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]