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Side-by-side financial comparison of BITMINE IMMERSION TECHNOLOGIES, INC. (BMNR) and INTELLIGENT PROTECTION MANAGEMENT CORP. (IPM). Click either name above to swap in a different company.
BITMINE IMMERSION TECHNOLOGIES, INC. is the larger business by last-quarter revenue ($11.0M vs $6.1M, roughly 1.8× INTELLIGENT PROTECTION MANAGEMENT CORP.). On growth, INTELLIGENT PROTECTION MANAGEMENT CORP. posted the faster year-over-year revenue change (2091.6% vs 627.6%). Over the past eight quarters, BITMINE IMMERSION TECHNOLOGIES, INC.'s revenue compounded faster (251.9% CAGR vs 54.7%).
Bitmine Immersion Technologies is a tech firm focused on developing and providing professional immersion cooling solutions for high-performance computing scenarios, including cryptocurrency mining rig clusters and data center infrastructure. Its products boost hardware operating efficiency, cut energy consumption for heat control, extend high-power computing equipment lifespan, and help clients reduce long-term operational costs.
Intelligent Limited is a Holding Company and Parent company headquartered in Gloucestershire, United Kingdom and was incorporated on 21 May 2008. Intelligent Limited provides a group management structure for four companies and was born out of the operations of International Intelligence Limited, a company specialising in Intelligence, Counter Espionage and TSCM sweeping.
BMNR vs IPM — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $11.0M | $6.1M |
| Net Profit | $-3.8B | — |
| Gross Margin | 87.1% | 53.1% |
| Operating Margin | -34784.7% | -13.4% |
| Net Margin | -34583.9% | — |
| Revenue YoY | 627.6% | 2091.6% |
| Net Profit YoY | -330212.5% | — |
| EPS (diluted) | $-8.40 | $-0.05 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $11.0M | — | ||
| Q4 25 | $2.3M | $6.1M | ||
| Q3 25 | — | $6.2M | ||
| Q2 25 | $2.1M | $5.7M | ||
| Q1 25 | $1.5M | $5.5M | ||
| Q4 24 | $1.2M | — | ||
| Q3 24 | $682.4K | — | ||
| Q2 24 | $1.2M | — |
| Q1 26 | $-3.8B | — | ||
| Q4 25 | $-5.2B | — | ||
| Q3 25 | — | $-1.1M | ||
| Q2 25 | $-622.8K | $-1.1M | ||
| Q1 25 | $-1.2M | $808.5K | ||
| Q4 24 | $-974.0K | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $-654.2K | — |
| Q1 26 | 87.1% | — | ||
| Q4 25 | 55.3% | 53.1% | ||
| Q3 25 | — | 50.7% | ||
| Q2 25 | 23.9% | 50.1% | ||
| Q1 25 | 20.1% | 55.3% | ||
| Q4 24 | 10.0% | — | ||
| Q3 24 | 16.4% | — | ||
| Q2 24 | 18.1% | — |
| Q1 26 | -34784.7% | — | ||
| Q4 25 | -238564.8% | -13.4% | ||
| Q3 25 | — | -23.0% | ||
| Q2 25 | -22.8% | -19.7% | ||
| Q1 25 | -60.2% | -24.2% | ||
| Q4 24 | -73.6% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -43.6% | — |
| Q1 26 | -34583.9% | — | ||
| Q4 25 | -226955.7% | — | ||
| Q3 25 | — | -17.4% | ||
| Q2 25 | -30.4% | -18.3% | ||
| Q1 25 | -76.2% | 14.7% | ||
| Q4 24 | -81.1% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -53.4% | — |
| Q1 26 | $-8.40 | — | ||
| Q4 25 | $-15.98 | $-0.05 | ||
| Q3 25 | — | $-0.08 | ||
| Q2 25 | $-0.31 | $-0.08 | ||
| Q1 25 | $-0.58 | $0.06 | ||
| Q4 24 | $-1.66 | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $-0.26 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $879.6M | $5.6M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $9.9B | $18.2M |
| Total Assets | $9.9B | $26.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $879.6M | — | ||
| Q4 25 | $887.7M | $5.6M | ||
| Q3 25 | — | $7.3M | ||
| Q2 25 | $1.5M | $7.3M | ||
| Q1 25 | $483.0K | $9.7M | ||
| Q4 24 | $797.3K | — | ||
| Q3 24 | $499.0K | — | ||
| Q2 24 | — | — |
| Q1 26 | $9.9B | — | ||
| Q4 25 | $11.3B | $18.2M | ||
| Q3 25 | — | $18.8M | ||
| Q2 25 | $2.9M | $19.9M | ||
| Q1 25 | $2.9M | $21.1M | ||
| Q4 24 | $3.8M | — | ||
| Q3 24 | $4.1M | — | ||
| Q2 24 | $4.6M | — |
| Q1 26 | $9.9B | — | ||
| Q4 25 | $11.5B | $26.0M | ||
| Q3 25 | — | $27.2M | ||
| Q2 25 | $8.3M | $29.8M | ||
| Q1 25 | $7.5M | $31.1M | ||
| Q4 24 | $7.9M | — | ||
| Q3 24 | $7.3M | — | ||
| Q2 24 | $8.2M | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-88.2M | $87.6K |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | 0.0% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $-88.2M | — | ||
| Q4 25 | $-228.4M | $87.6K | ||
| Q3 25 | — | $133.0K | ||
| Q2 25 | $1.7M | $-888.7K | ||
| Q1 25 | $-215.0K | $1.7M | ||
| Q4 24 | $-96.0K | — | ||
| Q3 24 | $-30.0K | — | ||
| Q2 24 | $-42.7K | — |
| Q1 26 | — | — | ||
| Q4 25 | $-228.7M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $-114.0K | — | ||
| Q3 24 | $-106.0K | — | ||
| Q2 24 | $-61.3K | — |
| Q1 26 | — | — | ||
| Q4 25 | -9975.2% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -9.5% | — | ||
| Q3 24 | -15.5% | — | ||
| Q2 24 | -5.0% | — |
| Q1 26 | 0.0% | — | ||
| Q4 25 | 16.4% | — | ||
| Q3 25 | — | 0.0% | ||
| Q2 25 | 0.0% | — | ||
| Q1 25 | 0.0% | — | ||
| Q4 24 | 1.5% | — | ||
| Q3 24 | 11.1% | — | ||
| Q2 24 | 1.5% | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 2.16× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BMNR
Segment breakdown not available.
IPM
| Procurement Revenue | $5.4M | 88% |
| Other | $743.9K | 12% |
