Bitcoin Depot Inc. (Nasdaq: BTM) (“Bitcoin Depot” or the “Company”), a U.S.-based Bitcoin ATM operator and leading fintech company, today reported financial results for the first quarter ended March 31, 2025. 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.

“Bitcoin Depot delivered a remarkable first quarter, with 19% year-over-year revenue growth and a more than threefold increase in Adjusted EBITDA to $20 million,” said Brandon Mintz, Founder and CEO of Bitcoin Depot. “This performance demonstrates the strength of our operating model, the success of our kiosk optimization strategy, and the powerful cash flow we can generate once fixed costs are covered. In fact, with the cash generated in Q1, we strengthened our balance sheet by increasing our bitcoin holdings and building our cash balance, positioning us for continued growth and flexibility. Looking ahead, we remain focused on scaling responsibly, both domestically and internationally, while delivering sustained value to both our customers and shareholders.”

First Quarter 2025 Financial Results

Revenue in the first quarter of 2025 increased 19% to $164.2 million compared to $138.5 million in the first quarter of 2024. This increase was driven by increased kiosk deployment and higher median transaction size. 

Total operating expenses declined 7% to $15.3 million for the first quarter of 2025 compared to $16.6 million for the first quarter of 2024 due to lower depreciation expense and insurance costs as the Company continues to optimize its cost structure as a steady-state public company.

Net income for the first quarter of 2025 increased significantly to $12.2 million, compared to a net loss of $4.2 million for the first quarter of 2024. Net income attributable to common shareholders increased to $4.2 million, or $0.20 per share, from a net loss of $1.5 million, or ($0.25) per share, in last year’s first quarter. The increase was due to higher revenue and gross profit in 2025.

Adjusted gross profit, a non-GAAP measure, in the first quarter of 2025 increased 92% to $33.1 million from $17.3 million for the first quarter of 2024. Adjusted gross profit margin, a non-GAAP measure, in the first quarter of 2025 increased approximately 770 basis points to 20.2% compared to 12.5% in the first quarter of 2024. Please see “Explanation and Reconciliation of Non-GAAP Financial Measures” below.

Adjusted EBITDA, a non-GAAP measure, in the first quarter of 2025 increased 315% to $20.3 million compared to $4.9 million for the first quarter of 2024. The increase was primarily due to the higher revenue and gross profit. Please see “Explanation and Reconciliation of Non-GAAP Financial Measures” below.

Cash, cash equivalents, and cryptocurrencies as of March 31, 2025, were $43.3 million compared to $31.0 million at the end of 2024. The company used $7.8 million in the first quarter of 2025 to acquire 83 more Bitcoin, bringing the total held for investment to 94.35 BTC.

Net cash flows provided by operations in the first quarter of 2025 were up significantly to $16.3 million compared to $1.3 million in the first quarter of 2024.

Outlook

The Company expects revenue in the second quarter of 2025 to grow low-to-mid-single digits on a percentage basis from the second quarter of 2024.

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 first quarter ended March 31, 2025.

Call Date: Thursday, May 15, 2025 
Time: 10:00 a.m. Eastern time (7:00 a.m. Pacific time) 

Phone Instructions
U.S. and Canada (toll-free): 888-596-4144
U.S. (toll): 646-968-2525
Conference ID: 4520708

Webcast Instructions
Webcast link: https://edge.media-server.com/mmc/p/akdxpm7o

A replay of the call will be available beginning after 2:00 p.m. Eastern time through May 22, 2025.

U.S. & Canada (toll-free) replay number: 800-770-2030
U.S. toll number: 609-800-9909
Conference ID: 4520708

If you have any difficulty connecting with the conference call, please contact Bitcoin Depot’s investor relations team at 1-949-574-3860.