Core Insights - The article highlights the expertise of a cryptocurrency enthusiast and trader who has been active since 2017, focusing on coding, writing, and analyzing cryptocurrency projects and investment strategies [1] Group 1: Expertise and Background - The individual has a deep understanding of distributed ledger technology and the Web3 technology stack, indicating a strong foundation in the underlying technologies of cryptocurrencies [1] - The individual enjoys researching and analyzing trends in Web3 and security tokens, which are becoming increasingly relevant in the digital securities market [1] Group 2: Contributions and Engagement - The individual is a contributing writer for Seeking Alpha, collaborating with analyst James Foord, which suggests a level of credibility and engagement within the investment community [1]

Bitcoin Depot (BTM) Q1 2025 Earnings Call May 15, 2025 10:00 AM ET Company Participants Cody Slach - Senior Managing DirectorBrandon Mintz - Chairman of the Board, President & CEODavid Gray - Chief Financial OfficerHal Goetsch - Managing DirectorScott Buchanan - Director, COO, and Principal Financial Officer Conference Call Participants Mike Grondahl - Head of Equity sales, Trading & Research - Senior Research AnalystMike Colonnese - Managing Director & Senior Technology AnalystPatrick McCann - Equity Resea ...

Financial Data and Key Metrics Changes - Bitcoin Depot reported a 19% year-over-year revenue growth, reaching $164,200,000 compared to $138,500,000 in the same quarter last year [12] - Record net income of $12,200,000 was achieved, a significant increase from a net loss of $4,200,000 in the previous year [14] - Adjusted EBITDA increased by 315% to $20,300,000 compared to $4,900,000 in the first quarter of the previous year [14] - Cash from operating activities reached a record $16,300,000, up from $1,300,000 in the year-ago quarter [16] Business Line Data and Key Metrics Changes - The adjusted gross profit for Q1 increased by 92% year-over-year to $33,100,000 [13] - Median transaction size rose by 46% year-over-year to $300, contributing to total transaction volume of $163,800,000 [4] Market Data and Key Metrics Changes - The company ended Q1 with approximately 8,483 active machines and expects continued growth in kiosks for the remainder of the year [5] - Australia has been identified as a significant market for expansion, with over 100 kiosks deployed and a strong potential for Bitcoin adoption [7] Company Strategy and Development Direction - The company is focused on international expansion, with plans to enter at least two additional countries in 2025 [8] - Regulatory expansion into new markets is a priority, with ongoing discussions in New York State for potential operations in 2025 [9] - The company aims to optimize its business for profitability and positive cash flow, with a focus on operational enhancements [19] Management's Comments on Operating Environment and Future Outlook - Management noted that the business is experiencing seasonality, particularly correlated with tax return season, which may affect revenue growth [33] - The company remains optimistic about its growth strategy and the evolving regulatory environment, which is seen as a competitive advantage [10] Other Important Information - The leadership team has been strengthened with the appointment of a new CFO and an officer with expertise in legal and regulatory matters [11] - The company plans to focus on capital allocation strategies, including debt repayment and potential dividends, without significant capital expenditures expected in 2025 [18] Q&A Session Summary Question: Year-end kiosk goals for 2025 and 2026 - Management has not publicly announced specific kiosk goals but aims to install remaining kiosks as soon as possible, with a focus on international expansion [21][22] Question: Incremental revenue lift from kiosks installed less than a year - Management indicated that kiosks typically see at least 50% growth in revenue in their second year compared to the first [25] Question: Capital management priorities for the rest of the year - The company plans to be opportunistic with Bitcoin purchases and is focused on paying down debt, with no significant M&A opportunities anticipated in the near term [30][32] Question: Factors causing deceleration in revenue growth for Q2 - Management noted seasonality in the business and a shift in volume towards Q1 due to earlier tax refunds [33] Question: Increase in BDN transactions - The increase is attributed to the transaction tiers for KYC, with a significant number of transactions occurring at the $200 level [38] Question: Transaction count growth by cohort - Mature kiosks are seeing transaction counts in the mid double-digit range, with variability based on location [40] Question: Trends in California post-regulatory changes - California's performance remains lower than other states due to previous rule changes, with a significant reduction in kiosk count [46] Question: Drivers behind gross margin expansion - Margin expansion was driven by pricing strength and leveraging higher revenue across fixed costs [50] Question: Opportunities for acquiring more kiosks - The competitive landscape is shrinking, with potential opportunities to acquire kiosks from struggling smaller operators [52]

Core Viewpoint - Bitcoin Depot Inc. reported quarterly earnings of $0.20 per share, significantly exceeding the Zacks Consensus Estimate of $0.09 per share, and showing a turnaround from a loss of $0.25 per share a year ago, indicating strong performance in the recent quarter [1][2]. Financial Performance - The company achieved revenues of $164.23 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 8.28% and reflecting a year-over-year increase from $138.54 million [2]. - Over the last four quarters, Bitcoin Depot Inc. has exceeded consensus revenue estimates four times, although it has only surpassed consensus EPS estimates once [2]. Stock Performance - Since the beginning of the year, Bitcoin Depot Inc. shares have increased by approximately 4.9%, outperforming the S&P 500, which gained 0.2% [3]. - The stock currently holds a Zacks Rank of 3 (Hold), indicating it is expected to perform in line with the market in the near future [6]. Future Outlook - The current consensus EPS estimate for the upcoming quarter is $0.13, with projected revenues of $163.81 million, and for the current fiscal year, the EPS estimate is $0.34 on revenues of $610.61 million [7]. - The outlook for the Financial - Miscellaneous Services industry, where Bitcoin Depot Inc. operates, is favorable, ranking in the top 39% of over 250 Zacks industries, suggesting potential for outperformance [8].

Investor Presentation Q1 2025 Disclaimer For the purposes of this notice, this "presentation" will mean and include the slides, any oral presentation of the slides by members of management of Bitcoin Depot Inc. (together with its subsidiary, Bitcoin Depot Operating LLC (f/k/a Lux Vending, LLC d/b/a Bitcoin Depot), (the "Company") or any person on their behalf, any question-and-answer session that follows that oral presentation, hard copies of this document and any materials distributed at, or in connection ...

Core Insights - Bitcoin Depot Inc. reported a strong financial performance for Q1 2025, with a 19% year-over-year revenue increase to $164.2 million and a significant net income of $12.2 million compared to a net loss of $4.2 million in the prior year [1][5][3]. Financial Performance - Revenue for Q1 2025 increased by 19% to $164.2 million from $138.5 million in Q1 2024, driven by increased kiosk deployment and higher median transaction sizes [3]. - Net income for Q1 2025 rose to $12.2 million, a turnaround from a net loss of $4.2 million in Q1 2024, with net income attributable to common shareholders increasing to $4.2 million or $0.20 per share [5]. - Adjusted gross profit surged by 92% year-over-year to $33.1 million, with an adjusted gross profit margin of 20.2%, up from 12.5% in the previous year [6][29]. - Adjusted EBITDA saw a remarkable increase of 315% to $20.3 million compared to $4.9 million in Q1 2024, primarily due to higher revenue and gross profit [7]. Cost Management - Total operating expenses decreased by 7% to $15.3 million in Q1 2025 from $16.6 million in Q1 2024, attributed to lower depreciation and insurance costs as the company optimizes its cost structure [4]. Cash Flow and Investments - Cash from operations for Q1 2025 was reported at $16.3 million, a significant increase from $1.3 million in Q1 2024 [8]. - As of March 31, 2025, the company held $43.3 million in cash, cash equivalents, and cryptocurrencies, up from $31.0 million at the end of 2024, and acquired 83 additional Bitcoin during the quarter [8]. Future Outlook - The company anticipates low-to-mid-single-digit revenue growth for Q2 2025 compared to Q2 2024, indicating a cautious but positive outlook for continued growth [9].

Company Overview - Bitcoin Depot is a U.S.-based Bitcoin ATM operator and leading fintech company, founded in 2016, with a mission to connect cash users to the digital financial system [3] - The company provides users with efficient means to convert cash into Bitcoin, which can be used for payments, spending, and investing [3] - As of February 25, 2025, Bitcoin Depot has over 8,400 kiosk locations across 48 states, holding the largest market share in North America [3] Upcoming Financial Results - Bitcoin Depot will hold a conference call and live audio webcast on May 15, 2025, at 10:00 a.m. Eastern time to discuss its financial results for the first quarter ended March 31, 2025 [1] - The financial results will be released before the market opens on the same day [1] Conference Call Details - The conference call can be accessed via U.S. and Canada toll-free number 888-596-4144 or toll number 646-968-2525, with Conference ID 4520708 [2] - A replay of the call will be available starting at 2:00 p.m. Eastern time through May 22, 2025 [2]

分组1 - Bitcoin Depot Inc. reported a quarterly loss of $0.21 per share, significantly worse than the Zacks Consensus Estimate of $0.04, representing an earnings surprise of -625% [1] - The company posted revenues of $136.83 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 0.46%, but down from $148.41 million a year ago [2] - The stock has underperformed the market, losing about 16.1% since the beginning of the year compared to the S&P 500's decline of -3.6% [3] 分组2 - The current consensus EPS estimate for the coming quarter is $0.09 on revenues of $151.67 million, and for the current fiscal year, it is $0.34 on revenues of $610.61 million [7] - The Zacks Industry Rank for Financial - Miscellaneous Services is in the top 14% of over 250 Zacks industries, indicating a favorable outlook for the industry [8]

Company Overview - Bitcoin Depot (NASDAQ: BTM) is a leading Bitcoin ATM operator in the U.S., founded in 2016, with a mission to connect cash users to the digital financial system [5] - The company has the largest market share in North America, operating approximately 8,400 kiosk locations as of December 31, 2024 [5] Leadership Appointment - David Gray has been appointed as Chief Financial Officer (CFO) of Bitcoin Depot, effective immediately, bringing over 20 years of financial leadership experience [1][2] - Gray previously served as CFO at Aviat Networks, where he contributed to revenue growth from $275 million to nearly $500 million through strategic acquisitions and financial transformation [3] Strategic Focus - As CFO, Gray will oversee Bitcoin Depot's financial strategy, treasury, and corporate development, positioning the company for continued growth in the evolving cryptocurrency landscape [2] - The CEO of Bitcoin Depot, Brandon Mintz, emphasized Gray's expertise in financial strategy and operational excellence as crucial for the company's expansion and market leadership [4]

Financial Data and Key Metrics Changes - Q4 adjusted gross profit increased by 18% year-over-year to $25.4 million from $21.6 million in Q4 2023 [8][25] - Adjusted EBITDA rose by 34% to $12 million in Q4 2024 compared to $9 million in Q4 2023 [28] - GAAP net income for Q4 2024 was $5.4 million, a significant increase from a net loss of $1.7 million in Q4 2023 [27] - Total operating expenses decreased by 16% to $15 million from $17.8 million in the previous year [26] Business Line Data and Key Metrics Changes - The company ended 2024 with approximately 8,457 active kiosks, exceeding its goals [11] - The relocation strategy has shown improved volumes at relocated locations, with kiosks typically breakeven within four to five months [12][14] Market Data and Key Metrics Changes - The overall global Bitcoin ATM market is expected to see limited growth in 2025 compared to 2024, with Australia anticipated to continue its growth trajectory [40] - The company is focusing on expanding its footprint in Australia, which ranks third worldwide in Bitcoin ATM adoption [18] Company Strategy and Development Direction - The company is pursuing international expansion, with plans to launch in Australia and target additional countries in 2025 [17][19] - The strategy includes optimizing existing kiosks and building partnerships to enhance accessibility to Bitcoin [11][15] - The company is also focused on regulatory engagement, particularly in New York State, to secure operational licenses [20][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business model's cash flow generation and the potential for shareholder value creation through organic growth and potential dividends [9][10] - The company is optimistic about the regulatory environment under the new administration, which is seen as pro-crypto [44][82] - Financial guidance for Q1 2025 anticipates revenues between $151 million and $154 million, representing growth of 9% to 11% compared to Q1 2024 [36] Other Important Information - The company ended 2024 with $31 million in cash and cash equivalents, including cryptocurrencies, and generated $22.5 million from operating activities [31] - Debt at the end of the quarter was $60.9 million, with plans to pay down at least $9 million in 2025 [32] Q&A Session Summary Question: What are the growth expectations for the global Bitcoin ATM market in 2025? - Management believes growth will be limited compared to 2024, with Australia expected to see continued growth [40][41] Question: How is the regulatory environment affecting the business? - Management is optimistic about the new administration's stance on crypto and does not foresee significant negative impacts from proposed legislation [42][44] Question: What is the status of the kiosks in inventory and their deployment in 2025? - The inventory includes kiosks for Australia, and the company aims to reach a total installed fleet of around 10,000 kiosks [48][50] Question: What is driving the increase in gross margin? - The increase in gross margin to 18.6% is attributed to optimized markups, reduced armored expenses, and declining rent costs [56][57] Question: What is the expected operating expense run rate going forward? - The expected operating expense run rate is around $15 million, with potential for slight reductions as legal costs decrease [59][60] Question: What are the prospects for M&A opportunities? - While the company is open to M&A discussions, it currently finds organic growth more financially viable due to lower kiosk acquisition costs [88][90]