Bitcoin Depot 2025 Q3 Earnings Profitability Surges 138.7% as Revenue Hits $162.48M

Bitcoin Depot (BTM) delivered a strong earnings performance in Q3 2025, with revenue and net income exceeding expectations. The stock’s post-earnings price action, however, reflected mixed investor sentiment as Q4 guidance fell below forecasts.

Revenue

The total revenue of Bitcoin Depot surged 20.1% year-over-year to $162.48 million in Q3 2025, outpacing the $135.27 million reported in the same period in 2024. This growth was predominantly driven by its core BTM Kiosks segment, which generated $162.16 million in revenue. Supplementary revenue streams, including ancillary services and other business lines, contributed an additional $321,000, rounding out the total revenue figure.

Earnings/Net Income

Bitcoin Depot returned to profitability with an EPS of $0.08 in Q3 2025, reversing a $0.05 loss per share in Q3 2024—a 260% positive change. Net income skyrocketed 138.7% to $5.49 million from $2.30 million in the prior-year quarter, marking a new two-year high for fiscal Q3 net income. The company’s profitability improvement underscores its operational resilience amid regulatory challenges.

Post-Earnings Price Action Review

Following the earnings release, Bitcoin Depot’s stock price experienced a sharp decline, plummeting 15.85% on the latest trading day, 22.76% over the most recent full trading week, and 31.46% month-to-date. This downward trend reflects investor concerns over Q4 guidance, which projected revenue of $112–115 million—well below the $143.5 million consensus estimate. The price action highlights market skepticism about regulatory headwinds and the potential impact on near-term performance, despite management’s confidence in long-term growth.

CEO Commentary

Brandon Mintz, Chairman & CEO, emphasized the company’s strategic priorities, including international expansion in Australia and Hong Kong, domestic kiosk deployment targeting 10,500 active units, and M&A activity such as the acquisition of National Bitcoin ATM’s 500 kiosks. Mintz framed regulatory challenges as opportunities to consolidate market share and reinforce operational discipline, citing a $70 million cash balance as a strategic advantage for growth.

Guidance

Bitcoin Depot projected Q4 2025 revenue of $112–115 million and adjusted EBITDA in the “low single-digit millions,” citing seasonality, state regulations, and compliance impacts. CFO David Gray noted that Q4 results would reflect reduced volumes from recent state caps but expressed optimism about long-term benefits from a more compliant market. The balance sheet showed $72.9 million in cash and cryptos as of September 30, 2025, with $33 million in 9M 2025 operating cash flow.

Additional News

Bitcoin Depot’s Q3 earnings and strategic moves were accompanied by significant developments. The company acquired National Bitcoin ATM’s 500 kiosks, bolstering its position as North America’s largest Bitcoin ATM operator. Internationally, it launched over 260 kiosks in Australia and initiated operations in Hong Kong, signaling aggressive global expansion. Additionally, the stock price dropped 18% post-earnings, reflecting investor concerns about regulatory impacts on future sales.