Executive Summary

Q1 2025 revenue rose 135% year over year to $1.20M, driven by equipment sales ($0.72M) and self‑mining ($0.48M); hosting revenue was zero versus $0.01M in Q1 2024 .
GAAP net loss attributable to common shareholders widened to $(3.94)M due to a one‑time, non‑cash deemed dividend of $2.96M on Series A preferred; adjusted net loss was $(0.97)M and adjusted EPS was $(0.02), unchanged YoY .
Fleet expanded materially: owned miners reached 4,640 as of Nov 30, 2024 (vs 1,606 YoY); ~2,600 of 3,000 new miners were installed in December, with ~400 under warranty replacement; management expects this capacity to approximately triple self‑mining revenue when fully installed .
No Q1 2025 earnings call transcript was available; S&P Global consensus estimates were unavailable at this time, so beat/miss versus Street cannot be assessed (S&P Global data unavailable).

What Went Well and What Went Wrong

What Went Well

135% YoY revenue growth to $1.20M, with equipment sales and self‑mining both up significantly; hosting revenue was eliminated as the company prioritized self‑mining .
Significant miner deployment: 3,000 miners acquired in Q1; ~2,600 installed in December; expectation to ~triple self‑mining revenue when fully installed reinforces scale benefits amid rising Bitcoin prices .
Management highlighted disciplined cost structure and near break‑even cash flow: “maintain a cost structure that…is close to breakeven on a cash flow basis” despite halving and network difficulty increases .

What Went Wrong

GAAP net loss to common widened to $(3.94)M, primarily from a non‑cash deemed dividend of $2.96M on Series A preferred (anti‑dilution reset), diluting GAAP EPS to $(0.08) .
Cash used in operating activities increased to $(95,934) vs $(45,290) in the prior year quarter, reflecting growth scaling costs .
Operational issues affected ~400 of the 3,000 new miners (under warranty, pending replacement), delaying full hashing of new capacity in the near term .

Financial Results

Income Statement Snapshot and EPS

Metric	Q1 2024	Q3 2024	Q1 2025
Total Revenue ($USD)	$511,308	$1,225,000	$1,200,830
Net Loss Attributable to Common ($USD)	$(929,870)	$(654,228)	$(3,935,386)
Basic & Diluted EPS ($USD)	$(0.02)	n/a	$(0.08)
Adjusted Net Loss ($USD)	$(929,870)	n/a	$(974,738)
Adjusted EPS ($USD)	$(0.02)	n/a	$(0.02)

Notes:

Adjusted metrics exclude the $2.96M deemed dividend on Series A preferred .
Gross margin was not disclosed for Q1 2025; margins comparison is unavailable .

Revenue Breakdown

Revenue Component ($USD)	Q1 2024	Q1 2025
Equipment Sales	$169,721	$717,147
Hosting	$11,864	$0
Self‑Mining	$329,723	$483,683
Total	$511,308	$1,200,830

KPIs and Operating Metrics

KPI	Prior Period	Current
Owned Miners (units)	1,606 (as of Nov 30, 2023)	4,640 (as of Nov 30, 2024)
Cash Used in Operating Activities ($USD)	$(45,290) (Q1 2024)	$(95,934) (Q1 2025)
Total Operating Expenses ($USD)	$715,962 (Q1 2024)	$1,004,224 (Q1 2025)
Other Income (Expense), Net ($USD)	$(317,990) (Q1 2024)	$(90,720) (Q1 2025)
Weighted Avg Shares	49,748,705 (Q1 2024)	47,422,058 (Q1 2025)

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Self‑Mining Revenue (Quarterly)	Q2 2024	$0.925M–$0.950M expected for quarter ending Feb 29, 2024	Expect capacity to approximately triple self‑mining revenue once 3,000 miners are fully installed (qualitative)	Raised (directional)
Capital Return – Share Buyback	Through Dec 31, 2025	n/a	Board approved up to $250,000 common stock repurchases through Dec 31, 2025	Initiated

Note: No explicit Q1 2025 revenue/EPS/margin guidance ranges were provided; the company emphasized capacity additions and self‑mining focus .

Earnings Call Themes & Trends

No Q1 2025 earnings call transcript was available; themes are derived from press releases.

Topic	Previous Mentions (Q3 2024 and Dec 2024)	Current Period (Q1 2025)	Trend
Fleet Expansion & Deployment	Leased 777 machines pre‑halving; discussing expansion at Pecos; record self‑mining annualized revenue; total miners 4,725 as of Dec 5, 2024	Purchased 3,000 miners in Q1; ~2,600 installed in December; ~400 under warranty replacement	Accelerating capacity
Shift to Self‑Mining vs Hosting	Terminated hosting contracts to utilize capacity for self‑mining	Hosting revenue zero; equipment sales and self‑mining drove Q1	Strategic pivot maintained
Cost Structure & Cash Flow Discipline	Net cash used in FY2024 operating activities near breakeven $(28,753)	CEO cites leveraged overhead, near breakeven cash flow; cash used in ops $(95,934) in Q1	Focused execution
Bitcoin Macro (Price/Difficulty/Halving)	Higher BTC price supported Q3 revenue; executed pre‑halving leasing	Navigated halving and rising network difficulty while scaling miners	Headwind managed
Trinidad Power Cost	Competitive electricity rate $0.035/kWh; cornerstone of low‑cost hosting strategy	Ongoing multi‑site operations in low‑cost regions (Trinidad, TX, KY)	Structural advantage
Capital Markets / Buyback	Evaluating uplist and M&A; initiated $250k buyback	Buyback authorization in place; no new capital markets updates disclosed in Q1	Shareholder-friendly actions

Management Commentary

“We are proud of our ability to continue to grow revenue while also continuing to maintain a cost structure that leverages our overhead and is close to breakeven on a cash flow basis.” — Jonathan Bates, Chairman & CEO .
“We have been able to navigate growth…despite a halving of the bitcoin rewards and consistent bitcoin network difficulty increases…creative approaches to financing our mining fleet…” .
“Record annualized revenue…679% year‑over‑year increase in self‑mining…$0.035 per kWh in Trinidad…terminated hosting contracts to utilize capacity for self‑mining…” (FY2024 update context) .
“Board has approved the repurchase of up to $250,000 of our common stock through December 31, 2025.” .

Q&A Highlights

No Q1 2025 earnings call transcript was found; therefore, no Q&A themes or clarifications are available for this quarter (document unavailability).

Estimates Context

S&P Global consensus estimates for Q1 2025 EPS and revenue were unavailable at this time due to data access limits; as a result, we cannot determine beat/miss versus Street for Q1 2025 (S&P Global data unavailable).

Key Takeaways for Investors

Strong top‑line momentum with 135% YoY growth and diversified revenue drivers (equipment sales plus self‑mining), while hosting was eliminated to prioritize self‑mining .
GAAP loss widened on a one‑time, non‑cash preferred deemed dividend; adjusted EPS and adjusted net loss show the underlying operating trajectory and remove this capital structure effect .
Capacity expansion is the core near‑term catalyst: with ~2,600 of 3,000 new miners already installed and ~400 being replaced under warranty, management expects ~tripling self‑mining revenue upon full deployment and hashing; monitor deployment pace and uptime .
Cost discipline remains a focus; cash used in operations ticked up with scaling but management stresses near‑breakeven cash flow and leveraged overhead; watch OpEx and cash flow trend as capacity ramps .
Shareholder capital return via a $250k buyback authorization may provide support; execution and timing will matter given liquidity and capex needs .
With no Q1 call transcript and no Street estimates available, stock reaction will hinge on operational execution updates (miner replacement timeline, hashing commencement, realized self‑mining revenue trajectory) and Bitcoin macro conditions .
Actionable: focus on weekly/monthly hashing rates, self‑mining revenue cadence, warranty replacements completion, and any follow‑on equipment sales; these are likely near‑term narrative movers .

Appendix: Source Documents

Q1 2025 8‑K and Exhibit 99.1 Press Release (full financials, operational update, non‑GAAP definitions) .
FY2024 8‑K and Press Release (annual metrics, strategic updates, buyback) .
Q3 2024 8‑K and Press Release (quarterly revenue/gross profit, pre‑halving leasing, capital markets evaluation) .

BITMINE IMMERSION TECHNOLOGIES, INC. (BMNR)·Q1 2025 Earnings Summary