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BitMine Immersion Technologies Inc (BMNR-1.24%). has submitted its 10-Q filing for the quarterly period ended November 30, 2024.
The filing includes financial statements for the quarter, showing total revenue of $1,200,830, compared to $511,308 in the same quarter the previous year. This increase is attributed to higher revenues from self-mining and equipment sales.
The company reported a gross profit of $120,205 for the quarter, compared to $104,082 in the previous year. Operating expenses increased to $1,004,224 from $715,962, primarily due to higher related party compensation and general administrative expenses.
Net loss for the quarter was $974,738, compared to $929,870 in the previous year. After a deemed dividend on Series A Preferred Stock, the net loss attributable to common stockholders was $3,935,386, compared to $929,870 in the previous year.
Cash used in operating activities was $95,934, while cash used in investing activities was $18,000. Cash provided by financing activities was $411,973.
The company had $797,310 in cash on hand as of November 30, 2024. It believes current cash, expected receipts from equipment sales, and revenue from self-mining will provide sufficient liquidity for the next 12 months.
BitMine Immersion Technologies continues to focus on expanding its digital asset mining and hosting operations, with plans to deploy additional miners and explore new hosting opportunities.
The filing also details various financial agreements, including a line of credit with Innovative Digital Investors Emerging Technology, L.P., and a joint venture arrangement with ROC Digital Mining Manager LLC.
BitMine Immersion Technologies operates in the cryptocurrency mining industry, with its primary business in hosting third-party equipment and self-mining digital assets.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the BitMine Immersion Technologies Inc quarterly 10-Q report dated January 10, 2025. To report an error, please email earnings@qz.com.