Bitcoin Depot (BTM) AI Stock Analysis

• Market Cap: $42.54M
• Dividend Yield: N/A
• Average Volume (3M): 169.49K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.98
• Revenue Growth: 8.60%
• EPS Growth: N/A
• Country: US
• Employees: 126
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Capital Markets
• EPS (TTM): -2.08
• Shares Outstanding: 5,070,852
• 10 Day Avg. Volume: 174,223
• 30 Day Avg. Volume: 169,489
• PEG Ratio: 0.31
• Price to Book (P/B): -9.98
• Price to Sales (P/S): 0.41
• P/FCF Ratio: 20.01
• Enterprise Value/Market Cap: 1.90
• Enterprise Value/Revenue: 0.13
• Enterprise Value/Gross Profit: 0.71
• Enterprise Value/Ebitda: 2.73
• 1Y Price Target: $8.60
• Price Target Upside: 111.82% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): 0.65
• Revenue Forecast (FY): $556.64M

• Rating: 44 Neutral
• Price Target: $4.00 ▼(-1.48% Downside)
• Action: Reiterated Date: 03/18/26
• Date: Action: Reiterated 03/18/26

The score is held down primarily by high leverage and ongoing losses alongside bearish price trends (price well below key moving averages with negative MACD). Earnings-call guidance for a 30%–40% core revenue decline in 2026 adds near-term risk, partially offset by positive operating/free cash flow and improved full-year operational metrics and liquidity.

Positive Factors

Positive operating and free cash flow

Bitcoin Depot produces positive operating and free cash flow (TTM FCF roughly $33M) despite GAAP losses. Durable cash generation supports ongoing operations, funds fleet optimization and selective M&A, and provides a liquidity buffer to absorb crypto demand cyclicality and regulatory noise.

Expanding kiosk footprint with higher transaction size

Scale and higher per-transaction amounts are structural advantages: a 15% larger kiosk base plus a 43% rise in median ticket size improves unit economics, raises lifetime customer spend, and creates distribution density that supports durable revenue generation across months despite episodic volatility.

Margin expansion and improved adjusted EBITDA

Sustained margin improvement (gross margin +300bps; adjusted EBITDA +42% full year) indicates operating leverage as the kiosk network scales. Structural margin gains suggest better pricing power and cost control, supporting longer-term cash conversion even if revenues oscillate.

Negative Factors

High leverage and thin equity base

A debt-to-equity ratio near 5.2x and prior negative equity point to a highly leveraged balance sheet. This restricts financial flexibility, increases refinancing and covenant risks, and can limit the company's ability to fund growth initiatives or absorb prolonged regulatory-driven revenue declines over the coming months.

Regulatory headwinds impacting core revenue

Management's 30–40% 2026 revenue guidance reflects structural regulatory changes (e.g., transaction size caps and stricter ID rules) that reduce addressable volume and per-transaction economics. Such regulatory shifts can persist across states, materially compressing throughput and revenues over a multi‑month horizon.

Limited near-term revenue offset from new initiatives

New products and recent acquisitions are unlikely to materially offset the 2026 revenue decline: Cut is expected to contribute under $5M and ReadyBox is immaterial near-term. This leaves the company dependent on its core kiosk economics while diversification benefits lag adoption timelines.

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 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 this model, customers typically insert cash at a kiosk, Bitcoin Depot facilitates the crypto delivery to the customer’s wallet (or provides a mechanism to receive it), and the company captures a fee as compensation for providing the access point, compliance controls, and transaction processing. A key driver of transaction volume is the company’s placement agreements with third-party retail locations (e.g., convenience stores and similar venues) where it installs and operates kiosks; these relationships expand footprint and customer access, and the company may share economics with location partners (exact terms vary by contract). Revenue is therefore largely transaction-driven and influenced by factors such as kiosk footprint, customer usage, fee levels/competitive dynamics, cryptocurrency price volatility and demand, and regulatory/compliance requirements that affect operating costs and transaction throughput.

Bitcoin Depot Financial Statement Overview

Summary

Mixed fundamentals: cash flow is a relative bright spot (positive operating cash flow and free cash flow), but revenue momentum has weakened and net losses persist. Balance-sheet risk is elevated with very high leverage (debt-to-equity ~5.2x in TTM and negative equity in 2023–2024), limiting financial flexibility.

Income Statement

Revenue momentum has weakened, with revenue down in 2024 (annual) and further down in TTM (Trailing-Twelve-Months). Profitability is pressured: net losses persist in 2023–2024 and continue in TTM, despite a clear improvement in operating profit versus prior years (EBIT margin rises to ~7.7% in TTM from ~4.2% in 2024). Gross margin has improved to ~18% in TTM, but the company is still not converting that into bottom-line profits, keeping earnings quality and consistency below average.

Balance Sheet

Leverage is high and balance-sheet risk looks elevated. Debt relative to equity is extreme in TTM (debt-to-equity ~5.2x) and was distorted by negative equity in 2023–2024, indicating a thin capital base and limited balance-sheet flexibility. While equity turns positive in TTM, it remains small versus debt, and returns on equity are negative in TTM due to the net loss—suggesting the capital structure is still strained.

Cash Flow

Cash generation is a relative strength: operating cash flow and free cash flow are positive across periods, and TTM free cash flow (~$33M) is strong even with a net loss, indicating cash earnings are better than accounting earnings. However, free cash flow has declined versus the prior year (TTM growth is negative), and operating cash flow is not consistently strong relative to revenue (coverage ratios are moderate and below 1.0 in most years), pointing to some volatility and reinvestment/working-capital sensitivity.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	614.85M	573.70M	688.97M	646.83M	548.98M	245.13M
Gross Profit	113.30M	91.44M	101.03M	72.30M	56.03M	31.09M
EBITDA	29.63M	34.22M	26.23M	35.04M	26.79M	17.38M
Net Income	-5.77M	-11.69M	-26.10M	3.98M	5.94M	14.41M
Balance Sheet
Total Assets	0.00	80.10M	77.38M	93.40M	108.33M	53.06M
Cash, Cash Equivalents and Short-Term Investments	0.00	30.98M	30.47M	38.08M	38.03M	41.15M
Total Debt	65.36M	63.51M	31.33M	62.62M	69.31M	29.38M
Total Liabilities	118.61M	96.59M	68.00M	83.96M	89.35M	33.76M
Stockholders Equity	12.67M	-23.63M	-15.81M	7.21M	17.54M	19.30M
Cash Flow
Free Cash Flow	33.20M	11.79M	41.08M	30.14M	15.35M	16.90M
Operating Cash Flow	33.98M	22.54M	41.10M	31.25M	23.28M	18.28M
Investing Cash Flow	-13.87M	-11.37M	-22.00K	-3.11M	-19.32M	-1.38M
Financing Cash Flow	16.18M	-11.58M	-48.86M	-28.54M	-7.02M	17.66M

Bitcoin Depot Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 4.06
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• 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 4.06 is below the 20-day moving average (MA) of 5.10, below the 50-day MA of 6.72, and below the 200-day MA of 20.60, indicating a bearish trend. The MACD of -0.69 indicates Negative momentum. The RSI at 30.51 is Neutral, neither overbought nor oversold. The STOCH value of 11.90 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	$391.23M	13.36	20.19%	―	29.96%	66.09%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
BTBT	61 Neutral	$540.54M	1.58	22.65%	―	9.52%	496.04%
GREE	45 Neutral	$21.01M	3.72	―	―	-3.52%	83.39%
BTM	44 Neutral	$42.54M	-111.86	-142.50%	―	8.60%	―
LGHL	40 Underperform	$270.53K	-0.13	-164.77%	―	-200.22%	76.90%
ARBK	39 Underperform	$7.70M	-0.41	―	―	-13.86%	-32.19%

Bitcoin Depot Corporate Events

Bitcoin Depot Announces Resignation of Chief Operating Officer

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 its operations and strategic priorities within the competitive cryptocurrency services sector.

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

Bitcoin Depot Announces One-for-Seven Reverse Stock Split

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 its Class A shares continuing to trade on Nasdaq under the ticker BTM. The move, approved by stockholders in January 2026 and the board on February 12, 2026, will not change the company’s authorized share counts, will cash out fractional shares, and will proportionally adjust warrants and equity awards so that investors’ percentage ownership remains effectively unchanged aside from fractional-share treatment.

As part of the reverse split, the company will adjust the number of Class A shares underlying public warrants and increase the warrant exercise price to maintain economic equivalence, while also proportionately modifying equity-based awards and other convertible securities. The announcement marks a capital-structure change that consolidates the share count and is designed to apply uniformly across all stockholders, with no action required from investors holding shares through brokers or in street name.

The most recent analyst rating on (BTM) stock is a Hold with a $0.96 price target. To see the full list of analyst forecasts on Bitcoin Depot stock, see the BTM Stock Forecast page.

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.