BMNRBITMINE IMMERSION TECHNOLOGIES, INC.

Finance Services

Revenue: $6M; 84% YoY
Operating margin: 7288.1%; 9954% YoY
EBITDA: $445M; 29298% YoY
Market cap: $11.7B
Employees: —
Net debt / EBITDA: —
AI in 10-K: 0.8; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 2 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashYes
-1% of net income
Cash flow under 80% of net income
Dilutive SBCYes
40% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
95% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
0.8 per 10K words · 30th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$11.7B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DYes
1 filing
Active-intent 13D in 18 months
Net insider sellingNo
$77M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$0	$428K	$645K	$3M	$6M	84%
Operating income	−$132K	−$2M	−$2M	−$2M	$444M	18246%
Net income	−$154K	−$2M	−$2M	−$3M	$349M	10685%
Operating cash flow	−$76K	−$2M	−$810K	−$30K	−$4M	13730%
Capex	$427K	$3M	$612K	$76K	$1M	1301%
Stock-based comp	$71K	$857K	$1M	$1M	$2M	116%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jul 15, 2025	MOZAYYX UGP LLC	SCHEDULE 13D	10.0%	Active
Sep 1, 2021	MALONEY MICHAEL STEPHEN	SC 13D	10.6%	Passive
Aug 26, 2021	Abed Equities Inc	SC 13D	9.7%	Passive
Aug 10, 2021	JORGENSEN SAMUEL PAUL	SC 13D	9.2%	Passive
Aug 9, 2021	RAMNATH RYAN	SC 13D	9.2%	Passive
Aug 4, 2021	Bates Jonathan Robert	SC 13D	41.7%	Passive

Insider trading

Open-market buys, 12 mo: $77M · 3
Open-market sells, 12 mo: $0 · 0
Net: $77M

Pay vs performance

No pay-versus-performance disclosure yet.