Financial Data and Key Metrics Changes - The company reported a 19% year-over-year revenue growth, reaching $164.2 million compared to $138.5 million in the same quarter last year [14] - Net income for the first quarter was $12.2 million, a significant increase from a net loss of $4.2 million in the previous year [17] - Adjusted EBITDA increased by 315% to $20.3 million compared to $4.9 million in the first quarter of the previous year [17] - Cash from operating activities reached a record $16.3 million, up from $1.3 million in the year-ago quarter [18] Business Line Data and Key Metrics Changes - The median transaction size increased by 46% year-over-year to $300, contributing to the overall revenue growth [5] - Adjusted gross profit rose by 92% year-over-year to $33.1 million [15] - Total operating expenses decreased by 7% to $15.3 million, attributed to lower depreciation and optimized expenses [15] Market Data and Key Metrics Changes - The company ended Q1 with approximately 8,483 active kiosks and expects continued growth throughout the year [7] - The company has deployed over 100 kiosks in Australia, which is emerging as a significant market for Bitcoin adoption [9] Company Strategy and Development Direction - The company is focused on international expansion, particularly in Australia, and is evaluating entry into at least two additional countries in 2025 [9] - There is an ongoing strategy to relocate underperforming kiosks to optimize fleet profitability [14] - The company aims to expand its domestic footprint, potentially increasing its active fleet to approximately 10,000 kiosks [10] Management's Comments on Operating Environment and Future Outlook - Management noted that the business is experiencing seasonality correlated with tax return season, which may affect revenue growth in Q2 [35] - The company remains optimistic about obtaining a license to operate in New York State, which is seen as a significant untapped market [11] - Management emphasized the importance of a strong compliance infrastructure as a competitive advantage in a fragmented market [12] Other Important Information - The company has strengthened its leadership team with the appointment of David Gray as CFO, bringing over 20 years of financial leadership experience [13] - The company plans to focus on capital allocation strategies that include paying down debt and potentially issuing dividends, with no significant capital expenditures expected in 2025 [20] Q&A Session Summary Question: Year-end kiosk goals for 2025 and 2026 - Management has not publicly announced specific kiosk goals but aims to install remaining kiosks as soon as possible, with a focus on international expansion [23][24] Question: Incremental revenue lift from kiosks installed less than a year - Management indicated that kiosks typically see at least 50% growth in revenue in their second year compared to their first year [26] Question: Capital management priorities for the rest of the year - Management plans to be opportunistic with Bitcoin purchases and is focused on paying down debt, with limited M&A opportunities in the near term [31][32] Question: Factors causing deceleration in revenue growth for Q2 - Management noted seasonality in the business and a shift in transaction volume towards Q1 due to earlier tax refunds [35] Question: Increase in BDN transactions over the last four quarters - Management explained that the increase is due to the transaction tiers for KYC, with a significant number of transactions occurring at the $200 level [39][40] Question: Trends in California post-regulatory changes - Management reported that California remains lower in performance compared to other states due to regulatory changes, with a significant reduction in kiosk count [48]