Athena Bitcoin Global reported a decline in financial performance for the third quarter of 2025, with revenues of $57.4 million, down 17% from $69.4 million in the same period last year. For the nine months ending September 30, 2025, total revenues reached $192.9 million, a decrease of 13% compared to $221.7 million in 2024. The company attributed this decline to market uncertainties, including geopolitical tensions and economic instability, which affected transaction prices and overall sales volume. Despite the revenue drop, Athena managed to maintain a gross profit of $7.2 million for the quarter, although this was an 11% decrease from $8.1 million in Q3 2024.
In terms of operational changes, Athena Bitcoin Global has expanded its network of ATMs, increasing from 3,111 to 3,225 ATMs from December 31, 2024, to September 30, 2025. The company operates in 34 U.S. states and four countries in Central and South America. The number of transactions at its ATMs also increased, with 170,309 transactions recorded in the nine months ending September 30, 2025, compared to 128,056 in the same period of 2024. However, the median transaction size decreased significantly, indicating a shift in customer behavior.
Athena's operational expenses also saw fluctuations, with total operating expenses rising to $4.3 million for the third quarter of 2025, compared to $4.0 million in the previous year. This increase was driven by higher general and administrative costs, which rose by 20% due to additional personnel and legal fees associated with being a public company. The company reported a net loss of $2.5 million for the quarter, a stark contrast to the net income of $2.3 million in Q3 2024. For the nine-month period, net income fell to $1.6 million from $12.2 million in the prior year, primarily due to the aforementioned revenue declines and a one-time loss of $4.6 million related to debt extinguishment.
Looking ahead, Athena Bitcoin Global remains focused on expanding its ATM network and enhancing its service offerings, including the recently launched Athena Bitcoin Affiliates Program, which aims to support independent ATM operators. The company is also navigating ongoing legal challenges and regulatory scrutiny, particularly in relation to its operations in El Salvador, where Bitcoin was previously recognized as legal tender. Despite these challenges, management believes that the demand for Bitcoin transactions will persist, driven by consumer choice rather than regulatory mandates. The company is committed to addressing its internal control weaknesses and enhancing its financial reporting processes to ensure compliance with public company standards.
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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