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BTMWW

Bitcoin Depot Inc.

BTMWW

Bitcoin Depot Inc. • NASDAQ
$0.15 ▲ 18.31% (+0.02)
Market Cap $56.01 M
52w High $0.29
52w Low $0.13
Dividend Yield 0%
P/E 0
Volume 67.18K
Outstanding Shares 350.85M

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

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown meaningfully over the past several years, though the latest year shows a step back rather than continued growth. The company is generally able to generate a positive operating profit and EBITDA, which suggests the core business model works at the kiosk level. However, after interest, one‑time items, and other below‑the‑line costs, the company has recently been slipping into modest net losses instead of profits. Earnings per share have swung from solidly positive to negative, indicating that profitability is still fragile and sensitive to market conditions and capital structure. Overall, the income statement tells a story of a business with a working core engine but still struggling to convert that into consistent bottom‑line earnings, especially in a volatile crypto environment.

Balance Sheet

Balance Sheet The balance sheet looks thin and somewhat stretched. Assets are modest and have not grown much, while cash has stayed relatively flat, rather than building a large safety buffer. Debt is sizable compared with the asset base, and shareholders’ equity has turned negative in the last couple of years, which signals a leveraged and financially tight position. This structure leaves less room for error: the company does not have a deep capital cushion to absorb prolonged downturns, regulatory shocks, or strategic missteps, and it may remain sensitive to financing conditions and lender confidence.

Cash Flow

Cash Flow Despite thin profits, cash generation from operations has been consistently positive, which is a key strength. The business model does not require heavy ongoing capital spending, so free cash flow has generally stayed in positive territory as well. This indicates that, on a cash basis, the company can fund its regular activities and small investments without constantly needing fresh equity or large new borrowings. The main watchpoint is whether this positive cash flow can be maintained if transaction volumes or margins weaken, given the company’s limited balance sheet cushion.

Competitive Edge

Competitive Edge Bitcoin Depot holds a clear scale advantage as one of the largest Bitcoin ATM operators in North America, with a broad installed base and strong retail partnerships. This physical network, especially in everyday locations like convenience stores, creates convenience, brand visibility, and a degree of network effect that can be hard for smaller rivals to replicate. Its heavy emphasis on compliance—strong identity checks, anti‑fraud measures, and transaction monitoring—adds credibility with regulators and retail partners and can become a meaningful barrier for less rigorous competitors. That said, the business still faces ongoing regulatory uncertainty, the cyclical nature of crypto demand, and competition from other on‑ramps such as mobile exchanges and neobanks that may offer cheaper or more flexible alternatives.

Innovation and R&D

Innovation and R&D Innovation is focused on software, user experience, and distribution rather than traditional lab‑style R&D. The acquisition of a key software provider and migration to a proprietary platform gives Bitcoin Depot control over its technology stack, cost structure, and feature roadmap. BDCheckout, which turns retail checkout counters into crypto access points, meaningfully extends reach beyond physical ATMs and showcases creative use of partnerships. The integrated mobile app, with wallet, locator, and compliance features, helps keep users inside the company’s ecosystem. Looking ahead, the groundwork is in place for adding more digital assets, entering new geographies, and layering on additional financial services. Execution, regulatory alignment, and user adoption will determine how much of this innovation converts into durable economic value.

Summary

Bitcoin Depot is a niche financial services player built around making Bitcoin accessible to cash‑based consumers through a dense network of ATMs and retail checkout partnerships. The core operations appear economically sound and cash‑generating, but reported profits have been inconsistent and recently negative, reflecting both business volatility and a stretched capital structure. Its strongest assets are scale, retail relationships, and a culture of compliance, plus a technology platform that supports ongoing product innovation like BDCheckout and a feature‑rich app. On the other side of the ledger, the company operates with limited balance sheet flexibility, depends on crypto transaction activity, and faces evolving regulation and competitive pressure from more traditional digital on‑ramps. Overall, Bitcoin Depot is positioned as an established specialist in a risky, fast‑changing niche: it has clear competitive advantages and practical innovation, but also meaningful financial and regulatory sensitivities that could amplify both upsides and downsides over time.