Bitcoin Depot (BTM)
NASDAQ:BTM
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Bitcoin Depot
(NASDAQ:BTM)
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Rating:44Neutral
Price Target:
$2.50
▼(-8.76% Downside)
Action:ReiteratedDate:04/09/26
The score is held down primarily by weak profitability trends (ongoing net losses), elevated leverage, and clear bearish technical momentum. A cautious earnings outlook—guiding to a 30%–40% core revenue decline in 2026—adds near-term risk. Offsetting factors include positive free cash flow and improved operating profitability, plus a potentially constructive CEO change, but not enough to outweigh the balance-sheet and demand/regulatory headwinds.
Positive Factors
Cash generation
Sustained positive operating and free cash flow and a material cash build provide durable liquidity to fund operations, capex, and strategic diversification without immediate reliance on debt markets. This cash flexibility cushions regulatory shocks and supports investment in products and kiosk relocations over the next 2–6 months.
Negative Factors
High leverage and thin equity
Very high leverage and a thin equity base materially constrain financial flexibility, increasing refinancing and covenant risk if cash generation weakens. This capital-structure fragility magnifies downside from regulatory or volume shocks and limits the company's ability to invest aggressively in diversification.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation
Sustained positive operating and free cash flow and a material cash build provide durable liquidity to fund operations, capex, and strategic diversification without immediate reliance on debt markets. This cash flexibility cushions regulatory shocks and supports investment in products and kiosk relocations over the next 2–6 months.
Read all positive factors
Bitcoin Depot (BTM) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$30.49M
Dividend YieldN/A
Average Volume (3M)177.40K
Price to Earnings (P/E)―
Beta (1Y)1.30
Revenue Growth8.60%
EPS GrowthN/A
CountryUS
Employees126
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)-2.08
Shares Outstanding5,722,398
10 Day Avg. Volume170,045
30 Day Avg. Volume177,402
Financial Highlights & Ratios
PEG Ratio-2.34
Price to Book (P/B)50.95
Price to Sales (P/S)1.05
P/FCF Ratio22.66
Enterprise Value/Market Cap0.34
Enterprise Value/Revenue0.02
Enterprise Value/Gross Profit0.09
Enterprise Value/Ebitda0.19
Forecast
1Y Price Target
$7.07Price Target Upside158.03% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)-2.25
Revenue Forecast (FY)$410.42M
Bitcoin Depot Business Overview & Revenue Model
Company Description
Bitcoin 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 re...
How the Company Makes Money
Bitcoin Depot primarily makes money by charging transaction fees (the spread/markup embedded in the exchange rate and/or disclosed service fees) when customers use its Bitcoin ATMs or other cash-to-crypto channels to purchase cryptocurrency. In th...
Bitcoin Depot Earnings Call Summary
Earnings Call Date:Mar 16, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 20, 2026
Earnings Call Sentiment Neutral
The call presented a mixed picture: solid full-year operational and liquidity gains (revenue +7% YoY, kiosks +15%, median transaction size +43%, full-year adjusted EBITDA +42%, cash +147%) and strategic diversification (acquisitions, partnerships, new products). However, near-term performance weakened materially in Q4 (Q4 revenue -15% YoY, Q4 adjusted EBITDA down ~88%), GAAP results included a significant arbitration accrual, operating expenses rose, and management guided for a substantial 30%–40% revenue decline in the core business for 2026 due to regulatory headwinds. Overall, positives around scale, margins, cash, and strategic initiatives are balanced by significant short-term regulatory and financial challenges.Positive Updates
Full-Year Revenue Growth
Revenue for the full year increased 7% to $615,000,000, driven by kiosk expansion and higher median transaction size.
Negative Updates
Fourth-Quarter Revenue Decline
Q4 revenue declined to $116,000,000 from $136,800,000 year-over-year, a drop of approximately 15.2%, primarily attributed to recently enacted state regulations (transaction size caps) and enhanced compliance standards.
Read all updates
Q4-2025 Updates
Positive
Negative
Full-Year Revenue Growth
Revenue for the full year increased 7% to $615,000,000, driven by kiosk expansion and higher median transaction size.
Read all positive updates
Company Guidance
Management guided that 2026 will be a challenging year for the core BTM business, expecting revenue to decline 30%–40% year‑over‑year versus 2025 revenue of $615.0M (implying roughly $369M–$431M), with installed kiosks likely to stay roughly flat or down slightly from ~9,721 units at year‑end 2025; median transaction size was $400 in 2025 (up 43% YoY). They said the Cut acquisition will not be material this year (revenue expected below $5.0M in 2026) and the new ReadyBox merchant cash‑advance product also won’t meaningfully move consolidated revenue in 2026, while the company will focus on cost containment, fleet optimization/relocations and scaling P2P and MCB initiatives; management also expects 80%–90% of states to clarify their regulatory stance by the end of 2026.Bitcoin Depot Financial Statement Overview
Summary
Income Statement
42
Neutral
Balance Sheet
28
Negative
Cash Flow
62
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 614.85M | 573.70M | 688.97M | 646.83M | 548.98M |
| Gross Profit | 113.30M | 91.44M | 101.03M | 72.30M | 56.03M |
| EBITDA | 51.46M | 34.22M | 26.23M | 35.04M | 26.79M |
| Net Income | -6.18M | -11.69M | -26.10M | 3.98M | 5.94M |
Balance Sheet | |||||
| Total Assets | 130.44M | 80.10M | 77.38M | 93.40M | 108.33M |
| Cash, Cash Equivalents and Short-Term Investments | 65.63M | 30.98M | 30.47M | 38.08M | 38.03M |
| Total Debt | 65.36M | 63.51M | 31.33M | 62.62M | 69.31M |
| Total Liabilities | 118.61M | 96.59M | 68.00M | 83.96M | 89.35M |
| Stockholders Equity | 12.67M | -23.63M | -15.81M | 7.21M | 17.54M |
Cash Flow | |||||
| Free Cash Flow | 28.49M | 11.79M | 41.08M | 30.14M | 15.35M |
| Operating Cash Flow | 33.98M | 22.54M | 41.10M | 31.25M | 23.28M |
| Investing Cash Flow | -13.87M | -11.37M | -22.00K | -3.11M | -19.32M |
| Financing Cash Flow | 16.18M | -11.58M | -48.86M | -28.54M | -7.02M |
Bitcoin Depot Technical Analysis
Negative
2.74
Price Trends
4.76
Negative
7.42
Negative
17.97
Negative
Market Momentum
-0.78
Negative
38.08
Neutral
53.40
Neutral
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 2.74 is below the 20-day moving average (MA) of 3.05, below the 50-day MA of 4.76, and below the 200-day MA of 17.97, indicating a bearish trend. The MACD of -0.78 indicates Negative momentum. The RSI at 38.08 is Neutral, neither overbought nor oversold. The STOCH value of 53.40 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 0 New Risks
Bitcoin Depot Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $316.32M | -7.54 | -33.34% | ― | 29.96% | 66.09% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
46 Neutral | $434.35M | -60.68 | -11.98% | ― | 9.52% | 496.04% | |
45 Neutral | $18.18M | 3.72 | ― | ― | -3.52% | 83.39% | |
44 Neutral | $30.49M | -104.40 | -142.50% | ― | 8.60% | ― | |
40 Underperform | $189.99K | -0.13 | -164.77% | ― | -200.22% | 76.90% | |
39 Underperform | $7.72M | -0.41 | ― | ― | -13.86% | -32.19% |
* Financial Sector Average
BTM
Bitcoin Depot
2.74
-5.45
-66.54%
GREE
Greenidge Generation Holdings
1.12
0.52
86.67%
BTBT
Bit Digital
1.33
-0.57
-30.00%
LGHL
Lion Group Holding
0.88
-42.15
-97.95%
ARBK
Argo Blockchain
2.83
-69.16
-96.07%
FUFU
BitFuFu
1.90
-2.40
-55.81%
Bitcoin Depot Corporate Events
Business Operations and StrategyExecutive/Board Changes
Bitcoin Depot Names Alex Holmes CEO and Chairman
Positive
Mar 24, 2026
On March 19, 2026, Bitcoin Depot announced that Chief Executive Officer Scott Buchanan had resigned effective March 23, 2026, with the company emphasizing that his departure was not due to any disagreement over operations, policies or practices, a...
Executive/Board Changes
Bitcoin Depot Announces Resignation of Chief Operating Officer
Negative
Mar 17, 2026
On March 11, 2026, Bitcoin Depot Inc. announced that Chief Operating Officer Elizabeth Simer resigned from her role at the company. The leadership change marked a shift in the firm’s executive team and could influence how the company manages...
Business Operations and StrategyStock Split
Bitcoin Depot Announces One-for-Seven Reverse Stock Split
Neutral
Feb 19, 2026
Bitcoin Depot Inc., a leading North American provider of cash-to-bitcoin kiosks and related services, announced on February 19, 2026, that it will implement a one-for-seven reverse stock split of its common stock, effective February 23, 2026, with...
Regulatory Filings and ComplianceStock Split
Bitcoin Depot Gains Approval to Pursue Reverse Stock Split
Neutral
Jan 13, 2026
On January 12, 2026, Bitcoin Depot Inc. obtained written consent from a majority stockholder group holding approximately 91.4% of its voting power to approve a reverse stock split of its common stock at a ratio to be set between one-for-five and o...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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.