Sibmain K Loses 15% of Revenue in 2025, Down to 2.43 Billion Rubles

Sibmain K, a mining infrastructure operator that works under the Sibmain brand, ended 2025 with revenue of 2.43 billion rubles. A year earlier it was 2.86 billion, so the company lost 15%. Net profit fell considerably more: from 48.9 million to 33.1 million rubles, down 32.3%. TAdviser published these figures on 13 October 2026, based on the financial statements of Sibmain K LLC from the FNS website.

What the financial statements show

In absolute terms, revenue shrank by roughly 430 million rubles. Profit fell by only 15.8 million, but that is almost a third of the previous year's result. According to the statements, the main source of income in 2025 was maintenance services. That is an important detail: it points to a service model rather than mining cryptocurrency for the company's own account.

Key metrics:

• 2025 revenue: 2.43 billion ₽ (2024: 2.86 billion ₽), −15%;
• net profit: 33.1 million ₽ (2024: 48.9 million ₽), −32.3%;
• net profit margin: about 1.4% vs roughly 1.7% a year earlier;
• main revenue line: maintenance services;
• data source: financial statements of Sibmain K LLC, FNS.

The margin was thin to begin with. A net profit just above 1% of revenue leaves little cushion, and any rise in the cost of electricity, equipment or staff hits the bottom line immediately.

Why profit is falling faster than revenue

The published part of the statements does not name the reasons for the decline, so they can only be speculated about. In an infrastructure business, a significant share of costs is fixed: sites, connected capacity, staff, depreciation. When revenue shrinks, these expenses do not shrink proportionally, and profit gets squeezed faster.

Three factors are putting pressure on the industry as a whole. The first is the Bitcoin halving in April 2024, which cut the block reward in half and hit mining economics. The second is Russian regulation: mining has been legal since November 2024, but a register of miners, reporting requirements and regional limits on energy consumption have followed. The third is the cost of electricity and equipment. How much each of them affected Sibmain K specifically cannot be seen from public data.

What to watch next

Mining sites with large power capacity, cooling and ready-made infrastructure are of interest to more than miners. In the US and Canada, some operators already lease such sites for GPU clusters used to train and run neural networks. Sibmain K's statements contain no plans in this area, and there is no basis for guessing about them. But the question of diversification is now pressing for the industry.

For those following the market, the practical takeaway is this. A single annual report does not give the full picture, so three more things are needed: a breakdown of revenue by service, the trend in cost of sales, and data for the first half of 2026 once it becomes available. If revenue keeps falling at the same margin, the pressure on profit will grow. If the company starts looking for new clients outside mining, it will show up in the revenue mix before it shows up in press releases.

For clients and contractors, the signal is neutral: the company remains profitable, albeit with a minimal cushion. For investors and analysts, the key figure in the next report is not so much the size of revenue as the ability to hold the margin amid unstable mining economics.