benzinga89d ago
2025 Revenue up 7% Year-Over-Year to $614.9 Million 2025 Net Income of $5.1 Million vs. $7.8 Million in 20242025 Gross Profit up 30% Year-Over-Year to $105.6 Million 2025 Adjusted EBITDA up 42% Year-Over-Year to $56.4 MillionATLANTA , March 16, 2026 (GLOBE NEWSWIRE) -- Bitcoin Depot (NASDAQ:BTM) ("Bitcoin Depot" or the "Company"), a U.S.-based Bitcoin ATM ("BTM") operator and leading fintech company, today reported financial results for the fourth quarter and full year ended December 31, 2025. Bitcoin Depot will host a conference call and webcast at 10:00 a.m. ET today. An earnings presentation and link to the webcast will be made available at ir.bitcoindepot.com."2025 was a strong year for Bitcoin Depot, with growth across the majority of our key operating and financial metrics," said Scott Buchanan, CEO of Bitcoin Depot. "While fourth-quarter results declined year-over-year, this was primarily driven by recently enacted state regulations that introduced transaction size caps and, to a lesser extent, enhancements to our compliance standards that modestly affected near-term transaction activity. Importantly, we view both developments as constructive for the long-term health, credibility, and sustainability of the industry.""As the largest and most compliant crypto ATM operator in North America, we believe Bitcoin Depot is uniquely positioned to navigate this evolving regulatory environment and continue to gain share as the market matures," Buchanan continued. "Subsequent to year-end, we further strengthened our growth profile by deploying our strong balance sheet and fintech platform to acquire Kutt, a peer-to-peer social betting platform. This acquisition marks our first entry into the P2P social betting market and reflects our broader strategy to thoughtfully diversify beyond our core Bitcoin ATM business while leveraging our payments infrastructure and compliance expertise."Fourth Quarter 2025 Financial ResultsRevenue in the fourth quarter of 2025 was $116.0 million compared to $136.8 million in the fourth quarter of 2024. This decrease was driven by recently enacted state regulations and enhanced compliance standards.Gross profit in the fourth quarter of 2025 was $15.3 million from $23.5 million for the fourth quarter of 2024. Gross profit margin in the fourth quarter of 2025 was 13.2% compared to 17.2% in the fourth quarter of 2024. Adjusted gross profit, a non-GAAP measure, in the fourth quarter of 2025 was $17.3 million compared to $25.4 million in the year ago quarter. Adjusted gross profit margin, a non-GAAP measure, in the fourth quarter of 2025 was 14.9% compared to 18.6% in the year ago quarter. Please see "Explanation and Reconciliation of Non-GAAP Financial Measures" below.Total operating expenses in the fourth quarter of 2025 were $21.4 million compared to $15.0 million in the fourth quarter of 2025 due to higher legal services and compensation expense.Net loss in the fourth quarter of 2025 was $24.9 million compared to net income of $5.4 million in the fourth quarter of 2024. The fourth quarter of 2025 included an $18.5 million accrual for an arbitration judgment liability. Net loss attributable to common shareholders in the fourth quarter of 2025 was $21.6 million, or $(2.08) per share, compared to a net loss of $6.6 million, or $(2.24) per share, in last year's fourth quarter.Adjusted EBITDA, a non-GAAP measure, in the fourth quarter of 2025 was $1.6 million compared to $13.0 million in the fourth quarter of 2024. The decrease was primarily due to the lower revenue and higher operating expenses. Please see "Explanation and Reconciliation of Non-GAAP Financial Measures" below.Cash, cash equivalents, and cryptocurrencies as of December 31, 2025, totaled $76.6 million, up from $31.0 million at the end of 2024.Net cash flows provided by operations in 2025 increased 51% to $34.0 million compared to $22.5 million in 2024.2025 Financial ResultsRevenue in 2025 increased 7% to $614.9 million compared to $573.7 million in 2024. This increase was driven by increased kiosk deployment and higher median transaction size. Gross profit in 2025 increased 30% to $105.6 million from $81.5 million in 2024. Gross profit margin in 2025 increased 300 basis points to 17.2% compared to 14.2% in 2024. Adjusted gross profit, a non-GAAP measure, increased 24% to $113.3 million compared to $91.4 million in 2024. Adjusted gross profit margin, a non-GAAP measure, increased 250 basis points in 2025 to 18.4% compared to 15.9% in 2024. Please see "Explanation and Reconciliation of Non-GAAP Financial Measures" below.Total operating expenses were $72.1 million in 2025 compared to $67.2 million in 2024 due to higher legal services expenses.Net income in 2025 was $5.1 million compared to $7.8 million in 2024. 2025 included a $18.5 million accrual for an arbitration judgment liability. Net loss attributable to common shareholders was $5.8 million, or $(0.81) per share, from a net loss of $11.7 million, or $(4.21) per share, in 2024.Adjusted EBITDA, a non-GAAP measure, in 2025 increased 42% to $56.4 million compared to $39.7 million in 2024. The increase was primarily due to the higher revenue and income from operations. Please see "Explanation and Reconciliation of Non-GAAP Financial Measures" below.OutlookThe Company expects revenue for the core business in 2026 to be down in the range of 30% to 40%. This estimate reflects the uncertainty presented by the dynamic regulatory environment and enhanced compliance standards. While these will weigh on near-term results, we believe they will reinforce the integrity and sustainability of our business over the long term.Conference CallBitcoin Depot will hold a conference call at 10:00 a.m. Eastern time (7:00 a.m. Pacific time) today to discuss its financial results for the fourth quarter and full year ended December 31, 2025.Call Date: Monday, March 16, 2025 Time: 10:00 a.m. Eastern time (7:00 a.m. Pacific time)Phone InstructionsU.S. and Canada (toll-free): 888-596-4144U.S. (toll): 646-968-2525Conference ID: 8347121Webcast InstructionsWebcast link: https://edge.media-server.com/mmc/p/ajn5q2kf/A replay of the call will be available beginning after 2:00 p.m. Eastern time through March 27, 2026.U.S. & Canada (toll-free) replay number: 800-770-2030U.S. toll number: 609-800-9909Conference ID: 8347121If you have any difficulty connecting with the conference call, please contact Bitcoin Depot's investor relations team at 949-574-3860.About Bitcoin DepotBitcoin Depot Inc. (NASDAQ:BTM) was founded in 2016 with the mission to connect those who prefer to use cash to the broader, digital financial system. Bitcoin Depot provides its users with simple, efficient and intuitive means of converting cash into Bitcoin, which users can deploy in the payments, spending and investing space. Users can convert cash to bitcoin at Bitcoin Depot kiosks in 47 states and at thousands of name-brand retail locations in 31 states through its BDCheckout product. The Company has the largest market share in North America and operates over 9,000 kiosk locations globally as of August 2025. Learn more at www.bitcoindepot.com. Cautionary Statement Regarding Forward-Looking StatementsThis press release and any oral statements made in connection herewith include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended. Forward-looking statements are any statements other than statements of historical fact, and include, but are not limited to, statements regarding the expectations of plans, business strategies, objectives and growth and anticipated financial and operational performance, including our growth strategy and ability to increase deployment of our products and services, our ability to strengthen our financial profile, and worldwide growth in the adoption and use of cryptocurrencies. These forward-looking statements are based on management's current beliefs, based on currently available information, as to the outcome and timing of future events. Forward-looking statements are often identified by words such as "anticipate," "appears," "approximately," "believe," "continue," "could," "designed," "effect," "estimate," "evaluate," "expect," "forecast," "goal," "initiative," "intend," "may," "objective," "outlook," "plan," "potential," "priorities," "project," "pursue," "seek," "should," "target," "when," "will," "would," or the negative of any of those words or similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond our control.These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions; failure to realize the anticipated benefits of the business combination; risks relating to the uncertainty of our projected financial information; future global, regional or local economic and market conditions; the development, effects and enforcement of laws and regulations; our ability to manage future growth; our ability to develop new products and services, bring them to market in a timely manner and make enhancements to our platform; the effects of competition on our future business; our ability to issue equity or equity-linked securities; the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries; and those factors described or referenced in filings with the Securities and Exchange Commission. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that we do not presently know or that we currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect our expectations, plans or forecasts of future events and views as of the date of this press release. We anticipate that subsequent events and developments will cause our assessments to change.We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law. All written and oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement.BITCOIN DEPOT INC.CONSOLIDATED STATEMENTS OF INCOME (in thousands, except share and per share amounts) Year Ended December 31, 2025 2024 Revenue$614,851 $573,703 Cost of revenue (excluding depreciation and amortization) 501,555 482,263 Operating expenses: Selling, general, and administrative 64,413 57,158 Depreciation and amortization 7,670 10,072 Total operating expenses 72,083 67,230 Income from operations 41,213 24,210 Other (expense) income: Interest expense, net (14,413) (14,199)Other (expense) income, net (19,382) 406 Gain (loss) on foreign currency transactions 124 (465)Income before provision for income taxes and non-controlling interest 7,542 9,952 Income tax (expense) (2,421) (2,138)Net income$5,121 $7,814 Net income attributable to non-controlling interest 10,891 19,500 Net loss attributable to common stockholders$(5,770) $(11,686) Net loss per share of common stock - basic and diluted *$(0.81) $(4.21)Weighted average number of common shares outstanding - basic and diluted * 7,147,534 2,769,234 * On February 23, 2026, the Company effected a 1-for-7 reverse stock split (the "Reverse Stock Split") of its issued and outstanding shares of common stock, par value $0.0001 per share. As a result of the Reverse Stock Split, the number of issued and outstanding shares of common stock was reduced from 35,495,968 shares of Class A Common Stock and 37,846,102 shares of Class M Common Stock to 5,070,852 shares of Class A Common Stock and 5,406,586 shares of Class M Common Stock, retroactively adjusted for all periods presented.BITCOIN DEPOT INC.CONSOLIDATED BALANCE SHEETS(in thousands, except share and per share amounts) As of December 31, 2025 2024 Assets Current: Cash and cash equivalents$65,632 $29,472 Cryptocurrencies 10,927 1,510 Accounts receivable 639 275 Prepaid expenses and other current assets 3,131 3,076 Total current assets 80,329 34,333 Property and equipment: Furniture and fixtures 635 635 Leasehold improvements 172 172 Kiosk machines - owned 42,903 36,831 Kiosk machines - leased 8,987 10,367Full story available on Benzinga.com
