Bitcoin Depot 2025 Q3 Earnings Returns to Profitability with 260% EPS Surge

Bitcoin Depot (BTM) delivered a strong earnings beat, with revenue and net income exceeding expectations. The company returned to profitability, marking a significant turnaround from a year-ago loss. Guidance for Q4 remained in-line with expectations despite regulatory headwinds.

Revenue

Bitcoin Depot’s total revenue rose 20.1% year-over-year to $162.48 million in Q3 2025, driven by robust performance in its core business. BTM Kiosks contributed $162.16 million, while other revenue streams added $321,000, resulting in a total of $162.48 million. This growth reflects the company’s expansion strategy and higher transaction volumes.

Earnings/Net Income

The company’s profitability improved dramatically, with a net income of $5.49 million in Q3 2025, representing a 138.7% increase from $2.30 million in Q3 2024. Earnings per share (EPS) surged to $0.08, reversing a $0.05 loss a year prior, a 260% positive change. This marks a record high for fiscal Q3 net income in two years. The EPS outperformance indicates strong operational leverage and cost discipline.

Price Action

Bitcoin Depot’s stock price declined sharply post-earnings, plummeting 15.85% in a single trading day and 31.46% month-to-date. Despite the short-term selloff, historical data shows a 24.78% average return for investors who bought shares on revenue-raise dates and held for 30 days over the past three years. This strategy yielded 14.59% in 2023, 28.32% in 2024, and 24.78% in 2025, though returns have slightly moderated recently.

CEO Commentary

CEO Brandon Mintz emphasized operational leverage, kiosk expansion, and compliance leadership as key drivers. The company added 500+ kiosks via the National Bitcoin ATM acquisition, deployed 260+ units in Australia, and launched operations in Hong Kong. Mintz highlighted a 40% year-over-year increase in median transaction size ($350) and $162.5 million in total transaction volume, alongside a 75% rise in adjusted EBITDA to $16.1 million.

Guidance

CFO David Gray provided Q4 2025 revenue guidance of $112–$115 million and adjusted EBITDA in the low single-digit millions. Factors include seasonality, state regulations (15+ states with transaction/fee caps), and compliance changes. While near-term results may be impacted, management remains optimistic about long-term sustainability and market share gains as smaller operators exit the industry.

Additional News

Bitcoin Depot’s recent acquisition of National Bitcoin ATM’s 500+ kiosks underscores its M&A-driven growth strategy. The company also launched operations in Hong Kong and expanded its Australian deployment to 260+ kiosks. New compliance standards, including mandatory customer ID checks, were introduced to reinforce trust. These moves align with its goal to solidify leadership amid regulatory challenges.

The company’s international expansion and compliance initiatives position it to capitalize on industry consolidation. Despite near-term regulatory headwinds, Bitcoin Depot’s cash reserves ($72.9 million) and strategic acquisitions support long-term growth. Investors should monitor Q4 execution and the impact of state-level regulations on revenue trends.