Bitcoin Depot (BTM) AI Stock Analysis

• Market Cap: $108.56M
• Dividend Yield: N/A
• Average Volume (3M): 1.60M
• Price to Earnings (P/E): 12.4
• Beta (1Y): 0.88
• Revenue Growth: 8.60%
• EPS Growth: N/A
• Country: US
• Employees: 126
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Capital Markets
• EPS (TTM): 0.08
• Shares Outstanding: 35,010,937
• 10 Day Avg. Volume: 1,943,486
• 30 Day Avg. Volume: 1,596,743
• PEG Ratio: 0.04
• Price to Book (P/B): -1.43
• Price to Sales (P/S): 0.06
• P/FCF Ratio: 2.86
• Enterprise Value/Market Cap: 2.12
• Enterprise Value/Revenue: 0.36
• Enterprise Value/Gross Profit: 1.89
• Enterprise Value/Ebitda: 3.50
• 1Y Price Target: $3.93
• Price Target Upside: 163.76% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): 0.47
• Revenue Forecast (FY): $612.74M

• Rating: 61 Neutral
• Price Target: $2.00 ▲(34.23% Upside)

Bitcoin Depot's overall score is driven by strong earnings performance and reasonable valuation. However, financial risks due to high leverage and bearish technical indicators weigh on the score. Regulatory challenges and seasonality also pose potential risks.

Positive Factors

Revenue Growth

The 20% revenue growth reflects strong market demand and effective business strategies, indicating a robust position in the cryptocurrency ATM sector.

International Expansion

Successful international expansion into Australia and Hong Kong enhances global presence, diversifying revenue sources and reducing reliance on domestic markets.

Strategic Partnerships

The partnership with Wild Bill’s Tobacco provides access to new locations, potentially increasing transaction volumes and strengthening market penetration.

Negative Factors

Regulatory Challenges

State regulations limiting transaction sizes and fees could constrain revenue growth and operational flexibility, posing long-term challenges.

High Leverage

High leverage increases financial risk and limits the company's ability to invest in growth opportunities, potentially impacting long-term stability.

New York Market Uncertainty

Inability to secure a BitLicense restricts entry into the lucrative New York market, hindering potential expansion and revenue opportunities.

Bitcoin Depot Business Overview & Revenue Model

Company Description

Bitcoin Depot is a leading cryptocurrency ATM provider that focuses on making digital currencies accessible to the general public. Operating in the fintech sector, Bitcoin Depot specializes in the deployment of Bitcoin ATMs (BTMs) across various locations, allowing users to easily buy and sell Bitcoin and other cryptocurrencies using cash or debit cards. The company aims to simplify the process of cryptocurrency transactions, catering to both new and experienced users by providing a user-friendly interface and a network of conveniently located machines.

How the Company Makes Money

Bitcoin Depot generates revenue primarily through transaction fees charged on each cryptocurrency purchase and sale made at its Bitcoin ATMs. When customers buy Bitcoin, they pay a premium over the market price, which includes the transaction fee. Additionally, the company earns revenue from selling Bitcoin to customers at a markup, which is factored into the price of the cryptocurrency. Key revenue streams also include partnerships with retail locations where the BTMs are installed, as these partnerships often involve revenue-sharing agreements. Furthermore, Bitcoin Depot may benefit from increased transaction volumes during market surges, as heightened interest in cryptocurrency often leads to more transactions at their ATMs.

Bitcoin Depot Financial Statement Overview

Summary

Bitcoin Depot shows mixed financial performance. Revenue and cash flow are improving, with a 4.5% revenue growth and strong free cash flow growth of 28.7%. However, high leverage with a debt-to-equity ratio of 3.43 and low equity pose financial risks. Profitability is moderate, with room for operational improvements.

Income Statement

Bitcoin Depot's income statement shows a mixed performance. The TTM gross profit margin of 19.1% and net profit margin of 2.4% indicate moderate profitability. Revenue growth is positive at 4.5% TTM, recovering from a decline in the previous year. However, the EBIT and EBITDA margins are relatively low, suggesting room for operational efficiency improvements.

Balance Sheet

The balance sheet reveals significant leverage with a high debt-to-equity ratio of 3.43 TTM, indicating potential financial risk. The return on equity is negative, reflecting challenges in generating returns for shareholders. The equity ratio is low, suggesting a reliance on debt financing.

Cash Flow

Cash flow analysis shows strong free cash flow growth of 28.7% TTM, indicating improved cash generation. The operating cash flow to net income ratio is healthy at 0.91, and the free cash flow to net income ratio is nearly 1, demonstrating efficient cash conversion.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	635.64M	573.70M	688.97M	646.83M	548.98M	245.13M
Gross Profit	121.40M	91.44M	101.03M	72.30M	56.03M	31.09M
EBITDA	65.64M	34.22M	26.23M	35.04M	26.79M	17.38M
Net Income	9.16M	-11.69M	-26.10M	3.98M	5.94M	14.41M
Balance Sheet
Total Assets	125.28M	80.10M	77.38M	93.40M	108.33M	53.06M
Cash, Cash Equivalents and Short-Term Investments	59.27M	30.98M	30.47M	38.08M	38.03M	41.15M
Total Debt	72.15M	63.51M	31.33M	62.62M	69.31M	29.38M
Total Liabilities	104.26M	96.59M	68.00M	83.96M	89.35M	33.76M
Stockholders Equity	18.53M	-23.63M	-15.81M	7.21M	17.54M	19.30M
Cash Flow
Free Cash Flow	37.46M	11.79M	41.08M	30.14M	15.35M	16.90M
Operating Cash Flow	38.32M	22.54M	41.10M	31.25M	23.28M	18.28M
Investing Cash Flow	-14.10M	-11.37M	-22.00K	-3.11M	-19.32M	-1.38M
Financing Cash Flow	2.95M	-11.58M	-48.86M	-28.54M	-7.02M	17.66M

Bitcoin Depot Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1.49
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BTM, the sentiment is Negative. The current price of 1.49 is below the 20-day moving average (MA) of 2.36, below the 50-day MA of 2.97, and below the 200-day MA of 3.13, indicating a bearish trend. The MACD of -0.38 indicates Positive momentum. The RSI at 20.14 is Positive, neither overbought nor oversold. The STOCH value of 3.46 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BTM.

Bitcoin Depot Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
FUFU	66 Neutral	$458.33M	7.38	38.27%	―	29.96%	66.09%
BTBT	65 Neutral	$676.48M	5.39	22.44%	―	9.52%	496.04%
BTM	61 Neutral	$108.56M	12.40	1375.23%	―	8.60%	―
GREE	41 Neutral	$25.55M	-1.04	―	―	-3.52%	83.39%
ARBK	38 Underperform	$20.54M	-0.35	―	―	-13.86%	-32.19%
LGHL	37 Underperform	$2.01M	-0.01	-164.77%	―	-200.22%	76.90%

Bitcoin Depot Corporate Events

Bitcoin Depot Inc. Reports Strong Q3 2025 Growth

Bitcoin Depot Inc., a leading U.S.-based Bitcoin ATM operator, provides users with the ability to convert cash into Bitcoin through its extensive network of kiosks across North America.

Bitcoin Depot’s Earnings Call Highlights Growth Amid Challenges

Bitcoin Depot’s recent earnings call revealed a generally positive sentiment, highlighting the company’s robust revenue and profit growth, as well as its successful expansion of kiosk networks both domestically and internationally. However, the call also acknowledged challenges posed by new state regulations, seasonal fluctuations, and limited progress in the New York market.

Bitcoin Depot Secures $13.8M Through Stock Offering

On October 6, 2025, Bitcoin Depot Inc. entered into a securities purchase agreement with institutional investors to sell 4,285,716 shares of its Class A common stock at $3.50 per share in a registered direct offering, expected to close around October 8, 2025. The company anticipates net proceeds of approximately $13.8 million, which will be used for general corporate purposes, potentially impacting its operational capabilities and market positioning.

The most recent analyst rating on (BTM) stock is a Hold with a $3.50 price target. To see the full list of analyst forecasts on Bitcoin Depot stock, see the BTM Stock Forecast page.

Bitcoin Depot Inc. Reports Strong Earnings and Growth

The recent earnings call for Bitcoin Depot Inc. painted a largely positive picture, highlighting strong revenue and profit growth, successful strategic initiatives, and operational improvements. Despite these achievements, the company acknowledged ongoing challenges, particularly with seasonal revenue fluctuations and regulatory hurdles in California.

Bitcoin Depot Appoints Alex Holmes to Board

On August 20, 2025, Bitcoin Depot Inc. appointed Alex Holmes to its Board of Directors, filling the vacancy left by Tim Vanderham’s resignation. Holmes, who has extensive experience in the financial and crypto sectors, is also joining the Board’s Audit Committee, meeting Nasdaq’s standards for an independent director. His past leadership roles include transforming MoneyGram International into a global fintech leader and pioneering blockchain adoption, which positions him as a strategic asset for Bitcoin Depot’s future endeavors.

The most recent analyst rating on (BTM) stock is a Hold with a $4.00 price target. To see the full list of analyst forecasts on Bitcoin Depot stock, see the BTM Stock Forecast page.