GSR II METEORA A(GSRM) - 2025 Q1 - Quarterly Results

Financial Performance - Q1 2025 revenue increased by 19% year-over-year to $164.2 million, up from$138.5 million in Q1 2024[3] - Q1 2025 net income rose significantly to $12.2 million, compared to a net loss of$4.2 million in Q1 2024[5] - Adjusted gross profit for Q1 2025 increased by 92% to $33.1 million, with an adjusted gross profit margin of 20.2$20.3 million, compared to $4.9 million in Q1 2024[7] - Revenue increased to$164,226,000 in Q1 2025, up 18.5% from $138,539,000 in Q1 2024[33] - Adjusted EBITDA for Q1 2025 was$20,293,000, representing an Adjusted EBITDA margin of 12.4%, compared to $4,885,000 and 3.5$33,135,000, with an Adjusted Gross Profit margin of 20.2%, up from $17,252,000 and 12.5$31,244,000 for Q1 2025, compared to $14,371,000 in Q1 2024[33] Cash Flow and Operations - Cash from operations in Q1 2025 was$16.3 million, significantly up from $1.3 million in Q1 2024[9] - As of March 31, 2025, cash, cash equivalents, and cryptocurrencies totaled$43.3 million, an increase from $31.0 million at the end of 2024[8] - Cash and cash equivalents at the end of Q1 2025 were$34,962,000, down from $42,151,000 at the end of Q1 2024[25] - The company acquired$7,824,000 in Bitcoin for investment during Q1 2025[25] Expenses and Liabilities - Total operating expenses decreased by 7% to $15.3 million in Q1 2025, down from$16.6 million in Q1 2024[4] - Total current liabilities increased to $41,932,000 as of March 31, 2025, compared to$40,629,000 at the end of 2024[23] - Total liabilities decreased slightly to $94,311,000 as of March 31, 2025, from$96,590,000 at the end of 2024[23] - The accumulated deficit decreased to $39,304,000 as of March 31, 2025, from$44,349,000 at the end of 2024[23] Market Position and Future Outlook - The company operates over 8,400 kiosk locations across 48 states, maintaining the largest market share in North America[13] - The company expects revenue growth in Q2 2025 to be in the low-to-mid-single digits percentage range compared to Q2 2024[10] - Bitcoin Depot increased its bitcoin holdings by acquiring 83 more BTC in Q1 2025, bringing the total to 94.35 BTC[8]