Bitcoin Depot Inc. Q4 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

Bitcoin Depot Q4 2023 Earnings Summary

  • Total Full Year Revenue: $688.9 million, up 7% from $646.8 million in 2022.
  • Q4 Revenue: $148.4 million, down 1% year-over-year from $149.7 million in Q4 2022.
  • Full Year Adjusted EBITDA: $56.4 million, a 37% increase from $41.2 million in the prior year.
  • Q4 Adjusted EBITDA: $9 million, down from $11.4 million in Q4 2022.
  • Gross Profit Q4: $17.9 million, up 22.3% year-over-year; Gross Margin: improved to 12.1% from 9.8%.
  • Gross Profit Full Year: $87.8 million, up 64.1%; Gross Margin: 12.7%, up 440bps.
  • GAAP Net Loss Q4: ($1.5 million) vs ($0.5 million) in Q4 2022.
  • Full Year GAAP Net Income: $1.6 million vs $3.5 million in 2022 (decrease attributed to DSPAC transaction costs).
  • Cash & Equivalents: $26.4 million; Debt: $30.7 million.
  • Stock Repurchase: 120,644 shares repurchased in Q4.

Operational Highlights

  • BTM Kiosks: Operating 7,375 kiosks as of this call. Plan to reach ~8,000 by year-end 2024—largest fleet in company history.
  • Q1 2024 Deployment: Over 1,000 kiosks deployed (~14% of base).

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Operator: Good morning, and welcome to Bitcoin Depot's Fourth Quarter 2023 Conference Call. My name is Jericho and I will be your operator today. For this call, Bitcoin Depot issued its financial results for the fourth quarter and full year ended December 31, 2023 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 fourth quarter 2023 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 filing made w

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