Bitcoin Depot
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Bitcoin Depot (BTM) investor relations material

Bitcoin Depot Registration filing summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Registration filing summary10 Apr, 2026

Company overview and business model

  • Operates the largest network of Bitcoin ATMs (BTMs) in North America, with approximately 9,700 kiosks as of December 31, 2025, and a 23% U.S. market share.

  • Offers cash-to-Bitcoin transactions via BTMs and BDCheckout at 16,300 retail locations, plus a mobile app for online purchases.

  • Revenue primarily from cash sales of Bitcoin at kiosks, with additional software revenue from BitAccess, which provides BTM software to third-party operators.

  • Expanded through acquisitions (e.g., National Bitcoin ATM, Kutt Inc.) and franchise profit-sharing arrangements.

  • Focuses on compliance, robust KYC/AML procedures, and maintaining low Bitcoin inventory to manage price volatility.

Financial performance and metrics

  • 2025 revenue: $614.9 million (up 7.2% from 2024); net income: $4.7 million; Adjusted EBITDA: $56.4 million.

  • Gross profit margin: 17.2% in 2025, up from 15.9% in 2024.

  • Working capital at year-end 2025: $16.7 million; cash and cash equivalents: $65.6 million.

  • Positive cash flow from operations: $34.0 million in 2025.

  • 2026 revenue expected to decline 30–40% due to enhanced compliance and regulatory pressures.

Use of proceeds and capital allocation

  • No proceeds to the company from this offering; all shares are being sold by selling stockholders.

  • Capital allocation focused on reinvestment in business growth, compliance, and strategic acquisitions.

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Next Bitcoin Depot earnings date

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Q1 202614 May, 2026
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