Bitmine Immersion Technologies, Inc. stock research
FY2024 Q4
Bitmine Immersion Technologies (BMNR) Gross Margin — Quarter Ended Aug 31, 2024
Revenue, gross profit, and cost of revenue all moved in the same direction compared with the prior quarter, with gross profit increasing less than cost of revenue, resulting in a lower gross margin. Compared with the same quarter one year ago, revenue and cost of revenue were substantially higher, while gross profit was only slightly higher, causing gross margin to weaken significantly.
Gross margin takeaway
Quarter ended Aug 31, 2024 · FY2024 Q4
Revenue, gross profit, and cost of revenue all moved in the same direction compared with the prior quarter, with gross profit increasing less than cost of revenue, resulting in a lower gross margin. Compared with the same quarter one year ago, revenue and cost of revenue were substantially higher, while gross profit was only slightly higher, causing gross margin to weaken significantly.
- The sequential decline in gross margin was driven by cost of revenue decreasing less than revenue, compressing profitability per dollar of sales.
- Compared with the immediately preceding quarter, gross margin was lower as revenue fell while cost of revenue declined by a smaller proportion. Compared with the same quarter one year earlier, gross margin was substantially lower, reflecting revenue growth that was outpaced by an even larger increase in cost of revenue.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
16.4%
Gross profit
$111636
Revenue
$682087
Cost of revenue
$570451
Quarter-over-quarter change
-1.7 pts
Year-over-year change
-28.0 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 |
|---|---|---|---|---|
| Nov 30, 2023 | $511308 | $104082 | $407226 | 20.4% |
| Feb 29, 2024 | $891613 | $323622 | $567991 | 36.3% |
| May 31, 2024 | $1.2M | $221687 | $1.0M | 18.1% |
| Aug 31, 2024 | $682087 | $111636 | $570451 | 16.4% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
May 31, 2024
-1.7 pts
Year-over-year change
Aug 31, 2023
-28.0 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The sequential decline in gross margin was driven by cost of revenue decreasing less than revenue, compressing profitability per dollar of sales.
Compared with the immediately preceding quarter, gross margin was lower as revenue fell while cost of revenue declined by a smaller proportion. Compared with the same quarter one year earlier, gross margin was substantially lower, reflecting revenue growth that was outpaced by an even larger increase in cost of revenue.
Monitor the trajectory of cost of revenue relative to revenue, as the gap between revenue growth and cost growth has widened year over year.