BTMWWMEDIUM SIGNALFINANCIAL10-K

Bitcoin Depot shows improved profitability with substantially higher operating income alongside meaningful capital structure changes including reduced dividend payments and asset expansion.

The company demonstrates enhanced operational efficiency with operating income growing substantially while reducing capital expenditures, suggesting better cash flow discipline. However, the significant increase in current liabilities and total assets indicates ongoing capital structure adjustments that warrant monitoring.

Comparing 2026-03-18 vs 2025-03-24View on EDGAR →
FINANCIAL ANALYSIS

Bitcoin Depot's financial performance improved notably with operating income substantially higher and operating cash flow growing meaningfully to $34.0M. The company reduced dividend payments dramatically from $37.2M to $10.1M while cutting capital expenditures by nearly half, demonstrating enhanced cash management. Balance sheet expansion shows total assets growing 63% to $130.6M, though current liabilities increased 56.7%, reflecting significant business scaling activities.

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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