Bitcoin Depot 2025 Q3 Earnings Beats Expectations with 138.7% Net Income Surge

Bitcoin Depot (BTM) reported fiscal 2025 Q3 earnings on Nov 13, 2025, with revenue rising 20.1% to $162.48 million and net income surging 138.7% year-over-year. The company’s guidance for Q4 revenue of $112M–$115M fell short of analyst estimates, reflecting regulatory and seasonal headwinds.

Revenue

Bitcoin Depot’s total revenue grew to $162.48 million in Q3 2025, driven by its core BTM Kiosks segment, which generated $162.16 million. Other revenue streams contributed $321,000, reflecting a diversified yet kiosk-centric business model. The 20.1% year-over-year increase underscores the company’s market expansion and operational scale.

Earnings/Net Income

The company returned to profitability with EPS of $0.08, reversing a $0.05 loss in Q3 2024, and net income of $5.49 million—a 138.7% increase. This marks a significant turnaround, driven by higher transaction volumes and disciplined cost management, though EPS fell short of the $0.10 consensus estimate.

Post-Earnings Price Action Review

The strategy of buying BTM shares on revenue-announce dates and holding for 30 days yielded a 24.78% return over three years. Performance peaked in 2024 at 28.32%, driven by strong market reactions to growth prospects, while 2025’s 24.78% return remained robust but slightly lower. Despite short-term volatility, the strategy’s consistency highlights BTM’s post-earnings momentum.

CEO Commentary

CEO Brandon Mintz highlighted Q3’s 20% revenue growth, 40% gross profit increase, and 75% adjusted EBITDA growth. He attributed success to kiosk expansion (9,300 active machines), international expansion (260 kiosks in Australia, new Hong Kong entry), and compliance enhancements. Mintz acknowledged regulatory challenges but emphasized Bitcoin Depot’s leadership in a consolidating market.

Guidance

Bitcoin Depot guided Q4 2025 revenue to $112M–$115M and adjusted EBITDA to low single-digit millions, citing seasonality, state regulations, and compliance costs. CFO David Gray noted $72.9 million in cash reserves and a $15M capital raise to support M&A and operational efficiency.

Additional News

Bitcoin Depot’s recent M&A activity includes acquiring 500+ kiosks from National Bitcoin ATM, bolstering its North American dominance. The company also launched 260 kiosks in Australia and expanded into Hong Kong, signaling aggressive international growth. New compliance standards, requiring customer ID checks, were rolled out to strengthen trust, despite near-term transaction impacts. These moves position Bitcoin Depot as a market leader amid regulatory uncertainty.

Key Takeaways:

• Revenue Growth:

  20.1% Y/Y driven by kiosk expansion and higher transaction volumes.

• Profitability:

  Net income surged 138.7% to $5.49 million, with EPS of $0.08.

• Regulatory Impact:

  State transaction/fee caps and compliance costs pressured Q4 guidance.

• Strategic Moves:

  M&A, international expansion, and compliance enhancements aim to solidify market leadership.

• Stock Performance:

  Mixed post-earnings price action, with a 24.78% three-year return for the 30-day holding strategy.