Bitcoin Depot reported third quarter 2024 revenue of $135.3 million, a 25% decrease from $179.5 million in the third quarter of 2023. This decline was attributed to unfavorable legislation in California, effective January 2024, and the company's ongoing strategy of relocating underperforming kiosks. Total operating expenses decreased by 13% to $16.9 million compared to $19.5 million in the prior year, due to non-recurring costs from going public in 2023.
Despite the revenue decrease, net income for the third quarter of 2024 increased by 116% to $2.3 million, up from $1.1 million in the third quarter of 2023. Adjusted gross profit was $22.4 million, down 17%, but the adjusted gross profit margin improved by 160 basis points to 16.6%. Adjusted EBITDA decreased by 34% to $9.2 million, primarily due to lower revenue.
As of September 30, 2024, cash and cash equivalents stood at $32.2 million, with $5.8 million generated in cash flows from operations during the quarter. The company ended the quarter with 8,300 machines and stated its belief that initiating a cash dividend to common shareholders in 2025 will create value.
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