What is Bitcoin Depot's gross profit margin?

What were the key takeaways from Bitcoin Depot's earnings call?

What guidance did Bitcoin Depot's management provide for the next earnings period?

What is the revenue and EPS growth rate for Bitcoin Depot year over year?

What is Bitcoin Depot's latest dividend and current dividend yield?

What is the market's earnings forecast for Bitcoin Depot next quarter?

What factors drove the changes in Bitcoin Depot's revenue and profit?

Did Bitcoin Depot beat or miss consensus estimates last quarter?

- **Q3 Growth**: $162.5M revenue (+20% YoY), $16.1M EBITDA (+75% YoY), 9,300 kiosks.
- **Strategic Moves**: Acquired 500 kiosks, expanded to Hong Kong, enforced strict compliance.
- **Q4 Challenges**: $112-115M revenue guidance, driven by state regulations and seasonality.
- **Cash & Expansion**: $72.9M cash, $15M raised for M&A, targeting 10,500 kiosks.
- **Regulatory Outlook**: Industry consolidation expected as smaller operators exit noncompliant states.

**【CEO Opening Remarks】**
- Q3 2025 revenue reached $162.5 million, up 20% YoY, driven by kiosk expansion and higher transaction volumes. Median transaction size increased 40% YoY to $350.
- Adjusted EBITDA rose 75% to $16.1 million, with 9,300 active kiosks and plans to deploy 10,500 by year-end.
- Acquired National Bitcoin ATM, adding 500 kiosks, solidifying North America's largest network.
- Enhanced compliance standards (ID verification for all transactions) implemented, despite near-term volume impact.
- Q4 guidance: $112-115 million revenue, low single-digit million EBITDA, reflecting state regulations, seasonality, and compliance.

**【CFO Financial Commentary】**
- Gross profit up 40% YoY to $28.2 million; gross margin improved 250bps to 17.4%.
- Cash and digital assets totaled $72.9 million, up from $31.0 million YoY; Q3 cash flow from operations was $33.0 million.
- Debt at $70.0 million, including $25 million term loan and $39 million profit-sharing liabilities.
- Q4 outlook cautious due to regulatory headwinds, with focus on operational efficiency and M&A opportunities.

**【Q&A Highlights】**
- **Regulatory Impact**: 15+ states enacted transaction/fee caps, with 6 effective in Q3/Q4. California enforcement reduced noncompliant kiosks, signaling broader industry consolidation.
- **Acquisition Contribution**: National Bitcoin ATM kiosks expected to fully integrate by Q4, with productivity similar to existing fleet.
- **Enforcement Confidence**: States like California show regulators are enforcing compliance, likely pressuring smaller operators to exit.
- **International Expansion**: Hong Kong deployment underway, targeting diversification beyond U.S. regulatory challenges.
- **NYDFS BitLicense**: Unlikely near-term progress, with no Bitcoin ATM operator yet licensed.

Bitcoin Depot Inc. (BTM) Q3 2025 Earnings Call Transcript

- **Revenue Growth**: 6% YoY to $172.1M, net income up 183% to $12.3M. Transaction size +30% YoY to $300.
- **Kiosk Expansion**: 9,000 active units, 3,300 <1 year old. Australia deployment of 200+ kiosks.
- **Financial Strength**: $59.6M cash/crypto, 100.35 BTC held. 12% tax rate reduction.
- **Q3 Outlook**: Revenue +7-8%, EBITDA +20-30%. $5M term loan reduction.
- **Strategic Moves**: Pelicoin acquisition, 10,000 kiosk fleet target, M&A evaluation.

**【CEO Opening Remarks】**
- Q2 2025 revenue grew 6% YoY to $172.1M, with net income tripling to $12.3M. Median transaction size increased 30% YoY to $300, driving transaction volume to $172.1M.
- 9,000 active kiosks as of Q2, with 3,300 machines installed in the last year, achieving payback periods under 8 months.
- Strategic initiatives: Australia expansion (200+ kiosks deployed), domestic fleet expansion to 10,000 kiosks, and Pelicoin acquisition to strengthen Gulf South presence.
- Financial health: $59.6M in cash and crypto, 100.35 BTC held, and 12% reduction in effective tax rate via UP-C structure elimination.

**【CFO Financial Commentary】**
- Gross profit up 32% YoY to $30.9M, with gross margin improving 360bps to 17.9%. Adjusted EBITDA rose 46% to $18.5M.
- Operating expenses declined 9% YoY to $17.0M, driven by cost optimizations (legal, audit, insurance savings).
- Q3 outlook: Revenue growth of 7-8% YoY, adjusted EBITDA up 20-30% YoY. Term loan reduced by $5M, evaluating further debt paydown based on M&A opportunities.

**【Q&A Highlights】**
- **Kiosk Performance**: Mature kiosks show revenue improvement, with 1,700 units remaining in inventory. Q3 revenue growth driven by kiosk deployment and maturation.
- **International Expansion**: Australia deployment of 200+ kiosks, with focus on 2 additional countries. Regulatory hurdles and brand awareness key challenges.
- **California Operations**: <200 kiosks remain, with limited legislative progress. Margins constrained but potential for stabilization as competitors exit.
- **Debt Management**: $69.7M total debt, including $25M term loan. Profit share agreements expanded but no further plans.
- **Off-Ramp Strategy**: No plans for virtual cards or stablecoins due to low profitability; focus on core cash-to-BTC business.

Bitcoin Depot Inc. (BTM) Q2 2025 Earnings Call Transcript

- **Revenue Supercharge**: 19% YoY growth to $164.2M, fueled by 8,483 kiosks and $300 median transaction size.
- **Profit Engine**: 315% EBITDA surge to $20.3M, 92% gross profit jump to $33.1M.
- **Cash Machine**: $16.3M operating cash flow, $43.3M in cash/crypto, and 94.4 BTC holdings.
- **Growth Path**: 10,000 kiosk target, 2+ new countries, and NY state license pursuit.
- **Debt Discipline**: $6M term loan paid Q1, targeting $3.5M more by year-end.

**【CEO Summary Section】**
- **Revenue Growth**: Q1 2025 revenue reached $164.2 million, up 19% YoY, driven by 8,483 active kiosks and a 46% YoY increase in median transaction size to $300.
- **Profitability**: Record net income of $12.2 million and adjusted EBITDA of $20.3 million (315% YoY growth). Gross profit rose 92% to $33.1 million.
- **Kiosk Strategy**: 3,200 kiosks installed in <1 year, with <8-month payback periods. Targeting 10,000 kiosks by end-2025 and expansion into 2+ new countries beyond Australia.
- **Regulatory Progress**: Engaging with NY regulators for state license; compliance infrastructure (KYC/AML) supports competitive advantage.

**【CFO Financial Commentary】**
- **Income Metrics**: GAAP net income of $12.2 million vs. $4.2M loss YoY. Non-GAAP EPS: $0.20 vs. $0.07 YoY.
- **Cost Efficiency**: Operating expenses down 7% to $15.3 million, driven by reduced legal/audit costs and term loan paydowns.
- **Cash Flow**: Record $16.3 million from operations, +1,153% YoY. Cash + crypto holdings rose to $43.3 million, with 94.4 BTC ($7.8M) purchased.
- **Debt Management**: $60M debt balance; $6M term loan paid Q1, targeting $3.5M more by year-end.

**【Q&A Key Takeaways】**
1. **Capital Allocation**: Prioritize debt repayment (term loan paydowns) over M&A or dividends. Evaluate international M&A for accelerated deployment.
2. **Revenue Guide**: Q2 2025 growth expected in low-mid single digits (vs. Q1 2025/Q2 2024 of $164M each) due to seasonal tax refund shifts.
3. **California Impact**: Reduced kiosk count by 80% post-regulatory changes; state now contributes less to overall growth.
4. **Kiosk Economics**: Mature kiosks generate 10-20 transactions/month, with average transaction size higher than median ($300 vs. $200).

Bitcoin Depot Inc. (BTM) Q1 2025 Earnings Call Transcript

- **Q4 2024 Highlights**: Adjusted gross profit up 18% to $25.4M, EBITDA up 34% to $12M, driven by kiosk relocations and margin optimization.
- **2025 Outlook**: Q1 revenue $151-154M (9-11% YoY), EBITDA $12-14M (200%+ YoY growth). Targeting 10,000+ kiosks globally, with Australia launch in 2025.
- **Financial Strength**: $31M cash, $60.9M debt. Plan to reduce term loan by $9M and kiosk lease balance to $3.5M by year-end.
- **Strategic Moves**: Exploring dividend options, expanding Bitcoin treasury (94 BTC), and pursuing international growth with minimal regulatory risk.
- **Operational Efficiency**: 16% YoY decline in operating expenses to $15M, with further savings from reduced legal costs and operational streamlining.


**【CEO Summary Section】**
- **Revenue Growth**: Q4 2024 revenue of $136.8M, down 8% YoY due to regulatory impacts in California, but adjusted gross profit rose 18% to $25.4M, driven by kiosk relocations and margin optimization.
- **Kiosk Expansion**: Ended 2024 with 8,457 active machines, targeting 10,000+ in 2025. 3,800 machines relocated in Q4, with breakeven achieved in 4-5 months. Australia launch underway with 300+ machines deployed.
- **Profitability**: Adjusted EBITDA up 34% YoY to $12M, gross margin improved 400bps to 18.6%. Cost savings from reduced legal and audit expenses ($1.5M+ annually).
- **Dividend Potential**: Reintroduced financial outlook for Q1 2025 with revenue $151-154M (9-11% YoY growth) and EBITDA $12-14M (200%+ YoY). Exploring dividend options as cash flow strengthens.

**【CFO Financial Commentary】**
- **Balance Sheet**: $31M cash and crypto, $60.9M debt (including $36M term loan). Plan to reduce term loan by $9M in 2025 and lower kiosk lease balance from $8M to $3.5M by year-end.
- **Cash Flow**: Generated $22.5M from operations. Bitcoin treasury holdings increased to 94 BTC, reflecting confidence in long-term value.
- **Expense Management**: Operating expenses down 16% YoY to $15M, with further savings expected from reduced legal costs and operational efficiency.

**【Q&A Key Takeaways】**
- **Market Growth**: Global Bitcoin ATM market expected to grow modestly in 2025, with Australia as key growth driver. Brandon noted 2024 industry kiosk growth of ~5%, but expects higher penetration in underserved regions.
- **Regulatory Outlook**: New administration seen as pro-crypto, reducing risk of adverse legislation. California regulatory challenges remain, but 300+ machines relocated to optimize profitability.
- **International Expansion**: Australia launch on track for 2025, targeting additional countries. 1,600+ machines in inventory for US and international deployment.
- **M&A Strategy**: No immediate M&A plans; prefer organic growth via discounted kiosk purchases (e.g., 50%+ price reductions in 2024). Potential international acquisitions for strategic licenses or partnerships.
- **Kiosk Performance**: 40% of fleet under 1 year old, with breakeven achieved in 4-5 months. Mature machines (2+ years) show strong recurring revenue, with top 10% generating 3x+ average volumes.


BTM

BTM fundamentals

Earnings Call

You can ask Aime