Bitcoin Depot (BTM) Q4 2025 earnings summary

Executive summary

• Achieved strong full-year growth in key operating and financial metrics, with 2025 revenue rising 7% year-over-year to $614.9 million, driven by increased kiosk deployment and higher median transaction size, despite a year-over-year decline in Q4 results due to new state regulations and enhanced compliance standards.

• Leading operator of Bitcoin ATMs (BTMs) with 9,721 kiosks across North America and Australia as of Dec 31, 2025, addressing over 63% of the US population.

• Expanded kiosk network to approximately 9,700 active machines through organic growth and acquisitions, and entered new markets with the acquisition of Kutt (P2P social betting) and launch of ReadyBucks, a business advance platform.

• Provides a simple, cash-to-crypto solution with a focus on compliance, security, and customer convenience; transaction volumes have shown resilience, decoupling from Bitcoin price volatility.

• Net income for 2025 was $5.1 million, down from $7.8 million in 2024, impacted by an $18.5 million arbitration judgment accrual.

Financial highlights

• Q4 2025 revenue was $116 million, down from $136.8 million in Q4 2024; full-year 2025 revenue rose to $614.9 million, up from $573.7 million in 2024.

• Q4 2025 gross profit was $15.3 million (down from $23.5 million); Q4 gross margin was 13.2% (vs. 17.2%).

• Full-year gross profit increased 30% to $105.6 million, with gross margin up to 17.2%; adjusted gross profit for 2025 was $113.3 million, with an adjusted gross margin of 18.4%.

• Q4 GAAP net loss was $24.9 million, including an $18.5 million arbitration judgment accrual; full-year GAAP net income was $5.1 million.

• Adjusted EBITDA for Q4 2025 was $1.5 million (vs. $13 million prior year); full-year adjusted EBITDA increased 42% to $56.4 million, with margin up to 9.2%.

Outlook and guidance

• 2026 revenue expected to decline 30%-40% year-over-year due to regulatory headwinds in the core BTM business.

• Focus on cost containment, fleet optimization, and scaling new fintech products; new ventures not expected to materially impact 2026 revenue.

• Pending license application in New York State, representing a large market opportunity with potential for 2,500–3,000 BTMs.

• Kutt revenue contribution projected below $5 million for 2026.

• Management views regulatory changes as positive for long-term business integrity and sustainability.