Bitcoin Depot Reports Fourth Quarter and Full Year 2024 Financial Results
Bitcoin Depot (BTM) reported Q4 2024 financial results with revenue of $136.8 million, down from $148.4 million in Q4 2023. Despite lower revenue, the company showed significant improvements in profitability with Q4 net income increasing to $5.4 million compared to a net loss of $1.7 million in the prior year quarter.
Key Q4 metrics include a 16% reduction in operating expenses to $15.0 million, an 18% increase in adjusted gross profit to $25.4 million, and a 34% rise in adjusted EBITDA to $12.0 million. For full-year 2024, revenue was $573.7 million, with net income up 432% to $7.8 million.
The company provided strong guidance for Q1 2025, projecting revenue between $151-154 million (9-11% growth) and adjusted EBITDA of $12-14 million (over 200% growth). Bitcoin Depot has increased its Bitcoin treasury to 94 BTC and is considering potential cash dividend initiatives.
Bitcoin Depot (BTM) ha riportato i risultati finanziari del quarto trimestre 2024 con un fatturato di 136,8 milioni di dollari, in calo rispetto ai 148,4 milioni di dollari del quarto trimestre 2023. Nonostante il calo del fatturato, l'azienda ha mostrato significativi miglioramenti nella redditività, con un utile netto del quarto trimestre che è aumentato a 5,4 milioni di dollari rispetto a una perdita netta di 1,7 milioni di dollari nello stesso trimestre dell'anno precedente.
I principali indicatori del quarto trimestre includono una riduzione del 16% delle spese operative a 15,0 milioni di dollari, un aumento del 18% del profitto lordo rettificato a 25,4 milioni di dollari e un incremento del 34% dell'EBITDA rettificato a 12,0 milioni di dollari. Per l'intero anno 2024, il fatturato è stato di 573,7 milioni di dollari, con un utile netto aumentato del 432% a 7,8 milioni di dollari.
L'azienda ha fornito previsioni solide per il primo trimestre 2025, prevedendo un fatturato compreso tra 151-154 milioni di dollari (crescita del 9-11%) e un EBITDA rettificato di 12-14 milioni di dollari (crescita di oltre il 200%). Bitcoin Depot ha aumentato il suo tesoro di Bitcoin a 94 BTC e sta considerando potenziali iniziative di dividendi in contante.
Bitcoin Depot (BTM) reportó resultados financieros del cuarto trimestre de 2024 con ingresos de 136,8 millones de dólares, una disminución respecto a los 148,4 millones de dólares en el cuarto trimestre de 2023. A pesar de la disminución en los ingresos, la empresa mostró mejoras significativas en rentabilidad, con un ingreso neto del cuarto trimestre que aumentó a 5,4 millones de dólares en comparación con una pérdida neta de 1,7 millones de dólares en el mismo trimestre del año anterior.
Las métricas clave del cuarto trimestre incluyen una reducción del 16% en los gastos operativos a 15,0 millones de dólares, un aumento del 18% en la utilidad bruta ajustada a 25,4 millones de dólares y un aumento del 34% en el EBITDA ajustado a 12,0 millones de dólares. Para el año completo 2024, los ingresos fueron de 573,7 millones de dólares, con un ingreso neto que aumentó un 432% a 7,8 millones de dólares.
La empresa proporcionó una guía sólida para el primer trimestre de 2025, proyectando ingresos entre 151-154 millones de dólares (crecimiento del 9-11%) y un EBITDA ajustado de 12-14 millones de dólares (crecimiento de más del 200%). Bitcoin Depot ha aumentado su tesorería de Bitcoin a 94 BTC y está considerando posibles iniciativas de dividendos en efectivo.
비트코인 디포트 (BTM)는 2024년 4분기 재무 결과를 보고했으며, 수익은 1억 3680만 달러로, 2023년 4분기의 1억 4840만 달러에서 감소했습니다. 수익이 감소했음에도 불구하고, 회사는 수익성에서 상당한 개선을 보였으며, 4분기 순이익은 540만 달러로 증가했으며, 지난해 같은 분기에는 170만 달러의 순손실이 있었습니다.
4분기의 주요 지표로는 운영비용이 1600만 달러로 16% 감소했으며, 조정된 총 이익은 2540만 달러로 18% 증가했고, 조정된 EBITDA는 1200만 달러로 34% 증가했습니다. 2024년 전체 연도 수익은 5억 7370만 달러였으며, 순이익은 432% 증가하여 780만 달러에 달했습니다.
회사는 2025년 1분기에 대한 강력한 가이드를 제공하며, 수익은 1억 5100만-1억 5400만 달러 (9-11% 성장)로 예상하고, 조정된 EBITDA는 1200만-1400만 달러 (200% 이상의 성장)로 예상하고 있습니다. 비트코인 디포트는 비트코인 보유량을 94 BTC로 늘렸으며, 현금 배당금 지급 계획을 고려하고 있습니다.
Bitcoin Depot (BTM) a annoncé ses résultats financiers pour le quatrième trimestre 2024 avec un chiffre d'affaires de 136,8 millions de dollars, en baisse par rapport à 148,4 millions de dollars au quatrième trimestre 2023. Malgré une baisse du chiffre d'affaires, l'entreprise a montré des améliorations significatives en matière de rentabilité, avec un bénéfice net du quatrième trimestre passant à 5,4 millions de dollars contre une perte nette de 1,7 million de dollars au trimestre précédent.
Les principaux indicateurs du quatrième trimestre incluent une réduction de 16 % des dépenses d'exploitation à 15,0 millions de dollars, une augmentation de 18 % du bénéfice brut ajusté à 25,4 millions de dollars et une augmentation de 34 % de l'EBITDA ajusté à 12,0 millions de dollars. Pour l'année complète 2024, le chiffre d'affaires s'élevait à 573,7 millions de dollars, avec un bénéfice net en hausse de 432 % à 7,8 millions de dollars.
L'entreprise a fourni des prévisions solides pour le premier trimestre 2025, projetant un chiffre d'affaires compris entre 151-154 millions de dollars (croissance de 9-11 %) et un EBITDA ajusté de 12-14 millions de dollars (croissance de plus de 200 %). Bitcoin Depot a augmenté sa trésorerie en Bitcoin à 94 BTC et envisage des initiatives potentielles de dividendes en espèces.
Bitcoin Depot (BTM) berichtete über die finanziellen Ergebnisse des 4. Quartals 2024 mit einem Umsatz von 136,8 Millionen Dollar, ein Rückgang von 148,4 Millionen Dollar im 4. Quartal 2023. Trotz des niedrigeren Umsatzes zeigte das Unternehmen erhebliche Verbesserungen bei der Rentabilität, wobei der Nettogewinn im 4. Quartal auf 5,4 Millionen Dollar anstieg, verglichen mit einem Nettoverlust von 1,7 Millionen Dollar im Vorjahresquartal.
Wichtige Kennzahlen des 4. Quartals umfassen eine Reduzierung der Betriebskosten um 16% auf 15,0 Millionen Dollar, einen Anstieg des bereinigten Bruttogewinns um 18% auf 25,4 Millionen Dollar und einen Anstieg des bereinigten EBITDA um 34% auf 12,0 Millionen Dollar. Für das gesamte Jahr 2024 betrug der Umsatz 573,7 Millionen Dollar, wobei der Nettogewinn um 432% auf 7,8 Millionen Dollar stieg.
Das Unternehmen gab eine starke Prognose für das 1. Quartal 2025 ab und rechnet mit einem Umsatz zwischen 151-154 Millionen Dollar (9-11% Wachstum) und einem bereinigten EBITDA von 12-14 Millionen Dollar (über 200% Wachstum). Bitcoin Depot hat seine Bitcoin-Reserven auf 94 BTC erhöht und erwägt potenzielle Bardividendeninitiativen.
- Net income increased significantly to $5.4 million in Q4 2024 from a loss of $1.7 million in Q4 2023
- Q4 adjusted EBITDA up 34% year-over-year to $12.0 million
- Operating expenses reduced by 16% to $15.0 million in Q4
- Strong Q1 2025 guidance with projected 200%+ adjusted EBITDA growth
- Adjusted gross profit margin improved 400 basis points to 18.6% in Q4
- Full-year net income grew 432% to $7.8 million
- Q4 revenue declined to $136.8 million from $148.4 million year-over-year
- Full-year revenue decreased to $573.7 million from $689.0 million in 2023
- Full-year adjusted EBITDA declined to $38.7 million from $56.3 million in 2023
- California legislation negatively impacted revenue performance
Insights
Bitcoin Depot's Q4 2024 results demonstrate a significant improvement in profitability despite revenue headwinds. The company reported
The company effectively managed costs, with operating expenses decreasing
The forward guidance is particularly promising, projecting Q1 2025 revenue between
The company's increasing Bitcoin holdings (now 94 BTC) and mention of a potential cash dividend signal management's confidence in their business model and commitment to shareholder returns. With
Bitcoin Depot's strategic pivot appears to be gaining traction. While experiencing revenue pressure from California's regulatory changes and kiosk relocations, the company has successfully prioritized profitability over pure volume. This calculated approach of removing underperforming locations to optimize fleet performance has meaningfully improved margins, with adjusted gross profit margin expanding by 400 basis points to
The company's international and domestic expansion strategy indicates a two-pronged approach: optimizing existing assets while pursuing growth in new markets. This balances immediate profitability with long-term revenue growth potential. The substantial improvement in Q4 adjusted EBITDA (
Bitcoin Depot's reference to a potential cash dividend represents an interesting strategic shift for a growth-stage fintech company. This signals management's confidence in sustainable cash flow generation and could potentially broaden their investor base to include income-focused shareholders. Meanwhile, increasing Bitcoin holdings to 94 BTC indicates strategic alignment with their core business and provides potential upside exposure to cryptocurrency appreciation.
The company appears to have successfully navigated the transition from rapid growth to profitable operations, setting a foundation for what they describe as a "strong return to growth" in 2025. The substantial Q1 guidance suggests this transition is already underway, with both top-line and profitability metrics projected to show meaningful improvement.
Q4 Revenue of
Q4 Operating Expenses Down
Q4 Net Income up Significantly to
Q4 Adjusted Gross Profit up
Q4 Adjusted EBITDA up
ATLANTA, March 18, 2025 (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 fourth quarter and full year ended December 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.
"As we highlighted in our fourth-quarter pre-announcement, 2024 ended on a strong note, driven by sequential revenue growth and substantial improvements in adjusted EBITDA, both sequentially and year-over-year," said Brandon Mintz, CEO and Founder of Bitcoin Depot. "In the fourth quarter, we made significant progress in expanding our Bitcoin ATM network and optimizing existing machines to enhance profitability — and the results speak for themselves.
"Looking ahead, we are confident that the optimization efforts we implemented throughout 2024 will begin to positively impact our financial performance as we move through 2025. With our aggressive international and domestic kiosk expansion strategy, we anticipate that 2025 will mark a strong return to growth for the business. As part of this, we are reintroducing financial guidance, projecting robust growth in the first quarter. Additionally, we remain committed to leveraging our strong cash flow to drive shareholder value initiatives, including the potential for a cash dividend. We have also continued to strengthen our Bitcoin treasury holdings, recently increasing our total to 94 BTC, reflecting our confidence in Bitcoin as a valuable financial asset and an integral part of our business model."
Fourth Quarter 2024 Financial Results
Revenue in the fourth quarter of 2024 was
Total operating expenses declined
Net income for the fourth quarter of 2024 increased significantly to
Adjusted gross profit, a non-GAAP measure, in the third quarter of 2024 increased
Adjusted EBITDA, a non-GAAP measure, in the fourth quarter of 2024 increased
Full Year 2024 Financial Results
Revenue in 2024 was
Total operating expenses declined
Net income in 2024 increased by
Adjusted gross profit, a non-GAAP measure, in 2024 was
Adjusted EBITDA, a non-GAAP measure, in 2024 was
Cash, cash equivalents, and cryptocurrencies were
Q1 2025 Outlook
Q1 2025 is off to a very strong start as we continue to see growth from our relocation strategy. We anticipate Q1 revenues to be between
We are projecting adjusted EBITDA for Q1 2025 to be between
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 fourth quarter and full year ended December 31, 2024.
Call Date: Tuesday, March 18, 2025
Time: 10:00 a.m. Eastern time (7:00 a.m. Pacific time)
Phone Instructions
U.S. dial-in: 646-968-2525
International dial-in: 888-596-4144
Conference ID: 8224936
Webcast Instructions
Webcast link: https://edge.media-server.com/mmc/p/8kgtbeme
A replay of the call will be available beginning after 2:00 p.m. Eastern time through March 25, 2025.
U.S. & Canada replay number: 800-770-2030
U.S. toll number: 609-800-9909
Conference ID: 8224936
If you have any difficulty connecting with the conference call, please contact Bitcoin Depot’s investor relations team at 1-949-574-3860.
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 48 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 over 8,400 kiosk locations as of February 25, 2025. 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) | ||||||||
| As of December 31, | ||||||||
| 2024 | 2023 | |||||||
| Assets | ||||||||
| Current: | ||||||||
| Cash and cash equivalents | $ | 29,472 | $ | 29,759 | ||||
| Cryptocurrencies | 1,510 | 712 | ||||||
| Accounts receivable | 275 | 245 | ||||||
| Prepaid expenses and other current assets | 3,076 | 3,514 | ||||||
| Total current assets | 34,333 | 34,230 | ||||||
| Property and equipment: | ||||||||
| Furniture and fixtures | 635 | 635 | ||||||
| Leasehold improvements | 172 | 172 | ||||||
| Kiosk machines - owned | 36,831 | 24,222 | ||||||
| Kiosk machines - leased | 10,367 | 20,524 | ||||||
| Total property and equipment | 48,005 | 45,553 | ||||||
| Less: accumulated depreciation | (21,158 | ) | (20,699 | ) | ||||
| Total property and equipment, net | 26,847 | 24,854 | ||||||
| Intangible assets, net | 2,320 | 3,836 | ||||||
| Goodwill | 8,717 | 8,717 | ||||||
| Operating lease right-of-use assets, net | 2,595 | 484 | ||||||
| Deposits | 734 | 412 | ||||||
| Deferred tax assets | 4,558 | 1,804 | ||||||
| Total assets | $ | 80,104 | $ | 74,337 | ||||
| BITCOIN DEPOT INC. CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts) | ||||||||
| As of December 31, | ||||||||
| 2024 | 2023 | |||||||
| Liabilities and Stockholders’ (Deficit) Equity | ||||||||
| Current: | ||||||||
| Accounts payable | $ | 11,557 | $ | 8,337 | ||||
| Accrued expenses and other current liabilities | 14,260 | 18,505 | ||||||
| Notes payable | 6,022 | 3,985 | ||||||
| Income taxes payable | 2,207 | 2,484 | ||||||
| Deferred revenue | 20 | 297 | ||||||
| Operating lease liabilities, current portion | 858 | 279 | ||||||
| Current installments of obligations under finance leases | 3,446 | 6,801 | ||||||
| Other non-income tax payable | 2,259 | 2,297 | ||||||
| Total current liabilities | 40,629 | 42,985 | ||||||
| Long-term liabilities | ||||||||
| Notes payable, non-current | 49,457 | 17,101 | ||||||
| Operating lease liabilities, non-current | 1,774 | 319 | ||||||
| Obligations under finance leases, non-current | 1,950 | 2,848 | ||||||
| Deferred income tax, net | 604 | 846 | ||||||
| Tax receivable agreement liability due to related party | 2,176 | 865 | ||||||
| Total Liabilities | 96,590 | 64,964 | ||||||
| Commitments and Contingencies (Note 24) | ||||||||
| Stockholders’ (Deficit) 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 | 21,491 | 17,326 | ||||||
| Accumulated deficit | (44,349 | ) | (32,663 | ) | ||||
| Accumulated other comprehensive loss | (342 | ) | (203 | ) | ||||
| Total Stockholders’ (Deficit) Attributable to Bitcoin Depot Inc. | (23,632 | ) | (15,814 | ) | ||||
| Equity attributable to non-controlling interests | 7,146 | 25,187 | ||||||
| Total Stockholders’ (Deficit) Equity | (16,486 | ) | 9,373 | |||||
| Total Liabilities and Stockholders’ (Deficit) Equity | $ | 80,104 | $ | 74,337 | ||||
| BITCOIN DEPOT INC. CONSOLIDATED STATEMENTS OF (LOSS) INCOME AND COMPREHENSIVE (LOSS) INCOME (UNAUDITED) (in thousands, except share and per share amounts) | |||||||||||||||
| Year ended December 31, | Three Months Ended December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenue | $ | 573,703 | $ | 688,967 | $ | 136,827 | $ | 148,406 | |||||||
| Cost of revenue (excluding depreciation and amortization) | 482,263 | 587,938 | 111,415 | 126,851 | |||||||||||
| Operating expenses: | — | — | |||||||||||||
| Selling, general, and administrative | 57,158 | 57,770 | 13,096 | 14,525 | |||||||||||
| Depreciation and amortization | 10,072 | 12,788 | 1,888 | 3,234 | |||||||||||
| Total operating expenses | 67,230 | 70,558 | 14,984 | 17,759 | |||||||||||
| Income from operations | 24,210 | 30,471 | 10,428 | 3,796 | |||||||||||
| Other (expense) income: | - | - | |||||||||||||
| Interest (expense) | (14,199 | ) | (11,926 | ) | (3,468 | ) | (1,806 | ) | |||||||
| Other (expense) income | 406 | (16,737 | ) | 263 | (2,713 | ) | |||||||||
| Loss on foreign currency transactions | (465 | ) | (289 | ) | (171 | ) | 76 | ||||||||
| Total other (expense), net | (14,258 | ) | (28,952 | ) | (3,376 | ) | (4,443 | ) | |||||||
| Income before provision for income taxes and non-controlling interest | 9,952 | 1,519 | 7,052 | (647 | ) | ||||||||||
| Income tax (expense) | (2,138 | ) | (49 | ) | (1,659 | ) | (1,026 | ) | |||||||
| Net income | $ | 7,814 | $ | 1,470 | $ | 5,393 | $ | (1,673 | ) | ||||||
| Net income attributable to Legacy Bitcoin Depot unit holders | — | 12,906 | — | — | |||||||||||
| Net income attributable to non-controlling interest | 19,500 | 14,666 | 12,041 | 6,635 | |||||||||||
| Net (loss) attributable to Bitcoin Depot Inc. | $ | (11,686 | ) | $ | (26,102 | ) | $ | (6,648 | ) | $ | (8,308 | ) | |||
| Other comprehensive income (loss), net of tax | — | — | |||||||||||||
| Net income | 7,814 | 1,470 | 5,393 | (1,673 | ) | ||||||||||
| Foreign currency translation adjustments | 34 | (4 | ) | 35 | (70 | ) | |||||||||
| Total comprehensive income | 7,848 | 1,466 | 5,428 | (1,743 | ) | ||||||||||
| Comprehensive income attributable to Legacy Bitcoin Depot unit holders | — | 12,885 | — | — | |||||||||||
| Comprehensive income attributable to non-controlling interest | 19,500 | 14,683 | 12,041 | 6,565 | |||||||||||
| Comprehensive (loss) attributable to Bitcoin Depot Inc. | $ | (11,652 | ) | $ | (26,102 | ) | $ | (6,613 | ) | $ | (8,308 | ) | |||
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) | |||||||||||||||
| Year Ended December 31, | Three Months Ended December 31, | ||||||||||||||
| (in thousands) | 2024 | 2023 | 2024 | 2023 | |||||||||||
| Net income (loss) | $ | 7,814 | $ | 1,470 | $ | 5,393 | $ | (1,673 | ) | ||||||
| Adjustments: | |||||||||||||||
| Interest expense | 14,199 | 11,926 | 3,468 | 1,806 | |||||||||||
| Income tax (benefit) expense | 2,138 | 49 | 1,659 | 1,026 | |||||||||||
| Depreciation and amortization | 10,072 | 12,788 | 1,888 | 3,234 | |||||||||||
| Expense related to the PIPE transaction (1) | — | 14,896 | — | 2,615 | |||||||||||
| Non-recurring expenses (2) | 437 | 9,298 | (767 | ) | 1,634 | ||||||||||
| Share-based compensation | 3,400 | 2,524 | 363 | 1,198 | |||||||||||
| Special bonus (3) | 675 | 3,040 | — | (875 | ) | ||||||||||
| Expenses associated with the termination of the phantom equity participation plan | — | 350 | — | — | |||||||||||
| Adjusted EBITDA | $ | 38,735 | $ | 56,341 | $ | 12,004 | $ | 8,965 | |||||||
| Adjusted EBITDA margin (4) | 6.8 | % | 8.2 | % | 8.8 | % | 7.8 | % | |||||||
| (1) Amounts include the recognition of a non-cash expense of (2) Comprised of non-recurring professional service fees incurred by the Company related to the close of the Transaction. (3) Amount includes (A) Transaction bonus and related taxes to employees of approximately (4) Adjusted EBITDA margin is defined as Adjusted EBITDA divided by revenue. The Company uses this measure to evaluate its overall profitability. | |||||||||||||||
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) | |||||||||||||||
| Year Ended December 31, | Three Months Ended December 31, | ||||||||||||||
| (in thousands) | 2024 | 2023 | 2024 | 2023 | |||||||||||
| Revenue | $ | 573,703 | $ | 688,967 | $ | 136,827 | $ | 148,406 | |||||||
| Cost of revenue (excluding depreciation and amortization) | (482,263 | ) | (587,938 | ) | (111,415 | ) | (126,851 | ) | |||||||
| Depreciation and amortization excluded from cost of revenue | (9,984 | ) | (12,455 | ) | (1,894 | ) | (2,901 | ) | |||||||
| Gross profit | $ | 81,456 | $ | 88,574 | $ | 23,518 | $ | 18,654 | |||||||
| Adjustments: | |||||||||||||||
| Depreciation and amortization excluded from cost of revenue | $ | 9,984 | $ | 12,455 | $ | 1,894 | $ | 2,901 | |||||||
| Adjusted gross profit | $ | 91,440 | $ | 101,029 | $ | 25,412 | $ | 21,555 | |||||||
| Gross profit margin (1) | 14.2 | % | 12.9 | % | 17 | % | 13 | % | |||||||
| Adjusted gross profit margin (1) | 15.9 | % | 14.7 | % | 19 | % | 15 | % | |||||||
| (1) Calculated as a percentage of revenue. | |||||||||||||||
Contacts:
Investors
Cody Slach,
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 caused Bitcoin Depot's Q4 2024 revenue decline compared to Q4 2023?
How much did Bitcoin Depot's Q4 2024 adjusted EBITDA improve year-over-year?
What is Bitcoin Depot's revenue guidance for Q1 2025?
How many Bitcoin does Bitcoin Depot hold in its treasury?
What was Bitcoin Depot's net income improvement in Q4 2024?
