Bitmine Immersion Technologies, Inc. stock research
FY2024 Q1
Bitmine Immersion Technologies (BMNR) Gross Margin — Quarter Ended Nov 30, 2023
Revenue increased compared to both the prior quarter and the same quarter last year. Gross profit improved from a loss a year ago to a profit, but declined slightly from the prior quarter, resulting in a gross margin that was higher year-over-year but lower sequentially.
Gross margin takeaway
Quarter ended Nov 30, 2023 · FY2024 Q1
Revenue increased compared to both the prior quarter and the same quarter last year. Gross profit improved from a loss a year ago to a profit, but declined slightly from the prior quarter, resulting in a gross margin that was higher year-over-year but lower sequentially.
- The strongest observable driver is the change in cost of revenue relative to revenue. While revenue grew substantially from the prior quarter, cost of revenue increased at a higher rate, compressing gross margin.
- Compared to the prior quarter, gross margin weakened from a higher level to a lower level. Compared to the same quarter last year, gross margin improved from negative to positive.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
20.4%
Gross profit
$104082
Revenue
$511308
Cost of revenue
$407226
Quarter-over-quarter change
-24.0 pts
Year-over-year change
+36.8 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Feb 28, 2023 | $156090 | $60633 | $95457 | 38.8% |
| May 31, 2023 | $142126 | $69734 | $72392 | 49.1% |
| Aug 31, 2023 | $245346 | $108861 | $136485 | 44.4% |
| Nov 30, 2023 | $511308 | $104082 | $407226 | 20.4% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Aug 31, 2023
-24.0 pts
Year-over-year change
Nov 30, 2022
+36.8 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable driver is the change in cost of revenue relative to revenue. While revenue grew substantially from the prior quarter, cost of revenue increased at a higher rate, compressing gross margin.
Compared to the prior quarter, gross margin weakened from a higher level to a lower level. Compared to the same quarter last year, gross margin improved from negative to positive.
Monitor the relationship between cost of revenue and revenue growth, as the sequential increase in cost outpaced revenue.