Bitcoin Depot (BTM) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue reached $164.2 million, up 19% year-over-year, driven by increased kiosk deployment, higher transaction volume, and larger median transaction size.

• Net income improved to $12.2 million from a net loss of $4.2 million in Q1 2024, reflecting enhanced profitability and operational efficiency.

• Adjusted EBITDA rose to $20.3 million (12.4% margin), up from $4.9 million (3.5% margin) in Q1 2024, highlighting strong operational leverage.

• Installed kiosk count ended Q1 at 8,483, with ongoing expansion in Australia and exclusive partnerships such as Circle K supporting growth.

• Cash from operations reached $16.3 million, supporting increased bitcoin holdings and a stronger balance sheet.

Financial highlights

• Q1 2025 revenue was $164.2 million, up from $138.5 million in Q1 2024 (19% increase); adjusted gross profit rose 92% year-over-year to $33.1 million.

• Adjusted gross profit margin increased to 20.2% from 12.5% year-over-year; GAAP gross profit margin was 19.0%.

• Operating expenses declined 7% to $15.3 million, and selling, general, and administrative expenses decreased 1.2% to $13.4 million.

• Cash, cash equivalents, and cryptocurrencies totaled $43.3 million at March 31, 2025; cash and equivalents alone were $34.96 million.

• Generated $16.3 million in operating cash flow, up from $1.3 million a year ago.

Outlook and guidance

• Q2 2025 revenue is expected to grow in the low- to mid-single digits sequentially and year-over-year, with management focused on responsible scaling and operational enhancements.

• Existing cash and cash equivalents, plus cash from operations, are expected to be sufficient for at least the next 12 months.

• Strategic focus remains on expanding retail partnerships, vendor pricing, and cost optimization to drive profitability.