GSR II METEORA A(GSRM) - 2024 Q4 - Annual Results

Revenue Performance - Q4 2024 revenue was $136.8 million, down 7.5% from$ 148.4 million in Q4 2023[1][4] - Full year 2024 revenue was $573.7 million, down from$ 689.0 million in 2023, primarily due to unfavorable legislation in California[1][8] - Total revenue for the year ended December 31, 2024, was $573,703,000, a decrease of 16.7% compared to$ 688,967,000 in 2023[37] - For the three months ended December 31, 2024, revenue was $136,827,000, a decrease of 7.8% from$ 148,406,000 in the same period of 2023[37] Profitability - Q4 2024 net income increased significantly to $5.4 million, compared to a net loss of$ 1.7 million in Q4 2023, marking a turnaround[1][5] - Full year 2024 net income increased by 432% to $7.8 million compared to$ 1.5 million in 2023[1][9] - Net income for the year ended December 31, 2024, was $7.8 million, compared to a net income of$ 1.5 million in 2023, representing a significant improvement[26] - The company reported a loss attributable to Bitcoin Depot Inc. of $11.7 million for the year ended December 31, 2024, compared to a loss of$ 26.1 million in 2023[26] Operating Expenses - Q4 2024 operating expenses decreased by 16% to $15.0 million compared to$ 17.8 million in Q4 2023[1][5] - Operating expenses for the year ended December 31, 2024, totaled $67.2 million, a slight decrease from$ 70.6 million in 2023[26] Adjusted Metrics - Adjusted gross profit for Q4 2024 rose 18% to $25.4 million, with an adjusted gross profit margin of 18.6%, up from 14.5% in Q4 2023[1][6] - Adjusted EBITDA for Q4 2024 increased by 34% to$ 12.0 million compared to $9.0 million in Q4 2023[1][7] - Adjusted EBITDA for the year ended December 31, 2024, was$ 38.7 million, down from $56.3 million in 2023, with an Adjusted EBITDA margin of 6.8%[33] - Adjusted gross profit for the year ended December 31, 2024, was$ 91,440,000, with an adjusted gross profit margin of 15.9%, up from 14.7% in 2023[37] - Adjusted gross profit for the three months ended December 31, 2024, was $25,412,000, with an adjusted gross profit margin of 19%, up from 15% in the same quarter of 2023[37] Future Projections - The company anticipates Q1 2025 revenues between$ 151 million and $154 million, representing growth of 9% to 11% compared to Q1 2024[1][13] - Projected adjusted EBITDA for Q1 2025 is expected to be between$ 12 million and $14 million, indicating growth of over 200% compared to Q1 2024[1][13] Financial Position - Total liabilities increased to$ 96.6 million as of December 31, 2024, from $65.0 million in 2023, reflecting a rise of 48.0%[24] - The accumulated deficit grew to$ 44.3 million in 2024, compared to $32.7 million in 2023, indicating a worsening financial position[24] - Cash and cash equivalents at the end of 2024 were not disclosed, but the increase in liabilities suggests potential liquidity concerns[24] Strategic Focus - The company plans to focus on strategic initiatives to improve profitability and reduce costs in the upcoming year[27] - Future projections for revenue growth and market expansion were not explicitly detailed, but management emphasized the importance of operational efficiency[28] Bitcoin Holdings - Bitcoin Depot has increased its Bitcoin treasury holdings to 94 BTC, reflecting confidence in Bitcoin as a financial asset[1][3]