Operational liquidity remains fragile, evidenced by a $88.2M cash outflow in 2026Q2 and a peak quarterly cash burn of $228.7M in 2026Q1.
| Cash from Operations | -320.44M | -4.15M | -28.75K | -809.72K | -1.63M | -76.36K | 0 | -28.71K | 2.77K |
| Operating CF Growth % | -277631.91% | -14329.8% | 96.45% | 50.3% | -2033.61% | - | 100% | -1135.94% | - |
| Net Income | -8.67B | 328.16M | -3.29M | -2.46M | -2.01M | -154.24K | -9.35K | -29.2K | 386 |
| Depreciation & Amortization | 650.68K | 761K | 923.54K | 470.7K | 3.13K | 0 | 0 | 9.17K | 767 |
| Deferred Taxes | -92.3M | 92.3M | 0 | 0 | -372.87K | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 8.47B | -526.66M | 427.57K | 122.95K | 372.87K | 71.25K | 0 | -8.67K | 1.62K |
| Working Capital Changes | -56.66M | 98.87M | 789.49K | -256.53K | -483.86K | 6.63K | 9.35K | 0 | 0 |
| Cash from Investing | -17.17B | -7.43B | -67.53K | -612.29K | -2.77M | -427.3K | 0 | 0 | -25K |
| Purchase of Investments | -206.02M | -7.43B | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Sale/Maturity of Investments | 0 | 2.19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Investment Activity | -206.02M | -7.43B | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Acquisitions | 100K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -14.83B | 0 | 8.41K | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 18.37B | 7.95B | 325K | 1.3M | 4.57M | 720.46K | 0 | 4.83K | 44K |
| Dividends Paid | -4.26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | 18.38B | 7.95B | 0 | 0 | 1.81M | 0 | 0 | 0 | 0 |
| Net Stock Activity | 18.38B | 7.95B | 0 | 0 | 1.81M | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | -703.83K | -617K | 0 | 1000K | 1000K | 0 | 0 | 4.83K | 44K |
| Other Financing | 352 | 0 | 325K | 0 | 0 | 720.46K | 0 | 0 | 0 |
| Net Change in Cash | 879.09M | 511.5M | 228.72K | -122K | 173.81K | 216.81K | 0 | 1.38K | 0 |
| Exchange Rate Effect | -1.27K | -1K | 0 | 0 | 0 | 555 | 0 | 25.26K | -21.77K |
| Cash at Beginning | 887.68M | 499K | 270.55K | 392.55K | 218.74K | 1.93K | 0 | 0 | 0 |
| Cash at End | 879.58M | 512M | 499.27K | 270.55K | 392.55K | 218.74K | 0 | 1.38K | 0 |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -321.86M | -5.21M | -104.69K | -1.42M | -4.4M | -503.66K | 0 | -28.71K | 2.77K |
| FCF Growth % | -187933.59% | -4880.56% | 92.64% | 67.66% | -772.93% | - | 100% | -1136.46% | - |
Extreme cash flow volatility
As reported in recent financial statements, BMNR exhibits a profound divergence between net income and operating cash flow, evidenced by a 2026Q2 net loss of $3.8B contrasted against an $88.2M operating cash outflow, suggesting that accounting adjustments are failing to translate into sustainable operational liquidity.
The persistent gap between reported earnings and cash generation indicates that the company's profitability metrics are heavily influenced by non-cash items. Investors should monitor this disconnect, as it suggests that the core business model is currently unable to convert operational activity into meaningful cash inflows.
Based on quarterly filings, BMNR's free cash flow trajectory remains deeply negative, with a peak cash burn of $228.7M in 2026Q1, highlighting a structural inability to fund operations through internal cash generation despite the company's aggressive pivot toward immersion-cooled mining infrastructure and related service offerings.
The consistent negative FCF margins suggest that the company is currently reliant on external financing to sustain its capital-intensive infrastructure build-out. This trend warrants further investigation into whether the current scale of operations can ever reach a self-sustaining cash flow inflection point.
According to SEC filings, BMNR experienced significant working capital swings, including a $96.6M inflow in 2025Q4 followed by an $88.7M outflow in 2026Q1, which indicates that the company's cash position is highly sensitive to timing differences in receivables and payables rather than steady operational performance.
These erratic working capital movements suggest that the company may be struggling with efficient cash cycle management. Such volatility complicates the ability to forecast liquidity needs and may indicate underlying challenges in collecting payments from hosting clients or managing vendor obligations.
Analysis of recent cash flow statements reveals that stock-based compensation, reaching $24.4M in 2026Q2, represents a significant non-cash expense that obscures the true cost of talent acquisition and retention, potentially masking the underlying cash burn required to maintain the company's specialized immersion cooling technical team.
The reliance on stock-based compensation as a primary tool for operational support may dilute existing shareholders while failing to address the fundamental cash-generating deficiencies of the business. This practice warrants further investigation into the long-term alignment of management incentives with actual cash flow performance.
Quick answers to the most common questions about buying BMNR stock.
Bitmine Immersion Technologies, Inc. (BMNR) generated $-4.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Bitmine Immersion Technologies, Inc. (BMNR) reported negative free cash flow of $5.2M in 2025, indicating capital requirements exceeded cash from operations.
Bitmine Immersion Technologies, Inc. (BMNR) spent $1.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.