Bitcoin Depot Inc. Shows Profitability Amid Revenue Decline

Bitcoin Depot Inc. ( (BTM) ) has released its Q4 earnings. Here is a breakdown of the information Bitcoin Depot Inc. presented to its investors.

Bitcoin Depot Inc. is a leading U.S.-based Bitcoin ATM operator and fintech company, providing users with the ability to convert cash into Bitcoin across thousands of locations in North America.

Bitcoin Depot Inc. reported its fourth-quarter and full-year 2024 financial results, showcasing significant improvements in profitability despite a decline in revenue. The company highlighted its strategic efforts in optimizing its Bitcoin ATM network and expanding its reach.

In the fourth quarter of 2024, Bitcoin Depot’s revenue was $136.8 million, down from $148.4 million in the previous year, primarily due to unfavorable legislation in California. However, the company achieved a net income of $5.4 million, a significant turnaround from a net loss of $1.7 million in the same quarter of 2023. Operating expenses decreased by 16%, and adjusted EBITDA rose by 34% to $12.0 million, reflecting improved operational efficiency.

For the full year 2024, Bitcoin Depot’s revenue was $573.7 million, down from $689.0 million in 2023. Despite this, net income surged by 432% to $7.8 million, driven by cost-saving measures and the absence of prior year expenses related to going public. The company continues to focus on optimizing its kiosk network and expanding both domestically and internationally.

Looking ahead, Bitcoin Depot is optimistic about its growth prospects for 2025, with expectations of robust revenue and EBITDA growth in the first quarter. The company plans to leverage its strong cash flow for shareholder value initiatives and further strengthen its Bitcoin holdings, underscoring its confidence in the cryptocurrency’s role in its business model.