Athena Bitcoin Global reported a significant decline in financial performance for the first quarter of 2026, with revenues totaling $37.2 million, a decrease of 49% from $72.6 million in the same period of 2025. The company's gross profit also fell sharply to $2.2 million, down 73% from $8.1 million year-over-year. This downturn is attributed to increased regulatory restrictions on transaction fees and daily purchase limits, alongside a reduction in the number of operational Bitcoin ATMs and overall transaction volume.
The company's cost of revenues decreased by 46% to $35 million, reflecting the drop in sales volume. Operating expenses also saw a reduction, totaling $2.5 million, down 34% from the previous year. Notably, general and administrative expenses decreased by 41% to $1.8 million, primarily due to lower salaries and reduced legal fees. Despite these cost-cutting measures, Athena Bitcoin Global reported a net loss of $467,000 for the quarter, compared to a net income of $2.6 million in the prior year.
Operationally, Athena Bitcoin Global's ATM network has contracted, with the number of Bitcoin ATMs decreasing from 3,111 to 2,753, a 12% reduction. This decline is attributed to the removal of ATMs from unprofitable locations and regulatory mandates in states like Indiana. The company completed 35,351 transactions during the quarter, a 43% decrease from the previous year, with the median transaction size also declining from $125 to $120.
Looking ahead, Athena Bitcoin Global anticipates continued challenges due to regulatory pressures and market volatility. The company is focused on maintaining its operational efficiency and exploring new revenue streams, including potential expansions in its white-label services. The management remains cautious about the future, emphasizing the need for strategic adjustments to navigate the evolving landscape of the cryptocurrency market.
About Athena Bitcoin Global
GamePlan, Inc. is a development-stage public shell company with no current operations or products. Historically involved in gaming consulting, it now seeks to acquire or merge with businesses across various industries to establish substantive operations. The company provides a publicly traded vehicle for private entities to access capital markets via reverse mergers, targeting a broad range of potential business opportunities without industry restrictions.
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