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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.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.
- Registers 651,786 shares for resale by Kutt, Inc. sellers; no proceeds to issuer; major BTM operator.BTM
Registration filing31 Mar 2026 - 2026 revenue projected to drop 30%-40% amid regulatory headwinds despite 2025 growth.BTM
Q4 202516 Mar 2026 - Q2 2024 revenue fell 17% YoY, but net income and cash improved as ATM targets were surpassed.BTM
Q2 20242 Feb 2026 - Net income more than doubled despite a 25% revenue drop, with a 2025 dividend planned.BTM
Q3 202414 Jan 2026 - Q4 2024 adjusted EBITDA surged 33–34% as margins improved despite lower revenue.BTM
Q4 202426 Dec 2025 - Registering up to $25M in securities, with $13M at-the-market stock offering via H.C. Wainwright.BTM
Registration Filing16 Dec 2025 - Up to $100 million in securities offered by a top Bitcoin ATM operator with exclusive retail partnerships.BTM
Registration Filing16 Dec 2025 - Seven directors up for election and a new auditor ratification, with CEO holding voting control.BTM
Proxy Filing2 Dec 2025 - Shareholders will vote online to elect seven directors and ratify the auditor at the December 2024 meeting.BTM
Proxy Filing2 Dec 2025
Next Bitcoin Depot earnings date
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