti salienti includono un aumento del 135% dei ricavi che ha raggiunto $1,200,830 rispetto ai $511,308 del Q1 2024. Questa crescita è stata alimentata dalla vendita di attrezzature per il mining e dai ricavi da auto-mining.
L'azienda ha riportato una perdita netta attribuibile agli azionisti comuni di $3,935,386, principalmente a causa di un dividendo speciale, non monetario, di $2,960,648 sulle azioni privilegiate di Serie A. La perdita base e diluita per azione è stata di $(0.08) rispetto a $(0.02) nel Q1 2024.
Bitmine ha aumentato il numero di miner in possesso a 4,640, rispetto ai 1,606 di un anno fa. L'uso di cassa operativo è stato di $(95,934) rispetto a $(45,290) dell'anno precedente.
Le novità operative includono l'acquisto di 3,000 miner aggiuntivi, con 2,600 che saranno installati entro dicembre, che si prevede triplicheranno i ricavi da auto-mining una volta completamente operativi. Circa 400 miner sono in garanzia e sono in fase di sostituzione.
Bitmine Immersion Technologies (OTCQX: BMNR) anunció sus resultados financieros para el primer trimestre fiscal de 2025.
Los aspectos más destacados incluyen un aumento del 135% en los ingresos que alcanzaron $1,200,830 en comparación con $511,308 en el Q1 2024. Este crecimiento fue impulsado por la venta de equipos de minería y los ingresos por auto-minado.
La compañía reportó una pérdida neta atribuible a los accionistas comunes de $3,935,386, principalmente debido a un dividendo especial no monetario de $2,960,648 sobre las acciones preferentes Serie A. La pérdida básica y diluida por acción fue de $(0.08) en comparación con $(0.02) en el Q1 2024.
Bitmine aumentó su número de mineros propios a 4,640 desde 1,606 hace un año. El uso de efectivo operativo fue de $(95,934) en comparación con $(45,290) en el año anterior.
Las actualizaciones operativas incluyen la compra de 3,000 mineros adicionales, con 2,600 instalados para diciembre, que se espera triplicarán los ingresos por auto-minado una vez que estén completamente operativos. Aproximadamente 400 mineros están bajo garantía y se están reemplazando.
비트마인 몰입 기술 (OTCQX: BMNR)은 2025 회계 연도 1분기 재무 결과를 발표했습니다.
주요 하이라이트는 수익이 135% 증가한 $1,200,830로, 2024년 1분기의 $511,308와 비교됩니다. 이 성장은 채굴 장비 판매와 자가 채굴 수익에 의해 촉진되었습니다.
회사는 보통 주주에게 귀속된 순손실이 $3,935,386이라고 보고했으며, 이는 주로 A 우선주에 대한 일시적인 비현금 배당금 $2,960,648 때문입니다. 기본 및 희석 주당 손실은 $(0.08)로, 2024년 1분기의 $(0.02)와 비교됩니다.
비트마인은 소유한 채굴기 수를 작년 1,606대에서 4,640대로 늘렸습니다. 운영 현금 사용은 $(95,934)로, 전년도 $(45,290)와 비교됩니다.
운영 업데이트에는 추가로 3,000개의 채굴기를 구매하는 것이 포함되며, 그 중 2,600대는 12월까지 설치될 예정이며, 완전히 운영될 경우 자가 채굴 수익이 세 배로 증가할 것으로 예상됩니다. 약 400개의 채굴기는 보증 기간 내에 있으며 교체 중입니다.
Bitmine Immersion Technologies (OTCQX: BMNR) a annoncé ses résultats financiers pour le premier trimestre de l'exercice 2025.
Les points clés incluent une augmentation des revenus de 135% atteignant $1,200,830 par rapport à $511,308 au Q1 2024. Cette croissance a été alimentée par la vente d'équipements de minage et les revenus d'auto-minage.
L'entreprise a déclaré une perte nette attribuée aux actionnaires ordinaires de $3,935,386, principalement en raison d'un dividende exceptionnel non monétaire de $2,960,648 sur les actions privilégiées de Série A. La perte de base et diluée par action était de $(0.08) par rapport à $(0.02) au Q1 2024.
Bitmine a augmenté son nombre de mineurs en propriété à 4,640, contre 1,606 l'année dernière. L'utilisation de liquidités opérationnelles était de $(95,934) par rapport à $(45,290) l'année précédente.
Les mises à jour opérationnelles incluent l'achat de 3,000 mineurs supplémentaires, dont 2,600 devraient être installés d'ici décembre, ce qui devrait tripler les revenus d'auto-minage une fois qu'ils seront pleinement opérationnels. Environ 400 mineurs sont sous garantie et en cours de remplacement.
Bitmine Immersion Technologies (OTCQX: BMNR) gab seine finanziellen Ergebnisse für das erste Quartal des Geschäftsjahres 2025 bekannt.
Die wichtigsten Highlights umfassen ein Wachstum der Einnahmen um 135% auf $1,200,830 im Vergleich zu $511,308 im Q1 2024. Dieses Wachstum wurde durch den Verkauf von Mining-Geräten und Einnahmen aus dem Selbst-Mining ermöglicht.
Das Unternehmen berichtete von einem Nettoverlust, der den Stammaktionären zuzurechnen ist, von $3,935,386, hauptsächlich aufgrund einer einmaligen, nicht liquiditätswirksamen Dividendenausschüttung von $2,960,648 auf die Serie A Vorzugsaktien. Der Grund- und verwässerte Verlust pro Aktie betrug $(0.08) im Vergleich zu $(0.02) im Q1 2024.
Bitmine erhöhte die Anzahl der eigenen Miner auf 4,640, von 1,606 vor einem Jahr. Der operative Cashflow betrug $(95,934) im Vergleich zu $(45,290) im Vorjahr.
Zu den operativen Updates gehört der Kauf von 3,000 zusätzlichen Minern, von denen 2,600 bis Dezember installiert werden sollen, was erwartet wird, dass die Selbst-Mining Einnahmen verdreifachen, sobald sie vollständig in Betrieb sind. Etwa 400 Miner sind unter Garantie und werden ersetzt.
- Revenue increased 135% to $1,200,830 in Q1 2025.
- Owned miners increased to 4,640 from 1,606.
- Purchase of 3,000 additional miners expected to triple self-mining revenue.
- Net loss attributable to common shareholders was $3,935,386.
- Basic and diluted loss per share increased to $(0.08) from $(0.02).
- Operational cash use increased to $(95,934) from $(45,290).
- Operational issues with 400 miners under warranty, delaying full capacity.
Significantly Increases Deployment of Miners to Benefit from Rapidly Appreciating Bitcoin Prices
LAS VEGAS, Jan. 13, 2025 (GLOBE NEWSWIRE) -- Bitmine Immersion Technologies, Inc. (“Bitmine” or the “Company”) (OTCQX: BMNR), a technology company focused on Bitcoin mining, today announced its operating results and operational update for its first fiscal quarter ended November 30, 2024:
| Bitmine Immersion Technologies, Inc. | |||||||||||||||
| Condensed Statements of Operations | |||||||||||||||
| (Unaudited) | |||||||||||||||
| GAAP | Non-GAAP | ||||||||||||||
| Three months | Three months | Three months | Three months | ||||||||||||
| ended | ended | ended | ended | ||||||||||||
| November 30, | November 30, | November 30, | November 30, | ||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenue from the sale of mining equipment | $ | 717,147 | $ | 169,721 | $ | 717,147 | $ | 169,721 | |||||||
| Revenue from hosting | - | 11,864 | - | 11,864 | |||||||||||
| Revenue from self-mining | 483,683 | 329,723 | 483,683 | 329,723 | |||||||||||
| Total revenue | 1,200,830 | 511,308 | 1,200,830 | 511,308 | |||||||||||
| Total operating expenses | 1,004,224 | 715,962 | 1,004,224 | 715,962 | |||||||||||
| Loss from operations | (884,018 | ) | (611,880 | ) | (884,018 | ) | (611,880 | ) | |||||||
| Other income (expense) | |||||||||||||||
| Other income (expense), net | (90,720 | ) | (317,990 | ) | (90,720 | ) | (317,990 | ) | |||||||
| Net loss | (974,738 | ) | (929,870 | ) | (974,738 | ) | (929,870 | ) | |||||||
| Deemed dividend on Series A Preferred Stock | (2,960,648 | ) | - | - | - | ||||||||||
| Net loss attributable to common stockholders | $ | (3,935,386 | ) | $ | (929,870 | ) | $ | (974,738 | ) | (a) | $ | (929,870 | ) | ||
| Basic and diluted (loss) per common share | $ | (0.08 | ) | $ | (0.02 | ) | $ | (0.02 | ) | (b) | $ | (0.02 | ) | ||
| Weighted-average number of common shares outstanding: | |||||||||||||||
| Basic and diluted | 47,422,058 | 49,748,705 | 47,422,058 | 49,748,705 | |||||||||||
| (a) represents non-GAAP adjusted net loss attributable to common shareholders | |||||||||||||||
| (b) represent non-GAAP adjusted basic and diluted net loss per share | |||||||||||||||
First Fiscal Quarter 2025 Financial Highlights (GAAP basis) are as follows:
-Q1 2025 revenue versus Q1 2024 revenue increased approximately
-As of November 30, 2024 we owned 4,640 miners compared to 1,606 owned miners as of November 30, 2023
-Cash (used in) operating activities in Q-1 2025 was
-The net loss attributable to common shareholders was
-Basic and diluted loss per common share was
First Quarter 2025 Non GAAP Financial Highlights
We have included in this Report measures of financial performance that are not defined by GAAP. We believe that these measures provide useful information to investors.
For the purposes of this Report the two non-GAAP measures are defined as:
“Adjusted net loss attributable to common shareholders” is defined as the GAAP “net loss attributable to common shareholders” minus
“Adjusted basic and diluted loss per common share” is defined as the GAAP “basic and diluted loss per common share” minus deemed dividends attributable to the Series A Convertible Preferred Stock.
Based on the above definitions adjusted net loss attributable to common shares holders for Q1 fiscal 2025 compared to 2024 was
Management Commentary
“We are proud of our ability to continue to grow revenue while also continuing to maintain a cost structure that leverages our overhead and is close to breakeven on a cash flow basis,” said Jonathan Bates, Chairman and CEO of BitMine. Mr. Bates continued, “We have been able to navigate growth, substantially increase the miners we have in the field, despite a halving of the bitcoin rewards and consistent bitcoin network difficulty increases. I think this is a testament to our team’s work ethic and willingness to pursue creative approaches to financing our mining fleet, which distinguishes us from our peers.”
Operational Update
In addition to the approximately 1600 company machines running in Trinidad, Pecos, Texas and Murray, Kentucky, BitMine purchased 3000 additional miners during the fiscal 2025 Q1 ending 11/30/24. These machines were sent to a hosting facility in Silverton, Texas. Approximately 2600 miners were installed throughout the month of December. There were operational issues with approximately 400 of the 3000 miners, which are under warranty and currently being replaced. The company expects to have these machines replaced and hashing in the coming weeks. This added mining capacity is expected to approximately triple self-mining revenue once fully installed.
About Bitmine Immersion Technologies, Inc.
BitMine is a technology company focused on Bitcoin mining using immersion technology, an advanced cooling technique where computers are submerged in specialized oil circulated to keep units operating at optimal ambient temperature. Immersion technology is more environmentally friendly than conventional mining methodologies, while lowering operating expenses and increasing yield. BitMine's operations are located in low-cost energy regions in Trinidad, Pecos, Texas, Silverton, Texas and Murray, Kentucky.
Forward-Looking Statements:
This press release contains statements that constitute "forward-looking statements." The statements in this press release that are not purely historical are forward-looking statements which involve risks and uncertainties. Actual future performance outcomes and results may differ materially from those expressed in forward-looking statements. Forward-looking statements are subject to numerous conditions, many of which are beyond BitMine's control, including those set forth in the Risk Factors section of BitMine's Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on December 9, 2024, and any other SEC filings, as amended or updated from time to time. Copies of BitMine's filings with the SEC are available on the SEC's website at www.sec.gov/edgar/searchedgar/companysearch. BitMine undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
For more information, visit https://www.bitminetech.io
Contact:
Jonathan Bates
Chairman and CEO
info@bitminetech.io
FAQ
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