Bitcoin Depot reported fourth quarter 2024 revenue of $136.8 million, a decrease from $148.4 million in Q4 2023, primarily due to unfavorable California legislation and kiosk relocation efforts. Despite this, total operating expenses declined by 16% to $15.0 million year-over-year, driven by the absence of 2023 de-SPAC related costs.
The company achieved a net income of $5.4 million in Q4 2024, a significant improvement from a net loss of $1.7 million in Q4 2023. Adjusted gross profit increased by 18% to $25.4 million, with adjusted gross profit margin expanding by 400 basis points to 18.6%. Adjusted EBITDA also grew by 34% to $12.0 million.
For the full year 2024, revenue was $573.7 million, down from $689.0 million in 2023, but net income increased by 432% to $7.8 million. Bitcoin Depot provided Q1 2025 guidance, projecting revenues between $151 million and $154 million, representing 9% to 11% growth year-over-year, and adjusted EBITDA between $12 million and $14 million, indicating over 200% growth. The company also noted its continued strengthening of Bitcoin treasury holdings to 94 BTC and the potential for a cash dividend.
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