Business Operations - Bitcoin Depot operates the largest network of Bitcoin ATMs in North America, with approximately 9,276 BTMs installed as of September 30, 2025, an increase from 8,304 BTMs a year earlier [262]. - The company acquired over 500 kiosks from Westcliff Technologies Inc. in August 2025, expanding its network significantly [261]. - New user count reached 25,254 in Q3 2025, showing growth from 20,818 in Q3 2024 [273]. - Returning user transaction count averaged 5.6 transactions per user in the trailing twelve months as of September 30, 2025, indicating user retention [276]. - Cash in BTM kiosks was approximately 28.2% of average monthly revenues for the trailing twelve months ended September 30, 2025 [266]. Financial Performance - Revenue for the nine months ended September 30, 2025, was $498.8 million, representing an 8.6% increase compared to $436.9 million for the same period in 2024 [265]. - Revenue for the three months ended September 30, 2025, was $162.5 million, an increase of 20.1% compared to $135.3 million for the same period in 2024 [311]. - Revenue for the nine months ended September 30, 2025, increased by $61.9 million, or 14.2%, compared to the same period in 2024, attributed to more kiosks and larger transaction sizes [297][298]. - Revenue for the three months ended September 30, 2025, increased by $27.2 million, or 20.1%, compared to the same period in 2024, primarily due to an increase in total kiosks in operation and median transaction size [290][291]. - The median kiosk transaction size increased to $350 in Q3 2025, up from $250 in Q3 2024 [273]. - Adjusted Gross Profit for the three months ended September 30, 2025, was $30.1 million, representing an increase of 34.5% from $22.4 million in 2024 [311]. - Adjusted EBITDA for the three months ended September 30, 2025, was $16.1 million, up 74.5% from $9.2 million in the same period of 2024 [314]. - Net income for the three months ended September 30, 2025, was approximately $5.5 million, a 138.7% increase compared to $2.3 million in the same period of 2024 [290][291]. Cost and Expenses - Cost of revenue (excluding depreciation and amortization) for the three months ended September 30, 2025, increased by $19.5 million, or 17.3%, driven by higher transaction volume [290][292]. - The cost of revenue (excluding depreciation and amortization) for the nine months ended September 30, 2025, rose by $32.0 million, or 8.6%, primarily due to increased transaction volume [297][299]. - Operating expenses for the three months ended September 30, 2025, totaled $18.3 million, an increase of 8.3% from $16.9 million in the same period of 2024 [290][291]. Cash Flow and Working Capital - Positive cash flow from operations for the nine months ended September 30, 2025, was $33.0 million, up from $17.3 million in the same period of 2024 [306]. - Net cash provided by operating activities increased by $15.8 million for the nine months ended September 30, 2025, primarily due to a $27.6 million increase in net income [323]. - Cash provided by financing activities increased by $14.5 million for the nine months ended September 30, 2025, mainly due to a $20.8 million increase in proceeds from equity sales [325]. - The company reported working capital of approximately $37.1 million as of September 30, 2025, compared to negative working capital of $(6.3) million at December 31, 2024 [305][306]. Future Plans and Capital Requirements - The company plans to invest in the expansion of products and services and may seek additional equity or debt financing in the future [308]. - Future capital requirements will depend on revenue growth, research and development spending, and potential acquisitions of complementary businesses [308]. Accounting and Regulatory Changes - The Company adopted ASU 2023-07 effective January 1, 2024, resulting in additional segment disclosures related to significant expenses [332]. - The FASB issued ASU 2023-08 requiring entities to measure crypto assets at fair value, effective for fiscal years beginning after December 15, 2024 [333]. - ASU 2023-09 mandates detailed disclosures on income tax expense and payments, effective for fiscal years beginning after December 15, 2024 [334]. - ASU 2023-06 introduces amendments to disclosure requirements related to cash flows and earnings per share, with an uncertain effective date pending SEC actions [335]. - ASU 2024-03 requires expanded disclosures on expense disaggregation in the income statement, effective for annual periods beginning after December 15, 2026 [336]. - ASU 2025-03 changes the accounting for variable interest entities, effective for annual periods beginning after December 15, 2026 [337]. Market Risks - The company is exposed to market risks from foreign currency exchange rates and interest rates, with no material changes noted since the last annual report [338].
GSR II METEORA A(GSRM) - 2025 Q3 - Quarterly Report