BTMMEDIUM SIGNALFINANCIAL10-K

Bitcoin Depot executed a significant capital restructuring while delivering meaningfully improved operational performance and profitability.

The company dramatically reduced its share count from over 60 million to approximately 11 million shares outstanding, suggesting a major consolidation or restructuring event. Combined with substantially higher operating income and improved cash generation, this indicates management has taken decisive action to strengthen the capital structure and operational efficiency.

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FINANCIAL ANALYSIS

BTM demonstrated strong operational improvements with meaningfully expanded operating income and substantially higher operating cash flow, while reducing capital expenditures by nearly half. The company maintained a manageable debt load increase of 14% while total assets grew notably by 63%, though current liabilities also increased meaningfully. The significant reduction in dividend payments from $37.2M to $10.1M reflects a more conservative capital allocation approach aligned with the restructuring efforts.

FINANCIAL STATEMENT CHANGES
Dividends Paid
Cash Flow
-72.8%
$37.2M→$10.1M

Dividends cut 72.8% — significant signal of cash flow stress or capital reallocation priorities.

Operating Income
P&L
+70.2%
$24.2M→$41.2M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Total Assets
Balance Sheet
+63%
$80.1M→$130.6M

Asset base grew 63% — expansion through organic growth, acquisitions, or capital deployment.

Current Liabilities
Balance Sheet
+56.7%
$40.6M→$63.7M

Current liabilities surged 56.7% — significant near-term obligations; verify ability to meet short-term debt.

Operating Cash Flow
Cash Flow
+50.7%
$22.5M→$34.0M

Operating cash flow surged 50.7% — exceptional cash generation, highest quality earnings signal.

Capital Expenditure
Cash Flow
-48.9%
$10.8M→$5.5M

Capex reduced 48.9% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Net Income
P&L
+47.1%
-$11.7M→-$6.2M

Net income grew 47.1% — bottom-line growth signals improving overall business health.

Total Liabilities
Balance Sheet
+23.4%
$96.6M→$119.2M

Liabilities increased 23.4% — monitor debt-to-equity ratio and interest coverage.

Total Debt
Balance Sheet
+13.8%
$53.1M→$60.5M

Debt rose 13.8% — additional borrowing for investment or operations; monitor coverage ratios.

SG&A Expense
P&L
+12.7%
$57.2M→$64.4M

SG&A increased modestly — likely reflects growth-related hiring or sales expansion investment.

LANGUAGE CHANGES
NEW — 2026-03-18
PRIOR — 2025-03-24
ADDED
7262(b)) by the registered public accounting firm that prepared or issued its audit report.
The aggregate market value of voting and non-voting common equity held by non-affiliates of the registrant as of June 30, 2025 was approximately $ 114 million (b ased upon the $5.07 closing price on the NASDAQ).
As of March 12, 2026, the registrant had 5,722,398 share s outstanding of Class A common stock, par value $0.0001 per share, no shares outstanding of Series A preferred stock, par value $0.0001 per share, no shares outstanding of Class E common stock, par value $0.0001 per share, an d 5,406,586 shares outstanding of Class M common stock, par value $0.0001 per share.
You should read this Annual Report on Form 10-K and the documents that we reference in and have filed as exhibits to this Annual Report on Form 10-K completely and with the understanding that our actual future results may be materially different from what we expect.
Business Our Business Business Overview Bitcoin Depot owns and operates the largest network of Bitcoin ATMs ( BTMs or, kiosks ) across North America where customers can buy and sell Bitcoin.
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REMOVED
The aggregate market value of voting and non-voting common equity held by non-affiliates of the registrant as of June 30, 2024 was approximately $ 111 million (based upon the $1.80 closing price on the NASDAQ).
As of March 20, 2025, the registrant had 21,670,569 shares outstanding of Class A common stock, par value $0.0001 per share, no shares outstanding of Series A Preferred stock, par value $0.0001 per share, 1,075,761 shares outstanding of Class E common stock, par value $0.0001 per share, and 41,193,024 shares outstanding of Class V common stock, par value $0.0001 per share.
In addition, forward-looking statements reflect our expectations, plans or forecasts of future events and views as of the date hereof.
Business Our Business Business Overview Bitcoin Depot owns and operates the largest network of BTMs (or, "kiosks") across North America where customers can buy and sell Bitcoin.
Our mobile app includes a buy online feature that connects consumers to a third-party service, Simplex powered by Nuvei, that allows consumers to buy Bitcoin without going to a kiosk or using BDCheckout As of December 31, 2024, our offerings included approximately 8,500 BTMs in retailer locations throughout the U.S., Canada and Puerto Rico, our BDCheckout product, which is accepted at approximately 7,600 retail locations, and our mobile app.
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