Bitcoin Depot Reports Third Quarter 2024 Financial Results
Bitcoin Depot reported Q3 2024 financial results showing revenue of $135.3 million, down 25% year-over-year due to unfavorable California legislation and kiosk relocation efforts. The company expanded its Bitcoin ATM network to 8,300 machines. Net income increased 116% to $2.3 million, while operating expenses decreased 13% to $16.9 million. Adjusted EBITDA declined 34% to $9.2 million. The company generated $5.8 million in operational cash flow and ended the quarter with $32.2 million in cash. Management announced plans to initiate common shareholder dividends in 2025.
Bitcoin Depot ha riportato i risultati finanziari del terzo trimestre 2024, mostrando ricavi di 135,3 milioni di dollari, in calo del 25% rispetto all'anno precedente a causa di legislazioni sfavorevoli in California e sforzi per il trasferimento dei chioschi. L'azienda ha ampliato la propria rete di sportelli automatici Bitcoin a 8.300 macchine. L'utile netto è aumentato del 116%, raggiungendo 2,3 milioni di dollari, mentre le spese operative sono diminuite del 13%, a 16,9 milioni di dollari. L'EBITDA rettificato è calato del 34%, a 9,2 milioni di dollari. L'azienda ha generato 5,8 milioni di dollari di flusso di cassa operativo e ha concluso il trimestre con 32,2 milioni di dollari in cassa. La direzione ha annunciato piani per avviare dividendi per gli azionisti nel 2025.
Bitcoin Depot reportó los resultados financieros del tercer trimestre de 2024, mostrando ingresos de 135,3 millones de dólares, un descenso del 25% año tras año debido a la legislación desfavorable en California y los esfuerzos de reubicación de quioscos. La compañía amplió su red de cajeros automáticos de Bitcoin a 8.300 máquinas. El ingreso neto aumentó un 116% a 2,3 millones de dólares, mientras que los gastos operativos disminuyeron un 13% a 16,9 millones de dólares. El EBITDA ajustado disminuyó un 34% a 9,2 millones de dólares. La empresa generó 5,8 millones de dólares en flujo de caja operativo y cerró el trimestre con 32,2 millones de dólares en efectivo. La dirección anunció planes para iniciar dividendos a los accionistas comunes en 2025.
비트코인 디포는 2024년 3분기 재무 결과를 보고하여 1억 3천5백 30만 달러의 수익을 기록하였으며, 이는 캘리포니아의 부정적인 법률과 키오스크 이전 작업으로 인해 지난해 대비 25% 감소한 수치입니다. 회사는 비트코인 ATM 네트워크를 8,300대로 확장했습니다. 순이익은 230만 달러로 116% 증가했지만 운영 비용은 1,690만 달러로 13% 감소했습니다. 조정된 EBITDA는 920만 달러로 34% 감소했습니다. 회사는 580만 달러의 운영 현금 흐름을 창출했으며, 분기를 마감하면서 3천2백20만 달러의 현금을 보유하고 있었습니다. 경영진은 2025년에 일반 주주 배당금을 시작할 계획을 발표했습니다.
Bitcoin Depot a signalé les résultats financiers du troisième trimestre 2024, montrant un chiffre d'affaires de 135,3 millions de dollars, en baisse de 25 % par rapport à l'année précédente en raison d'une législation californienne défavorable et des efforts de relocation des kiosques. L'entreprise a élargi son réseau de DAB Bitcoin à 8 300 machines. Le revenu net a augmenté de 116 % pour atteindre 2,3 millions de dollars, tandis que les dépenses d'exploitation ont diminué de 13 % pour s'établir à 16,9 millions de dollars. L'EBITDA ajusté a chuté de 34 % à 9,2 millions de dollars. L'entreprise a généré 5,8 millions de dollars de flux de trésorerie opérationnel et a terminé le trimestre avec 32,2 millions de dollars en liquidité. La direction a annoncé des plans pour initier des dividendes aux actionnaires ordinaires en 2025.
Bitcoin Depot hat die Finanzzahlen für das dritte Quartal 2024 veröffentlicht und verzeichnete einen Umsatz von 135,3 Millionen Dollar, was einem Rückgang von 25% im Jahresvergleich aufgrund ungünstiger Gesetzgebung in Kalifornien und Umzugsanstrengungen für Kioske entspricht. Das Unternehmen hat sein Bitcoin-ATM-Netzwerk auf 8.300 Maschinen erweitert. Der Nettogewinn stieg um 116% auf 2,3 Millionen Dollar, während die Betriebskosten um 13% auf 16,9 Millionen Dollar sanken. Das bereinigte EBITDA fiel um 34% auf 9,2 Millionen Dollar. Das Unternehmen erwirtschaftete 5,8 Millionen Dollar an operativem Cashflow und schloss das Quartal mit 32,2 Millionen Dollar in bar ab. Das Management kündigte Pläne an, 2025 Dividenden an die Stammaktionäre auszuschütten.
- Net income increased 116% to $2.3 million
- Operating expenses reduced by 13% to $16.9 million
- Expanded Bitcoin ATM network to 8,300 machines
- Generated $5.8 million in operational cash flow
- Adjusted gross profit margin improved by 160 basis points to 16.6%
- Plans to initiate dividend payments in 2025
- Revenue declined 25% year-over-year to $135.3 million
- Adjusted EBITDA decreased 34% to $9.2 million
- Negative impact from California legislation affecting operations
- Lower operational cash flow compared to Q3 2023 ($5.8M vs $7.0M)
Insights
Bitcoin Depot's Q3 2024 presents a mixed financial picture. Revenue declined
Key metrics reveal operational efficiency improvements:
- Adjusted gross profit margin expanded 160 basis points to
16.6% - Operating expenses decreased
13% to$16.9 million - Strong liquidity with
$32.2 million cash position - Healthy cash flow generation of
$5.8 million from operations
The planned 2025 dividend initiative signals management's confidence in sustainable cash generation, though investors should monitor the impact of ongoing kiosk optimization efforts and regulatory challenges on future revenue growth.
ATLANTA, Nov. 13, 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 third quarter ended September 30, 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.
“During the third quarter, we made significant strides in expanding our Bitcoin ATM network while working to optimize existing machines for greater profitability,” said Brandon Mintz, CEO and Founder of Bitcoin Depot. “We ended the quarter with 8,300 machines, surpassing our goals and reflecting our team's execution and vision to enhance Bitcoin’s accessibility.
“In the past year, we’ve focused on relocating underperforming BTMs to more promising locations, a strategy that historically boosts average profitability per kiosk over time. While this improvement may not be fully visible in our consolidated quarterly numbers, the strategy is proving effective. With our extensive kiosk footprint and these initiatives in place, we are confident in our ability to drive shareholder value moving forward.
“As a result of our continued cash flow generation, we believe that beginning a cash dividend to common shareholders in 2025 will be one of the ways we create value for shareholders.”
Third Quarter 2024 Financial Results
Revenue in the third quarter of 2024 was
Total operating expenses declined
Net income for the third quarter of 2024 increased
Adjusted gross profit, a non-GAAP measure, in the third quarter of 2024 was
Adjusted EBITDA, a non-GAAP measure, in the third quarter of 2024 decreased
Cash and cash equivalents were
During the third quarter of 2024, the Company generated
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 third quarter ended September 30, 2024.
Call Date: Wednesday, November 13, 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: 7631242
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 November 13, 2024, through November 20, 2024.
U.S. replay number: 609-800-9909
International replay number: 800-770-2030
Conference ID: 7631242
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 approximately 8,300 kiosk locations as of September 30, 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) | ||||||||
| September 30, 2024 (unaudited) | December 31, 2023 | |||||||
| Assets | ||||||||
| Current: | ||||||||
| Cash and cash equivalents | $ | 32,229 | $ | 29,759 | ||||
| Cryptocurrencies | 1,311 | 712 | ||||||
| Accounts receivable | 380 | 245 | ||||||
| Prepaid expenses and other current assets | 7,453 | 6,554 | ||||||
| Total current assets | 41,373 | 37,270 | ||||||
| Property and equipment: | ||||||||
| Furniture and fixtures | 635 | 635 | ||||||
| Leasehold improvements | 172 | 172 | ||||||
| Kiosk machines - owned | 32,086 | 24,222 | ||||||
| Kiosk machines - leased | 20,004 | 20,524 | ||||||
| Total property and equipment | 52,897 | 45,553 | ||||||
| Less: accumulated depreciation | (25,350 | ) | (20,699 | ) | ||||
| Total property and equipment, net | 27,547 | 24,854 | ||||||
| Intangible assets, net | 2,698 | 3,836 | ||||||
| Goodwill | 8,717 | 8,717 | ||||||
| Operating lease right-of-use assets, net | 2,814 | 484 | ||||||
| Deposits | 736 | 412 | ||||||
| Deferred tax assets | 3,562 | 1,804 | ||||||
| Total assets | $ | 87,447 | $ | 77,377 | ||||
| BITCOIN DEPOT INC. CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts) | ||||||||
| September 30, 2024 (unaudited) | December 31, 2023 | |||||||
| Liabilities and Stockholders’ (Deficit) Equity | ||||||||
| Current: | ||||||||
| Accounts payable | $ | 11,965 | $ | 8,337 | ||||
| Accrued expenses and other current liabilities | 20,196 | 21,545 | ||||||
| Notes payable, current portion | 4,860 | 3,985 | ||||||
| Income taxes payable | 1,355 | 2,484 | ||||||
| Deferred revenue | 201 | 297 | ||||||
| Operating lease liabilities, current portion | 887 | 279 | ||||||
| Current installments of obligations under finance leases | 3,931 | 6,801 | ||||||
| Other non-income tax payable | 2,236 | 2,297 | ||||||
| Total current liabilities | 45,631 | 46,025 | ||||||
| Long-term liabilities | ||||||||
| Notes payable, non-current | 41,864 | 17,101 | ||||||
| Operating lease liabilities, non-current | 1,983 | 319 | ||||||
| Obligations under finance leases, non-current | 2,856 | 2,848 | ||||||
| Deferred income tax, net | 852 | 846 | ||||||
| Tax receivable agreement liability due to related party, non-current | 2,126 | 865 | ||||||
| Total Liabilities | 95,312 | 68,004 | ||||||
| Commitments and Contingencies (Note 19) | ||||||||
| 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 | 21,135 | 17,326 | ||||||
| Accumulated deficit | (37,701 | ) | (32,663 | ) | ||||
| Accumulated other comprehensive loss | (204 | ) | (203 | ) | ||||
| Total Stockholders’ (Deficit) Attributable to Bitcoin Depot Inc. | (17,202 | ) | (15,814 | ) | ||||
| Equity attributable to non-controlling interests | 9,337 | 25,187 | ||||||
| Total Stockholders’ (Deficit) Equity | (7,865 | ) | 9,373 | |||||
| Total Liabilities and Stockholders’ (Deficit) Equity | $ | 87,447 | $ | 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 September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenue | $ | 135,271 | $ | 179,483 | $ | 436,876 | $ | 540,561 | ||||||||
| Cost of revenue (excluding depreciation and amortization) | 112,853 | 152,545 | 370,848 | 461,087 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Selling, general, and administrative | 14,694 | 16,242 | 44,062 | 43,245 | ||||||||||||
| Depreciation and amortization | 2,245 | 3,260 | 8,184 | 9,554 | ||||||||||||
| Total operating expenses | 16,939 | 19,502 | 52,246 | 52,799 | ||||||||||||
| Income from operations | 5,479 | 7,436 | 13,782 | 26,675 | ||||||||||||
| Other (expense) income: | ||||||||||||||||
| Interest (expense) | (2,907 | ) | (2,769 | ) | (10,731 | ) | (10,120 | ) | ||||||||
| Other income (expense) | 103 | (3,111 | ) | 143 | (14,024 | ) | ||||||||||
| Gain (loss) on foreign currency transactions | (29 | ) | (154 | ) | (294 | ) | (365 | ) | ||||||||
| Total other (expense) | (2,833 | ) | (6,034 | ) | (10,882 | ) | (24,509 | ) | ||||||||
| (Loss) Income before provision for income taxes and non-controlling interest | 2,646 | 1,402 | 2,900 | 2,166 | ||||||||||||
| Income tax benefit (expense) | (347 | ) | (337 | ) | (479 | ) | 977 | |||||||||
| Net income (loss) | 2,299 | 1,065 | 2,421 | 3,143 | ||||||||||||
| Net income attributable to Legacy Bitcoin Depot unit holders | — | — | — | 12,906 | ||||||||||||
| Net income attributable to non-controlling interest | 3,238 | 8,163 | 7,459 | 8,031 | ||||||||||||
| Net (loss) attributable to Bitcoin Depot Inc. | (939 | ) | (7,098 | ) | (5,038 | ) | (17,794 | ) | ||||||||
| Other comprehensive income (loss), net of tax | ||||||||||||||||
| Net income (loss) | 2,299 | 1,065 | 2,421 | 3,143 | ||||||||||||
| Foreign currency translation adjustments | (19 | ) | 87 | (1 | ) | 66 | ||||||||||
| Total comprehensive income (loss) | 2,280 | 1,152 | 2,420 | 3,209 | ||||||||||||
| Comprehensive income attributable to Legacy Bitcoin Depot unit holders | — | — | — | 12,885 | ||||||||||||
| Comprehensive income (loss) attributable to non-controlling interest | 3,225 | 8,249 | 7,459 | 8,118 | ||||||||||||
| Comprehensive (loss) attributable to Bitcoin Depot Inc. | $ | (945 | ) | $ | (7,098 | ) | $ | (5,039 | ) | $ | (17,794 | ) | ||||
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 September 30, | Nine Months Ended September 30, | |||||||||||||||
| (in thousands) | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net (loss) income | $ | 2,299 | $ | 1,065 | $ | 2,421 | $ | 3,143 | ||||||||
| Adjustments: | ||||||||||||||||
| Interest expense | 2,907 | 2,769 | 10,731 | 10,120 | ||||||||||||
| Income tax expense (benefit) | 347 | 337 | 479 | (977 | ) | |||||||||||
| Depreciation and amortization | 2,245 | 3,260 | 8,184 | 9,554 | ||||||||||||
| Expense related to the PIPE transaction (1) | — | 2,700 | — | 12,281 | ||||||||||||
| Non-recurring expenses (2) | 297 | 2,873 | 1,204 | 7,664 | ||||||||||||
| Share-based compensation | 412 | 944 | 3,037 | 1,326 | ||||||||||||
| Special bonus (3) | 675 | — | 675 | 3,915 | ||||||||||||
| Expenses associated with the termination of the phantom equity participation plan | — | — | — | 350 | ||||||||||||
| Adjusted EBITDA | $ | 9,182 | $ | 13,948 | $ | 26,731 | $ | 47,376 | ||||||||
| Adjusted EBITDA margin (4) | 6.8 | % | 7.8 | % | 6.1 | % | 8.8 | % | ||||||||
(1) For the three and nine months ended September 30, 2023, amount includes the recognition of a non-cash expense of
(2) Comprised of non-recurring professional service fees.
(3) For nine months ended September 30, 2023, 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) | ||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| (in thousands) | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenue | $ | 135,271 | $ | 179,483 | $ | 436,876 | $ | 540,561 | ||||||||
| Cost of revenue (excluding depreciation and amortization) | (112,853 | ) | (152,545 | ) | $ | (370,848 | ) | (461,087 | ) | |||||||
| Depreciation and amortization excluded from cost of revenue | (2,233 | ) | (3,260 | ) | (8,090 | ) | (9,554 | ) | ||||||||
| Gross Profit | $ | 20,185 | $ | 23,678 | $ | 57,938 | $ | 69,920 | ||||||||
| Adjustments: | ||||||||||||||||
| Depreciation and amortization excluded from cost of revenue | $ | 2,233 | $ | 3,260 | $ | 8,090 | $ | 9,554 | ||||||||
| Adjusted Gross Profit | $ | 22,418 | $ | 26,938 | $ | 66,028 | $ | 79,474 | ||||||||
| Gross Profit Margin (1) | 14.9 | % | 13.2 | % | 13.3 | % | 12.9 | % | ||||||||
| Adjusted Gross Profit Margin (1) | 16.6 | % | 15.0 | % | 15.1 | % | 14.7 | % | ||||||||
(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 was Bitcoin Depot's (BTM) revenue in Q3 2024?
How many Bitcoin ATMs does Bitcoin Depot (BTM) operate as of Q3 2024?
When will Bitcoin Depot (BTM) start paying dividends?
What was Bitcoin Depot's (BTM) net income for Q3 2024?
