BITMINE IMMERSION TECHNOLOGIES, INC. Earnings Per Share Disclosure
EARNINGS (LOSS) PER COMMON SHARE
| (In thousands, except share and per share data) | Fiscal Year Ended August 31, 2025 | Fiscal Year Ended August 31, 2024 | ||||||
| Basic earnings per share: | ||||||||
| Numerator: | ||||||||
| Net income (loss) | $ | 348,577 | $ | (3,293 | ) | |||
| Less: Deemed dividend to participating preferred stock | (2,961 | ) | ||||||
| Less: allocation to participating preferred stock | (17,455 | ) | ||||||
| Net income (loss) available to common stockholders — Basic | $ | 328,161 | $ | (3,293 | ) | |||
| Denominator: | ||||||||
| Weighted average common shares outstanding - basic | 24,137,713 | 2,493,931 | ||||||
| Basic earnings per common share | $ | 13.60 | $ | (1.32 | ) | |||
| Diluted earnings per share: | ||||||||
| Numerator: | ||||||||
| Net income (loss) available to common stockholders — Dilutive | $ | 328,681 | $ | (3,293 | ) | |||
| Denominator: | ||||||||
| Weighted average common shares outstanding - basic | 24,137,713 | 2,493,931 | ||||||
| Add: dilutive securities | ||||||||
| Warrants | 345,239 | |||||||
| RSAs | 32,274 | |||||||
| Weighted average common shares outstanding - diluted | 24,515,226 | 2,493,931 | ||||||
| Diluted earnings per common share | $ | 13.39 | $ | (1.32 | ) | |||
shares of Series A Preferred Stock and shares of Series B Preferred Stock were outstanding during the period ended August 31, 2025 but were excluded from diluted earnings per share computation as they were anti-dilutive.
The following table summarizes the securities that were not included in the computation of diluted income per common share:
Outstanding as of August 31, 2025 | Outstanding as of August 31, 2024 (3) | |||||||
| C-3 Warrants (1) | 1,280 | 1,280 | ||||||
| C-1 and C-2 Warrants (2) | 414,760 | |||||||
| RSAs | 195,906 | |||||||
| (1) | Warrants are out-of-money because the exercise price exceeded the average fair value during the period. |
| (2) | These warrants were out of money during the fiscal year ended 08/31/2024 and expired on 01/15/2025 |
| (3) | The Company was in loss position as of 08/31/2024 and hence no dilutive securities were included. |
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About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.