Bitcoin Depot Reports First Quarter 2024 Financial Results
Bitcoin Depot reported its Q1 2024 financial results, highlighting significant expansion and financial metrics. The company secured over 2,000 new retail locations and committed to acquiring 3,200 additional kiosks, aiming for 8,000 deployed kiosks by the end of 2024. Revenue for Q1 2024 was $138.5 million, a 15% decrease from $163.6 million in Q1 2023. Gross profit dropped 26% to $14.4 million, with a net loss of $4.2 million compared to a net income of $6.1 million in Q1 2023. Adjusted EBITDA fell to $4.9 million from $13.6 million in Q1 2023. Despite these declines, the company reported a 1% revenue increase to $663.9 million over the trailing twelve months, with a 29% rise in gross profit to $83.4 million and a gross profit margin improvement to 12.6%.
Recent business highlights include international expansion into Puerto Rico and Australia and a new partnership with Fareway grocery stores. Bitcoin Depot remains focused on growing its market presence and optimizing profitability. A conference call is scheduled for May 14, 2024, at 10:00 a.m. ET to discuss these results further.
- Secured over 2,000 new retail locations in Q1 2024.
- Committed to acquiring 3,200 additional kiosks year-to-date.
- Revenue increased by 1% to $663.9 million over the trailing twelve months.
- Gross profit rose by 29% to $83.4 million over the trailing twelve months.
- Gross profit margin improved to 12.6% from 9.8% over the trailing twelve months.
- International expansion into Puerto Rico and Australia.
- Signed first major grocery store partnership with Fareway.
- Q1 2024 revenue decreased by 15% to $138.5 million compared to Q1 2023.
- Gross profit dropped by 26% to $14.4 million in Q1 2024.
- Net loss of $4.2 million in Q1 2024 compared to net income of $6.1 million in Q1 2023.
- Adjusted EBITDA fell to $4.9 million from $13.6 million in Q1 2023.
- Total operating expenses increased to $16.6 million from $13.6 million in Q1 2023.
Insights
Bitcoin Depot reported a mixed set of financial results for the first quarter of 2024. Revenue decreased by 15% year-over-year to
The company’s expansion strategy appears aggressive, having signed over 2,000 new retail locations and committed to acquire approximately 3,200 additional kiosks year-to-date. While this aggressive expansion could lead to higher revenues in the long term, it has also resulted in higher operating expenses, which increased from
From a liquidity perspective, Bitcoin Depot has
In summary, while the short-term financials are concerning, the long-term growth strategy could potentially pay off, depending on execution.
Bitcoin Depot’s strategic expansion into Puerto Rico and Australia marks a significant milestone for the company. These geographical expansions play a vital role in diversifying revenue streams and mitigating region-specific risks. The company’s continued focus on increasing its fleet size with a target of 8,000 kiosks by the end of 2024 demonstrates a bold ambition to dominate the Bitcoin ATM market globally.
However, the competitive landscape in the Bitcoin ATM sector is intensifying and Bitcoin Depot will need to maintain its innovation edge to stay ahead. The recent partnership with major grocery store chain Fareway across 66 locations is a promising step towards increasing visibility and accessibility. Such partnerships could be a key driver for increasing transaction volumes and market share.
The expansion strategy seems well-designed to capture a larger market share, but the company's ability to balance growth with profitability will be crucial. The declining gross profit margins and increasing operating expenses indicate that cost management will be an area to watch closely.
Overall, the strategic moves appear sound, but execution risks remain. Investors should monitor the financial health closely as the expansion unfolds.
For a company like Bitcoin Depot, technology and infrastructure are at the core of their operations. The commitment to deploy 8,000 kiosks by the end of 2024 is ambitious and indicates robust backend support. Each ATM kiosk is essentially a mini data center, requiring sophisticated software for seamless transactions, security protocols to prevent fraud and regular maintenance to ensure uptime.
The expansion to new geographies such as Puerto Rico and Australia involves not just logistical planning but also considerable technological adaptation. Different regions have different regulatory requirements and customer preferences, which means the company’s software needs to be highly adaptable and compliant with local laws.
Moreover, the strong push for new retail locations indicates that Bitcoin Depot is confident in its technological capability to support this rapid growth. However, scaling at this pace can sometimes lead to challenges in customer support and service quality, which can affect user experience negatively if not managed properly.
In conclusion, while the aggressive expansion is promising, the company’s ability to maintain high service quality and security will be pivotal for long-term success.
Strengthens Footprint with Over 2,000 New Retail Locations Signed in the First Quarter of 2024
Committed to Acquire Approximately 3,200 Additional Kiosks Year-to-Date to Support Expansion Strategy
Remains on Track to Deploy 8,000 Kiosks by the End of 2024
ATLANTA, May 14, 2024 (GLOBE NEWSWIRE) -- Bitcoin Depot Inc. (“Bitcoin Depot” or the “Company”), a U.S.-based Bitcoin ATM operator and leading fintech company, today reported financial results for the first quarter ended March 31, 2024. 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.
“Bitcoin Depot’s momentum continued in the first quarter as we fortified our industry-leading market share, expanded our footprint to new geographies, and purchased thousands of kiosks for our future growth plans,” said Brandon Mintz, CEO and Founder of Bitcoin Depot. “We plan to continue our expansion of our total operating fleet size and are on track to reach our goal of 8,000 Bitcoin ATMs installed by the end of 2024 ahead of schedule after signing over 2,000 new retail locations during the first quarter. Our strategic expansion into Puerto Rico and Australia marks a significant step toward our goal of bringing Bitcoin to the masses and establishing a market-leading presence outside of North America. Looking ahead, we remain well-positioned to execute our strategic goals this year as the world's leading Bitcoin ATM network while continuing to optimize the business for maximum profitability ahead.”
First Quarter 2024 Financial Results
Revenue in the first quarter of 2024 was
Gross Profit in the first quarter of 2024 was
Total operating expenses were
Net loss for the first quarter of 2024 was
Adjusted EBITDA, a non-GAAP measure, in the first quarter of 2024 was
Trailing Twelve Months Ended March 31, 2024
Revenue during the trailing twelve months ended March 31, 2024 was
Gross Profit in the twelve months ended March 31, 2024 was
Total operating expenses were
Net loss for the twelve months ended March 31, 2024 was
Adjusted EBITDA, a non-GAAP measure, in the twelve months ended March 31, 2024 was
Cash and cash equivalents were
Recent Business Highlights
- Bitcoin Depot continued to strengthen its industry-leading market share with 7,061 kiosk locations and 6,734 BDCheckout locations at the end of 1Q24
- Announced sales team expansion and ordered approximately 3,200 kiosks year-to-date to meet the growing demand from retailers and to support bold expansion strategy
- Announced over 2,000 new retail locations signed in 1Q24 spanning across several states to increase Bitcoin Depot’s fleet of deployed kiosks and support ambitious goal of deploying 8,000 Bitcoin ATMs by year-end
- Strengthened profit share program through signed partnerships with Sopris Capital and an investment fund. Through the profit share program, Bitcoin Depot has already added more than 300 additional BTM kiosk locations in 2024
- Expanded footprint internationally into Puerto Rico and Australia
- Signed first major grocery store partnership with Fareway across 66 locations
Conference Call
Bitcoin 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 first quarter ended March 31, 2024.
Call Date: Tuesday, May 14, 2024
Time: 10:00 a.m. Eastern time (7:00 a.m. Pacific time)
U.S. dial-in: 646-968-2525
International dial-in: 888-596-4144
Conference ID: 1037410
The conference call will broadcast live and be available for replay here following the call.
Please call the conference telephone number approximately 10 minutes before the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Bitcoin Depot’s investor relations team at 1-949-574-3860.
A replay of the call will be available beginning after 2:00 p.m. Eastern time on May 14, 2024 through May 21, 2024.
U.S. replay number: 609-800-9909
International replay number: 800-770-2030
Conference ID: 1037410
About Bitcoin Depot
Bitcoin 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 49 states and at thousands of name-brand retail locations in 29 states through its BDCheckout product. The Company has the largest market share in North America with approximately 7,100 kiosk locations as of April 1, 2024. Learn more at www.bitcoindepot.com.
Cautionary Statement Regarding Forward-Looking Statements
This 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 BALANCE SHEETS (in thousands, except share and per share amounts) | ||||||||
| March 31, 2024 (unaudited) | December 31, 2023 | |||||||
| Assets | ||||||||
| Current: | ||||||||
| Cash and cash equivalents | $ | 42,151 | $ | 29,759 | ||||
| Cryptocurrencies | 441 | 712 | ||||||
| Accounts receivable | 348 | 245 | ||||||
| Prepaid expenses and other current assets | 8,766 | 6,554 | ||||||
| Total current assets | 51,706 | 37,270 | ||||||
| Property and equipment: | ||||||||
| Furniture and fixtures | 635 | 635 | ||||||
| Leasehold improvements | 172 | 172 | ||||||
| Kiosk machines - owned | 24,667 | 24,222 | ||||||
| Kiosk machines - leased | 20,499 | 20,524 | ||||||
| Total property and equipment | 45,973 | 45,553 | ||||||
| Less: accumulated depreciation | (23,228 | ) | (20,699 | ) | ||||
| Total property and equipment, net | 22,745 | 24,854 | ||||||
| Intangible assets, net | 3,502 | 3,836 | ||||||
| Goodwill | 8,717 | 8,717 | ||||||
| Operating lease right-of-use assets, net | 1,019 | 484 | ||||||
| Deposits | 577 | 412 | ||||||
| Deferred tax assets | 1,804 | 1,804 | ||||||
| Total assets | $ | 90,070 | $ | 77,377 | ||||
| BITCOIN DEPOT INC. CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts) | ||||||||
| March 31, 2024 (unaudited) | December 31, 2023 | |||||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current: | ||||||||
| Accounts payable | $ | 10,576 | $ | 8,337 | ||||
| Accrued expenses and other current liabilities | 18,869 | 21,545 | ||||||
| Notes payable | 3,437 | 3,985 | ||||||
| Income taxes payable | 2,545 | 2,484 | ||||||
| Deferred revenue | 912 | 297 | ||||||
| Operating lease liabilities, current portion | 454 | 279 | ||||||
| Current installments of obligations under finance leases | 5,459 | 6,801 | ||||||
| Other non-income tax payable | 2,299 | 2,297 | ||||||
| Total current liabilities | 44,551 | 46,025 | ||||||
| Long-term liabilities | ||||||||
| Notes payable, non-current | 35,863 | 17,101 | ||||||
| Operating lease liabilities, non-current | 666 | 319 | ||||||
| Obligations under finance leases, non-current | 2,293 | 2,848 | ||||||
| Deferred income tax, net | 851 | 846 | ||||||
| Tax receivable agreement liability due to related party, non-current | 865 | 865 | ||||||
| Total Liabilities | 85,089 | 68,004 | ||||||
| Commitments and Contingencies (Note 18) | ||||||||
| Stockholders’ Equity | ||||||||
| Series A Preferred Stock, | — | — | ||||||
| Class A common stock, | 1 | 1 | ||||||
| Class B common stock, | — | — | ||||||
| Class E common stock, | — | — | ||||||
| Class M common stock, | — | — | ||||||
| Class O common stock, | — | — | ||||||
| Class V common stock, | 4 | 4 | ||||||
| Treasury stock | (437 | ) | (279 | ) | ||||
| Additional paid-in capital | 18,215 | 17,326 | ||||||
| Accumulated deficit | (34,201 | ) | (32,663 | ) | ||||
| Accumulated other comprehensive loss | (199 | ) | (203 | ) | ||||
| Total Stockholders’ (Deficit) Attributable to Legacy Bitcoin Depot | (16,617 | ) | (15,814 | ) | ||||
| Equity attributable to non-controlling interests | 21,598 | 25,187 | ||||||
| Total Stockholders’ Equity | 4,981 | 9,373 | ||||||
| Total Liabilities and Stockholders’ Equity | $ | 90,070 | $ | 77,377 | ||||
| BITCOIN DEPOT INC. CONSOLIDATED STATEMENTS OF (LOSS) INCOME AND COMPREHENSIVE (LOSS) INCOME (UNAUDITED) (in thousands, except share and per share amounts) | ||||||||||||||||
| Three Months Ended March 31, | Twelve Months Ended March 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenue | $ | 138,539 | $ | 163,603 | $ | 663,903 | $ | 655,909 | ||||||||
| Cost of revenue (excluding depreciation and amortization) | 121,287 | 141,300 | 567,925 | 574,567 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Selling, general, and administrative | 13,606 | 10,836 | 60,540 | 40,137 | ||||||||||||
| Depreciation and amortization | 2,947 | 2,796 | 12,939 | 16,779 | ||||||||||||
| Total operating expenses | 16,553 | 13,632 | 73,479 | 56,916 | ||||||||||||
| Income from operations | 699 | 8,671 | 22,499 | 24,426 | ||||||||||||
| Other (expense) income: | ||||||||||||||||
| Interest (expense) | (4,944 | ) | (2,947 | ) | (13,923 | ) | (12,168 | ) | ||||||||
| Other income (expense) | 6 | (115 | ) | (16,616 | ) | (99 | ) | |||||||||
| (Loss) on foreign currency transactions | (127 | ) | (148 | ) | (268 | ) | 304 | |||||||||
| Total other (expense) | (5,065 | ) | (3,210 | ) | (30,807 | ) | (11,963 | ) | ||||||||
| (Loss) Income before provision for income taxes and non-controlling interest | (4,366 | ) | 5,461 | (8,308 | ) | 12,463 | ||||||||||
| Income tax benefit | 138 | 622 | (533 | ) | 538 | |||||||||||
| Net (loss) income | (4,228 | ) | 6,083 | (8,841 | ) | 13,001 | ||||||||||
| Net income attributable to Legacy Bitcoin Depot unit holders | — | 6,291 | 6,615 | 13,583 | ||||||||||||
| Net (loss) attributable to non-controlling interest | (2,690 | ) | (208 | ) | 12,184 | (581 | ) | |||||||||
| Net (loss) attributable to Bitcoin Depot Inc. | (1,538 | ) | — | (27,640 | ) | — | ||||||||||
| Other comprehensive income (loss), net of tax | ||||||||||||||||
| Net (loss) income | (4,228 | ) | 6,083 | (8,841 | ) | 13,002 | ||||||||||
| Foreign currency translation adjustments | 13 | — | 9 | (98 | ) | |||||||||||
| Total comprehensive (loss) income | (4,215 | ) | 6,083 | (8,832 | ) | 12,904 | ||||||||||
| Comprehensive income attributable to Legacy Bitcoin Depot unit holders | — | 6,291 | 6,594 | 6,837 | ||||||||||||
| Comprehensive (loss) attributable to non-controlling interest | (2,677 | ) | (208 | ) | 12,214 | (581 | ) | |||||||||
| Comprehensive (loss) attributable to Bitcoin Depot Inc. | $ | (1,538 | ) | $ | — | $ | (27,640 | ) | $ | — | ||||||
| Net (loss) attributable to Bitcoin Depot Inc. | $ | (1,538 | ) | $ | — | $ | (27,640 | ) | $ | — | ||||||
Explanation and Reconciliation of Non-GAAP Financial Measures
Bitcoin Depot reports its financial results in accordance with accounting principles generally accepted in the United States of America (“GAAP”). This press release includes both historical and projected Adjusted EBITDA, Adjusted Gross Profit, and certain ratios and other metrics derived therefrom such as Adjusted EBITDA margin and Adjusted Gross Profit margin, which are not prepared in accordance with GAAP.
Bitcoin Depot defines Adjusted EBITDA as net income before interest expense, income tax expense, depreciation and amortization, non-recurring expenses, share-based compensation, expenses related to the PIPE financing and miscellaneous cost adjustments. Such items are excluded from Adjusted EBITDA because these items are non-cash in nature, or because the amount and timing of these items is unpredictable, not driven by core results of operations and renders comparisons with prior periods and competitors less meaningful. In addition, Bitcoin Depot defines Adjusted Gross Profit (a non-GAAP financial measure) as revenue less cost of revenue (excluding depreciation and amortization) and depreciation and amortization adjusted to add back depreciation and amortization. Bitcoin Depot believes Adjusted EBITDA and Adjusted Gross Profit each provide useful information to investors and others in understanding and evaluating Bitcoin Depot’s results of operations, as well as provide a useful measure for period-to-period comparisons of Bitcoin Depot’s business performance. Adjusted EBITDA and Adjusted Gross Profit are each key measurements used internally by management to make operating decisions, including those related to operating expenses, evaluate performance and perform strategic and financial planning. However, you should be aware that Adjusted EBITDA and Adjusted Gross Profit are not measures of financial performance calculated in accordance with GAAP and may exclude items that are significant in understanding and assessing Bitcoin Depot’s financial results, and further, that Bitcoin Depot may incur future expenses similar to those excluded when calculating these measures. Bitcoin Depot primarily relies on GAAP results and uses both Adjusted EBITDA and Adjusted Gross Profit on a supplemental basis. Neither Adjusted EBITDA or Adjusted Gross Profit should be considered in isolation from, or as an alternative to, net income, cash flows from operations or other measures of profitability, liquidity or performance under GAAP and may not be indicative of Bitcoin Depot’s historical or future operating results. Bitcoin Depot’s computation of both Adjusted EBITDA and Adjusted Gross Profit may not be comparable to other similarly titled measures computed by other companies because not all companies calculate such measures in the same fashion. As such, undue reliance should not be placed on such measures.
Due to the high variability and difficulty in making accurate forecasts and projections of some of the information excluded from the projections of Adjusted EBITDA, together with some of the excluded information not being ascertainable or accessible, Bitcoin Depot is unable to quantify certain amounts that would be required to be included in the most directly comparable GAAP financial measures without unreasonable effort. Consequently, no disclosure of estimated comparable GAAP measures is included and no reconciliation of the forward-looking non-GAAP financial measures is included.
The following table presents a reconciliation of Net (loss) income to Adjusted EBITDA for the periods indicated:
| BITCOIN DEPOT INC. RECONCILIATION OF NET (LOSS) INCOME TO ADJUSTED EBITDA (UNAUDITED) | |||||||||||||||
| Three Months Ended March 31, | Twelve Months Ended March 31, | ||||||||||||||
| (in thousands) | 2024 | 2023 | 2024 | 2023 | |||||||||||
| Net (loss) income | $ | (4,228 | ) | $ | 6,083 | (8,841 | ) | 13,002 | |||||||
| Adjustments: | |||||||||||||||
| Interest expense | 4,944 | 2,947 | 13,923 | 12,168 | |||||||||||
| Income tax (benefit) | (138 | ) | (622 | ) | 533 | (538 | ) | ||||||||
| Depreciation and amortization | 2,947 | 2,796 | 12,939 | 16,779 | |||||||||||
| Expense related to the PIPE transaction (1) | — | — | 14,896 | — | |||||||||||
| Non-recurring expenses (1) | 463 | 2,238 | 7,523 | 6,631 | |||||||||||
| Share-based compensation | 897 | 191 | 3,230 | 1,421 | |||||||||||
| Special bonus (3) | — | — | 3,040 | — | |||||||||||
| Expenses associated with the termination of the phantom equity participation plan | — | — | 350 | — | |||||||||||
| Adjusted EBITDA | $ | 4,885 | $ | 13,633 | $ | 47,593 | $ | 49,463 | |||||||
| Adjusted EBITDA margin (2) | 3.5 | % | 8.3 | % | 7.2 | % | 7.5 | % | |||||||
(1) Comprised of non-recurring professional service fees.
(2) Adjusted EBITDA margin is defined as Adjusted EBITDA divided by revenue. The Company uses this measure to evaluate its overall profitability.
(3) Amount includes (A) Transaction bonus and related taxes to employees of approximately
The following table presents a reconciliation of revenue to Adjusted Gross Profit for the periods indicated:
| BITCOIN DEPOT INC. RECONCILIATION OF REVENUE TO ADJUSTED GROSS PROFIT (UNAUDITED) | ||||||||||||||||
| Three Months Ended March 31, | Twelve Months Ended March 31, | |||||||||||||||
| (in thousands) | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenue | $ | 138,539 | $ | 163,603 | $ | 663,903 | $ | 655,909 | ||||||||
| Cost of revenue (excluding depreciation and amortization) | (121,287 | ) | (141,300 | ) | (567,925 | ) | (574,566 | ) | ||||||||
| Depreciation and amortization excluded from cost of revenue | (2,881 | ) | (2,796 | ) | (12,540 | ) | (16,779 | ) | ||||||||
| Gross Profit | $ | 14,371 | $ | 19,507 | $ | 83,438 | $ | 64,564 | ||||||||
| Adjustments: | ||||||||||||||||
| Depreciation and amortization excluded from cost of revenue | $ | 2,881 | $ | 2,796 | $ | 12,540 | $ | 16,779 | ||||||||
| Adjusted Gross Profit | $ | 17,252 | $ | 22,303 | $ | 95,978 | $ | 81,343 | ||||||||
| Gross Profit Margin (1) | 10.4 | % | 11.9 | % | 12.6 | % | 9.8 | % | ||||||||
| Adjusted Gross Profit Margin (1) | 12.5 | % | 13.6 | % | 14.5 | % | 12.4 | % | ||||||||
(1) Calculated as a percentage of revenue
Contacts:
Investors
Cody Slach, Alex Kovtun
Gateway Group, Inc.
949-574-3860
BTM@gateway-grp.com
Media
Zach Kadletz, Brenlyn Motlagh, Ryan Deloney
Gateway Group, Inc.
949-574-3860
BTM@gateway-grp.com
FAQ
What were Bitcoin Depot's Q1 2024 financial results?
How many new retail locations did Bitcoin Depot secure in Q1 2024?
What is Bitcoin Depot's target for kiosk deployments by the end of 2024?
How did Bitcoin Depot's gross profit margin change over the trailing twelve months?
What recent international expansions has Bitcoin Depot undertaken?
How did Bitcoin Depot's adjusted EBITDA perform in Q1 2024?
What was Bitcoin Depot's net income in Q1 2023 compared to Q1 2024?
How did Bitcoin Depot's operating expenses change in Q1 2024?
