BITNEWS

Bitcoin Depot Reports Second Quarter 2025 Financial Results

Q2 Revenue up 6% Year-Over-Year to $172.1 Million Q2 Net Income up 183% Year-Over-Year to $12.3 Million Q2 Gross Profit up 32% Year-Over-Year to $30.9 Million Q2 Adjusted EBITDA up 46% Year-Over-Year to $18.5 MillionATLANTA, Aug. 12, 2025 (GLOBE NEWSWIRE) -- Bitcoin Depot Inc. (Nasdaq: BTM) ("Bitcoin Depot” or the "Company”), a U.S.-based Bitcoin ATM operator and leading fintech company, today reported financial results for the second quarter ended June 30, 2025. Bitcoin Depot will host a conference call and webcast at 10:00 a.m. ET today. An earnings presentation and link to the webcast will be made available at ir.bitcoindepot.com."Bitcoin Depot delivered another strong quarter, with 6% revenue growth and a 46% increase in Adjusted EBITDA to $18.5 million,” said Brandon Mintz, Founder and CEO of Bitcoin Depot. "Our performance demonstrates the operating leverage in our business, driven by kiosk expansion, higher transaction volumes, and disciplined cost management. As a result, we significantly improved profitability, with net income more than tripling year-over-year, and further strengthened our balance sheet. With nearly $60 million in cash and digital assets, we are well-positioned to capitalize on growth opportunities, both in the U.S. and internationally. Looking ahead, we remain focused on scaling efficiently and delivering sustained value for our customers and shareholders.”"In addition to our financial progress, we’ve taken meaningful steps to further strengthen our operations and enhance shareholder alignment. We eliminated our former UP-C corporate structure to simplify our governance and improve transparency, and continued to strategically add Bitcoin to our treasury. These actions reflect our long-term commitment to responsible growth, prudent capital allocation, and building a stronger, more shareholder-friendly company.”Second Quarter 2025 Financial ResultsRevenue in the second quarter of 2025 increased 6% to $172.1 million compared to $163.1 million in the second quarter of 2024. This increase was driven by increased kiosk deployment and higher median transaction size. Total operating expenses declined 9% to $17.0 million for the second quarter of 2025 compared to $18.8 million for the second quarter of 2024 due to lower depreciation, insurance and share-based compensation expenses as the Company continues to optimize its cost structure as a steady-state public company.Net income for the second quarter of 2025 increased 183% to $12.3 million compared to $4.4 million for the second quarter of 2024. Net income attributable to common shareholders increased to $6.1 million, or $0.16 per share, from a net loss of $2.6 million, or ($0.13) per share, in last year’s second quarter. The increase was due to higher revenue and income from operations in 2025, as well as a $2.3 million mark-to-market gain on the Company's BTC investment holdings.Gross profit in the second quarter of 2025 increased 32% to $30.9 million from $23.4 million for the second quarter of 2024. Gross profit margin in the second quarter of 2025 increased approximately 360 basis points to 17.9% compared to 14.3% in the second quarter of 2024.Adjusted EBITDA, a non-GAAP measure, in the second quarter of 2025 increased 46% to $18.5 million compared to $12.7 million for the second quarter of 2024. The increase was primarily due to the higher revenue and gross profit. Please see "Explanation and Reconciliation of Non-GAAP Financial Measures” below.Cash, cash equivalents, and cryptocurrencies as of June 30, 2025, were $59.6 million compared to $31.0 million at the end of 2024. The company used $0.6 million in the second quarter of 2025 to acquire 6.00 more Bitcoin, bringing the total held for investment to 100.35 BTC.Net cash flows provided by operations in the first six months of 2025 were $26.4 million compared to $11.5 million in the first six months of 2024.OutlookThe Company expects revenue in the third quarter of 2025 to grow high-single digits on a percentage basis from the third quarter of 2024, and Adjusted EBITDA to be 20% to 30% above the prior year quarter. Conference CallBitcoin Depot will hold a conference call at 10:00 a.m. Eastern time (7:00 a.m. Pacific time) today to discuss its financial results for the second quarter ended June 30, 2025.Call Date: Tuesday, August 12, 2025 Time: 10:00 a.m. Eastern time (7:00 a.m. Pacific time) Phone InstructionsU.S. and Canada (toll-free): 888-596-4144U.S. (toll): 646-968-2525Conference ID: 9071245Webcast InstructionsWebcast link: https://edge.media-server.com/mmc/p/jfv35c2iA replay of the call will be available beginning after 2:00 p.m. Eastern time through August 19, 2025.U.S. & Canada (toll-free) replay number: 800-770-2030U.S. toll number: 609-800-9909Conference ID: 9071245If you have any difficulty connecting with the conference call, please contact Bitcoin Depot’s investor relations team at 1-949-574-3860.About Bitcoin DepotBitcoin Depot Inc. (Nasdaq: BTM) was founded in 2016 with the mission to connect those who prefer to use cash to the broader, digital financial system. Bitcoin Depot provides its users with simple, efficient and intuitive means of converting cash into Bitcoin, which users can deploy in the payments, spending and investing space. Users can convert cash to bitcoin at Bitcoin Depot kiosks in 47 states and at thousands of name-brand retail locations in 31 states through its BDCheckout product. The Company has the largest market share in North America with over 8,800 kiosk locations as of June 2025. Learn more at www.bitcoindepot.com. Cautionary Statement Regarding Forward-Looking StatementsThis press release and any oral statements made in connection herewith include "forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended. Forward-looking statements are any statements other than statements of historical fact, and include, but are not limited to, statements regarding the expectations of plans, business strategies, objectives and growth and anticipated financial and operational performance, including our growth strategy and ability to increase deployment of our products and services, our ability to strengthen our financial profile, and worldwide growth in the adoption and use of cryptocurrencies. These forward-looking statements are based on management’s current beliefs, based on currently available information, as to the outcome and timing of future events. Forward-looking statements are often identified by words such as "anticipate,” "appears,” "approximately,” "believe,” "continue,” "could,” "designed,” "effect,” "estimate,” "evaluate,” "expect,” "forecast,” "goal,” "initiative,” "intend,” "may,” "objective,” "outlook," ”plan," ”potential," ”priorities," ”project," ”pursue," ”seek," ”should," ”target," ”when," ”will," ”would,” or the negative of any of those words or similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond our control.These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions; failure to realize the anticipated benefits of the business combination; risks relating to the uncertainty of our projected financial information; future global, regional or local economic and market conditions; the development, effects and enforcement of laws and regulations; our ability to manage future growth; our ability to develop new products and services, bring them to market in a timely manner and make enhancements to our platform; the effects of competition on our future business; our ability to issue equity or equity-linked securities; the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries; and those factors described or referenced in filings with the Securities and Exchange Commission. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that we do not presently know or that we currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect our expectations, plans or forecasts of future events and views as of the date of this press release. We anticipate that subsequent events and developments will cause our assessments to change.We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law. All written and oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement.BITCOIN DEPOT INC.CONSOLIDATED STATEMENTS OF (LOSS) INCOME(in thousands, except share and per share amounts)(UNAUDITED) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Revenue $172,108 $163,066 $336,334 $301,605 Cost of revenue (excluding depreciation and amortization) 139,382 136,708 270,473 257,995 Operating expenses: Selling, general, and administrative 15,109 15,762 28,549 29,368 Depreciation and amortization 1,869 2,992 3,766 5,939 Total operating expenses 16,978 18,754 32,315 35,307 Income from operations 15,748 7,604 33,546 8,303 Other (expense) income: Interest (expense) (4,726) (2,880) (7,794) (7,824)Other income 2,330 34 1,241 40 Gain (loss) on foreign currency transactions 133 (138) 120 (265)Income before provision for income taxes and non-controlling interest 13,485 4,620 27,113 254 Income tax (expense) (1,162) (270) (2,614) (132)Net income $12,323 $4,350 $24,499 $122 Net income attributable to non-controlling interest 6,253 6,911 14,235 4,221 Net income (loss) attributable to common stockholders $6,070 $(2,561) $10,264 $(4,099) Net income per share of common stock - basic and diluted $0.16 $(0.13) $0.35 $(0.23) Weighted average number of common shares outstanding - basic and diluted 37,541,637 19,432,011 29,406,538 18,016,761 BITCOIN DEPOT INC.CONSOLIDATED BALANCE SHEETS(in thousands, except share and per share amounts) June 30, 2025(unaudited) December 31,2024 Assets Current: Cash and cash equivalents $48,038 $29,472 Cryptocurrencies 11,563 1,510 Accounts receivable 38 275 Prepaid expenses and other current assets 3,052 3,076 Total current assets 62,691 34,333 Property and equipment: Furniture and fixtures 635 635 Leasehold improvements 172 172 Kiosk machines - owned 38,209 36,831 Kiosk machines - leased 8,973 10,367 Total property and equipment 47,989 48,005 Less: accumulated depreciation (23,448) (21,158)Total property and equipment, net 24,541 26,847 Intangible assets, net 1,568 2,320 Goodwill 8,717 8,717 Operating lease right-of-use assets, net 2,083 2,595 Deposits 1,109 734 Deferred tax assets 8,344 4,558 Total assets $109,053 $80,104 BITCOIN DEPOT INC.CONSOLIDATED BALANCE SHEETS(in thousands, except share and per share amounts) June 30, 2025(unaudited) December 31,2024 Liabilities and Stockholders’ (Deficit) Equity Current: Accounts payable $10,087 $11,557 Accrued expenses and other current liabilities 16,933 14,260 Notes payable, current portion 8,757 6,022 Income taxes payable 4,549 2,207 Deferred revenue 361 20 Operating lease liabilities, current portion 795 858 Current installments of obligations under finance leases 3,061 3,446 Other non-income tax payable - 2,259 Total current liabilities 44,543 40,629 Long-term liabilities

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