Executive Summary

Fiscal Q1 2024 (three months ended November 30, 2023) showed material scale-up: revenue rose to $0.51M from $0.10M YoY, and gross profit turned positive to $0.10M, though the company remained loss-making at $(0.02) EPS as depreciation and stock-based compensation increased .
Sequential trajectory looks strong into Q2: management guided Q2 self-mining revenue to approximately $0.93–$0.95M, citing three sites running and higher Bitcoin prices; Q2 actual revenue later printed at $0.89M with EPS of $(0.02) .
Mix tilted toward self-mining as Trinidad, Pecos (JV) and Murray, KY came online; hosting revenues restarted, and equipment sales were modest in Q1 and Q2 .
Key watch items: halving impact on rewards vs. rising transaction fees (“ordinals”) and potential BTC price offset; management expects halving to reduce rewards but be partially mitigated by fees and price—near-term cash flows remain sensitive to BTC and energy costs .

What Went Well and What Went Wrong

What Went Well

Operational ramp across all three sites (Trinidad, Pecos JV, Murray, KY) enabled record production; Q1 bitcoin mined reached 9.68 BTC and Q2 reached ~19.5 BTC, driven by Kentucky uptime and Trinidad electrification .
Strong self-mining revenue growth: Q1 self-mining revenue rose to $0.33M from $0.03M YoY; Q2 self-mining reached $0.86M as Murray, KY miners contributed meaningfully .
Management tone confident on expansion capacity and methods: “We are extremely proud of our progress and results… exploring expansion to new sites… innovative ways to add additional self-mining revenue” — Jonathan Bates (CEO) . In the shareholder letter, they highlighted “super-overclocking” to boost hash output and plans for selective M&A and resale activities .

What Went Wrong

Profitability remains challenged: Q1 net loss widened to $(0.93)M vs $(0.47)M YoY, with $(0.02) EPS; operating expenses rose on depreciation and related-party compensation; Q2 net loss was $(0.90)M .
Financing and derivative costs weighed: Q1 included a derivative liability and loss on extinguishment tied to a Bitcoin-linked financing; Q2 recorded additional extinguishment loss before full repayment in March 2024 .
Pecos JV losses and limited hosting revenue contributed to other expense and pressured cash flows; JV recorded operating losses recognized by BMNR in Q1 and Q2 .

Financial Results

Metric	Q1 FY2023 (Nov 30, 2022)	Q1 FY2024 (Nov 30, 2023)	Q2 FY2024 (Feb 29, 2024)
Revenue ($USD)	$0.10M	$0.51M	$0.89M
Gross Profit ($USD)	$(0.02)M	$0.10M	$0.32M
Gross Margin (%)	-16.5%	20.4%	36.3%
EPS (Basic & Diluted)	$(0.01)	$(0.02)	$(0.02)

Segment revenue mix (owned mining, hosting, equipment sales)

Segment	Q1 FY2023	Q1 FY2024	Q2 FY2024
Self-mining Revenue ($USD)	$28,916	$329,723	$861,026
Hosting Revenue ($USD)	$0	$11,864	$10,116
Equipment Sales Revenue ($USD)	$72,800	$169,721	$20,471

KPIs

KPI	Q1 FY2024	Q2 FY2024
Bitcoin mined (owned facilities) (units)	n/a reported separately in Q1	3.3
Bitcoin mined (hosted facilities) (units)	9.68 total BTC mined across sites	16.2
Total miners installed (count)	1,429 (283 Trinidad, 96 Pecos, 1,050 KY)	1,526 (331 Trinidad, 145 Pecos, 1,050 KY)
KWH utilized	3,603,459	1,337,840 (owned) + 6,863,298 (hosted)
Cost per KWH ($)	$0.0415	$0.0443 (owned) / $0.0344 (hosted)

Notes:

Q1 FY2024 total BTC mined reported in aggregate; Q2 provides owned/hosted splits .
Q2 total BTC mined ≈ 19.5 (3.3 owned + 16.2 hosted) .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Self-mining Revenue ($USD)	Q2 FY2024 (quarter ending Feb 29, 2024)	None disclosed	~$0.925M–$0.950M	New
Halving impact commentary	April 2024 and forward	n/a	Expect rewards to decline, partially offset by transaction fees and potential BTC price gains; forecasts more uncertain post-halving	New qualitative commentary

Earnings Call Themes & Trends

No earnings call transcript was found for Q1 FY2024; themes below reflect management filings and shareholder letter.

Topic	Previous Mentions (Q-2 and Q-1)	Current Period (Q1 FY2024)	Trend
Site ramp and capacity	All three locations electrified; 1,400+ machines hashing; targeting 5–6 BTC/month in KY; super-overclocking to increase hash output	Trinidad operational with low-cost power; Pecos JV set-up; KY hosted miners driving production	Improving utilization across sites
Energy pricing and efficiency	Trinidad power rate resolved to ~3.5¢/kWh; KY ~2.5¢/kWh hosting arrangement	Avg power price ~4.15¢/kWh; detailed cost-to-mine analytics introduced	Stable-to-improving power costs
Halving/transaction fee (“ordinals”)	Highlighted ordinals driving higher transaction fees	Explicit risk-factor disclosure on halving; ordinals may mitigate reward cuts	Elevated uncertainty but potential offset
Hosting vs. self-mining	Pursuing selective hosting; emphasis on self-mining profitability	Hosting restarted modestly; self-mining dominates mix	Self-mining led growth
Capital and financing	Actively evaluating M&A and capital raises; selective equipment resale	LOC utilization; bitcoin-linked financing created derivative liability; later repaid in March	Financing costs pressured P&L, de-risked post-repayment
JV operations (Pecos)	JV fully electrified; hosting client occupancy; expected distributions later	JV losses recognized; note receivable collections continue	Transition risk as hosting agreements roll

Management Commentary

“We are extremely proud of our progress and results. We are looking forward to further expansion at all three of these sites… exploring expansion to new sites, as well as researching innovative ways to add additional self-mining revenue.” — Jonathan Bates, CEO .
“Our flagship site in Trinidad is now electrified… we expect production in Trinidad to be about 2.5 Bitcoin per month… Pecos JV operational… Kentucky run rate 5–6 Bitcoin per month… We expect some machines will be running as ‘super-overclocked’, at 150–175% of their normal rated hashing power.” — Shareholder letter .

Q&A Highlights

No public Q1 FY2024 earnings call transcript was available; no Q&A items to report [ListDocuments returned 0 transcripts for Q1 FY2024].

Estimates Context

S&P Global consensus estimates were unavailable for BMNR for Q1 FY2024 and Q2 FY2024; estimate comparisons are not applicable. We attempted to retrieve EPS and revenue consensus, but the service returned an error and no coverage was found for the periods. Where sell-side consensus is unavailable, results should be judged on absolute and sequential trends rather than beat/miss versus Street.*
*Values intended from S&P Global; consensus data unavailable.

Key Takeaways for Investors

Execution is improving: Q1 revenue, gross profit and BTC output increased materially YoY; Q2 delivered further scale with self-mining leading the mix .
Profitability remains the hurdle: depreciation, derivative financing costs, JV losses and interest expense kept EPS at $(0.02); full repayment of Luxor financing in March modestly de-risks forward periods .
Halving will test resilience: expect reward cuts, but rising fees and KY uptime/low-cost power may cushion the impact; monitor realized fees per BTC and post-halving network adjustments .
Watch capacity deployment and miner health: incremental installs in Trinidad/Pecos and hosted fleet performance in KY drive BTC output and unit economics .
Revenue mix shift: hosting is restarting but small; equipment sales are modest; self-mining remains the key revenue engine—focus on energy costs, uptime, and overclocking efficiency .
Near-term trading catalysts: Q2 actuals vs prior guidance, any updates to post-halving production/fees, JV client transitions, and capital actions (debt/equity/M&A) from management commentary .
Medium-term thesis: If BMNR sustains low-cost power, improves fleet efficiency, and avoids financing drag, operating leverage from self-mining could narrow losses as BTC price/fees support economics—monitor execution and balance sheet discipline .

BITMINE IMMERSION TECHNOLOGIES, INC. (BMNR)·Q1 2024 Earnings Summary