Bitcoin Depot Inc. posted a robust third‑quarter 2025 revenue of $162.5 million, a 20 % year‑over‑year increase that surpassed the consensus estimate of $151.0 million by $11.5 million (7.6 % beat). The growth was driven by a 25 % rise in transaction volume on its Bitcoin ATM network, coupled with higher average transaction values as retail demand for crypto cash‑to‑crypto services expanded across the United States.
The company’s net income climbed to $5.5 million, up 139 % from $2.3 million in Q3 2024, while gross profit rose to $28.2 million, reflecting a margin expansion from 14.9 % to 17.4 %. The improvement stems from increased kiosk deployment, which lowered per‑transaction costs, and from a higher mix of premium‑price transactions. Operating expenses increased modestly to $18.3 million from $16.9 million, largely due to higher non‑cash stock‑compensation expense and a one‑time legal fee related to the adoption of the new crypto accounting standard (ASU 2023‑08).
Bitcoin Depot’s GAAP earnings per share of $0.08 fell short of the consensus estimate of $0.10 (or $0.095 in some reports), marking an EPS miss of $0.02. The miss is attributable to higher operating expenses and to the impact of recent state‑level regulatory changes that have increased compliance costs and slowed the rollout of new ATMs in certain markets.
Cash and digital‑asset holdings reached $72.9 million at September 30, more than doubling the $31.0 million reported at the end of 2024. Operating cash flow for the first nine months of 2025 totaled $33.0 million, up from $17.3 million a year earlier, underscoring the company’s strong liquidity position and its ability to fund expansion, reduce debt, and potentially consider shareholder returns.
Management guided for fourth‑quarter 2025 revenue of $112–$115 million and adjusted EBITDA in the low single‑digit millions, a sequential slowdown attributed to seasonal headwinds and the recent regulatory environment. Investors reacted negatively to the guidance and the EPS miss, as the market weighed the short‑term impact of regulatory headwinds against the company’s long‑term growth prospects.
CEO Brandon Mintz emphasized that the quarter “demonstrates the operating leverage in our business model, supported by continued kiosk expansion, higher transaction volumes, and disciplined cost management.” He added that the firm remains focused on scaling efficiently, enhancing compliance protocols, and using its strong balance sheet to pursue growth opportunities, including potential dividend or share‑repurchase options.
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