Bitmine Immersion Technologies, Inc. stock research
FY2025 Q4
Bitmine Immersion Technologies (BMNR) Gross Margin — Quarter Ended Aug 31, 2025
Revenue declined and cost of revenue declined less, leading to a negative gross profit. Gross margin weakened compared to both the prior quarter and the same quarter last year.
Gross margin takeaway
Quarter ended Aug 31, 2025 · FY2025 Q4
Revenue declined and cost of revenue declined less, leading to a negative gross profit. Gross margin weakened compared to both the prior quarter and the same quarter last year.
- The primary observable driver of the negative gross margin is that cost of revenue decreased at a slower rate than revenue relative to the prior quarter.
- Revenue was lower than the prior quarter but higher than the same quarter a year ago. Gross profit turned from positive to negative, weakening significantly compared to both periods.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
-5.1%
Gross profit
-$67000
Revenue
$1.3M
Cost of revenue
$1.4M
Quarter-over-quarter change
-29.0 pts
Year-over-year change
-21.4 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, 2024 | $1.2M | $120205 | $1.2M | 10.0% |
| Feb 28, 2025 | $1.5M | $304716 | $1.4M | 20.1% |
| May 31, 2025 | $2.1M | $490872 | $1.7M | 23.9% |
| Aug 31, 2025 | $1.3M | -$67000 | $1.4M | -5.1% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
May 31, 2025
-29.0 pts
Year-over-year change
Aug 31, 2024
-21.4 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The primary observable driver of the negative gross margin is that cost of revenue decreased at a slower rate than revenue relative to the prior quarter.
Revenue was lower than the prior quarter but higher than the same quarter a year ago. Gross profit turned from positive to negative, weakening significantly compared to both periods.
Monitor whether cost of revenue can be adjusted to better align with revenue changes.