Bitcoin Depot Reports Second Quarter 2025 Financial Results

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]