BITMINE IMMERSION TECHNOLOGIES – RECORD PROFITABILITY GROWTH

By Chris Stiles • Wednesday, April 15 14:42 • Permanent Link

The company reported a sharp improvement in profitability in the latest quarter, with net income rising to $1.0 million from a loss of $13.8 million in the prior-year period.

Revenue increased to $1.6 million from $1.4 million a year earlier, while gross profit climbed to $1.3 million from $1.0 million. Gross margin widened to 81% from 72%.

Operating expenses fell to $1.0 million from $1.5 million, helping push operating income to $0.3 million, compared with an operating loss of $0.4 million in the same quarter last year.

Cash and cash equivalents stood at $2.0 million at the end of the period, up from $1.3 million at the end of the previous quarter.

The company also reduced its loss per share to $0.01 from $0.18 in the prior-year quarter, reflecting the stronger bottom-line performance. Today the company's shares have moved -8.33% to a price of $19.47. For more information, read the company's full 8-K submission here.

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