Bitcoin Depot Inc. reported revenue of $573.7 million for the year ended December 31, 2024, a 16.7% decrease compared to the $689.0 million reported in 2023. Net income for 2024 was $7.8 million, significantly higher than the $1.5 million reported in 2023. Adjusted EBITDA, a non-GAAP measure, was $39.7 million in 2024, down from $56.3 million in 2023. The decrease in revenue was primarily attributed to lower kiosk transaction volume, partially offset by higher average transaction sizes, and the impact of regulatory changes in California limiting transaction sizes.
The company operated approximately 8,500 Bitcoin ATMs (BTMs) across the U.S. and Canada as of December 31, 2024, maintaining an approximate 25% market share in the U.S. and a strong position in Canada. The number of BTMs increased significantly year-over-year, with approximately 2,100 BTMs held with logistics providers for redeployment to new locations at the end of 2024. The company also operates BDCheckout, a cash-to-Bitcoin service available at approximately 7,600 retail locations. Average monthly active users, defined as unique customers, were approximately 14,961 during 2024.
Several strategic developments occurred during the year. The company announced partnerships with GetGo, Tanger Management, CORD, MAPCO, and EG America for BTM placement, expanding its retail network. Seven franchise profit-sharing arrangements were also established. The company highlighted its acquisition of BitAccess in 2021, which enhanced its software capabilities and diversified revenue streams, although the impact on 2024 results was not yet material. The company also noted the launch of BDCheckout in 2022.
The company faces several risks, including competition, regulatory changes, cryptocurrency price volatility, and cybersecurity threats. Specific regulatory challenges were highlighted, including new legislation in California, Connecticut, Minnesota, Nebraska, and Vermont, impacting operations and potentially limiting growth. The company is also involved in ongoing litigation with Canaccord Genuity Corp. and a civil complaint from the Iowa Attorney General. The company stated that it intends to vigorously defend against these claims.
Bitcoin Depot's outlook is tied to continued growth in cryptocurrency adoption and its ability to expand its BTM network and BDCheckout service. The company plans to pursue strategic acquisitions and partnerships to further strengthen its market position and reinvest profits in business development. However, the company cautioned that its recent rapid growth may not be indicative of future performance and that several risks could materially affect its future results.
About Bitcoin Depot Inc.
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