Bitcoin Depot (BTM) Q4 2024 earnings summary

Executive summary

• Q4 2024 revenue was $136.8M–$137M, down 7% year-over-year, mainly due to regulatory impacts and kiosk relocations.

• Adjusted EBITDA for Q4 2024 rose 33–34% to $12M, reflecting kiosk optimization and cost reductions.

• Ended 2024 with 8,457 active kiosks, maintaining leading market share in North America.

• Expanded retail partnerships, including an exclusive Circle K agreement and new deployments in Texas.

• Increased Bitcoin treasury holdings to 94 BTC as part of business strategy.

Financial highlights

• Q4 2024 adjusted gross profit was $24M–$25.4M, up 18–27% year-over-year; adjusted gross margin improved to 18.6–19%.

• Q4 2024 net income was $5M–$5.4M, compared to a net loss in Q4 2023.

• Q4 2024 operating expenses declined 16% to $15M, driven by lower professional services and non-recurring costs.

• Ended 2024 with $29.5M–$31M in cash, cash equivalents, and cryptocurrencies.

• Full year 2024 revenue was $573.7M–$574M; full year adjusted EBITDA was $39M.

Outlook and guidance

• Q1 2025 revenue projected at $151M–$154M, up 9–11% year-over-year.

• Q1 2025 adjusted EBITDA expected at $12M–$14M, representing over 200% year-over-year growth.

• Management anticipates continued kiosk expansion, potential shareholder value initiatives, and no significant CapEx in 2025.

• Pending New York license could support 2,500–3,000 additional BTMs.

• Revenue seasonality expected, with Q2 and Q4 typically higher than Q1.