$BMNP

BITMINE IMMERSION TECHNOLOGIES, INC.

CIK:0001829311|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	May 31, 2026	May 31, 2025	May 31, 2026	May 31, 2025
Total Revenue	$ 46,535,000	$ 2,052,000	$ 59,870,000	$ 4,770,000
Cost of Sales	5,726,000	1,742,000	8,177,000	4,393,000
Operating expenses:
General and administrative expenses	37,270,000	744,000	335,662,000	2,667,000
Unrealized loss (gain) from the digital assets holdings	15,404,000	34,000	9,038,538,000	(25,000)
Total operating expenses	52,674,000	778,000	9,374,200,000	2,642,000
Loss from operations	(11,865,000)	(468,000)	(9,322,507,000)	(2,265,000)
Other income (expense):
Change in fair value of warrant liability	16,488,000	0	264,121,000	0
Net loss on derivative contracts	(92,093,000)	0	(133,275,000)	0
Issuance costs related to warrant offering	0	0	(9,381,000)	0
Change in the fair value of equity method investment	(1,177,000)	0	(6,793,000)	0
Interest income (expense), net	5,300,000	(72,000)	9,917,000	(200,000)
Other income (expense)	(248,000)	(83,000)	(480,000)	(289,000)
Pre-tax loss	(83,595,000)	(623,000)	(9,198,398,000)	(2,754,000)
Income tax benefit	0	0	(92,295,000)	0
Net loss	(83,595,000)	(623,000)	(9,106,103,000)	(2,754,000)
Deemed dividend on Series A Preferred Stock	0	0	0	(2,961,000)
Net loss attributable to common stockholders	(83,595,000)	(623,000)	(9,106,103,000)	(5,715,000)
Less: Net loss attributable to non-controlling interest	(19,000)	0	(19,000)	0
Net loss available to common stockholders - basic	(83,576,000)	(623,000)	(9,106,084,000)	(5,715,000)
Net loss available to common stockholders - diluted	$ (83,576,000)	$ (623,000)	$ (9,106,084,000)	$ (5,715,000)
Basic loss per common share (usd per share)	$ (0.15)	$ (0.31)	$ (20.51)	$ (2.62)
Diluted loss per common share (usd per share)	$ (0.15)	$ (0.31)	$ (20.51)	$ (2.62)
Weighted-average number of common shares outstanding - Basic	551,788,656	2,006,202	443,947,604	2,185,206
Weighted-average number of common shares outstanding - diluted	551,788,656	2,006,202	443,947,604	2,185,206
Other comprehensive income, net of tax
Foreign currency translation adjustments	$ 545,000	$ 0	$ 545,000	$ 0
Other comprehensive income	545,000	0	545,000	0
Comprehensive loss	(83,050,000)	(623,000)	(9,105,558,000)	(5,715,000)
Less: Comprehensive loss attributable to the non-controlling interest	(8,000)	0	(8,000)	0
Comprehensive loss attributable to controlling stockholders of Bitmine Immersion Technologies, Inc.	(83,042,000)	(623,000)	(9,105,550,000)	(5,715,000)
Staking and validation
Total Revenue	45,743,000	0	56,924,000	0
Self mining
Total Revenue	624,000	813,000	845,000	2,814,000
Consulting
Total Revenue	168,000	35,000	565,000	35,000
Leasing
Total Revenue	0	1,075,000	1,536,000	1,075,000
Sale of mining equipment
Total Revenue	$ 0	$ 129,000	$ 0	$ 846,000

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	May 31, 2026	May 31, 2025
Cash flows from operating activities
Net loss	$ (9,106,103,000)	$ (2,754,000)
Adjustments to reconcile net loss to net cash used in operating activities
Unrealized loss / (gain) on digital assets held	9,038,538,000	(25,000)
Change in fair value of warrant liability	(264,121,000)	0
Net loss on derivative contracts	133,275,000	0
Deferred tax liability	(92,295,000)	0
Noncash revenue from mining and staking	(53,473,000)	0
Stock based compensation	38,357,000	1,319,000
Change in the fair value of equity method investment	6,766,000	0
Issuance costs related to warrant offering	9,381,000	0
Depreciation and amortization expense	631,000	539,000
Issuance of non-controlling interest	556,000	0
Other	999,000	(540,000)
Changes in operating assets and liabilities, net of acquisitions
Prepaid expenses	(4,019,000)	520,000
Accrued liabilities	2,399,000	2,109,000
Deferred tax liability	(92,295,000)	0
Other current liabilities	2,343,000	0
Contract liabilities	(1,067,000)	(14,000)
Other assets	241,000	212,000
Net cash provided by (used in) operating activities	(287,592,000)	1,366,000
Cash flows from investing activities
Purchase of digital assets	(11,687,493,000)	0
Purchase of equity investments	(289,028,000)	0
Collateral paid on digital asset option contracts	(100,125,000)	0
Premium paid on option contracts	(124,584,000)	0
Premiums received on option contracts	103,938,000	0
Acquisition of Pier Two, net of cash acquired	(5,699,000)	0
Proceeds from sale of property and equipment	810,000	0
Purchase of property and equipment	(406,000)	(18,000)
Proceeds from sale of equity investments	148,000	0
Payment of contingent consideration	(7,000)	0
Net cash used in investing activities	(12,102,446,000)	(18,000)
Cash flows from financing activities:
Proceeds from ATM	11,869,870,000	0
Proceeds from issuance of common stock and warrants	365,240,000	0
Issuance cost related to equity and warrant offerings	(13,338,000)	0
Payment of dividends	(4,258,000)	0
Proceeds from exercise of warrants	848,000	0
Repayment of related party loan	0	(849,000)
Proceeds from related party loan	0	250,000
Net cash provided by (used in) financing activities	12,218,362,000	(374,000)
Net (decrease) increase in cash and cash equivalents	(171,676,000)	974,000
Effect of exchange rate changes on cash	(34,000)	0
Cash and cash equivalents at beginning of period	511,999,000	499,000
Cash and cash equivalents at end of period	340,289,000	1,473,000
Supplemental disclosure of non-cash investing and financing activity
Payment of liabilities in shares	(1,939,000)	0
Right of use assets in exchange for operating lease liabilities	(1,323,000)	0
Equity issuance for Pier Two acquisition	(10,500,000)	0
Earnout and deferred consideration for Pier Two acquisition	(11,275,000)	0
Issuance of noncontrolling interest	(556,000)	0
Working capital adjustment payable related to Pier Two acquisition	(138,000)	0
Special investment liability settlement of non-cash investment	(144,000)	0
Noncash digital asset investment from investment	103,000	0
Repayment of bitcoin loan in bitcoin, net	0	101,000
Purchase of equipment for loan payable	0	1,035,000
Deemed dividend on Series A Convertible Preferred Stock	0	2,961,000
Series A Preferred
Cash flows from financing activities:
Proceeds from preferred stock	0	25,000
Series B Preferred
Cash flows from financing activities:
Proceeds from preferred stock	$ 0	$ 200,000

Condensed Consolidated Balance Sheets - USD ($)	May 31, 2026	Aug. 31, 2025
Current assets:
Cash and cash equivalents	$ 340,289,000	$ 511,999,000
Cash collateral related to open derivative positions	100,125,000	0
Prepaid expenses and other current assets	4,847,000	1,008,000
Total current assets	445,261,000	513,007,000
Digital assets	10,871,934,000	8,281,530,000
Equity investments measured at cost	191,761,000	0
Equity method investment measured at fair value	93,207,000	0
Operating lease right-of-use asset	1,294,000	0
Goodwill	15,006,000	0
Intangible assets, net	11,110,000	0
Other assets	680,000	516,000
Total assets	11,630,253,000	8,795,053,000
Current liabilities:
Accrued liabilities	10,230,000	8,894,000
Contract liabilities	0	1,067,000
Other current liabilities	1,908,000	0
Total current liabilities	12,138,000	9,961,000
Operating lease liability, net of current portion	1,216,000	0
Deferred tax liability	0	92,295,000
Warrant liability	2,087,000	0
Other non-current liabilities	14,687,000	0
Total liabilities	30,128,000	102,256,000
Commitments and Contingencies (Note 14)
Stockholders' Equity:
Preferred stock, par value $0.0001 per share, 20,000,000 shares authorized; no shares issued and outstanding as of May 31, 2026 and August 31, 2025	0	0
Common stock, $0.0001 par value, 50,000,000,000 and 500,000,000 shares authorized; 579,652,432 and 232,412,324 shares issued and outstanding as of May 31, 2026 and August 31, 2025 respectively	58,000	23,000
Additional paid-in capital	20,371,935,000	8,355,382,000
Accumulated earnings (deficit)	(8,772,950,000)	337,392,000
Accumulated other comprehensive income	534,000	0
Total Bitmine Immersion's stockholders' equity	11,599,577,000	8,692,797,000
Non-controlling interests	548,000	0
Total stockholders' equity	11,600,125,000	8,692,797,000
Total liabilities and equity	$ 11,630,253,000	$ 8,795,053,000