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BitMine reported revenue of $46.5 million for Q3 FY2026, up from $2.1 million a year earlier. Its filing attributed the increase to staking and validation, after the company began native staking in November 2025; the Pier Two acquisition also contributed staking revenue.
The filing said self-mining revenue fell as bitcoin’s value declined, while consulting revenue rose with increased activity under one agreement. BitMine said its miner leases expired and were not renewed, and it had ceased selling mining equipment.
Gross margin rose to 87.7% from 15.1%, while operating margin fell to −25.5% from −22.8%. The company attributed higher general and administrative expenses primarily to ETH custody and treasury management, as well as higher employee and board compensation.
Diluted loss per share narrowed to −$0.15 from −$0.31. BitMine reported free cash flow of −$2.1 billion, compared with $1.7 million a year earlier.
| Q3 FY2026 | Q3 FY2025 | Change | |
|---|---|---|---|
| Revenue | $46.5 million | $2.1 million | 2,167.8% |
| Diluted EPS | −$0.15 | −$0.31 | — |
| Gross margin | 87.7% | 15.1% | 72.6 percentage points |
| Operating margin | −25.5% | −22.8% | −2.7 percentage points |
| Free cash flow | −$2.1 billion | $1.7 million | −126,594.8% |
What management said on the call
In its filing, BitMine said its liquidity planning considers ETH price volatility, the liquidity of staked positions and access to capital markets. The company said it intends to maintain liquidity for operations, regulatory compliance and security investments while seeking opportunities to increase ETH holdings.
BitMine said ETH price levels influence client activity and the value of its treasury holdings. The filing also said services mix and pricing would be key drivers of variability.
Guidance
BitMine estimates its staked ETH generates $358.0 million in annualized revenue and says that could reach $415.0 million if it staked its entire position, based on its current yield. The company plans to stop buying ETH once it reaches 5.00% of Ethereum’s supply. In its filing, BitMine says it expects staking rewards to more than offset fees for managing its ETH holdings, while cautioning that rewards at anticipated levels are not assured.