Financial Performance - Bitcoin Depot Inc. reported a 183.3% year-over-year increase in profits for Q2 2025, with revenues growing 5% to $172.1 million, driven by higher kiosk deployment and median transaction size [1][10] - Total operating expenses decreased by 9.5% to $17 million, attributed to lower depreciation, insurance, and share-based compensation expenses [1][10] - The median transaction size increased by 30.4% to $300, and the company added 25,007 new users, a 19.2% increase from the previous year [2] Market Position and Growth Outlook - Management anticipates third-quarter 2025 revenues to rise in the high-single digit range year-over-year, with adjusted EBITDA expected to grow by 20-30% [3] - Bitcoin Depot's stock is currently trading at a 12-month forward P/E ratio of 9.10X, significantly lower than the industry average of 20.66X, indicating a potential undervaluation [8][10] - Year-to-date, Bitcoin Depot shares have increased by 173.5%, outperforming the industry average of 4.4% [11] Regulatory Environment - Favorable regulatory developments, including supportive policies from the Trump administration and clarifications from the FDIC regarding crypto-related activities, are expected to boost Bitcoin Depot's kiosk adoption [5][6] - The overall cryptocurrency market is likely to see increased demand as countries integrate it into legal payment structures, benefiting firms like Bitcoin Depot [7] Competitive Landscape - Bitcoin Depot's peers, Coinbase and BTCS, have also reported significant revenue growth, with Coinbase at 3.3% and BTCS at 394% [3] - Despite the competition, Bitcoin Depot's market leadership and expansion plans provide it with a competitive edge [4] Financial Stability - As of June 30, 2025, Bitcoin Depot had cash and cash equivalents of $48 million and total debt of $66 million, indicating a solid balance sheet [19] - The company is expected to incur higher expenses as it expands its kiosk network into new markets [19]

Company Overview - Bitcoin Depot Inc. reported $171.9 million in BTM Kiosks revenues for Q2 2025, reflecting a 5.9% year-over-year growth, with this metric accounting for almost 99.9% of total revenues [1][10] - As of June 30, 2025, Bitcoin Depot had 8,978 BTM Kiosks installed across the U.S., Canada, and Puerto Rico, with a median transaction size of $300 [2] - The company is the market leader in BTM Kiosk operations in the U.S. with a 28% market share and the fourth-largest in Canada with an 8% market share [3] Strategic Initiatives - Bitcoin Depot entered into seven franchise profit-sharing arrangements, allowing counterparties to earn a share of profits from specific kiosks [4] - The company secured a deal with CEFCO for 72 locations and signed a master placement agreement with EG America LLC to install kiosks in over 900 locations, aiming to diversify within the convenience store industry [4][5] Financial Performance - Bitcoin Depot shares have increased by 160.5% this year, significantly outperforming the S&P 500's gain of 8.2% [9] - The company trades at a 12-month forward price-to-earnings ratio (P/E F12M) of 8.67X, which is below the industry average [11] - The Zacks Consensus Estimate for Bitcoin Depot's 2025 earnings implies a surge of 176.7% year-over-year, with 2026 earnings expected to grow at a rate of 10.3% [12] Competitive Landscape - Close peers like Coinbase Global Inc. and BTCS, Inc. are capitalizing on cryptocurrency trends, with Coinbase reporting that Bitcoin accounted for 30% of total trading volume in Q2 2025 and a 38.3% growth in stablecoin revenues [6][7] - BTCS is executing a strategy focused on decentralized and traditional finance to enhance shareholder value, reporting liquid holdings valued at $242.2 million [8]

Group 1 - Bitcoin Depot Inc. reported quarterly earnings of $0.16 per share, missing the Zacks Consensus Estimate of $0.17 per share, compared to a loss of $0.13 per share a year ago, representing an earnings surprise of -5.88% [1] - The company posted revenues of $172.11 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 1.06%, and showing an increase from year-ago revenues of $163.07 million [2] - Bitcoin Depot Inc. shares have increased approximately 197.5% since the beginning of the year, significantly outperforming the S&P 500's gain of 8.4% [3] Group 2 - The earnings outlook for Bitcoin Depot Inc. is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The estimate revisions trend for Bitcoin Depot Inc. was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] - The current consensus EPS estimate for the upcoming quarter is $0.07 on revenues of $149.75 million, and for the current fiscal year, it is $0.46 on revenues of $628.19 million [7] Group 3 - The outlook for the Financial - Miscellaneous Services industry, where Bitcoin Depot Inc. operates, is currently in the top 24% of over 250 Zacks industries, suggesting a favorable environment for stock performance [8]

Financial Data and Key Metrics Changes - Revenue for Q2 2025 increased by 6% year over year to $172,100,000, with net income rising nearly threefold to $12,300,000 [5][12] - Gross profit increased by 32% year over year to $30,900,000, with gross margin improving to 17.9% from 14.3% [12][13] - Adjusted EBITDA rose by 46% to $18,500,000 compared to $12,700,000 in the same quarter last year [14] Business Line Data and Key Metrics Changes - Median transaction size increased by 30% year over year to $300, with total transaction volume reaching $172,100,000 [5][12] - The company ended Q2 with approximately 9,000 active kiosks and expects continued growth in kiosks for the remainder of the year [6][9] Market Data and Key Metrics Changes - The company has deployed over 200 kiosks in Australia, which ranks third worldwide in total Bitcoin ATMs [7][9] - The company is evaluating entry into at least two additional countries in 2025 [8] Company Strategy and Development Direction - The company is focused on international expansion and scaling its domestic footprint, with plans to deploy kiosks from a large inventory secured last year [8][9] - Strategic mergers and acquisitions are being considered to scale both domestically and internationally, with the recent acquisition of Telecoin enhancing the company's presence in the Gulf South [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the operating model and the success of the kiosk optimization strategy, expecting continued cash flow generation as fixed costs are covered [5][11] - The company anticipates Q3 revenues to grow in high single digits and adjusted EBITDA growth of 20% to 30% compared to the prior year quarter [19] Other Important Information - The company has made enhancements to corporate governance, including appointing a new Chief Compliance Officer and simplifying its corporate structure [10][11] - The company holds nearly $60,000,000 in combined cash and digital assets, positioning it well for future growth [11] Q&A Session Summary Question: Revenue per ATM trends and inventory status - Management noted that revenue per ATM is challenging to quantify due to the mix of new and aging kiosks, but improvements were seen in mature kiosks [21][22] - The current inventory stands at 1,700 kiosks [22][23] Question: Goals for kiosk count and gross profit outlook - Management does not have a specific goal for the number of kiosks but does not anticipate buying additional kiosks in 2025 [25] - Gross profit levels are expected to hold steady, with potential slight declines in percentage margins as the year progresses [26] Question: Assumptions for revenue and adjusted EBITDA outlook - Top line growth is driven by the number of kiosks in operation and their maturation, with expectations for high single-digit revenue growth [30] - Adjusted EBITDA growth is anticipated to outpace revenue growth due to improved cost structure [31] Question: International expansion and market entry criteria - Factors for entering new countries include Bitcoin adoption rates, existing ATM presence, and regulatory environments [34][35] Question: Kiosk deployment in Australia and balancing expansion - Over 200 kiosks have been deployed in Australia, with plans to evaluate additional deployments after assessing current machines' performance [39][40] Question: California kiosk situation and legislative efforts - The company has less than 200 kiosks remaining in California and is actively engaged in efforts to change legislation affecting operations [44][45] Question: Relocations and term loan payments - Relocations in Q2 were consistent with prior quarters, and management is evaluating additional accelerated payments on the term loan based on M&A opportunities [50][56]

Company Overview - Bitcoin Depot is a leading BTM operator, simplifying cash-to-crypto conversion[20] - The company has installed 9,000 kiosks across North America and Australia[21] - Total transacted volume since inception is $32 billion, with 39 million transactions completed[21] - Q2 2025 Adjusted EBITDA reached $185 million[21] - TTM Q2 2025 Revenue is $608 million and Adjusted EBITDA is $61 million[21] Market Position and Growth - Bitcoin Depot holds a significant BTM market share in North America[21] - The company operates in 48 US states, DC, 10 Canadian provinces, and 6 Australian provinces[21,58] - The company's kiosks address over 64% of the US population[58] - The global Bitcoin ATM market has grown significantly, reaching 38,738 BTMs in 2025[48] Strategic Partnerships - Bitcoin Depot is Circle K's exclusive BTM provider, with over 900 kiosks deployed across the US and Canada as of March 2025[61,65] - The company partners with major retailers, expanding customer reach with limited capital expenditure[61,78]

Core Insights - Bitcoin Depot Inc. reported a strong financial performance for Q2 2025, with revenue increasing by 6% year-over-year to $172.1 million, driven by kiosk expansion and higher transaction volumes [1][3][2] - The company's net income surged by 183% year-over-year to $12.3 million, reflecting improved profitability and operational efficiency [1][5][2] - Adjusted EBITDA rose by 46% year-over-year to $18.5 million, indicating strong operational leverage and cost management [1][7][2] Financial Performance - Revenue for Q2 2025 was $172.1 million, up from $163.1 million in Q2 2024, attributed to increased kiosk deployment and higher median transaction sizes [3][2] - Gross profit increased by 32% year-over-year to $30.9 million, with a gross profit margin improvement of approximately 360 basis points to 17.9% [6][2] - Total operating expenses decreased by 9% to $17.0 million, driven by lower depreciation, insurance, and share-based compensation expenses [4][2] Profitability Metrics - Net income for Q2 2025 was $12.3 million, compared to $4.4 million in Q2 2024, with net income attributable to common shareholders rising to $6.1 million, or $0.16 per share [5][18][2] - Adjusted EBITDA for Q2 2025 was $18.5 million, up from $12.7 million in Q2 2024, primarily due to higher revenue and gross profit [7][2] - The company reported a significant mark-to-market gain of $2.3 million on its BTC investment holdings, contributing to the increase in net income [5][2] Cash and Assets - As of June 30, 2025, Bitcoin Depot had cash, cash equivalents, and cryptocurrencies totaling $59.6 million, a significant increase from $31.0 million at the end of 2024 [8][2] - The company acquired an additional 6 Bitcoin during Q2 2025, bringing its total BTC holdings to 100.35 [8][2] Future Outlook - Bitcoin Depot expects revenue growth in the high-single digits for Q3 2025 compared to Q3 2024, with Adjusted EBITDA anticipated to be 20% to 30% above the prior year quarter [9][2] - The company is focused on scaling efficiently and enhancing shareholder value through strategic initiatives [2][2]

Core Viewpoint - Bitcoin Depot, Inc. (BTM) is set to release its second-quarter 2025 results on August 12, with expectations of revenue growth driven by rising Bitcoin prices and kiosk expansion [1][4][21] Financial Performance - In the last reported quarter, BTM's earnings exceeded the Zacks Consensus Estimate, attributed to higher revenues and lower operating expenses, although increased other expenses posed a challenge [1][2] - The Zacks Consensus Estimate for quarterly sales is $170.31 million, indicating a 4.4% year-over-year improvement, while earnings are expected to be 17 cents, reflecting a 230.8% increase from the previous year [2][8] Revenue Drivers - The surge in Bitcoin prices during the second quarter is expected to significantly boost BTM's revenues, particularly from its Kiosks segment, as investors sought to capitalize on potential returns [4][6] - BTM's acquisition of Pelicoin, LLC, is anticipated to enhance its market presence and contribute positively to revenue growth [6][7] Expense Considerations - Total operating expenses are likely to remain high due to ongoing kiosk network expansion, customer support improvements, and regulatory compliance efforts [7] - Integration-related charges from the Pelicoin acquisition may also impact expenses during the quarter [7] Stock Performance - BTM shares experienced a remarkable increase of 257% in Q2 2025, outperforming the industry average rise of 16.1% and key peers like Coinbase and BTCS [10][8] - Currently, BTM is trading at a forward price/sales ratio of 0.5X, which is below the industry average, suggesting it may be undervalued compared to peers [14][16] Investment Outlook - Bitcoin Depot is positioned for growth due to its leadership in BTM kiosks and the expansion of BDCheckout, alongside favorable regulatory developments and increasing interest in cryptocurrencies [17][19] - The company has a solid balance sheet, allowing for potential share repurchase plans, although it does not pay dividends as it focuses on reinvestment [19][21]

Core Insights - Bitcoin Depot Inc. (BTM) focuses on Bitcoin through its extensive network of crypto ATMs, while BTCS, Inc. (BTCS) generates revenues from Ethereum block-building and validator node operations [2][9] - The performance comparison between Bitcoin Depot's Bitcoin-centric strategy and BTCS's Ethereum-based approach is a key focus [2] Bitcoin Depot Overview - Bitcoin Depot's revenues are primarily driven by BTM Kiosks, which contributed approximately 99.7% of total revenues in Q1 2025, with 8,463 kiosks installed across the U.S., Canada, and Puerto Rico [3][8] - The company launched BDCheckout in 2022, allowing customers to load cash into accounts at retail locations to buy Bitcoin, expanding its customer base without significant upfront costs [4] - Bitcoin Depot aims to increase BDCheckout transaction volume to reduce capital expenditures and sustain profitability, while also expanding its BTM Kiosk network through partnerships [5][8] - In June 2025, Bitcoin Depot acquired Pelicoin, LLC assets to enhance its presence in the Gulf South region and increased its Bitcoin holdings to over 100 Bitcoins, indicating confidence in Bitcoin's long-term value [6] - The company signed multiple franchise profit-sharing deals and agreements with convenience stores to diversify its kiosk installations [7] BTCS Overview - BTCS focuses on blockchain infrastructure, primarily on the Ethereum network, with 54.9% of NodeOps revenues coming from Ethereum in Q1 2025 [9] - The introduction of Builder+ in 2024 has become a significant revenue contributor, accounting for 79.9% of total revenues in Q1 2025 [10] - BTCS has developed ChainQ, an AI-driven blockchain data and analytics platform, to enhance transparency and accessibility in the blockchain ecosystem [11] - The company aims to grow revenue and margins by scaling Ethereum block-building and enhancing its technology stack [13] Performance Comparison - In 2025, Bitcoin Depot's stock has increased by 208%, while BTCS's stock has risen by 95.5%, indicating stronger investor sentiment towards Bitcoin Depot [14] - Bitcoin Depot is trading at a forward 12-month price-to-sales (P/S) ratio of 0.5X, compared to BTCS's 12.08X, suggesting that BTCS is relatively expensive [15][16] - Bitcoin Depot's return on equity stands at 70.88%, significantly higher than BTCS's -41.76%, reflecting better efficiency in generating profits [19] Earnings and Revenue Estimates - The Zacks Consensus Estimate for Bitcoin Depot indicates revenue growth of 9.5% and 4.3% for 2025 and 2026, respectively, with earnings expected to jump by 176.7% in 2025 [21] - For BTCS, the revenue estimate for 2025 implies a year-over-year increase of 74.7%, with earnings expected to rise by 38.2% [23] Investment Outlook - Bitcoin Depot's rapid scaling through BTM Kiosks and BDCheckout growth, along with stronger revenue and earnings growth prospects, positions it as a high-upside investment opportunity [26] - BTCS remains solid in its Ethereum-based approach but faces challenges in comparison to Bitcoin Depot's performance [26]

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 has the largest market share in North America, operating over 8,800 kiosk locations as of June 2025 [3] - Bitcoin Depot provides users with simple and efficient means to convert cash into Bitcoin, which can be used for payments, spending, and investing [3] Upcoming Financial Results - Bitcoin Depot will hold a conference call and live audio webcast on August 12, 2025, at 10:00 a.m. Eastern time to discuss its financial results for the second quarter ended June 30, 2025 [1] - The financial results will be released before the market opens on the same day [1] Conference Call Details - U.S. and Canada toll-free call number: 888-596-4144; U.S. toll number: 646-968-2525; Conference ID: 9071245 [2] - A replay of the call will be available starting after 2:00 p.m. Eastern time through August 19, 2025 [2] - Contact information for investor relations is provided for any difficulties connecting to the conference call [2]

Core Insights - Bitcoin Depot Inc. has experienced significant revenue growth, primarily driven by BTM Kiosks, which contributed approximately 99.7% of total revenues in Q1 2025 [1][10] Group 1: Business Expansion - As of March 31, 2025, Bitcoin Depot had 8,463 BTM Kiosks installed across the United States, Canada, and Puerto Rico, with a median transaction size of $300 [2] - The company acquired Pelicoin, LLC assets in June 2025 to enhance its presence in the Gulf South region, expanding kiosk locations in Louisiana, Mississippi, Tennessee, Alabama, and Texas [2] - Bitcoin Depot entered into seven franchise profit-sharing arrangements and secured a deal with CEFCO for 72 locations, as well as a master placement agreement with EG America LLC for over 900 locations [4][5] Group 2: Strategic Asset Management - Bitcoin Depot has adopted a treasury strategy, holding more than 100 Bitcoins, indicating confidence in Bitcoin's long-term potential as a strategic asset and store of value [3][10] Group 3: Market Position and Performance - Bitcoin Depot's shares have surged 228.4% this year, significantly outperforming the S&P 500's gain of 8.3% [7] - The company trades at a 12-month forward price-to-earnings ratio (P/E F12M) of 10.98X, which is below the industry average [8] - The Zacks Consensus Estimate for Bitcoin Depot's 2025 earnings suggests a year-over-year increase of 176.7%, with 2026 earnings expected to grow at a rate of 10.3% [11]