Bitcoin Depot Inc., a U.S.-based Bitcoin ATM operator and leading fintech company, has released its financial results for the fourth quarter and full year ending December 31, 2024. The company, which operates over 8,400 kiosks across North America, has shown significant improvements in several key financial metrics despite facing challenges from new legislation and ongoing optimization efforts.

Financial Highlights

For the fourth quarter of 2024, Bitcoin Depot reported revenue of $136.8 million, a decrease from $148.4 million in the same period the previous year. This decline was attributed to unfavorable legislation in California and the relocation of underperforming kiosks. However, the company saw a significant increase in net income, which rose to $5.4 million from a net loss of $1.7 million in Q4 2023. Adjusted gross profit also increased by 18% year-over-year to $25.4 million, and adjusted EBITDA grew by 34% to $12.0 million.

Business and Operational Highlights

Bitcoin Depot made substantial progress in expanding its Bitcoin ATM network and optimizing existing machines to enhance profitability. The company’s total operating expenses for Q4 2024 declined by 16% year-over-year to $15.0 million, primarily due to the absence of costs associated with going public in 2023. For the full year 2024, revenue was $573.7 million, down from $689.0 million in 2023, largely due to the same legislative impacts and kiosk relocations. Despite this, net income for the year increased by 432% to $7.8 million.

Strategic Initiatives and Corporate Developments

Bitcoin Depot has continued to strengthen its Bitcoin treasury holdings, recently increasing its total to 94 BTC. The company also hinted at the potential for a cash dividend, reflecting its commitment to leveraging strong cash flow to drive shareholder value initiatives. Additionally, Bitcoin Depot is reintroducing financial guidance, projecting robust growth in the first quarter of 2025.

Management’s Perspective

Brandon Mintz, CEO and Founder of Bitcoin Depot, expressed confidence in the company’s future, stating, “In the fourth quarter, we made significant progress in expanding our Bitcoin ATM network and optimizing existing machines to enhance profitability — and the results speak for themselves.” He also highlighted the company’s aggressive international and domestic kiosk expansion strategy and the positive impact of optimization efforts on financial performance moving into 2025.

Future Outlook

Bitcoin Depot anticipates Q1 2025 revenues to be between $151 million and $154 million, representing growth of 9% to 11% compared to Q1 2024. The company also projects adjusted EBITDA for Q1 2025 to be between $12 million and $14 million, indicating growth of over 200% compared to Q1 2024.

SEC Filing: Bitcoin Depot Inc. [ BTM ] – 8-K – Mar. 18, 2025