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BTM

Bitcoin Depot Inc.

BTM

Bitcoin Depot Inc. • NASDAQ
$1.53 ▲ 6.99% (+0.10)
Market Cap $41.14 M
52w High $6.88
52w Low $0.93
Dividend Yield 0%
P/E 9.56
Volume 1.57M
Outstanding Shares 26.89M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $162.482M ▼ $18.343M ▲ $5.544M ▼ 3.412% ▼ $0.08 ▼ $14.562M ▼
Q2-2025 $172.108M ▲ $16.978M ▲ $6.07M ▲ 3.527% ▲ $0.28 ▲ $20.08M ▲
Q1-2025 $164.226M ▲ $15.337M ▲ $4.193M ▲ 2.553% ▲ $0.2 ▲ $18.592M ▲
Q4-2024 $136.827M ▲ $14.984M ▼ $-6.648M ▼ -4.859% ▼ $-0.32 ▼ $12.408M ▲
Q3-2024 $135.271M $16.939M $-939K -0.694% $-0.045 $7.798M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $59.266M ▲ $125.278M ▲ $104.262M ▼ $18.534M ▲
Q2-2025 $48.038M ▲ $109.053M ▲ $104.36M ▲ $2.156M ▲
Q1-2025 $34.962M ▲ $89.719M ▲ $94.311M ▼ $-17.162M ▲
Q4-2024 $30.982M ▼ $80.104M ▼ $96.59M ▲ $-23.632M ▼
Q3-2024 $32.229M $87.447M $95.312M $-17.202M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $5.486M ▼ $6.63M ▼ $-4.081M ▼ $8.776M ▲ $11.228M ▼ $7.404M ▼
Q2-2025 $12.324M ▲ $10.153M ▼ $-950K ▲ $3.983M ▲ $13.076M ▲ $9.764M ▼
Q1-2025 $12.175M ▲ $16.25M ▲ $-8.209M ▼ $-2.547M ▲ $5.49M ▲ $15.865M ▲
Q4-2024 $5.393M ▲ $5.291M ▼ $-864K ▲ $-7.264M ▲ $-2.757M ▲ $4.427M ▲
Q3-2024 $2.421M $5.778M $-7.316M $-10.163M $-11.713M $-1.04M

Revenue by Products

Product Q2-2024Q3-2024Q4-2024Q2-2025
Other Revenue
Other Revenue
 $0 ▲$0 ▲$0 ▲$0 ▲
Hardware
Hardware
 $0 ▲$0 ▲$0 ▲$0 ▲
Software Services
Software Services
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown meaningfully over the past several years, showing that demand for Bitcoin ATMs and related services has expanded, although the most recent year shows a step back from the prior peak. Gross profit and operating profit have generally improved over time and remain positive, but the business is operating on fairly thin margins. After small profits in earlier years, the company has slipped into modest losses recently, which suggests rising costs, competitive pressures, or one‑off items weighing on the bottom line. Overall, the income statement shows a business with proven revenue scale but profitability that is fragile and sensitive to changes in volume and cost structure.

Balance Sheet

Balance Sheet The balance sheet is relatively light, reflecting an asset‑light, service‑oriented model. Cash levels have been fairly stable, indicating the company has maintained a basic liquidity cushion. Debt has moved around but is now on the higher side relative to the company’s equity, and shareholder equity has recently turned negative, which is a key risk signal: it means liabilities exceed the book value of assets. This structure can work for a growing, cash‑generative business, but it leaves less room for error if operating conditions worsen or credit becomes tighter.

Cash Flow

Cash Flow Despite accounting losses in recent years, the company has consistently generated cash from its core operations, which is a notable strength. Free cash flow has remained positive, helped by relatively modest capital spending needs. This pattern suggests that the underlying business can convert activity into cash, even if reported earnings are under pressure. However, with a leveraged and thin‑equity balance sheet, sustaining this positive cash generation will be important to support debt obligations and any future expansion plans.

Competitive Edge

Competitive Edge Bitcoin Depot holds a leading share of the Bitcoin ATM market in North America, with a very large kiosk network compared with peers. Its machines are placed in well‑known, high‑traffic retail locations, which reinforces brand visibility and convenience for cash‑reliant customers. Scale, retailer partnerships, and a strong emphasis on regulatory compliance together form a meaningful competitive moat that smaller rivals may struggle to match. The main risks are the young and evolving nature of the crypto industry, potential new entrants with deeper pockets, and regulatory changes that could alter the economics of the business model.

Innovation and R&D

Innovation and R&D The company has invested in its own proprietary software platform, giving it more control over the customer experience, security features, and cost efficiency. Migrating its entire network to this internal system has created cost savings and should make it easier to roll out new services. Beyond the physical ATMs, offerings like the BDCheckout program and a companion mobile app show a push to extend the experience into everyday retail checkout and smartphone use, not just dedicated kiosks. Future innovation appears focused on expanding services around the existing Bitcoin‑only focus, improving the app and wallet, and possibly broadening the product set as regulations and demand evolve.

Summary

Bitcoin Depot combines a strong, differentiated physical network and software platform with a still‑maturing financial profile. On the positive side, it has clear revenue traction, a defensible position as a leading Bitcoin ATM operator, stable cash generation, and tangible cost benefits from owning its technology stack. On the risk side, profitability has weakened recently, the balance sheet carries notable leverage and negative equity, and the business is exposed to regulatory and industry volatility in the crypto space. The key things to watch going forward are whether the company can convert its scale and innovation into more durable profits, maintain healthy cash flows, and navigate evolving rules and competition in digital assets.

NEWS

November 21, 2025 · 8:00 AM UTC

Bitcoin Depot Appoints Scott Buchanan as Chief Executive Officer; Founder Brandon Mintz to Continue to Serve as Executive Chairman

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November 19, 2025 · 8:00 AM UTC

Bitcoin Depot Partners with Wild Bill's Tobacco for Multi-Store Pilot, Eyeing Wider Midwest Expansion

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November 13, 2025 · 8:00 AM UTC

Bitcoin Depot Reports Third Quarter 2025 Financial Results

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November 12, 2025 · 8:00 AM UTC

Bitcoin Depot Expands into Hong Kong, Marking First Asia Expansion

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November 4, 2025 · 4:05 PM UTC

Bitcoin Depot and GPM Investments Partner to Expand Bitcoin Access Across Convenience Stores Nationwide

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