Bitcoin Depot (BTM) AI Stock Analysis

• Market Cap: $80.68M
• Dividend Yield: N/A
• Average Volume (3M): 727.02K
• Price to Earnings (P/E): 9.0
• Beta (1Y): 0.99
• 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: 35,495,968
• 10 Day Avg. Volume: 821,026
• 30 Day Avg. Volume: 727,021
• 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: 0.52
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: $3.93
• Price Target Upside: 263.89% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): 0.09
• Revenue Forecast (FY): $556.64M

• Rating: 55 Neutral
• Price Target: $1.00 ▼(-7.41% Downside)

The score is held back primarily by high balance-sheet leverage and clearly bearish technicals (price below key moving averages with negative MACD). Offsetting factors include strong cash flow and a solid Q3 earnings performance with expansion progress, while valuation appears reasonable but lacks dividend support.

Positive Factors

Cash Generation

Sustained FCF growth and nearly one-to-one conversion of net income to free cash flow provide durable internal funding. This enables funding kiosk deployments, compliance investments, and selective M&A without reliance on frequent equity raises, supporting long-term operational resilience.

Network Scale

A ~9,300 kiosk footprint plus international deployments builds broad retail distribution and recurring transaction flow. Physical scale in convenience channels creates customer convenience advantages and higher brand recognition, reinforcing steady fee-generating volumes over the medium term.

M&A Consolidation

Targeted acquisitions (e.g., +500 kiosks) and recent deals expand market share and accelerate rollouts. Consolidation in a fragmented industry can deliver unit cost reductions, faster geographic penetration and network effects, making growth more efficient and sustainable over time.

Negative Factors

High Leverage

Very high leverage restricts financial flexibility and raises refinancing, covenant and interest-rate risks. Elevated debt increases sensitivity to revenue or margin shocks, limits capital allocation for growth or compliance, and could force operational trade-offs if cash flows weaken.

Legal / Arbitration Risk

A material arbitration award creates a real contingent liability that could require cash outflows or reserves. Legal disputes also divert management attention, can affect lender perceptions and covenants, and introduce execution risk for M&A and expansion plans until resolved.

Regulatory Constraints

Transaction size/fee caps and lack of NY licensing progress structurally limit addressable market and per-transaction economics. Ongoing regulatory fragmentation raises compliance costs, reduces revenue upside in key states, and complicates a scalable national roll-out strategy.

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 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 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

Mixed fundamentals: moderate profitability and improving revenue trend (income statement score 65) plus strong cash generation and conversion (cash flow score 75), but significant leverage and weak equity profile (balance sheet score 40) increase financial risk.

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	―	80.10M	77.38M	93.40M	108.33M	53.06M
Cash, Cash Equivalents and Short-Term Investments	―	30.98M	30.47M	38.08M	38.03M	41.15M
Total Debt	―	63.51M	31.33M	62.62M	69.31M	29.38M
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	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: 1.08
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• 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 1.08 is below the 20-day moving average (MA) of 1.27, below the 50-day MA of 1.37, and below the 200-day MA of 3.14, indicating a bearish trend. The MACD of -0.10 indicates Positive momentum. The RSI at 30.34 is Neutral, neither overbought nor oversold. The STOCH value of 11.01 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
FUFU	68 Neutral	$494.45M	7.51	38.27%	―	29.96%	66.09%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
BTBT	64 Neutral	$699.14M	5.44	22.44%	―	9.52%	496.04%
BTM	55 Neutral	$80.68M	8.99	1375.23%	―	8.60%	―
GREE	45 Neutral	$21.33M	-6.03	―	―	-3.52%	83.39%
LGHL	40 Underperform	$348.89K	>-0.01	-164.77%	―	-200.22%	76.90%
ARBK	39 Underperform	$7.93M	-0.02	―	―	-13.86%	-32.19%

Bitcoin Depot Corporate Events

Bitcoin Depot Gains Approval to Pursue Reverse Stock Split

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 one-for-twenty. The approval authorizes the board to determine the exact split ratio, to file an amendment to the company’s certificate of incorporation to effect the reverse split any time before June 30, 2026, or to abandon the split entirely if it later concludes the move is not in the best interests of the company or its stockholders, with a Schedule 14C information statement to be filed and distributed under SEC rules.

The most recent analyst rating on (BTM) stock is a Hold with a $1.50 price target. To see the full list of analyst forecasts on Bitcoin Depot stock, see the BTM Stock Forecast page.

Bitcoin Depot amends credit agreement, prepays term loans

On December 19, 2025, Bitcoin Depot subsidiaries entered into a second amendment to their existing credit agreement with Silverview Credit Partners and other lenders, under which the borrowing entity made a $7 million prepayment to reduce the outstanding principal of both Tranche A and Tranche B term loans by $3.5 million each, thereby revising the remaining amortization schedule. The amendment also raised the monetary judgment threshold that could trigger an event of default to $3.5 million and carved out an event-of-default exception for certain existing matters, changes that together adjust the company’s leverage profile and slightly ease its default risk parameters under the lending arrangement.

The most recent analyst rating on (BTM) stock is a Hold with a $1.50 price target. To see the full list of analyst forecasts on Bitcoin Depot stock, see the BTM Stock Forecast page.

Bitcoin Depot shareholders show strong support at annual meeting

At its 2025 Annual Meeting of Stockholders held on December 12, 2025, Bitcoin Depot Inc. reported a high participation rate, with 93.44% of its 413.8 million eligible common shares voting. Shareholders unanimously backed the company’s slate of seven directors, with no votes cast against any nominee, and also ratified Wolf & Company, P.C. as independent registered public accounting firm for the fiscal year ending December 31, 2025, signaling strong investor support for the firm’s current leadership and governance structure.

The most recent analyst rating on (BTM) stock is a Hold with a $1.50 price target. To see the full list of analyst forecasts on Bitcoin Depot stock, see the BTM Stock Forecast page.

Bitcoin Depot to Contest Arbitration Tribunal Ruling

On November 24, 2025, Bitcoin Depot announced that an arbitration tribunal ruled in favor of Cash Cloud, awarding them $18.47 million in a dispute over alleged breaches of a 2020 agreement with BitAccess. The company plans to contest the ruling and believes the Canadian tribunal’s decision may impact a related U.S. Bankruptcy Court case with similar allegations and damages.

The most recent analyst rating on (BTM) stock is a Buy with a $6.00 price target. To see the full list of analyst forecasts on Bitcoin Depot stock, see the BTM Stock Forecast page.

Bitcoin Depot Announces Leadership Changes for 2026

On November 21, 2025, Bitcoin Depot announced significant leadership changes effective January 1, 2026. Founder Brandon Mintz will transition from CEO to Executive Chairman, focusing on strategic growth, while Scott Buchanan, the current President and COO, will assume the role of CEO. Elizabeth Simer has been appointed as the new COO. These changes aim to support Bitcoin Depot’s long-term strategy, operational scaling, and M&A objectives, positioning the company to capitalize on strategic opportunities and maintain its leadership in the Bitcoin ATM market.

The most recent analyst rating on (BTM) stock is a Hold with a $2.00 price target. To see the full list of analyst forecasts on Bitcoin Depot stock, see the BTM Stock Forecast page.