Bitmine Immersion Technologies, Inc. stock research
FY2024 Q2
Bitmine Immersion Technologies (BMNR) Gross Margin — Quarter Ended Feb 29, 2024
For the current quarter, revenue and gross profit were higher than the prior quarter, while cost of revenue also increased. Gross margin improved compared to the prior quarter but was slightly lower than the same quarter a year ago.
Gross margin takeaway
Quarter ended Feb 29, 2024 · FY2024 Q2
For the current quarter, revenue and gross profit were higher than the prior quarter, while cost of revenue also increased. Gross margin improved compared to the prior quarter but was slightly lower than the same quarter a year ago.
- The strongest observable margin driver is the proportionally faster growth in revenue relative to cost of revenue, which expanded gross margin from the prior quarter. The filing notes that operating cash flows improved due to balance sheet changes, partially offset by lower profitability over the six-month period.
- Compared to the immediately preceding quarter, gross margin was higher. Compared to the same quarter one year earlier, gross margin was slightly lower.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
36.3%
Gross profit
$323622
Revenue
$891613
Cost of revenue
$567991
Quarter-over-quarter change
+15.9 pts
Year-over-year change
-2.5 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 |
|---|---|---|---|---|
| May 31, 2023 | $142126 | $69734 | $72392 | 49.1% |
| Aug 31, 2023 | $245346 | $108861 | $136485 | 44.4% |
| Nov 30, 2023 | $511308 | $104082 | $407226 | 20.4% |
| Feb 29, 2024 | $891613 | $323622 | $567991 | 36.3% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Nov 30, 2023
+15.9 pts
Year-over-year change
Feb 28, 2023
-2.5 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable margin driver is the proportionally faster growth in revenue relative to cost of revenue, which expanded gross margin from the prior quarter. The filing notes that operating cash flows improved due to balance sheet changes, partially offset by lower profitability over the six-month period.
Compared to the immediately preceding quarter, gross margin was higher. Compared to the same quarter one year earlier, gross margin was slightly lower.
Monitor whether the cost of revenue continues to grow at a slower pace than revenue in future periods.