Revenue and Income - 2025 revenue increased by 7% year-over-year to $614.9 million, up from $573.7 million in 2024[9] - Total revenue for 2025 was $614.85 million, an increase of 7.4% from $573.70 million in 2024[37] - 2025 net income was $5.1 million, a decrease from $7.8 million in 2024, impacted by an $18.5 million accrual for an arbitration judgment liability[11] - Net income for 2025 was $5.12 million, down from $7.81 million in 2024, reflecting a decrease of 34.5%[29] Profitability Metrics - Gross profit for 2025 rose by 30% to $105.6 million, with a gross profit margin of 17.2%, an increase of 300 basis points from 14.2% in 2024[10] - Adjusted EBITDA for 2025 increased by 42% to $56.4 million compared to $39.7 million in 2024[12] - Adjusted EBITDA for 2025 was $56.42 million, compared to $39.71 million in 2024, representing a 42.2% increase[35] - The company reported an Adjusted EBITDA margin of 9.2% for 2025, compared to 6.9% in 2024[35] - Adjusted gross profit for 2025 was $113.30 million, up from $91.44 million in 2024, reflecting a growth of 23.9%[37] Operating Expenses and Liabilities - Total operating expenses in 2025 were $72.1 million, up from $67.2 million in 2024, driven by higher legal services expenses[11] - Total liabilities increased to $118.61 million in 2025 from $96.59 million in 2024, marking a rise of 22.8%[26] Cash and Equivalents - Cash, cash equivalents, and cryptocurrencies as of December 31, 2025, totaled $76.6 million, significantly up from $31.0 million at the end of 2024[7] - Cash and cash equivalents at the end of 2025 were $65.63 million, up from $29.47 million at the end of 2024, indicating a significant increase of 122.5%[29] Special Items and Adjustments - The year ended December 31, 2025, includes an accrual of $18.5 million related to an arbitration ruling, a $1.9 million legal settlement, and a special bonus of $1.9 million[38] - The year ended December 31, 2024, includes a special performance bonus of $0.7 million and professional services fees[38] - The company incurred an unrealized loss on cryptocurrencies of $2.58 million in 2025[29] Market and Future Outlook - The company expects core business revenue in 2026 to decline by 30% to 40% due to regulatory uncertainties[13] - Bitcoin Depot acquired Kutt, a peer-to-peer social betting platform, marking its entry into the P2P social betting market[2] Quarterly Performance - Fourth quarter 2025 revenue was $116.0 million, down from $136.8 million in Q4 2024, primarily due to new state regulations[3] - Fourth quarter 2025 gross profit was $15.3 million, with a gross profit margin of 13.2%, down from 17.2% in Q4 2024[4]
GSR II METEORA A(GSRM) - 2025 Q4 - Annual Results