Bitcoin Depot Reports 18.5% Revenue Growth and Net Income Turnaround in Latest Quarter

Bitcoin Depot Inc. reported significant financial improvements in its latest quarterly filing, showcasing a revenue increase of 18.5% to $164.2 million for the three months ended March 31, 2025, compared to $138.5 million in the same period last year. The company also achieved a net income of $12.2 million, a substantial turnaround from a net loss of $4.2 million in the prior year. This positive shift in profitability was attributed to a rise in kiosk transaction volumes and an increase in the median transaction size, reflecting the company's growing market presence.

The cost of revenue, excluding depreciation and amortization, rose by 8.1% to $131.1 million, primarily driven by the increased number of transactions. Operating expenses decreased by 7.3% to $15.3 million, with selling, general, and administrative expenses slightly declining by 1.2%. The company also reported a significant reduction in depreciation and amortization costs, which fell by 35.6% to $1.9 million. These operational efficiencies contributed to a notable income from operations of $17.8 million, compared to just $0.7 million in the previous year.

In terms of strategic developments, Bitcoin Depot expanded its network, operating approximately 8,483 Bitcoin ATMs across North America, Canada, and Australia as of March 31, 2025. The company also reported that its BDCheckout product is now accepted at around 10,926 retail locations, further enhancing its market reach. The increase in installed kiosks and retail partnerships, particularly with Circle K, has positioned Bitcoin Depot as a leading player in the cash-to-Bitcoin ATM sector.

The company’s balance sheet reflects a healthy liquidity position, with current assets totaling $45.6 million, including cash and cash equivalents of $35 million. Bitcoin Depot's working capital improved to approximately $3.7 million, a significant recovery from a negative working capital of $6.3 million at the end of 2024. The company generated positive cash flows from operations of $16.3 million during the quarter, indicating strong operational performance. Looking ahead, Bitcoin Depot expects its existing cash reserves and operational cash flows to be sufficient to support its business needs for at least the next 12 months, despite ongoing regulatory challenges in the cryptocurrency space.