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Bitcoin Depot Reports Fourth Quarter and Full Year 2024 Financial Results
BTMBitcoin Depot (BTM) Newsfilter·2025-03-18 12:00

Financial Performance - Q4 2024 revenue was 136.8million,downfrom136.8 million, down from 148.4 million in Q4 2023, primarily due to unfavorable legislation in California and the relocation of underperforming kiosks [4][8] - Q4 operating expenses decreased by 16% year-over-year to 15.0million,attributedtonon−recurringcostsfromgoingpublicin2023[5][9]−Q4netincomerosesignificantlyto15.0 million, attributed to non-recurring costs from going public in 2023 [5][9] - Q4 net income rose significantly to 5.4 million compared to a net loss of 1.7millionintheprioryear,drivenbylowerdepreciation,amortization,andoperatingexpenses[5][24]−AdjustedgrossprofitforQ42024increasedby181.7 million in the prior year, driven by lower depreciation, amortization, and operating expenses [5][24] - Adjusted gross profit for Q4 2024 increased by 18% year-over-year to 25.4 million, with an adjusted gross profit margin of 18.6%, up from 14.5% in Q4 2023 [6][33] - Adjusted EBITDA for Q4 2024 was 12.0million,a3412.0 million, a 34% increase from 9.0 million in Q4 2023, mainly due to higher net income [7][11] Full Year Results - Total revenue for 2024 was 573.7million,downfrom573.7 million, down from 689.0 million in 2023, influenced by the same legislative changes and kiosk relocations [8][9] - Total operating expenses for 2024 decreased by 5% to 67.2millioncomparedto67.2 million compared to 70.6 million in 2023, again due to non-recurring public offering costs and cost-saving measures [9][10] - Net income for 2024 increased by 432% to 7.8millionfrom7.8 million from 1.5 million in 2023, primarily due to the absence of public offering costs and other expense reductions [9][24] - Adjusted gross profit for 2024 was 91.4million,downfrom91.4 million, down from 101.0 million in 2023, with an adjusted gross profit margin of 15.9%, up from 14.7% [10][33] - Adjusted EBITDA for 2024 was 38.7million,downfrom38.7 million, down from 56.3 million in 2023, reflecting the decline in revenue [11] Future Outlook - The company anticipates Q1 2025 revenues between 151millionand151 million and 154 million, representing growth of 9% to 11% compared to Q1 2024 [12] - Projected adjusted EBITDA for Q1 2025 is expected to be between 12millionand12 million and 14 million, indicating over 200% growth compared to Q1 2024 [12] - The company is focused on optimizing its Bitcoin ATM network and expanding its kiosk presence both domestically and internationally, aiming for a strong return to growth in 2025 [3][12]