MeritValue

BITMINE IMMERSION TECHNOLOGIES, INC.

BMNRdata completeness 88%5 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

BITMINE IMMERSION TECHNOLOGIES, INC. earns about -37% on equity, but has diluted owners by 151% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$01$427,6691$645,2782$3.31M3$6.1M3
Net income−$154,2394−$2.01M5−$2.46M6−$3.29M7$348.6M7
Operating cash flow−$76,3618−$1.63M9−$809,71510−$30,00011−$4.15M11
Capital expenditure$427,29612$2.77M13$612,28814$76,00015$1.07M15
Free cash flow (derived)−$503,6578−$4.4M9−$1.42M10−$106,00011−$5.21M11
Total debt—————
Cash & equivalents$218,73716$392,55017$270,54718$499,00019$512M19
Diluted shares9.8M43.1M49.1M2.5M24.5M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$3,545.88
your share of equity
Profit it earned you last year
$142.19
Free cash flow it threw off
−$2.13
Debt you’d be carrying
—

10 shares is a claim on $3,545.88 of net worth that earned you $142.19 and generated −$2.13 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-37% avg · 5y
FY21 -43%FY22 -27%FY23 -39%FY24 -81%FY25 4%

It earned an average -37% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+151% shares · 5y

Share count is up 151% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
$326.85
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-08-31 · accession 0001683168-22-008295 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K/A · period ending 2023-08-31 · accession 0001683168-25-002276 (Revenues)
  3. 10-K · period ending 2024-08-31 · accession 0001493152-25-024679 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-08-31 · accession 0001683168-22-008295 (NetIncomeLoss)
  5. 10-K · period ending 2022-08-31 · accession 0001683168-23-008832 (NetIncomeLoss)
  6. 10-K/A · period ending 2023-08-31 · accession 0001683168-25-002276 (NetIncomeLoss)
  7. 10-K · period ending 2024-08-31 · accession 0001493152-25-024679 (NetIncomeLoss)
  8. 10-K · period ending 2021-08-31 · accession 0001683168-22-008295 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-08-31 · accession 0001683168-23-008832 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K/A · period ending 2023-08-31 · accession 0001683168-25-002276 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-08-31 · accession 0001493152-25-024679 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2021-08-31 · accession 0001683168-22-008295 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-08-31 · accession 0001683168-23-008832 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K/A · period ending 2023-08-31 · accession 0001683168-25-002276 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-08-31 · accession 0001493152-25-024679 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-08-31 · accession 0001683168-22-008295 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-08-31 · accession 0001683168-23-008832 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K/A · period ending 2023-08-31 · accession 0001683168-25-002276 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-08-31 · accession 0001493152-25-024679 (CashAndCashEquivalentsAtCarryingValue)