Bitcoin Depot Inc. (“Bitcoin Depot” or the “Company”), a U.S.-based Bitcoin ATM operator and leading fintech company, today reported financial results for the third quarter ended September 30, 2024. Bitcoin Depot will host a conference call and webcast at 10:00 a.m. ET today. An earnings presentation and link to the webcast will be made available at ir.bitcoindepot.com.

“During the third quarter, we made significant strides in expanding our Bitcoin ATM network while working to optimize existing machines for greater profitability,” said Brandon Mintz, CEO and Founder of Bitcoin Depot. “We ended the quarter with 8,300 machines, surpassing our goals and reflecting our team's execution and vision to enhance Bitcoin’s accessibility.

“In the past year, we’ve focused on relocating underperforming BTMs to more promising locations, a strategy that historically boosts average profitability per kiosk over time. While this improvement may not be fully visible in our consolidated quarterly numbers, the strategy is proving effective. With our extensive kiosk footprint and these initiatives in place, we are confident in our ability to drive shareholder value moving forward.

“As a result of our continued cash flow generation, we believe that beginning a cash dividend to common shareholders in 2025 will be one of the ways we create value for shareholders.”

Third Quarter 2024 Financial Results

Revenue in the third quarter of 2024 was $135.3 million, down 25% from $179.5 million in the third quarter of 2023. This decline was largely driven by the impact of unfavorable legislation that was passed in California that went into effect in January 2024, along with the Company’s continued process of relocating underperforming kiosks in order to optimize fleet profitability.

Total operating expenses declined 13% to $16.9 million for the third quarter of 2024, compared to $19.5 million for the third quarter of 2023 due to costs of going public in 2023 that did not recur in 2024.

Net income for the third quarter of 2024 increased 116% to $2.3 million, compared to net income of $1.1 million for the third quarter of 2023. The increase was due to lower operating expenses in 2024, and expenses associated with the PIPE financing in the third quarter of 2023 that did not recur in 2024.

Adjusted gross profit, a non-GAAP measure, in the third quarter of 2024 was $22.4 million, down 17% from $26.9 million for the third quarter of 2023. Adjusted gross profit margin, a non-GAAP measure, in the third quarter of 2024 increased approximately 160 basis points to 16.6% compared to 15.0% in the third quarter of 2023. Please see “Explanation and Reconciliation of Non-GAAP Financial Measures” below.

Adjusted EBITDA, a non-GAAP measure, in the third quarter of 2024 decreased 34% to $9.2 million, compared to Adjusted EBITDA of $13.9 million for the third quarter of 2023. The decline was due to the lower revenue. Please see “Explanation and Reconciliation of Non-GAAP Financial Measures” below.

Cash and cash equivalents were $32.2 million as of the end of the third quarter of 2024. The Company generated $5.8 million in cash flows from operations in the third quarter and $17.3 million for the first nine months of 2024.

During the third quarter of 2024, the Company generated $5.8 million of cash flow from operations compared to $7.0 million in the third quarter of 2023.

Conference Call

Bitcoin Depot will hold a conference call at 10:00 a.m. Eastern time (7:00 a.m. Pacific time) today to discuss its financial results for the third quarter ended September 30, 2024.

Call Date: Wednesday, November 13, 2024 
Time: 10:00 a.m. Eastern time (7:00 a.m. Pacific time) 
U.S. dial-in: 646-968-2525
International dial-in: 888-596-4144
Conference ID: 7631242

The conference call will broadcast live and be available for replay here following the call.

Please call the conference telephone number approximately 10 minutes before the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Bitcoin Depot’s investor relations team at 1-949-574-3860.

A replay of the call will be available beginning after 2:00 p.m. Eastern time on November 13, 2024, through November 20, 2024.

U.S. replay number: 609-800-9909
International replay number: 800-770-2030
Conference ID: 7631242