Bitcoin Depot 2025 Q3 Earnings Strong Net Income Growth of 138.7% and Profitability Return

Bitcoin Depot (BTM) reported Q3 2025 earnings on Nov 13, 2025, with revenue of $162.48 million and net income of $5.49 million, surpassing revenue estimates but missing Q4 guidance. The stock fell sharply post-earnings amid regulatory concerns and weak Q4 forecasts.

Driven by kiosk expansion, Bitcoin Depot’s total revenue surged to $162.48 million in Q3 2025, a 20.1% increase from $135.27 million in the same period last year. The BTM Kiosks segment accounted for nearly all of this revenue, generating $162.16 million, while other revenue streams contributed an additional $321,000.

Bitcoin Depot returned to profitability with EPS of $0.08, marking a 260% improvement, and achieved a 138.7% surge in net income to $5.49 million. This marked a significant turnaround from a loss of $0.05 per share in Q3 2024.

The strategy of buying BTM shares on the revenue raise date and holding for 30 days yielded mixed results, with a -15% return compared to a -10% return for a simple buy-and-hold approach. While the strategy offered some downside protection, it underperformed the SPY ETF’s 5% return over the same period. The revenue raise’s impact was short-lived, and neither approach captured long-term capital appreciation, indicating BTM’s stock is more influenced by market trends than the earnings event.

CEO Commentary

Brandon Mintz highlighted growth in kiosk transactions, median transaction sizes up 40% to $350, and 9,300 active kiosks. He emphasized international expansion in Australia and Hong Kong, regulatory compliance, and M&A opportunities. CFO David Gray noted Q4 guidance reflects seasonality, state regulations, and compliance costs.

Guidance

Bitcoin Depot guided Q4 2025 revenue to $112–$115M and adjusted EBITDA to low single-digit millions, below consensus estimates. The company cited regulatory headwinds and seasonal declines as key factors.

Additional News

Bitcoin Depot’s stock plummeted 18% post-earnings amid weak Q4 guidance and regulatory concerns. The company acquired 500 kiosks from National Bitcoin ATM, bolstering its U.S. leadership. It also raised $15M via a registered direct offering to fund strategic M&A and compliance upgrades.