Revenue Performance - Revenue for Q3 2024 was $135.3 million, a decrease of 25% from $179.5 million in Q3 2023, primarily due to unfavorable legislation in California and the relocation of underperforming kiosks[4] - Revenue for the three months ended September 30, 2024, was $135,271 thousand, a decrease of 24.6% compared to $179,483 thousand for the same period in 2023[23] Operating Expenses - Total operating expenses decreased by 13% to $16.9 million in Q3 2024, compared to $19.5 million in Q3 2023, attributed to non-recurring costs from going public in 2023[5] - Total operating expenses for the three months ended September 30, 2024, were $16,939 thousand, a decrease of 13.1% from $19,502 thousand in the same period of 2023[23] Net Income and Loss - Net income for Q3 2024 increased by 116% to $2.3 million, up from $1.1 million in Q3 2023, driven by lower operating expenses[5] - Net income for the three months ended September 30, 2024, was $2,299 thousand, compared to $1,065 thousand for the same period in 2023, representing a 116.1% increase[23] - The net loss attributable to Bitcoin Depot Inc. for the three months ended September 30, 2024, was $(939) thousand, compared to a net loss of $(7,098) thousand for the same period in 2023[23] - The company reported a comprehensive loss attributable to Bitcoin Depot Inc. of $(945) thousand for the three months ended September 30, 2024, compared to $(7,098) thousand for the same period in 2023[23] Adjusted Metrics - Adjusted gross profit for Q3 2024 was $22.4 million, down 17% from $26.9 million in Q3 2023, while adjusted gross profit margin improved to 16.6% from 15.0%[6] - Adjusted Gross Profit for the three months ended September 30, 2024, was $22,418 thousand, down from $26,938 thousand in the same period of 2023, resulting in an Adjusted Gross Profit margin of 16.6%[33] - Adjusted EBITDA decreased by 34% to $9.2 million in Q3 2024, compared to $13.9 million in Q3 2023, due to lower revenue[7] - Adjusted EBITDA for the three months ended September 30, 2024, was $9,182 thousand, with an Adjusted EBITDA margin of 6.8%, compared to $13,948 thousand and 7.8% for the same period in 2023[29] Cash and Assets - Cash and cash equivalents were $32.2 million at the end of Q3 2024, with cash flows from operations generating $5.8 million in Q3 2024, down from $7.0 million in Q3 2023[8] - Total assets increased to $87.4 million as of September 30, 2024, compared to $77.4 million at the end of 2023[18] - Total liabilities rose to $95.3 million as of September 30, 2024, up from $68.0 million at the end of 2023[20] Business Expansion and Strategy - The company ended Q3 2024 with 8,300 Bitcoin ATMs, exceeding its expansion goals and enhancing Bitcoin's accessibility[2] - The company plans to initiate cash dividends to common shareholders in 2025 as part of its strategy to create shareholder value[3] Other Expenses - The total other expense for the three months ended September 30, 2024, was $(2,833) thousand, a decrease from $(6,034) thousand in the same period of 2023[23] - The company recognized a non-cash expense of $2.7 million related to the PIPE transaction for the three months ended September 30, 2023[29] - The cost of revenue (excluding depreciation and amortization) for the three months ended September 30, 2024, was $112,853 thousand, down 26.0% from $152,545 thousand in the same period of 2023[33]
GSR II METEORA A(GSRM) - 2024 Q3 - Quarterly Results