Bitcoin Depot Inc. (“Bitcoin Depot” or the “Company”), a U.S.-based
Bitcoin ATM operator and leading fintech company, today reported
financial results for the second quarter ended June 30, 2024.
Bitcoin Depot will host a conference call and webcast at 10:00 a.m.
ET today. An earnings presentation and link to the webcast will be
made available at ir.bitcoindepot.com.
“We continued to build on our momentum in the second quarter,
achieving notable sequential growth in revenue, net income, and
Adjusted EBITDA,” said Brandon Mintz, CEO and Founder of Bitcoin
Depot. “Our success of having over 8,000 active Bitcoin ATMs five
months ahead of schedule underscores our robust execution and
positions us well for sustained growth. This achievement not only
enhances our market presence but also drives our cash flow
dynamics, as evidenced by the $10.1 million in operational cash
flow generated during the second quarter. With this strong
foundation, we are well-positioned to expand our world-leading
kiosk footprint and maximize profits for our shareholders.”
Second Quarter 2024 Financial Results
Revenue in the second quarter of 2024 was $163.1 million, down
17% from $197.5 million in the second quarter of 2023. Revenue in
the second quarter of 2024 was up $24.5 million or 18% from the
first quarter of 2024.
Total operating expenses were $18.8 million for the second
quarter of 2024, compared to $19.7 million for the second quarter
of 2023.
Net income for the second quarter of 2024 was $4.4 million,
compared to a net loss of $4.0 million for the second quarter of
2023. Net income in the second quarter of 2024 was up $8.6 million
or 203% from a net loss of $4.2 million in the first quarter of
2024.
Adjusted gross profit in the second quarter of 2024 was $26.4
million, down 13% from $30.2 million for the second quarter of
2023. Adjusted gross profit margin (non-GAAP) in the second quarter
of 2024 increased approximately 90 basis points to 16.2% compared
to 15.3% in the second quarter of 2023. Please see “Explanation and
Reconciliation of Non-GAAP Financial Measures” below.
Adjusted EBITDA, a non-GAAP measure, in the second quarter of
2024 decreased 36% to $12.7 million, compared to Adjusted EBITDA of
$19.8 million for the second quarter of 2023. Adjusted EBITDA in
the second quarter of 2024 was up $7.8 million or 159% from the
first quarter of 2024. Please see “Explanation and Reconciliation
of Non-GAAP Financial Measures” below.
Cash and cash equivalents were $43.9 million as of the end of
the second quarter of 2024. The Company generated $10.1 million in
cash flows from operations in the second quarter and $11.5 million
for the first six months of 2024.
Recent Business Highlights
- Achieved and exceeded its goal of having over 8,000 active
Bitcoin ATMs five months ahead of schedule, with 8,180 kiosks. This
milestone reinforces Bitcoin Depot's abiding market dominance and
showcases its rapid growth trajectory.
- Partnered with New England-Based convenience retailer Nouria
Energy, a leading convenience store brand based in the northeastern
U.S. with robust operations across 175 company owned c-stores and
fuel retailers.
- Announced Bitcoin treasury strategy, demonstrating the
Company’s confidence in the future of Bitcoin by strategically
allocating a portion of cash reserves to Bitcoin.
- Announced sale of 200 additional BTM kiosks to Sopris Capital,
a 20-year-old multi-strategy investment firm as part of the
Company’s profit-sharing program.
Conference Call
Bitcoin Depot will hold a conference call at 10:00 a.m., Eastern
time (7:00 a.m. Pacific time), today to discuss its financial
results for the second quarter ended June 30, 2024.
Call Date: Tuesday, August 13, 2024 Time: 10:00 a.m.
Eastern time (7:00 a.m. Pacific time) U.S. dial-in:
646-968-2525International dial-in: 888-596-4144Conference ID:
4727212
The conference call will broadcast live and be available for
replay here following the call.
Please call the conference telephone number approximately 10
minutes before the start time. An operator will register your name
and organization. If you have any difficulty connecting with the
conference call, please contact Bitcoin Depot’s investor relations
team at 1-949-574-3860.
A replay of the call will be available beginning after 2:00 p.m.
Eastern time on August 13, 2024, through August 20, 2024.
U.S. replay number: 609-800-9909International replay number:
800-770-2030Conference ID: 4727212
About Bitcoin Depot
Bitcoin Depot Inc. (Nasdaq: BTM) was founded in 2016 with the
mission to connect those who prefer to use cash to the broader,
digital financial system. Bitcoin Depot provides its users with
simple, efficient and intuitive means of converting cash into
Bitcoin, which users can deploy in the payments, spending and
investing space. Users can convert cash to bitcoin at Bitcoin Depot
kiosks in 48 states and at thousands of name-brand retail locations
in 29 states through its BDCheckout product. The Company has the
largest market share in North America with approximately 8,000
kiosk locations as of July 1, 2024. Learn more at
www.bitcoindepot.com.
Cautionary Statement Regarding Forward-Looking
Statements
This press release and any oral statements made in connection
herewith include “forward-looking statements” within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Exchange Act of 1934, as amended. Forward-looking
statements are any statements other than statements of historical
fact, and include, but are not limited to, statements regarding the
expectations of plans, business strategies, objectives and growth
and anticipated financial and operational performance, including
our growth strategy and ability to increase deployment of our
products and services, our ability to strengthen our financial
profile, and worldwide growth in the adoption and use of
cryptocurrencies,. These forward-looking statements are based on
management’s current beliefs, based on currently available
information, as to the outcome and timing of future events.
Forward-looking statements are often identified by words such as
“anticipate,” “appears,” “approximately,” “believe,” “continue,”
“could,” “designed,” “effect,” “estimate,” “evaluate,” “expect,”
“forecast,” “goal,” “initiative,” “intend,” “may,” “objective,”
“outlook,“ ”plan,“ ”potential,“ ”priorities,“ ”project,“ ”pursue,“
”seek,“ ”should,“ ”target,“ ”when,“ ”will,“ ”would,” or the
negative of any of those words or similar expressions that predict
or indicate future events or trends or that are not statements of
historical matters, although not all forward-looking statements
contain such identifying words. In making these statements, we rely
upon assumptions and analysis based on our experience and
perception of historical trends, current conditions, and expected
future developments, as well as other factors we consider
appropriate under the circumstances. We believe these judgments are
reasonable, but these statements are not guarantees of any future
events or financial results. These forward-looking statements are
provided for illustrative purposes only and are not intended to
serve as, and must not be relied on by any investor as, a
guarantee, an assurance, a prediction or a definitive statement of
fact or probability. Actual events and circumstances are difficult
or impossible to predict and will differ from assumptions. Many
actual events and circumstances are beyond our control.
These forward-looking statements are subject to a number of
risks and uncertainties, including changes in domestic and foreign
business, market, financial, political and legal conditions;
failure to realize the anticipated benefits of the business
combination; risks relating to the uncertainty of our projected
financial information; future global, regional or local economic
and market conditions; the development, effects and enforcement of
laws and regulations; our ability to manage future growth; our
ability to develop new products and services, bring them to market
in a timely manner and make enhancements to our platform; the
effects of competition on our future business; our ability to issue
equity or equity-linked securities; the outcome of any potential
litigation, government and regulatory proceedings, investigations
and inquiries; and those factors described or referenced in filings
with the Securities and Exchange Commission. If any of these risks
materialize or our assumptions prove incorrect, actual results
could differ materially from the results implied by these
forward-looking statements. There may be additional risks that we
do not presently know or that we currently believe are immaterial
that could also cause actual results to differ from those contained
in the forward-looking statements. In addition, forward-looking
statements reflect our expectations, plans or forecasts of future
events and views as of the date of this press release. We
anticipate that subsequent events and developments will cause our
assessments to change.
We caution readers not to place undue reliance on
forward-looking statements. Forward-looking statements speak only
as of the date they are made, and we undertake no obligation to
update publicly or otherwise revise any forward-looking statements,
whether as a result of new information, future events, or other
factors that affect the subject of these statements, except where
we are expressly required to do so by law. All written and oral
forward-looking statements attributable to us are expressly
qualified in their entirety by this cautionary statement.
|
BITCOIN DEPOT INC.CONSOLIDATED BALANCE SHEETS(in
thousands, except share and per share amounts) |
|
|
|
June 30, 2024(unaudited) |
|
|
December 31, 2023 |
|
| Assets |
|
|
|
|
|
|
| Current: |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
43,942 |
|
|
$ |
29,759 |
|
|
Cryptocurrencies |
|
|
600 |
|
|
|
712 |
|
|
Accounts receivable |
|
|
317 |
|
|
|
245 |
|
|
Prepaid expenses and other current assets |
|
|
9,777 |
|
|
|
6,554 |
|
|
Total current assets |
|
|
54,636 |
|
|
|
37,270 |
|
| Property and equipment: |
|
|
|
|
|
|
|
Furniture and fixtures |
|
|
635 |
|
|
|
635 |
|
|
Leasehold improvements |
|
|
172 |
|
|
|
172 |
|
|
Kiosk machines - owned |
|
|
27,100 |
|
|
|
24,222 |
|
|
Kiosk machines - leased |
|
|
22,394 |
|
|
|
20,524 |
|
|
Total property and equipment |
|
|
50,301 |
|
|
|
45,553 |
|
|
Less: accumulated depreciation |
|
|
(25,758 |
) |
|
|
(20,699 |
) |
|
Total property and equipment, net |
|
|
24,543 |
|
|
|
24,854 |
|
|
Intangible assets, net |
|
|
3,168 |
|
|
|
3,836 |
|
|
Goodwill |
|
|
8,717 |
|
|
|
8,717 |
|
|
Operating lease right-of-use assets, net |
|
|
2,489 |
|
|
|
484 |
|
|
Deposits |
|
|
699 |
|
|
|
412 |
|
|
Deferred tax assets |
|
|
3,286 |
|
|
|
1,804 |
|
| Total
assets |
|
$ |
97,538 |
|
|
$ |
77,377 |
|
|
BITCOIN
DEPOT INC.CONSOLIDATED BALANCE SHEETS(in thousands, except
share and per share amounts) |
|
|
|
June 30, 2024 (unaudited) |
|
|
December 31, 2023 |
|
| Liabilities and
Stockholders’ Equity |
|
|
|
|
|
|
|
Current: |
|
|
|
|
|
|
|
Accounts payable |
|
$ |
10,326 |
|
|
$ |
8,337 |
|
|
Accrued expenses and other current liabilities |
|
|
21,591 |
|
|
|
21,545 |
|
|
Notes payable |
|
|
4,366 |
|
|
|
3,985 |
|
|
Income taxes payable |
|
|
2,811 |
|
|
|
2,484 |
|
|
Deferred revenue |
|
|
13 |
|
|
|
297 |
|
|
Operating lease liabilities, current portion |
|
|
813 |
|
|
|
279 |
|
|
Current installments of obligations under finance leases |
|
|
4,761 |
|
|
|
6,801 |
|
|
Other non-income tax payable |
|
|
2,235 |
|
|
|
2,297 |
|
|
Total current liabilities |
|
|
46,916 |
|
|
|
46,025 |
|
|
Long-term liabilities |
|
|
|
|
|
|
|
Notes payable, non-current |
|
|
38,793 |
|
|
|
17,101 |
|
|
Operating lease liabilities, non-current |
|
|
1,754 |
|
|
|
319 |
|
|
Obligations under finance leases, non-current |
|
|
2,653 |
|
|
|
2,848 |
|
|
Deferred income tax, net |
|
|
853 |
|
|
|
846 |
|
|
Tax receivable agreement liability due to related party,
non-current |
|
|
2,126 |
|
|
|
865 |
|
| Total
Liabilities |
|
|
93,095 |
|
|
|
68,004 |
|
| Commitments and
Contingencies (Note 19) |
|
|
|
|
|
|
| Stockholders’
Equity |
|
|
|
|
|
|
|
Series A Preferred Stock, $0.0001 par value; 50,000,000 authorized,
3,075,000 and 3,125,000 shares issued and outstanding, at June 30,
2024 and December 31, 2023, respectively |
|
|
— |
|
|
|
— |
|
|
Class A common stock, $0.0001 par value; 800,000,000 authorized,
17,345,855 and 13,602,691 shares issued, and 17,155,235 and
13,482,047 shares outstanding at June 30, 2024 and December 31,
2023, respectively |
|
|
1 |
|
|
|
1 |
|
|
Class B common stock, $0.0001 par value; 20,000,000 authorized, no
shares issued and outstanding at June 30, 2024 and December 31,
2023 |
|
|
— |
|
|
|
— |
|
|
Class E common stock, $0.0001 par value; 2,250,000 authorized,
1,075,761 shares issued and outstanding at June 30, 2024 and
December 31, 2023 |
|
|
— |
|
|
|
— |
|
|
Class M common stock, $0.0001 par value; 300,000,000 authorized, no
shares issued and outstanding at June 30, 2024 and December 31,
2023 |
|
|
— |
|
|
|
— |
|
|
Class O common stock, $0.0001 par value; 800,000,000 authorized, no
shares issued and outstanding at June 30, 2024 and December 31,
2023 |
|
|
— |
|
|
|
— |
|
|
Class V common stock, $0.0001 par value; 300,000,000 authorized,
41,193,024 and 44,100,000 shares issued and outstanding at June 30,
2024 and December 31, 2023, respectively |
|
|
4 |
|
|
|
4 |
|
|
Treasury stock |
|
|
(437 |
) |
|
|
(279 |
) |
|
Additional paid-in capital |
|
|
20,731 |
|
|
|
17,326 |
|
|
Accumulated deficit |
|
|
(36,762 |
) |
|
|
(32,663 |
) |
|
Accumulated other comprehensive loss |
|
|
(198 |
) |
|
|
(203 |
) |
| Total Stockholders’
(Deficit) Attributable to Bitcoin Depot Inc. |
|
|
(16,661 |
) |
|
|
(15,814 |
) |
|
Equity attributable to non-controlling interests |
|
|
21,104 |
|
|
|
25,187 |
|
| Total Stockholders’
Equity |
|
|
4,443 |
|
|
|
9,373 |
|
| Total Liabilities and
Stockholders’ Equity |
|
$ |
97,538 |
|
|
$ |
77,377 |
|
|
BITCOIN DEPOT INC.CONSOLIDATED STATEMENTS OF
(LOSS) INCOME AND COMPREHENSIVE (LOSS) INCOME (UNAUDITED)(in
thousands, except share and per share amounts) |
|
|
|
Three Months EndedJune 30, |
|
|
Six Months EndedJune 30, |
|
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
Revenue |
|
$ |
163,066 |
|
|
$ |
197,474 |
|
|
$ |
301,605 |
|
|
$ |
361,077 |
|
| Cost of revenue (excluding
depreciation and amortization) |
|
|
136,708 |
|
|
|
167,242 |
|
|
|
257,995 |
|
|
|
308,543 |
|
| Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
| Selling, general, and
administrative |
|
|
15,762 |
|
|
|
16,168 |
|
|
|
29,368 |
|
|
|
27,003 |
|
| Depreciation and
amortization |
|
|
2,992 |
|
|
|
3,499 |
|
|
|
5,939 |
|
|
|
6,295 |
|
| Total operating expenses |
|
|
18,754 |
|
|
|
19,667 |
|
|
|
35,307 |
|
|
|
33,298 |
|
| Income from
operations |
|
|
7,604 |
|
|
|
10,565 |
|
|
|
8,303 |
|
|
|
19,236 |
|
| Other (expense) income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest (expense) |
|
|
(2,880 |
) |
|
|
(4,404 |
) |
|
|
(7,824 |
) |
|
|
(7,351 |
) |
|
Other income (expense) |
|
|
34 |
|
|
|
(10,797 |
) |
|
|
40 |
|
|
|
(10,913 |
) |
|
(Loss) on foreign currency transactions |
|
|
(138 |
) |
|
|
(62 |
) |
|
|
(265 |
) |
|
|
(211 |
) |
| Total other (expense) |
|
|
(2,984 |
) |
|
|
(15,263 |
) |
|
|
(8,049 |
) |
|
|
(18,475 |
) |
| (Loss) Income before
provision for income taxes and non-controlling
interest |
|
|
4,620 |
|
|
|
(4,698 |
) |
|
|
254 |
|
|
|
761 |
|
| Income tax (expense)
benefit |
|
|
(270 |
) |
|
|
692 |
|
|
|
(132 |
) |
|
|
1,314 |
|
| Net income
(loss) |
|
|
4,350 |
|
|
|
(4,006 |
) |
|
|
122 |
|
|
|
2,075 |
|
| Net income attributable to
Legacy Bitcoin Depot unit holders |
|
|
— |
|
|
|
6,616 |
|
|
|
— |
|
|
|
12,906 |
|
| Net income attributable to
non-controlling interest |
|
|
6,911 |
|
|
|
77 |
|
|
|
4,221 |
|
|
|
(132 |
) |
| Net (loss) attributable to
Bitcoin Depot Inc. |
|
|
(2,561 |
) |
|
|
(10,699 |
) |
|
|
(4,099 |
) |
|
|
(10,699 |
) |
| Other comprehensive
income (loss), net of tax |
|
|
|
|
|
|
|
|
|
|
|
|
| Net income (loss) |
|
|
4,350 |
|
|
|
(4,006 |
) |
|
|
122 |
|
|
|
2,075 |
|
| Foreign currency translation
adjustments |
|
|
5 |
|
|
|
(21 |
) |
|
|
18 |
|
|
|
(21 |
) |
| Total comprehensive income
(loss) |
|
|
4,355 |
|
|
|
(4,027 |
) |
|
|
140 |
|
|
|
2,054 |
|
| Comprehensive income
attributable to Legacy Bitcoin Depot unit holders |
|
|
— |
|
|
|
6,595 |
|
|
|
— |
|
|
|
12,885 |
|
| Comprehensive income
(loss) attributable to non-controlling interest |
|
|
6,911 |
|
|
|
77 |
|
|
|
4,234 |
|
|
|
(132 |
) |
| Comprehensive (loss)
attributable to Bitcoin Depot Inc. |
|
$ |
(2,556 |
) |
|
$ |
(10,699 |
) |
|
$ |
(4,094 |
) |
|
$ |
(10,699 |
) |
Explanation and Reconciliation of Non-GAAP Financial
Measures
Bitcoin Depot reports its financial results in accordance with
accounting principles generally accepted in the United States of
America (“GAAP”). This press release includes both historical and
projected Adjusted EBITDA, Adjusted Gross Profit, and certain
ratios and other metrics derived therefrom such as Adjusted EBITDA
margin and Adjusted Gross Profit margin, which are not prepared in
accordance with GAAP.
Bitcoin Depot defines Adjusted EBITDA as net income before
interest expense, income tax expense, depreciation and
amortization, non-recurring expenses, share-based compensation,
expenses related to the PIPE financing and miscellaneous cost
adjustments. Such items are excluded from Adjusted EBITDA because
these items are non-cash in nature, or because the amount and
timing of these items is unpredictable, not driven by core results
of operations and renders comparisons with prior periods and
competitors less meaningful. In addition, Bitcoin Depot defines
Adjusted Gross Profit (a non-GAAP financial measure) as revenue
less cost of revenue (excluding depreciation and amortization) and
depreciation and amortization adjusted to add back depreciation and
amortization. Bitcoin Depot believes Adjusted EBITDA and Adjusted
Gross Profit each provide useful information to investors and
others in understanding and evaluating Bitcoin Depot’s results of
operations, as well as provide a useful measure for
period-to-period comparisons of Bitcoin Depot’s business
performance. Adjusted EBITDA and Adjusted Gross Profit are each key
measurements used internally by management to make operating
decisions, including those related to operating expenses, evaluate
performance and perform strategic and financial planning. However,
you should be aware that Adjusted EBITDA and Adjusted Gross Profit
are not measures of financial performance calculated in accordance
with GAAP and may exclude items that are significant in
understanding and assessing Bitcoin Depot’s financial results, and
further, that Bitcoin Depot may incur future expenses similar to
those excluded when calculating these measures. Bitcoin Depot
primarily relies on GAAP results and uses both Adjusted EBITDA and
Adjusted Gross Profit on a supplemental basis. Neither Adjusted
EBITDA or Adjusted Gross Profit should be considered in isolation
from, or as an alternative to, net income, cash flows from
operations or other measures of profitability, liquidity or
performance under GAAP and may not be indicative of Bitcoin Depot’s
historical or future operating results. Bitcoin Depot’s computation
of both Adjusted EBITDA and Adjusted Gross Profit may not be
comparable to other similarly titled measures computed by other
companies because not all companies calculate such measures in the
same fashion. As such, undue reliance should not be placed on such
measures.
Due to the high variability and difficulty in making accurate
forecasts and projections of some of the information excluded from
the projections of Adjusted EBITDA, together with some of the
excluded information not being ascertainable or accessible, Bitcoin
Depot is unable to quantify certain amounts that would be required
to be included in the most directly comparable GAAP financial
measures without unreasonable effort. Consequently, no disclosure
of estimated comparable GAAP measures is included and no
reconciliation of the forward-looking non-GAAP financial measures
is included.
The following table presents a reconciliation of Net (loss)
income to Adjusted EBITDA for the periods indicated:
|
BITCOIN DEPOT INC.RECONCILIATION OF NET (LOSS)
INCOME TO ADJUSTED EBITDA(UNAUDITED) |
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
| (in
thousands) |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
Net (loss) income |
|
$ |
4,350 |
|
|
$ |
(4,006 |
) |
|
$ |
122 |
|
|
$ |
2,075 |
|
| Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
| Interest expense |
|
|
2,880 |
|
|
|
4,404 |
|
|
|
7,824 |
|
|
|
7,351 |
|
| Income tax expense
(benefit) |
|
|
270 |
|
|
|
(692 |
) |
|
|
132 |
|
|
|
(1,314 |
) |
| Depreciation and
amortization |
|
|
2,992 |
|
|
|
3,499 |
|
|
|
5,939 |
|
|
|
6,295 |
|
| Expense related to the PIPE
transaction (1) |
|
|
— |
|
|
|
9,597 |
|
|
|
— |
|
|
|
9,597 |
|
| Non-recurring expenses
(2) |
|
|
444 |
|
|
|
2,745 |
|
|
|
907 |
|
|
|
5,174 |
|
| Share-based compensation |
|
|
1,728 |
|
|
|
— |
|
|
|
2,625 |
|
|
|
— |
|
| Special bonus (3) |
|
|
— |
|
|
|
3,915 |
|
|
|
— |
|
|
|
3,915 |
|
| Expenses associated with the
termination of the phantom equity participation plan |
|
|
— |
|
|
|
350 |
|
|
|
— |
|
|
|
350 |
|
| Adjusted EBITDA |
|
$ |
12,664 |
|
|
$ |
19,812 |
|
|
$ |
17,549 |
|
|
$ |
33,443 |
|
| Adjusted EBITDA margin
(4) |
|
|
7.8 |
% |
|
|
10.0 |
% |
|
|
5.8 |
% |
|
|
9.3 |
% |
(1) Amount includes the recognition of a non-cash expense of
$9.0 million related to the PIPE transaction.(2) Comprised of
non-recurring professional service fees.(3) Amount includes
(A) Transaction bonus and related taxes to employees of
approximately $2.3 million and (B) Founder Transaction
bonus of approximately $1.6 million.(4) Adjusted EBITDA margin
is defined as Adjusted EBITDA divided by revenue. The Company uses
this measure to evaluate its overall profitability.
The following table presents a reconciliation of revenue to
Adjusted Gross Profit for the periods indicated:
|
BITCOIN DEPOT INC.RECONCILIATION OF REVENUE TO
ADJUSTED GROSS PROFIT(UNAUDITED) |
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
| (in
thousands) |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
Revenue |
|
$ |
163,066 |
|
|
$ |
197,474 |
|
|
$ |
301,605 |
|
|
$ |
361,077 |
|
| Cost of revenue (excluding
depreciation and amortization) |
|
|
(136,708 |
) |
|
|
(167,242 |
) |
|
$ |
(257,995 |
) |
|
|
(308,543 |
) |
| Depreciation and amortization
excluded from cost of revenue |
|
|
(2,976 |
) |
|
|
(3,499 |
) |
|
|
(5,857 |
) |
|
|
(6,295 |
) |
| Gross Profit |
|
$ |
23,382 |
|
|
$ |
26,733 |
|
|
$ |
37,753 |
|
|
$ |
46,239 |
|
| Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
| Depreciation and amortization
excluded from cost of revenue |
|
$ |
2,976 |
|
|
$ |
3,499 |
|
|
$ |
5,857 |
|
|
$ |
6,295 |
|
| Adjusted Gross Profit |
|
$ |
26,358 |
|
|
$ |
30,232 |
|
|
$ |
43,610 |
|
|
$ |
52,534 |
|
| Gross Profit Margin (1) |
|
|
14.3 |
% |
|
|
13.5 |
% |
|
|
12.5 |
% |
|
|
12.8 |
% |
| Adjusted Gross Profit Margin
(1) |
|
|
16.2 |
% |
|
|
15.3 |
% |
|
|
14.5 |
% |
|
|
14.5 |
% |
(1) Calculated as a percentage of revenue
Contacts:
Investors Cody Slach, Gateway Group,
Inc. 949-574-3860 BTM@gateway-grp.com
Media Zach Kadletz, Brenlyn Motlagh, Ryan
Deloney Gateway Group, Inc. 949-574-3860
BTM@gateway-grp.com
Bitcoin Depot (NASDAQ:BTM)
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Bitcoin Depot (NASDAQ:BTM)
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