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Bitcoin Depot (BTM)
NASDAQ:BTM
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Bitcoin Depot
(NASDAQ:BTM)
Rating:61Neutral
Price Target:
$4.50
▲(0.22%Upside)
Positive Factors
Financial Performance
Bitcoin Depot reported strong top and bottom line 1Q25 results that handily beat consensus estimates, sending shares ~75% higher since the print.
Revenue Growth
Bitcoin Depot's kiosk optimization strategy and expansion are starting to bear fruit, as evidenced by accelerating revenue growth, gross margin expansion, and $16.3M of operating cash flows in 1Q.
Strategic Moves
BTM made significant strides in relocating underperforming kiosks to optimize fleet profitability, positioning the company well for positive revenue growth and enhanced profitability in 2025.
Negative Factors
Market Sentiment
The market does not fully appreciate BTM's return to growth in 2025.
Market Visibility
Management has issued formal financial guidance for the first time in a year, indicating improved visibility into near-term operating results.
Bitcoin Depot (BTM) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$288.76M
Dividend YieldN/A
Average Volume (3M)1.57M
Price to Earnings (P/E)―
Beta (1Y)0.71
Revenue Growth-9.72%
EPS Growth66.64%
CountryUS
Employees126
SectorFinancial
Sector Strength81
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)0.20
Shares Outstanding23,119,373
10 Day Avg. Volume2,244,645
30 Day Avg. Volume1,566,633
Financial Highlights & Ratios
PEG Ratio-0.07
Price to Book (P/B)-1.17
Price to Sales (P/S)0.00
P/FCF Ratio9.16
Enterprise Value/Market Cap0.49
Enterprise Value/Revenue0.06
Enterprise Value/Gross Profit1.57
Enterprise Value/Ebitda1.52
Forecast
1Y Price Target
$5.88Price Target Upside30.96% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
Bitcoin Depot Business Overview & Revenue Model
Company DescriptionBitcoin Depot Inc. owns and operates a network of cryptocurrency kiosks in North America. It provides users to buy and sell bitcoin, litecoin, and ethereum cryptocurrencies; and engages in the sale of cryptocurrency to consumers at a network of retail locations through its BDCheckout product offering and through its website over the counter trade. The company was founded in 2016 and is headquartered in Atlanta, Georgia. Bitcoin Depot Inc. is a subsidiary of BT Assets, Inc.
How the Company Makes MoneyBitcoin Depot makes money primarily through transaction fees charged on the conversion of cash to cryptocurrency at its ATMs. Each transaction incurs a fee, which is a percentage of the transaction amount, providing a steady revenue stream. Additionally, the company may benefit from partnerships with retailers and businesses hosting its ATMs, potentially involving shared revenue models or placement fees. The company's growth is further supported by the increasing adoption of cryptocurrencies and the expansion of its ATM network, which enhances its reach and customer base.
Bitcoin Depot Earnings Call Summary
Earnings Call Date:May 15, 2025
(Q1-2025)
| % Change Since: 164.12%|
Next Earnings Date:Aug 19, 2025
Earnings Call Sentiment Positive
Bitcoin Depot reported strong financial performance, with significant revenue growth, improved profitability, and successful kiosk optimization. However, the company faces challenges such as modest growth projections for the next quarter and regulatory hurdles. Despite these challenges, the overall sentiment is positive due to the strong financial results and strategic expansion efforts.Q1-2025 Updates
Positive Updates
Strong Year-Over-Year Revenue Growth
Bitcoin Depot reported a 19% year-over-year revenue growth for Q1 2025, with revenue increasing from $138.5 million to $164.2 million.
Record Net Income and Improved Profitability
The company achieved record net income of $12.2 million, compared to a net loss of $4.2 million in Q1 2024. Adjusted EBITDA increased 315% year-over-year to $20.3 million.
Kiosk Optimization and Expansion Strategy
Bitcoin Depot ended Q1 with approximately 8,483 active machines and plans to expand to around 10,000 kiosks. The company is also expanding internationally with over 100 kiosks deployed in Australia.
Improved Cash Flow and Debt Reduction
Generated $16.3 million of cash from operating activities in Q1 2025, up from $1.3 million in Q1 2024. Paid down $6 million of term loan debt.
Significant Increase in Adjusted Gross Profit and Margin
Adjusted gross profit increased 92% year-over-year to $33.1 million, with a gross margin increase of 770 basis points to 20.2%.
Negative Updates
Modest Revenue Growth Forecast for Q2 2025
Q2 2025 revenue is expected to grow in the low to mid-single digits both sequentially and year-over-year, indicating a deceleration in growth.
Regulatory Challenges
Ongoing discussions with regulators in New York State and the broader regulatory environment pose challenges for future expansion.
Impact of California Regulatory Changes
The company reduced its kiosk count in California by about 80% due to regulatory changes, impacting overall performance in the state.
Company Guidance
In the Bitcoin Depot First Quarter 2025 earnings call, CEO Brandon Mintz reported a 19% year-over-year revenue growth, reaching $164.2 million, alongside a record net income of $12.2 million. The quarter saw a 46% increase in median transaction size to $300, with total transaction volume climbing to $163.8 million. The company’s adjusted gross profit surged by 92%, while adjusted EBITDA more than tripled to $20.3 million. Bitcoin Depot ended the quarter with approximately 8,483 active machines and aims to expand its footprint to around 10,000 kiosks, including over 100 new installations in Australia as part of its international growth strategy. The company also aims to enter additional countries and is optimistic about regulatory expansion into New York State. Bitcoin Depot's strong performance is further highlighted by a 770 basis-point increase in adjusted gross margin to 20.2% and a significant rise in cash flow from operations to $16.3 million. The balance sheet strengthened with cash and cash equivalents growing to $43.3 million, and the company acquired 83 more Bitcoin, bringing its holdings to 94.4 BTC.Bitcoin Depot Financial Statement Overview
Summary
Bitcoin Depot faces significant financial challenges, including declining revenues, negative equity, and reduced cash flow from operations. The company managed to narrow its net loss, but the persistent negative income and liabilities exceeding assets pose substantial risks. Financial stability is a critical concern, necessitating strategic measures to improve profitability and strengthen the balance sheet.Income Statement
Bitcoin Depot has experienced a decline in revenue from 2023 to 2024, with a decrease in total revenue from $688.97M to $573.70M, marking a negative revenue growth rate. The gross profit margin decreased slightly from 14.67% to 15.93%, while the net profit margin improved from -3.79% to -2.04%, indicating a reduction in net losses. However, the company still reports a negative net income, and both EBIT and EBITDA margins decreased due to lower operating performance.45
Neutral
Balance Sheet
The balance sheet shows significant challenges, with a negative stockholders' equity at -$16.49M in 2024, indicating insolvency risk. The company's debt-to-equity ratio is not meaningful due to negative equity, but total debt increased to $63.51M. These factors, combined with deteriorating equity position, underscore financial instability.30
Negative
Cash Flow
Bitcoin Depot's operating cash flow decreased in 2024 to $22.54M from $41.10M in the previous year, indicating pressure on cash generation. The free cash flow remains positive, but the decline in cash flow from operations suggests potential issues in sustaining cash generation. The operating cash flow to net income ratio shows some improvement as the net loss narrowed.50
Neutral
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 573.70M | 688.97M | 646.83M | 548.98M | 245.13M | Gross Profit |
| 91.44M | 101.03M | 72.30M | 56.03M | 31.09M | EBIT |
| 24.21M | 30.47M | 16.52M | 13.85M | 14.81M | EBITDA |
| 31.72M | 26.23M | 35.12M | 26.79M | 17.38M | Net Income Common Stockholders |
| -11.69M | -26.10M | 3.98M | 5.94M | 14.41M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 30.98M | 29.76M | 38.08M | 38.03M | 41.15M | Total Assets |
| 80.10M | 77.38M | 93.40M | 108.33M | 53.06M | Total Debt |
| 63.51M | 31.33M | 62.62M | 69.31M | 29.38M | Net Debt |
| 34.03M | 1.57M | 25.08M | 31.28M | -11.77M | Total Liabilities |
| 96.59M | 68.00M | 83.96M | 89.35M | 33.76M | Stockholders Equity |
| -23.63M | -15.81M | 7.21M | 17.54M | 19.30M |
| Cash Flow | Free Cash Flow | |||
| 11.79M | 41.08M | 30.14M | 15.35M | 16.90M | Operating Cash Flow |
| 22.54M | 41.10M | 31.25M | 23.28M | 18.28M | Investing Cash Flow |
| -11.37M | -22.00K | -3.11M | -19.32M | -1.38M | Financing Cash Flow |
| -11.58M | -48.86M | -28.54M | -7.02M | 17.66M |
Bitcoin Depot Technical Analysis
Positive
4.49
Price Trends
2.06
Positive
1.74
Positive
1.72
Positive
Market Momentum
0.71
Negative
71.48
Negative
76.80
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BTM, the sentiment is Positive. The current price of 4.49 is above the 20-day moving average (MA) of 3.06, above the 50-day MA of 2.06, and above the 200-day MA of 1.72, indicating a bullish trend. The MACD of 0.71 indicates Negative momentum. The RSI at 71.48 is Negative, neither overbought nor oversold. The STOCH value of 76.80 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BTM.
Bitcoin Depot Risk Analysis
Bitcoin Depot disclosed 83 risk factors in its most recent earnings report. Bitcoin Depot reported the most risks in the “Finance & Corporate” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 1 New Risks
1.
If the following risk occurs, our business, financial condition, or results of operations could be materially adversely affected. In such case, the market price of our class A common stock could decline, and you may lose all or part of your investment. Q3, 2024
Bitcoin Depot Peers Comparison
Overall Rating
UnderperformOutperform
Sector (64)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
64 Neutral | $12.77B | 9.77 | 7.59% | 16985.66% | 12.31% | -7.69% | |
61 Neutral | $288.76M | ― | 77.58% | ― | -9.72% | 66.64% | |
54 Neutral | $5.30M | ― | -27.53% | ― | -89.47% | -261.57% | |
48 Neutral | $12.69M | ― | -461.16% | ― | -0.67% | 65.35% | |
47 Neutral | $10.17M | ― | -8.39% | ― | ― | ― | |
| $45.82M | 47.85 | -7.77% | ― | ― | ― | ||
48 Neutral | $85.18M | ― | -51.05% | ― | -54.25% | -484.71% |
* Financial Sector Average
Performance Comparison
BTM
Bitcoin Depot
4.10
2.15
110.26%
ABTS
Abits Group
4.11
-5.64
-57.85%
NCPL
NetCapital
2.48
-4.81
-65.98%
MIGI
Mawson Infrastructure Group
0.57
-0.80
-58.39%
TOP
Zhong Yang Financial Group Ltd.
1.25
-1.25
-50.00%
SWIN
Solowin Holdings
1.68
-2.43
-59.12%
Bitcoin Depot Corporate Events
M&A Transactions
Bitcoin Depot Completes Merger with BT Assets
Neutral
May 30, 2025
On May 30, 2025, Bitcoin Depot completed a merger agreement with BT Assets and other associated entities, resulting in BT HoldCo becoming a wholly owned subsidiary. This restructuring involved the termination of a previous tax agreement and the issuance of new shares, aligning the economic interests of the company’s founder, Brandon Mintz, with public stockholders. The merger maintains Mintz’s control over the voting power, ensuring Bitcoin Depot remains a ‘controlled company’ under NASDAQ rules.
The most recent analyst rating on (BTM) stock is a Buy with a $5.00 price target. To see the full list of analyst forecasts on Bitcoin Depot stock, see the BTM Stock Forecast page.
M&A TransactionsBusiness Operations and StrategyFinancial Disclosures
Bitcoin Depot Announces Up-C Restructuring Agreement
Positive
May 15, 2025
On May 15, 2025, Bitcoin Depot announced an agreement to simplify its organizational and capital structure through the Up-C Restructuring. This restructuring involves a merger of BT Assets, controlled by CEO Brandon Mintz, with a subsidiary of the company, resulting in Mintz receiving shares with enhanced voting rights. The restructuring is expected to bring long-term cash and tax savings, improve equity liquidity, and enhance the company’s acquisition capabilities. Additionally, Bitcoin Depot reported a strong financial performance for Q1 2025, with a 19% increase in revenue to $164.2 million and a significant rise in net income to $12.2 million, compared to a loss in the previous year. The company also achieved a 315% increase in adjusted EBITDA, reflecting the success of its operating model and kiosk optimization strategy.
The most recent analyst rating on (BTM) stock is a Hold with a $3.25 price target. To see the full list of analyst forecasts on Bitcoin Depot stock, see the BTM Stock Forecast page.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.