Bitcoin Depot Inc. (“Bitcoin Depot” or the “Company”), a U.S.-based
Bitcoin ATM operator and leading fintech company, today announced
certain preliminary financial results for the fourth quarter ended
December 31, 2024.
The Company expects revenue to range between $135 million and
$137 million, compared to $135.3 million reported in the third
quarter of 2024 and $148.4 million reported in the fourth quarter
of 2023. The Company also expects adjusted EBITDA to range between
$11 million and $13 million, an increase of 22% to 44% compared to
the $9.0 million reported in the fourth quarter of 2023 and an
increase of 19% to 41% compared to the $9.2 million reported in the
third quarter of 2024.
“We ended 2024 on a strong note, with an anticipated uptick in
sequential revenue and significant improvements in adjusted EBITDA
on both a sequential and year-over-year basis,” said Brandon Mintz,
CEO and Founder of Bitcoin Depot. “This performance reflects the
expansion of our BTM network and our progress in improving kiosk
profitability. The strength of our fourth quarter positions us well
for a rebound in 2025, supported by the overall health of our
business and a more favorable cryptocurrency market
environment.”
The financial results for the fourth quarter ended December 31,
2024, included in this release are preliminary, have not been
reviewed or audited, are based upon the Company’s estimates, and
were prepared prior to the completion of the company's financial
statement close process. The preliminary financial results should
not be viewed as a substitute for the Company’s full fourth quarter
results and do not present all information necessary for an
understanding of the Company’s financial performance. Accordingly,
undue reliance should not be placed on this preliminary data.
Bitcoin Depot plans to release its fully audited fourth-quarter and
full-year 2024 financial results in March.
About Bitcoin Depot
Bitcoin 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 48 states and at thousands of name-brand retail locations
in 29 states through its BDCheckout product. The Company has the
largest market share in North America with approximately 8,400
kiosk locations as of December 31, 2024. Learn more
at www.bitcoindepot.com.
Cautionary Statement Regarding Forward-Looking
Statements
This 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.
Use of non-GAAP Financial Measures
This press release includes preliminary Adjusted EBITDA results
for the fourth quarter ended December 31, 2025. Adjusted EBITDA is
a non-GAAP. Bitcoin Depot defines Adjusted EBITDA as net income
before interest expense, income tax expense, depreciation and
amortization, non-recurring expenses, share-based compensation,
expenses related to the PIPE financing and miscellaneous cost
adjustments. Such items are excluded from Adjusted EBITDA because
these items are non-cash in nature, or because the amount and
timing of these items is unpredictable, not driven by core results
of operations and renders comparisons with prior periods and
competitors less meaningful. Bitcoin Depot believes Adjusted EBITDA
provides useful information to investors and others in
understanding and evaluating Bitcoin Depot’s results of operations,
as well as provides a useful measure for period-to-period
comparisons of Bitcoin Depot’s business performance. Adjusted
EBITDA is a key measurements used internally by management to make
operating decisions, including those related to operating expenses,
evaluate performance and perform strategic and financial planning.
However, you should be aware that Adjusted EBITDA may exclude items
that are significant in understanding and assessing Bitcoin Depot’s
financial results, and further, that Bitcoin Depot may incur future
expenses similar to those excluded when calculating this measures.
Bitcoin Depot primarily relies on GAAP results and relies on
Adjusted EBITDA and other non-GAAP measures on a supplemental
basis. No such measure should be considered in isolation from, or
as an alternative to, net income, cash flows from operations or
other measures of profitability, liquidity or performance under
GAAP and may not be indicative of Bitcoin Depot’s historical or
future operating results. Bitcoin Depot’s computation of Adjusted
EBITDA may not be comparable to other similarly titled measures
computed by other companies because not all companies calculate
such measures in the same fashion. As such, undue reliance should
not be placed on such measures. Due to some of the information
excluded from Adjusted EBITDA calculation being non-ascertainable
or non-accessible until the financial close is complete, Bitcoin
Depot is unable to quantify certain amounts that would be required
to be included in the most directly comparable GAAP financial
measures without unreasonable effort. Consequently, no disclosure
of estimated comparable GAAP measures is included and no
reconciliation of the non-GAAP financial measures is included.
Contacts:
Investors Cody SlachGateway Group,
Inc. 949-574-3860 BTM@gateway-grp.com
Media Brenlyn Motlagh, Ryan Deloney Gateway
Group, Inc. 949-574-3860 BTM@gateway-grp.com
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