BitMine Immersion Technologies Inc(BMNR) - 2025 Q1 - Quarterly Results

First Fiscal Quarter 2025 Financial Results Overview BitMine's Q1 FY2025 saw 135% revenue growth to $1,200,830, with a GAAP net loss of $(3,935,386) due to a deemed dividend Condensed Statements of Operations (GAAP & Non-GAAP) BitMine's Q1 FY2025 GAAP statements show $1,200,830 total revenue (up 135%) and a $(3,935,386) net loss due to a deemed dividend | Metric | Three months ended Nov 30, 2024 (GAAP) ($) | Three months ended Nov 30, 2023 (GAAP) ($) | | :-------------------------------- | :------------------------------------- | :------------------------------------- | | Revenue from sale of mining equipment | $717,147 | $169,721 | | Revenue from hosting | – | $11,864 | | Revenue from self-mining | $483,683 | $329,723 | | Total revenue | $1,200,830 | $511,308 | | Total operating expenses | $1,004,224 | $715,962 | | Loss from operations | $(884,018) | $(611,880) | | Other income (expense), net | $(90,720) | $(317,990) | | Net loss | $(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) | | Basic and diluted (loss) per common share | $(0.08) | $(0.02) | | Weighted-average common shares outstanding | 47,422,058 | 49,748,705 | GAAP Financial Highlights Q1 FY2025 GAAP highlights show 135% revenue growth to $1,200,830, 4,640 owned miners, and a $(3,935,386) net loss | Metric | Q1 FY2025 ($) | Q1 FY2024 ($) | Change (YoY) | | :----- | :-------- | :-------- | :----------- | | Revenue | $1,200,830 | $511,308 | +135% | - As of November 30, 2024, BitMine owned 4,640 miners, a significant increase from 1,606 owned miners as of November 30, 2023[3] | Metric | Q1 FY2025 ($) | Q1 FY2024 ($) | | :-------------------------- | :-------- | :-------- | | Cash (used in) operating activities | $(95,934) | $(45,290) | - Net loss attributable to common shareholders increased to $3,935,386 in Q1 FY2025 from $929,870 in Q1 FY2024, primarily due to a one-time non-cash deemed dividend of $2,960,648 on Series A Preferred stock[3] - Basic and diluted loss per common share was $(0.08) in Q1 FY2025, compared to $(0.02) in Q1 FY2024[4] Non-GAAP Financial Highlights and Definitions Q1 FY2025 non-GAAP results, adjusted for a deemed dividend, show an adjusted net loss of $(974,738) and $(0.02) adjusted loss per share - Adjusted net loss attributable to common shareholders is defined as GAAP net loss attributable to common shareholders minus $2,960,648 in deemed dividends attributable to Series A Convertible Preferred Stock[5] - Adjusted basic and diluted loss per common share is defined as GAAP basic and diluted loss per common share minus deemed dividends attributable to Series A Convertible Preferred Stock[5] | Metric | Q1 FY2025 (Adjusted) ($) | Q1 FY2024 (Adjusted) ($) | | :------------------------------------- | :------------------- | :------------------- | | Adjusted net loss attributable to common shareholders | $974,738 | $929,870 | | Adjusted basic and diluted loss per common share | $(0.02) | $(0.02) | Management Commentary CEO Jonathan Bates highlighted revenue growth, cost-effective operations nearing cash flow breakeven, and successful miner deployment - BitMine continues to grow revenue while maintaining a cost structure that leverages overhead and is close to breakeven on a cash flow basis[7] - The company substantially increased the number of miners in the field despite the halving of Bitcoin rewards and consistent Bitcoin network difficulty increases[7] - Management attributes success to the team's work ethic and willingness to pursue creative approaches to financing the mining fleet, distinguishing BitMine from peers[7] Operational Update BitMine expanded mining capacity with 3,000 new miners in Q1 FY2025, expecting to triple self-mining revenue upon full deployment - BitMine purchased 3,000 additional miners during Q1 FY2025, with approximately 2,600 installed in a Silverton, Texas hosting facility throughout December[8] - Approximately 400 of the 3,000 new miners experienced operational issues, are under warranty, and are currently being replaced, with full hashing expected in the coming weeks[8] - This added mining capacity is expected to approximately triple self-mining revenue once fully installed[8] About Bitmine Immersion Technologies, Inc. BitMine is a technology company focused on Bitcoin mining using immersion technology for efficiency, lower costs, and environmental benefits - BitMine is a technology company focused on Bitcoin mining using immersion technology, an advanced cooling technique where computers are submerged in specialized oil[9] - Immersion technology is more environmentally friendly, lowers operating expenses, and increases yield compared to conventional mining methods[9] - BitMine's operations are strategically located in low-cost energy regions including Trinidad, Pecos (Texas), Silverton (Texas), and Murray (Kentucky)[9] Additional Information This section provides standard disclosures regarding forward-looking statements and company contact information Forward-Looking Statements This section contains standard forward-looking statements, subject to risks and uncertainties, with no obligation to update unless legally required - This press release contains forward-looking statements that involve risks and uncertainties, and actual future performance may differ materially from those expressed[10] - Forward-looking statements are subject to numerous conditions beyond BitMine's control, including those detailed in the Risk Factors section of the company's Annual Report on Form 10-K filed with the SEC, and BitMine undertakes no obligation to update these statements except as required by law[10] Contact Information Contact information for BitMine Immersion Technologies, Inc. is provided, with Jonathan Bates as Chairman and CEO - For more information, contact Jonathan Bates, Chairman and CEO, via info@bitminetech.io or visit https://www.bitminetech.io[11](index=11&type=chunk)