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

What does Bitcoin Depot do and what are its main business segments?

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

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

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

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

What is Bitcoin Depot's gross profit margin?

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

- **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.

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