BitMine Immersion Technologies Inc 2026年季度报告

FORM 10-Q ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended November 30, 2025 Or ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission file number: 001-42675 BITMINE IMMERSION TECHNOLOGIES, INC.(Exact name of registrant as specified in its charter) (Former name, former address and former fiscal year, if changed since last report) Securities registered pursuant to Section 12(b) of the Act: Name of exchange on which registeredNYSE American LLC Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),and (2) has been subject to such filing requirements for the past 90 days.☒Yes☐No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required tosubmit such files).☒Yes☐No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer☐Accelerated filer☐Non-accelerated filer☒Smaller reporting company☒Emerging growth company☒ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).☐Yes☒No The number of shares outstanding of the registrant’s common stock as of January 12, 2026 was 454,862,451 shares. DOCUMENTS INCORPORATED BY REFERENCE — NONE TABLE OF CONTENTS Part I – FINANCIAL INFORMATION Item 1.Financial Statements (unaudited)3Condensed Consolidated Balance Sheets, November 30, 2025 (unaudited) and August 31, 20253Unaudited Condensed Consolidated Statements of Operations, for the Three Months Ended November 30, 2025and 20244Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity, for the Three MonthsEnded November 30, 2025 and 20245Unaudited Condensed Consolidated Statements of Cash Flows, for the Three Months Ended November 30, 2025and 20246Notes to the Unaudited Condensed Consolidated Interim Financial Statements7Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations15Item 3.Quantitative and Qualitative Disclosures about Market Risk22Item 4.Controls and Procedures22Part II – OTHER INFORMATIONItem 1.Legal Proceedings22Item 1A.Risk Factors22Item 2.Unregistered Sales of Equity Securities and Use of Proceeds22Item 3.Defaults Upon Senior Securities23Item 4.Mine Safety Disclosures23Item 5.Other Information23Item 6.Exhibits23SIGNATURES242 PART I – FINANCIAL INFORMATION Bitmine Immersion Technologies, Inc.Condensed Consolidated Balance Sheets(In thousands, except for share and per share data) Bitmine Immersion Technologies, Inc.Condensed Consolidated Statements of Operations(In thousands, except for share and per share data) Bitmine Immersion Technologies, Inc.Condensed Consolidated Statements of Cash Flows(In thousands, unaudited) BITMINE IMMERSION TECHNOLOGIES, INC.NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(Dollar amounts in thousands, except for shares and per share data) NOTE 1 – NATURE OF THE BUSINESS About Bitmine Immersion Technologies, Inc. Bitmine Immersion Technologies, Inc. and its wholly owned subsidiary (“Bitmine” or the “Company”) operates in the digital assetindustry with a strategic focus on acquiring, holding, and managing digital assets as part of its treasury management activities. During2025, the Company refined its business strategy to emphasize digital asset treasury operations, reflecting a transition from primarilymining and hosting activities toward the long-term accumulation and optimization of digital asset holdings. Bitmine continues tomaintain ancillary mining, leasing, and consulting operations; however, its primary objective is to manage digital assets as long-termstrategic reserves to support liquidity, and capital formation. The Company’s year-end is August 31st. Basis of Presentation These interim unaudited condensed consolidated financial statements (the “Interim Statements”) have been prepared in accordancewith U.S. generally accepted accounting principles (“GAAP”) and the rules and regulations of the Securities and Excha