BitMine Immersion Technologies Inc. Common Stock (BMNR)

FairStock Score: 36/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I approach BitMine as a financial company, so I set aside free cash flow, EV/EBITDA and the Graham Number and focus on book value, returns, leverage and earnings consistency. The business is a blockchain treasury and advisory operation with only 3 employees. Its filed figures are extraordinarily volatile. In fiscal Q3 2026, the quarter ended 2026-05-31, revenue was $46.5M and net income was -$83.6M, or -$0.15 per diluted share. That followed fiscal Q2 2026, the quarter ended 2026-02-28, with revenue of $11.0M and a net loss of $3.8B, and fiscal Q1 2026, the quarter ended 2025-11-30, with revenue of $2.3M and a net loss of $5.2B. FY2025, ended 2025-08-31, showed net income of $348.6M after FY2024, ended 2024-08-31, had a net loss of $3.3M. That swing is why the given Lynch category is TURNAROUND, but the recent quarterly losses are not a durable profit record. At the close on 2026-10-13, the stock was $23.49. FairStock calculations give a negative P/E of -5.22, P/B of 1.17, ROE of -150.91%, ROCE of -3.17%, D/E of 0.00, Piotroski F-Score of 6/9 and FairStock Score of 36/100. No stated debt leverage helps, but a $14.2B market cap against tiny historical revenue and massive losses leaves little margin of safety. I see no clear competitive moat in crypto treasury operations. Bank-specific measures such as CET1, NIM and combined ratio are not in the data, so credit and underwriting risk cannot be judged. This is speculative, not a Graham bargain.

In plain English: BitMine is a small blockchain company that manages crypto holdings and related services. Its sales have jumped recently, but it has reported very large losses in several recent quarters, and profits are unstable. At $23.49 a share, the price looks expensive compared with those losses, though it is close to the value of its reported net assets.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q3 2026 10-Q (period ended 2026-05-31) · fiscal Q2 2026 10-Q (period ended 2026-02-28) · fiscal Q1 2026 10-Q (period ended 2025-11-30) · fiscal Q3 2025 10-Q (period ended 2025-05-31) · FY2025 10-K (period ended 2025-08-31) · FY2024 10-K (period ended 2024-08-31) · FY2023 10-K/A (period ended 2023-08-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer