Bitcoin Depot Inc. Q1 FY2025 Earnings Call
· Earnings call transcript and AI-powered summary
- Revenue: $164.2 million, up 19% year-over-year (Q1 2024: $138.5 million), and up 20% sequentially from Q4 2024. Growth driven by expanded deployed kiosks and a 46% increase in median transaction size.
- Net Income: Record GAAP net income of $12.2 million, compared to a net loss of $4.2 million in Q1 2024.
- Adjusted EBITDA: $20.3 million, up 315% from $4.9 million in Q1 2024.
- Gross Margin: Adjusted gross margin rose 92% year-over-year to $33.1 million and increased 770 basis points to 20.2% versus 12.5% in Q1 2024.
- Operating Expenses: Declined 7% to $15.3 million due to lower depreciation and reduced legal/audit/insurance costs post-public listing.
- Cash Flow & Balance Sheet: Cash and crypto holdings rose to $43.3 million (from $31 million at end of 2024). Operating cash flow hit a record $16.3 million vs. $1.3 million in Q1 2024. Term loan repayments totaled $6 million for the quarter; goal is at least $3.5 million more by year-end.
- Kiosk Deployments: 8,483 active machines at quarter-end. Company is using existing inventory to expand, potentially toward a 10,000-kiosk fleet. 3,200 kiosks installed for less than a year are expected to ramp up revenue as they mature.
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