Bitmine Immersion Technologies, Inc. stock research
FY2026 Q3
Bitmine Immersion Technologies (BMNR) Gross Margin — Quarter Ended May 31, 2026
Revenue and gross profit both increased substantially from the prior quarter and from the same quarter a year ago, while cost of revenue also rose but at a slower pace. As a result, gross margin improved both sequentially and year-over-year, reflecting a widening gap between revenue and the cost to generate that revenue.
Gross margin takeaway
Quarter ended May 31, 2026 · FY2026 Q3
Revenue and gross profit both increased substantially from the prior quarter and from the same quarter a year ago, while cost of revenue also rose but at a slower pace. As a result, gross margin improved both sequentially and year-over-year, reflecting a widening gap between revenue and the cost to generate that revenue.
- The strongest observable margin driver is the consistent relationship where revenue growth has outpaced the increase in cost of revenue, leading to a high and stable gross margin. This pattern is evident in the current quarter's performance relative to both the prior quarter and the year-ago period.
- Compared to the immediately preceding quarter, revenue and gross profit were higher, cost of revenue was higher, and gross margin improved slightly. Compared to the same quarter one year earlier, revenue and gross profit were substantially higher, cost of revenue was higher, and gross margin improved significantly.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
87.7%
Gross profit
$40.8M
Revenue
$46.5M
Cost of revenue
$5.7M
Quarter-over-quarter change
+0.6 pts
Year-over-year change
+63.8 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 |
|---|---|---|---|---|
| Aug 31, 2025 | $1.3M | -$67000 | $1.4M | -5.1% |
| Nov 30, 2025 | $2.3M | $1.3M | $1.0M | 55.3% |
| Feb 28, 2026 | $11.0M | $9.6M | $1.4M | 87.1% |
| May 31, 2026 | $46.5M | $40.8M | $5.7M | 87.7% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Feb 28, 2026
+0.6 pts
Year-over-year change
May 31, 2025
+63.8 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable margin driver is the consistent relationship where revenue growth has outpaced the increase in cost of revenue, leading to a high and stable gross margin. This pattern is evident in the current quarter's performance relative to both the prior quarter and the year-ago period.
Compared to the immediately preceding quarter, revenue and gross profit were higher, cost of revenue was higher, and gross margin improved slightly. Compared to the same quarter one year earlier, revenue and gross profit were substantially higher, cost of revenue was higher, and gross margin improved significantly.
Monitor the trend in cost of revenue relative to revenue, as any change in this relationship could affect the gross margin level.
Peer context
Latest available gross margins for related public companies.
| Company | Gross margin |
|---|---|
| Bitmine Immersion Technologies, Inc. (BMNR) | 87.7% |