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GSR II METEORA A(GSRM) - 2024 Q3 - Quarterly Results
GSRMGSR II METEORA A(GSRM)2024-11-13 13:07

Revenue Performance - Revenue for Q3 2024 was 135.3million,adecreaseof25135.3 million, a decrease of 25% from 179.5 million in Q3 2023, primarily due to unfavorable legislation in California and the relocation of underperforming kiosks[4] - Revenue for the three months ended September 30, 2024, was 135,271thousand,adecreaseof24.6135,271 thousand, a decrease of 24.6% compared to 179,483 thousand for the same period in 2023[23] Operating Expenses - Total operating expenses decreased by 13% to 16.9millioninQ32024,comparedto16.9 million in Q3 2024, compared to 19.5 million in Q3 2023, attributed to non-recurring costs from going public in 2023[5] - Total operating expenses for the three months ended September 30, 2024, were 16,939thousand,adecreaseof13.116,939 thousand, a decrease of 13.1% from 19,502 thousand in the same period of 2023[23] Net Income and Loss - Net income for Q3 2024 increased by 116% to 2.3million,upfrom2.3 million, up from 1.1 million in Q3 2023, driven by lower operating expenses[5] - Net income for the three months ended September 30, 2024, was 2,299thousand,comparedto2,299 thousand, compared to 1,065 thousand for the same period in 2023, representing a 116.1% increase[23] - The net loss attributable to Bitcoin Depot Inc. for the three months ended September 30, 2024, was (939)thousand,comparedtoanetlossof(939) thousand, compared to a net loss of (7,098) thousand for the same period in 2023[23] - The company reported a comprehensive loss attributable to Bitcoin Depot Inc. of (945)thousandforthethreemonthsendedSeptember30,2024,comparedto(945) thousand for the three months ended September 30, 2024, compared to (7,098) thousand for the same period in 2023[23] Adjusted Metrics - Adjusted gross profit for Q3 2024 was 22.4million,down1722.4 million, down 17% from 26.9 million in Q3 2023, while adjusted gross profit margin improved to 16.6% from 15.0%[6] - Adjusted Gross Profit for the three months ended September 30, 2024, was 22,418thousand,downfrom22,418 thousand, down from 26,938 thousand in the same period of 2023, resulting in an Adjusted Gross Profit margin of 16.6%[33] - Adjusted EBITDA decreased by 34% to 9.2millioninQ32024,comparedto9.2 million in Q3 2024, compared to 13.9 million in Q3 2023, due to lower revenue[7] - Adjusted EBITDA for the three months ended September 30, 2024, was 9,182thousand,withanAdjustedEBITDAmarginof6.89,182 thousand, with an Adjusted EBITDA margin of 6.8%, compared to 13,948 thousand and 7.8% for the same period in 2023[29] Cash and Assets - Cash and cash equivalents were 32.2millionattheendofQ32024,withcashflowsfromoperationsgenerating32.2 million at the end of Q3 2024, with cash flows from operations generating 5.8 million in Q3 2024, down from 7.0millioninQ32023[8]−Totalassetsincreasedto7.0 million in Q3 2023[8] - Total assets increased to 87.4 million as of September 30, 2024, compared to 77.4millionattheendof2023[18]−Totalliabilitiesroseto77.4 million at the end of 2023[18] - Total liabilities rose to 95.3 million as of September 30, 2024, up from 68.0millionattheendof2023[20]BusinessExpansionandStrategy−ThecompanyendedQ32024with8,300BitcoinATMs,exceedingitsexpansiongoalsandenhancingBitcoin′saccessibility[2]−Thecompanyplanstoinitiatecashdividendstocommonshareholdersin2025aspartofitsstrategytocreateshareholdervalue[3]OtherExpenses−ThetotalotherexpenseforthethreemonthsendedSeptember30,2024,was68.0 million at the end of 2023[20] Business Expansion and Strategy - The company ended Q3 2024 with 8,300 Bitcoin ATMs, exceeding its expansion goals and enhancing Bitcoin's accessibility[2] - The company plans to initiate cash dividends to common shareholders in 2025 as part of its strategy to create shareholder value[3] Other Expenses - The total other expense for the three months ended September 30, 2024, was (2,833) thousand, a decrease from (6,034)thousandinthesameperiodof2023[23]−Thecompanyrecognizedanon−cashexpenseof(6,034) thousand in the same period of 2023[23] - The company recognized a non-cash expense of 2.7 million related to the PIPE transaction for the three months ended September 30, 2023[29] - The cost of revenue (excluding depreciation and amortization) for the three months ended September 30, 2024, was 112,853thousand,down26.0112,853 thousand, down 26.0% from 152,545 thousand in the same period of 2023[33]