Bitcoin Depot Inc. Q1 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

Financial Highlights (Comparisons to Q1 2023):
  • Revenue: Decreased 15% to $138.5 million from $163.6 million due to unfavorable legislation in California and strategic kiosk relocations.
  • Gross Profit: $14.8 million, down 24% from $19.5 million.
  • Gross Margin: Decreased to 10.6% from 11.9%.
  • Operating Expenses: Increased to $16.6 million from $13.6 million (but declined 7% sequentially from Q4 2023).
  • GAAP Net Loss: $4.2 million, compared to net income of $6.1 million in Q1 2023.
  • Adjusted EBITDA: $4.9 million, down from $13.6 million.
  • Adjusted EBITDA Margin: Decreased to 3.5% from 8.3%.
  • Cash Position: $42.2 million in cash & equivalents and $48.3 million in debt.
  • Stock Repurchase: 190,620 shares repurchased under 2023 program.
Operational Highlights:
  • Approximately 7,061 kiosks installed as of March 31, 2024.
  • 3,000+ kiosks ordered in 2024 to be delivered throughout the year; full fleet expected to reach approximately 10,400 kiosks.
  • Aim to surpass 8,000 installed BTMs by year-end 2024; well ahead of schedule.

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Operator: Good morning, and welcome to Bitcoin Depot’s First Quarter 2024 Conference Call. My name is Mark, and I will be your conference operator today. For this call, Bitcoin Depot issued its financial results for the first quarter ended March 31, 2024. In a press release, a copy of which will be furnished in a report on Form 8-K filed with SEC and will be available in the investor relations section of the company’s website. Joining us on today’s call are Bitcoin Depot’s CEO, Brandon Mintz; CFO, Glen Leibowitz; and COO, Scott Buchanan. Following their remarks, we will open the call for questions. Before we begin, Alex Kovtun from Gateway Group will make a brief introductory statement. Mr. Kovtun, please proceed. Alex Kovtun: Great. Thank you, operator. Good morning, everyone, and welcome to Bitcoin Depot’s first quarter 2024 conference call. Before management begins their formal remarks, we would like to remind everyone that some statements we’re making today may be considered forward-looking statements under securities laws and involve a number of risks and uncertainties. As a result, we caution you that there are a number of factors, many of which are beyond our control, which could cause actual results and events to differ materially from those described in the forward-looking statements. For more detailed risks, uncertainties, and assumptions relating to our forward-looking statements, please see the disclosures in our earnings release and public filings made with the S

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