Bitcoin Depot (BTM) investor relations material

Executive summary

• Q2 2025 revenue increased 6% year-over-year to $172.1M, with net income surging 183% to $12.3M, driven by kiosk expansion, higher transaction sizes, and optimization efforts.

• The company operates approximately 8,978 Bitcoin ATMs, maintaining a leading position in North America and Australia, and is the exclusive BTM provider for Circle K with over 900 kiosks in their stores.

• Median transaction size rose to $300, and total transaction volume since inception reached $3.2B with 3.9M transactions.

• Major Up-C restructuring was completed, simplifying the corporate structure and eliminating the Tax Receivable Agreement.

• International expansion advanced with over 200 kiosks in Australia and plans to enter at least two more countries in 2025.

Financial highlights

• Q2 2025 gross profit was $30.9M (17.9% margin), up 32% year-over-year; adjusted gross profit margin improved to 19.0%.

• Adjusted EBITDA for Q2 2025 was $18.5M (10.8% margin), up 46% year-over-year.

• Six-month revenue reached $336.3M, up 11.5% year-over-year; net income for the period was $24.5M.

• Operating expenses declined 9% to $17M, reflecting cost optimization.

• Cash, cash equivalents, and cryptocurrencies totaled $59.6M at quarter-end, with positive operating cash flow of $26.4M for the first six months.

Outlook and guidance

• Q3 2025 revenue expected to grow high single digits year-over-year, with adjusted EBITDA projected to increase 20–30%.

• Management expects existing cash and cash equivalents, along with cash from operations, to be sufficient to fund operations for at least the next 12 months.

• No additional kiosk purchases planned for 2025; focus remains on deploying existing inventory.

• Gross profit margin anticipated to hold steady or decline slightly in the back half of the year, with seasonal improvement expected in 2026.

• Future capital requirements will depend on revenue growth, R&D spending, and expansion of products and services.