Bitcoin Depot Inc. Q4 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

  • Kiosk Network Growth: Bitcoin Depot ended FY 2024 with 8,457 active kiosks, exceeding internal goals. 3,800 kiosks were installed in the last 12 months, with expected breakeven in 4–5 months for relocated kiosks.
  • Domestic & International Expansion:
    • Signed early extension with largest U.S. retail partner, Circle K, extending agreements by ~12 months.
    • Added 50 more kiosks with a Texas-based convenience store partner in January 2025.
    • Launched international expansion plans with over 300 kiosks shipped for its 2025 Australia launch. Actively evaluating entry into two additional countries during 2025.
    • Continues dialogue with New York State regulators; sees NY as a key U.S. expansion market with no currently operating Bitcoin ATMs.
  • Financial Highlights – Q4 2024 vs. Q4 2023:
    • Revenue: $136.8M, down from $148.4M YoY, mainly due to California and other state regulatory changes and kiosk relocations.
    • Adjusted Gross Profit: $25.4M, up 18% YoY ($21.6M in Q4 2023).
    • Adjusted Gross Margin: 18.6%, up from 14.5% in Q4 2023.
    • Operating Expenses: Down 16% to $15M vs. $17.8M in Q4 2023 due to lower professional services and legal expenses.

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Operator: Good morning, and welcome to Bitcoin Depot Inc.'s fourth quarter and full year 2024 conference call. My name is Kate, and I will be your operator today. Before this call, Bitcoin Depot Inc. issued its financial results for the fourth quarter and full year that ended December 31, 2024, in a press release. A copy will be furnished in a report on Form 8-K filed with the SEC and will be available in the investor relations section of the company's website. Joining us on today's call are Bitcoin Depot Inc. CEO, Brandon Mintz, and COO, and Interim CFO, Scott Buchanan. Following the remarks, we will open the call for questions. Before we begin, Cody Slach from Gateway Group will make a brief introductory statement. Mr. Slach, please proceed. Cody Slach: Thank you, operator. Good morning, everyone. Before management begins their formal remarks, we would like to remind everyone that some statements we are 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 few factors, many of which are beyond our control, which could cause actual results or 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 Securities and Exchange Commission. We disclaim any

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