Bitcoin Depot Reports Second Quarter 2024 Financial Results
Bitcoin Depot reported Q2 2024 financial results, showing significant growth in key metrics. Revenue reached $163.1 million, up 18% from Q1 2024. Net income expanded to $4.4 million, a 203% increase from Q1's net loss. The company exceeded its goal of 8,000 active Bitcoin ATMs five months ahead of schedule, with 8,180 kiosks deployed. Cash flow from operations was strong at $10.1 million for Q2.
Other highlights include a partnership with Nouria Energy, a Bitcoin treasury strategy, and the sale of 200 additional BTM kiosks to Sopris Capital. Despite these positives, revenue was down 17% year-over-year, and Adjusted EBITDA decreased 36% to $12.7 million compared to Q2 2023. The company maintains a strong cash position with $43.9 million in cash and cash equivalents at the end of Q2 2024.
Bitcoin Depot ha riportato i risultati finanziari del Q2 2024, mostrando una crescita significativa in metriche chiave. I ricavi hanno raggiunto $163,1 milioni, in aumento del 18% rispetto al Q1 2024. Il reddito netto è stato di $4,4 milioni, un incremento del 203% rispetto alla perdita netta del Q1. L'azienda ha superato il suo obiettivo di 8.000 ATM Bitcoin attivi con cinque mesi di anticipo, e ha installato 8.180 chioschi. Il flusso di cassa dalle operazioni è stato forte, con $10,1 milioni per il Q2.
Altri punti salienti includono una partnership con Nouria Energy, una strategia di tesoreria Bitcoin e la vendita di 200 chioschi BTM aggiuntivi a Sopris Capital. Nonostante questi aspetti positivi, i ricavi sono diminuiti del 17% rispetto all'anno precedente e l'EBITDA rettificato è calato del 36%, scendendo a $12,7 milioni rispetto al Q2 2023. L'azienda mantiene una solida posizione di cassa con $43,9 milioni in contante e equivalenti di cassa alla fine del Q2 2024.
Bitcoin Depot informó los resultados financieros del Q2 2024, mostrando un crecimiento significativo en métricas clave. Los ingresos alcanzaron $163.1 millones, un aumento del 18% respecto al Q1 2024. El ingreso neto se expandió a $4.4 millones, un incremento del 203% respecto a la pérdida neta del Q1. La empresa superó su objetivo de 8,000 cajeros automáticos de Bitcoin activos cinco meses antes de lo previsto, con 8,180 quioscos desplegados. El flujo de efectivo de las operaciones fue fuerte, alcanzando $10.1 millones en el Q2.
Otros aspectos destacados incluyen una asociación con Nouria Energy, una estrategia de tesorería de Bitcoin y la venta de 200 cajeros BTM adicionales a Sopris Capital. A pesar de estos aspectos positivos, los ingresos cayeron un 17% interanual y el EBITDA ajustado disminuyó un 36% a $12.7 millones en comparación con el Q2 de 2023. La empresa mantiene una sólida posición de efectivo con $43.9 millones en efectivo y equivalentes al final del Q2 2024.
비트코인 디포는 2024년 2분기 재무 결과를 보고하며 주요 지표에서 상당한 성장을 보여주었습니다. 수익은 1억 6천 3백 10만 달러에 도달해 2024년 1분기 대비 18% 증가했습니다. 순이익은 440만 달러로, 1분기의 순손실에서 203% 증가했습니다. 회사는 8,000개의 활성 비트코인 ATM 목표를 5개월 앞서 초과 달성하며 8,180개의 키오스크를 배치했습니다. 운영에서의 현금 흐름은 2분기 동안 1천 1백만 달러로 강세를 보였습니다.
또한 누리아 에너지와의 협력, 비트코인 재무 전략, 그리고 소프리스 캐피탈에 200개의 추가 BTM 키오스크 판매와 같은 다른 주요 사항이 포함됩니다. 이러한 긍정적인 요소에도 불구하고, 수익은 전년 대비 17% 감소했으며, 조정된 EBITDA는 2023년 2분기와 비교해 36% 감소하여 1천 2백 70만 달러에 달했습니다. 회사는 2024년 2분기 말 기준으로 4천 3백 90만 달러의 현금 및 현금성 자산을 보유하며 강력한 현금 위치를 유지하고 있습니다.
Bitcoin Depot a rapporté les résultats financiers du Q2 2024, montrant une croissance significative dans des indicateurs clés. Les revenus ont atteint 163,1 millions de dollars, soit une augmentation de 18% par rapport au Q1 2024. Le revenu net a atteint 4,4 millions de dollars, ce qui représente une augmentation de 203% par rapport à la perte nette du Q1. L'entreprise a dépassé son objectif de 8 000 DAB Bitcoin actifs avec cinq mois d'avance, avec 8 180 kiosques déployés. Le flux de trésorerie des opérations a été solide à 10,1 millions de dollars pour le Q2.
D'autres points forts incluent un partenariat avec Nouria Energy, une stratégie de trésorerie Bitcoin et la vente de 200 kiosques BTM supplémentaires à Sopris Capital. Malgré ces éléments positifs, les revenus ont diminué de 17% d'une année sur l'autre, et l'EBITDA ajusté a diminué de 36% à 12,7 millions de dollars par rapport au Q2 2023. L'entreprise maintient une solide position de liquidité avec 43,9 millions de dollars en espèces et équivalents de trésorerie à la fin du Q2 2024.
Bitcoin Depot hat die Finanzergebnisse für Q2 2024 veröffentlicht, die ein signifikantes Wachstum in entscheidenden Kennzahlen zeigen. Der Umsatz erreichte 163,1 Millionen USD, was einem Anstieg von 18% im Vergleich zu Q1 2024 entspricht. Der Nettogewinn stieg auf 4,4 Millionen USD, was einem Zuwachs von 203% im Vergleich zu den Nett Verlusten des Q1 entspricht. Das Unternehmen überschritt sein Ziel von 8.000 aktiven Bitcoin-ATMs fünf Monate früher als geplant, mit 8.180 installierten Kiosken. Der Cashflow aus dem operativen Geschäft war im Q2 stark und betrug 10,1 Millionen USD.
Weitere Höhepunkte sind eine Partnerschaft mit Nouria Energy, eine Bitcoin-Schatzstrategie und der Verkauf von 200 zusätzlichen BTM-Kiosken an Sopris Capital. Trotz dieser positiven Aspekte ist der Umsatz im Jahresvergleich um 17% gesunken, und das bereinigte EBITDA fiel um 36% auf 12,7 Millionen USD im Vergleich zum Q2 2023. Das Unternehmen verfügt über eine solide Liquiditätsposition mit 43,9 Millionen USD an Bargeld und liquiden Mitteln zum Ende des Q2 2024.
- Revenue increased 18% quarter-over-quarter to $163.1 million
- Net income expanded to $4.4 million, up 203% from Q1 2024
- Exceeded goal of 8,000 active Bitcoin ATMs, reaching 8,180 kiosks
- Generated $10.1 million in cash flows from operations in Q2 2024
- Adjusted gross profit margin increased to 16.2%, up 90 basis points year-over-year
- Partnered with Nouria Energy, expanding presence in northeastern U.S.
- Implemented Bitcoin treasury strategy, allocating cash reserves to Bitcoin
- Revenue decreased 17% year-over-year from $197.5 million in Q2 2023
- Adjusted EBITDA decreased 36% year-over-year to $12.7 million
- Adjusted gross profit down 13% year-over-year to $26.4 million
Insights
Bitcoin Depot's Q2 2024 results show mixed signals. While revenue decreased
The expansion to over 8,000 active Bitcoin ATMs ahead of schedule is a positive indicator for market presence and potential future revenue growth. However, the
The
Bitcoin Depot's expansion to 8,180 kiosks, surpassing their 8,000 ATM goal ahead of schedule, is a significant technological achievement. This rapid deployment showcases their operational efficiency and scalability in the crypto infrastructure space.
The partnership with Nouria Energy to expand into 175 convenience stores is a smart move, leveraging existing retail networks to increase accessibility. This aligns with the growing trend of integrating crypto services into everyday consumer touchpoints.
Their Bitcoin treasury strategy is noteworthy, reflecting a growing trend among companies to hold Bitcoin as a reserve asset. This move could potentially hedge against inflation and currency fluctuations, but also exposes the company to Bitcoin's volatility.
Bitcoin Depot's Q2 results reflect the volatile nature of the crypto market. The YoY revenue decline might be attributed to fluctuations in Bitcoin prices and transaction volumes. However, the QoQ growth suggests a potential market recovery or successful expansion strategies.
The company's focus on expanding its ATM network is a strategic move to capture market share in the physical crypto infrastructure space. This could be particularly valuable as cryptocurrencies gain mainstream adoption.
The partnership with Nouria Energy indicates a push towards greater accessibility in the northeastern U.S., a region with high population density and potential for crypto adoption. This geographic expansion could be important for long-term growth and market penetration.
Revenue of
Exceeded Goal of Having Over 8,000 Active Bitcoin ATMs Five Months Ahead of Schedule
ATLANTA, Aug. 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 second quarter ended June 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.
“We continued to build on our momentum in the second quarter, achieving notable sequential growth in revenue, net income, and Adjusted EBITDA,” said Brandon Mintz, CEO and Founder of Bitcoin Depot. “Our success of having over 8,000 active Bitcoin ATMs five months ahead of schedule underscores our robust execution and positions us well for sustained growth. This achievement not only enhances our market presence but also drives our cash flow dynamics, as evidenced by the
Second Quarter 2024 Financial Results
Revenue in the second quarter of 2024 was
Total operating expenses were
Net income for the second quarter of 2024 was
Adjusted gross profit in the second quarter of 2024 was
Adjusted EBITDA, a non-GAAP measure, in the second quarter of 2024 decreased
Cash and cash equivalents were
Recent Business Highlights
- Achieved and exceeded its goal of having over 8,000 active Bitcoin ATMs five months ahead of schedule, with 8,180 kiosks. This milestone reinforces Bitcoin Depot's abiding market dominance and showcases its rapid growth trajectory.
- Partnered with New England-Based convenience retailer Nouria Energy, a leading convenience store brand based in the northeastern U.S. with robust operations across 175 company owned c-stores and fuel retailers.
- Announced Bitcoin treasury strategy, demonstrating the Company’s confidence in the future of Bitcoin by strategically allocating a portion of cash reserves to Bitcoin.
- Announced sale of 200 additional BTM kiosks to Sopris Capital, a 20-year-old multi-strategy investment firm as part of the Company’s profit-sharing program.
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 second quarter ended June 30, 2024.
Call Date: Tuesday, August 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: 4727212
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 August 13, 2024, through August 20, 2024.
U.S. replay number: 609-800-9909
International replay number: 800-770-2030
Conference ID: 4727212
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 8,000 kiosk locations as of July 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) | ||||||||
| June 30, 2024 (unaudited) | December 31, 2023 | |||||||
| Assets | ||||||||
| Current: | ||||||||
| Cash and cash equivalents | $ | 43,942 | $ | 29,759 | ||||
| Cryptocurrencies | 600 | 712 | ||||||
| Accounts receivable | 317 | 245 | ||||||
| Prepaid expenses and other current assets | 9,777 | 6,554 | ||||||
| Total current assets | 54,636 | 37,270 | ||||||
| Property and equipment: | ||||||||
| Furniture and fixtures | 635 | 635 | ||||||
| Leasehold improvements | 172 | 172 | ||||||
| Kiosk machines - owned | 27,100 | 24,222 | ||||||
| Kiosk machines - leased | 22,394 | 20,524 | ||||||
| Total property and equipment | 50,301 | 45,553 | ||||||
| Less: accumulated depreciation | (25,758 | ) | (20,699 | ) | ||||
| Total property and equipment, net | 24,543 | 24,854 | ||||||
| Intangible assets, net | 3,168 | 3,836 | ||||||
| Goodwill | 8,717 | 8,717 | ||||||
| Operating lease right-of-use assets, net | 2,489 | 484 | ||||||
| Deposits | 699 | 412 | ||||||
| Deferred tax assets | 3,286 | 1,804 | ||||||
| Total assets | $ | 97,538 | $ | 77,377 | ||||
| BITCOIN DEPOT INC. CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts) | ||||||||
| June 30, 2024 (unaudited) | December 31, 2023 | |||||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current: | ||||||||
| Accounts payable | $ | 10,326 | $ | 8,337 | ||||
| Accrued expenses and other current liabilities | 21,591 | 21,545 | ||||||
| Notes payable | 4,366 | 3,985 | ||||||
| Income taxes payable | 2,811 | 2,484 | ||||||
| Deferred revenue | 13 | 297 | ||||||
| Operating lease liabilities, current portion | 813 | 279 | ||||||
| Current installments of obligations under finance leases | 4,761 | 6,801 | ||||||
| Other non-income tax payable | 2,235 | 2,297 | ||||||
| Total current liabilities | 46,916 | 46,025 | ||||||
| Long-term liabilities | ||||||||
| Notes payable, non-current | 38,793 | 17,101 | ||||||
| Operating lease liabilities, non-current | 1,754 | 319 | ||||||
| Obligations under finance leases, non-current | 2,653 | 2,848 | ||||||
| Deferred income tax, net | 853 | 846 | ||||||
| Tax receivable agreement liability due to related party, non-current | 2,126 | 865 | ||||||
| Total Liabilities | 93,095 | 68,004 | ||||||
| Commitments and Contingencies (Note 19) | ||||||||
| 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 | 20,731 | 17,326 | ||||||
| Accumulated deficit | (36,762 | ) | (32,663 | ) | ||||
| Accumulated other comprehensive loss | (198 | ) | (203 | ) | ||||
| Total Stockholders’ (Deficit) Attributable to Bitcoin Depot Inc. | (16,661 | ) | (15,814 | ) | ||||
| Equity attributable to non-controlling interests | 21,104 | 25,187 | ||||||
| Total Stockholders’ Equity | 4,443 | 9,373 | ||||||
| Total Liabilities and Stockholders’ Equity | $ | 97,538 | $ | 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 June 30, | Six Months Ended June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenue | $ | 163,066 | $ | 197,474 | $ | 301,605 | $ | 361,077 | ||||||||
| Cost of revenue (excluding depreciation and amortization) | 136,708 | 167,242 | 257,995 | 308,543 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Selling, general, and administrative | 15,762 | 16,168 | 29,368 | 27,003 | ||||||||||||
| Depreciation and amortization | 2,992 | 3,499 | 5,939 | 6,295 | ||||||||||||
| Total operating expenses | 18,754 | 19,667 | 35,307 | 33,298 | ||||||||||||
| Income from operations | 7,604 | 10,565 | 8,303 | 19,236 | ||||||||||||
| Other (expense) income: | ||||||||||||||||
| Interest (expense) | (2,880 | ) | (4,404 | ) | (7,824 | ) | (7,351 | ) | ||||||||
| Other income (expense) | 34 | (10,797 | ) | 40 | (10,913 | ) | ||||||||||
| (Loss) on foreign currency transactions | (138 | ) | (62 | ) | (265 | ) | (211 | ) | ||||||||
| Total other (expense) | (2,984 | ) | (15,263 | ) | (8,049 | ) | (18,475 | ) | ||||||||
| (Loss) Income before provision for income taxes and non-controlling interest | 4,620 | (4,698 | ) | 254 | 761 | |||||||||||
| Income tax (expense) benefit | (270 | ) | 692 | (132 | ) | 1,314 | ||||||||||
| Net income (loss) | 4,350 | (4,006 | ) | 122 | 2,075 | |||||||||||
| Net income attributable to Legacy Bitcoin Depot unit holders | — | 6,616 | — | 12,906 | ||||||||||||
| Net income attributable to non-controlling interest | 6,911 | 77 | 4,221 | (132 | ) | |||||||||||
| Net (loss) attributable to Bitcoin Depot Inc. | (2,561 | ) | (10,699 | ) | (4,099 | ) | (10,699 | ) | ||||||||
| Other comprehensive income (loss), net of tax | ||||||||||||||||
| Net income (loss) | 4,350 | (4,006 | ) | 122 | 2,075 | |||||||||||
| Foreign currency translation adjustments | 5 | (21 | ) | 18 | (21 | ) | ||||||||||
| Total comprehensive income (loss) | 4,355 | (4,027 | ) | 140 | 2,054 | |||||||||||
| Comprehensive income attributable to Legacy Bitcoin Depot unit holders | — | 6,595 | — | 12,885 | ||||||||||||
| Comprehensive income (loss) attributable to non-controlling interest | 6,911 | 77 | 4,234 | (132 | ) | |||||||||||
| Comprehensive (loss) attributable to Bitcoin Depot Inc. | $ | (2,556 | ) | $ | (10,699 | ) | $ | (4,094 | ) | $ | (10,699 | ) | ||||
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 June 30, | Six Months Ended June 30, | |||||||||||||||
| (in thousands) | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net (loss) income | $ | 4,350 | $ | (4,006 | ) | $ | 122 | $ | 2,075 | |||||||
| Adjustments: | ||||||||||||||||
| Interest expense | 2,880 | 4,404 | 7,824 | 7,351 | ||||||||||||
| Income tax expense (benefit) | 270 | (692 | ) | 132 | (1,314 | ) | ||||||||||
| Depreciation and amortization | 2,992 | 3,499 | 5,939 | 6,295 | ||||||||||||
| Expense related to the PIPE transaction (1) | — | 9,597 | — | 9,597 | ||||||||||||
| Non-recurring expenses (2) | 444 | 2,745 | 907 | 5,174 | ||||||||||||
| Share-based compensation | 1,728 | — | 2,625 | — | ||||||||||||
| Special bonus (3) | — | 3,915 | — | 3,915 | ||||||||||||
| Expenses associated with the termination of the phantom equity participation plan | — | 350 | — | 350 | ||||||||||||
| Adjusted EBITDA | $ | 12,664 | $ | 19,812 | $ | 17,549 | $ | 33,443 | ||||||||
| Adjusted EBITDA margin (4) | 7.8 | % | 10.0 | % | 5.8 | % | 9.3 | % | ||||||||
(1) Amount includes the recognition of a non-cash expense of
(2) Comprised of non-recurring professional service fees.
(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) | ||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| (in thousands) | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenue | $ | 163,066 | $ | 197,474 | $ | 301,605 | $ | 361,077 | ||||||||
| Cost of revenue (excluding depreciation and amortization) | (136,708 | ) | (167,242 | ) | $ | (257,995 | ) | (308,543 | ) | |||||||
| Depreciation and amortization excluded from cost of revenue | (2,976 | ) | (3,499 | ) | (5,857 | ) | (6,295 | ) | ||||||||
| Gross Profit | $ | 23,382 | $ | 26,733 | $ | 37,753 | $ | 46,239 | ||||||||
| Adjustments: | ||||||||||||||||
| Depreciation and amortization excluded from cost of revenue | $ | 2,976 | $ | 3,499 | $ | 5,857 | $ | 6,295 | ||||||||
| Adjusted Gross Profit | $ | 26,358 | $ | 30,232 | $ | 43,610 | $ | 52,534 | ||||||||
| Gross Profit Margin (1) | 14.3 | % | 13.5 | % | 12.5 | % | 12.8 | % | ||||||||
| Adjusted Gross Profit Margin (1) | 16.2 | % | 15.3 | % | 14.5 | % | 14.5 | % | ||||||||
(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 revenue for Q2 2024?
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What was Bitcoin Depot's (BTM) net income for Q2 2024?
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