Bitcoin Depot 2025 Q2 Earnings Strong Performance as Net Income Surges 183.3%

Bitcoin Depot (BTM) reported better-than-expected results in its fiscal 2025 Q2 earnings, showing a return to profitability and strong revenue growth. The company’s net income jumped by 183.3% year-over-year, while revenue rose by 5.5%. The results were in line with management's guidance, reflecting strategic improvements in operations and a robust kiosk network.

Bitcoin Depot generated $172.11 million in total revenue during 2025 Q2, representing a 5.5% increase compared to $163.07 million in 2024 Q2. The majority of the revenue was driven by its BTM Kiosks, which contributed $171.86 million, while other revenue streams added $244,000 to the total.

The company returned to profitability with an EPS of $0.16, reversing from a loss of $0.13 per share in the same period last year. Bitcoin Depot’s net income surged to $12.32 million in 2025 Q2, a 183.3% increase from $4.35 million in 2024 Q2. This marked a new two-year high for Q2 net income, highlighting a significant improvement in the company’s financial performance.

The stock price of Bitcoin Depot has faced downward pressure recently, with a 2.13% decline during the latest trading day, a 16.10% drop during the most recent full trading week, and a 23.69% decline month-to-date. The company’s post-earnings price action was mixed, with a strategy of buying shares on the earnings date and holding for 30 days yielding a negative return of -19.35%, underperforming the benchmark return of 46.00%. The strategy recorded a CAGR of -7.16%, a maximum drawdown of 0.00%, and a Sharpe ratio of -0.08, indicating a high-risk, low-reward scenario.

CEO Brandon Mintz emphasized Bitcoin Depot’s strong Q2 performance, noting a 6% year-over-year revenue increase and a nearly threefold rise in net income to $12.3 million. He attributed the growth to a higher median transaction size, kiosk optimization, and a growing active machine count of 9,000. Mintz also highlighted the relocation strategy’s role in driving cash flow and the success of deploying new kiosks, including a focus on international expansion. With 200+ kiosks deployed in Australia and plans to enter two additional countries in 2025, the company is positioning itself for global growth. Mintz also mentioned strategic M&A opportunities and corporate governance improvements, including the elimination of the UP-C structure and the appointment of a Chief Compliance Officer.

Bitcoin Depot expects Q3 2025 revenue to grow in the high single-digit percentages year-over-year, with adjusted EBITDA growth projected at 20% to 30% compared to the prior year quarter. Management emphasized a focus on profitability and cash flow generation, with plans to optimize operational efficiency through vendor pricing, professional service cost reductions, and customer markup adjustments. While not specifying exact revenue or EBITDA targets beyond this range, the company indicated a continued emphasis on maintaining current kiosk deployment rates while prioritizing the maturation of existing kiosks.

Additional News

In Nigeria, several political and economic developments unfolded around the time of Bitcoin Depot’s earnings release. Cattle breeders in Oyo State threatened to halt livestock sales in response to new anti-grazing regulations. In Cross River State, the state assembly approved a N642 billion supplementary budget for 2025, reflecting ongoing financial planning amid economic challenges. The Nigerian government also made headlines by appointing musician Wasiu Ayinde Marshal (KWAM 1) as an ambassador for proper airport security protocol, following a recent controversial incident at an airport. Additionally, the Federal Government announced plans to withdraw a criminal complaint against an Ibom Air passenger and reduce her travel restrictions.