Bitmine Immersion Technologies, Inc. stock research
FY2026 Q1
Bitmine Immersion Technologies (BMNR) Gross Margin — Quarter Ended Nov 30, 2025
Revenue and gross profit both increased compared to the prior quarter and the same quarter last year, resulting in a significantly higher gross margin. Cost of revenue declined from the previous quarter, contributing to the improvement.
Gross margin takeaway
Quarter ended Nov 30, 2025 · FY2026 Q1
Revenue and gross profit both increased compared to the prior quarter and the same quarter last year, resulting in a significantly higher gross margin. Cost of revenue declined from the previous quarter, contributing to the improvement.
- The most notable driver is the combination of higher revenue and lower cost of revenue compared to the prior quarter, which reversed a negative gross margin to a positive one.
- Compared to the immediately preceding quarter, gross margin improved from negative to positive, while year-over-year it also increased substantially. Revenue rose and cost of revenue fell sequentially.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
55.3%
Gross profit
$1.3M
Revenue
$2.3M
Cost of revenue
$1.0M
Quarter-over-quarter change
+60.4 pts
Year-over-year change
+45.3 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, 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% |
| Nov 30, 2025 | $2.3M | $1.3M | $1.0M | 55.3% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Aug 31, 2025
+60.4 pts
Year-over-year change
Nov 30, 2024
+45.3 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The most notable driver is the combination of higher revenue and lower cost of revenue compared to the prior quarter, which reversed a negative gross margin to a positive one.
Compared to the immediately preceding quarter, gross margin improved from negative to positive, while year-over-year it also increased substantially. Revenue rose and cost of revenue fell sequentially.
Monitor whether the lower cost of revenue level can be sustained in future quarters.