Monday, August 14, 2023 8:19:12 AM
Revenue in the second quarter of 2023 was $197.5 million, up 18% from the second quarter of 2022.
Gross profit in the second quarter of 2023 was $25.9 million, up 87% from the second quarter of 2022. Gross profit margin in the second quarter of 2023 was 13% compared to 8% in the second quarter of 2022.
Total operating expenses were $20.5 million for the second quarter of 2023, compared to $12.0 million for the second quarter of 2022.
Net loss for the second quarter of 2023 was $6.1 million, compared to net income of $4.1 million, for the second quarter of 2022.
Adjusted EBITDA, a non-GAAP measure, in the second quarter of 2023 was $19.8 million, up 54% from the second quarter of 2022. Adjusted EBITDA margin in the second quarter of 2023 was 10% compared to 8% in the second quarter of 2022. Please see "Explanation and Reconciliation of Non-GAAP Financial Measures" below.
Recent Business Highlights
Completed software conversion to BitAccess across the Company’s full BTM fleet in February 2023. The completion of the conversion vertically integrates Bitcoin Depot’s hardware and software, eliminating previous annual software licensing fees. BitAccess has enabled Bitcoin Depot to build out its BDCheckout product and its other software and operational capabilities and has expanded its revenue streams into kiosk management software, which includes various compliance systems, transaction processing and cash management capabilities.
Closed its previously announced business combination with GSR II Meteora Acquisition Corp. on June 30th and subsequently began trading on the Nasdaq on July 3rd.
Announced multiple partnerships with convenience store brands with locations spanning across several states, including FastLane, Gas Express, High’s, Majors Management, Stinker Stores, GetGo® Café + Market, and Jacksons Food Store.
Expanded BDCheckout program into two additional states through an ongoing partnership with a leading global payments technology company.
Guidance
Based on current market conditions, Bitcoin Depot expects consolidated revenue in 2023 to range between $700 million and $730 million, an 8% to 13% improvement compared to $647 million in 2022. Bitcoin Depot expects Adjusted EBITDA (non-GAAP) in 2023 to range between $56 million and $59 million compared to 2022 when Bitcoin Depot generated net income of $3.5 million and Adjusted EBITDA of $41 million, representing a 37% to 44% year-over-year increase in Adjusted EBITDA. For important disclosures about Adjusted EBITDA, see "Explanation and Reconciliation of Non-GAAP Financial Measures" below.
Form 10-Q Update
The Company has determined it will be unable to file its Quarterly Report on Form 10-Q for the period ended June 30, 2023 (the “Quarterly Report”) by its original due date of August 14, 2023 as it requires additional time to finalize the Quarterly Report in light of the review of the financial statements following the Company’s recent business combination. The Company expects to file the Quarterly Report as soon as practicable and currently expects to do so within the extension period of 5 calendar days as provided by Rule 12b-25 under the Securities Exchange Act of 1934, as amended, and accordingly, plans to file a Notification of Late Filing on Form 12b-25 with the Securities and Exchange Commission.
“NEVER ARGUE WITH STUPID PEOPLE. THEY WILL DRAG YOU DOWN TO THEIR LEVEL AND BEAT YOU WITH EXPERIENCE.” - Mark Twain
Recent BTM News
- Bitcoin Depot Schedules First Quarter 2024 Conference Call for Tuesday, May 14th at 10:00 am ET • GlobeNewswire Inc. • 05/06/2024 12:05:04 PM
- Bitcoin Depot Announces Strategic Investment from Sopris Capital • GlobeNewswire Inc. • 04/25/2024 12:05:00 PM
- Bitcoin Depot Purchases Roughly 2,300 Kiosks to Meet Increased Retailer Demand • GlobeNewswire Inc. • 04/18/2024 12:00:00 PM
- Bitcoin Depot Signs Fareway Stores as its First Major Grocery Chain • GlobeNewswire Inc. • 04/17/2024 12:00:00 PM
- Bitcoin Depot Announces Multi-Million Dollar Investment from Fund for 250 BTMs Through Profit Share Program • GlobeNewswire Inc. • 04/12/2024 01:01:04 PM
- Bitcoin Depot Announces Expansion into Australia with 125 Bitcoin ATMs • GlobeNewswire Inc. • 04/04/2024 12:00:00 PM
- Bitcoin Depot Surpasses 8,000 Signed Bitcoin ATM Locations Ahead of Schedule • GlobeNewswire Inc. • 04/02/2024 12:00:00 PM
- Bitcoin Depot Expands into Puerto Rico with Nearly 100 BTM Locations Signed • GlobeNewswire Inc. • 03/26/2024 12:00:00 PM
- Bitcoin Depot Reports Fourth Quarter and Full Year 2023 Financial Results • GlobeNewswire Inc. • 03/25/2024 12:05:00 PM
- Bitcoin Depot Announces Sale of 50 New BTM Kiosks to Sopris Capital Through Franchise Program • GlobeNewswire Inc. • 03/12/2024 12:30:22 PM
- Bitcoin Depot Schedules Fourth Quarter 2023 Conference Call for Monday, March 25th at 11:00 am ET • GlobeNewswire Inc. • 03/11/2024 12:30:45 PM
- Bitcoin Depot Completes Purchase of Roughly 400 Additional Bitcoin ATMs for Q1 2024 Expansion • GlobeNewswire Inc. • 02/13/2024 01:30:00 PM
- Bitcoin ATM Operator Bitcoin Depot Announces Expansion Deal with Large Convenience Store Operator • GlobeNewswire Inc. • 02/07/2024 01:30:00 PM
- Bitcoin Depot Places Order for 500 New BTM Kiosks from Kiosk Provider Genmega • GlobeNewswire Inc. • 01/22/2024 03:40:35 PM
- Bitcoin Depot to Deploy 940 Bitcoin ATMs at a National Convenience Store Retailer • GlobeNewswire Inc. • 01/17/2024 04:51:14 PM
- Bitcoin Depot to Present at the Sidoti Micro-Cap Virtual Investor Conference • GlobeNewswire Inc. • 01/11/2024 09:08:19 PM
- Bitcoin Depot Bolsters Expansion Efforts with the Addition of 13 New Sales Representatives Throughout the U.S. • GlobeNewswire Inc. • 01/11/2024 01:30:00 PM
- Bitcoin Depot Launches BDCheckout in Georgia, Expanding Footprint to 28 States • GlobeNewswire Inc. • 12/05/2023 01:30:00 PM
- Bitcoin Depot Founder and CEO Brandon Mintz Honored in Forbes 30 Under 30 Finance List • GlobeNewswire Inc. • 12/04/2023 01:30:00 PM
- Bitcoin Depot Named Preferred BTM Vendor with National Retail Association, AATAC • GlobeNewswire Inc. • 11/14/2023 01:30:00 PM
- Bitcoin Depot Reports Third Quarter 2023 Financial Results • GlobeNewswire Inc. • 11/13/2023 01:05:00 PM
- Bitcoin Depot Announces Distribution Partnership with CORD Financial Services • GlobeNewswire Inc. • 11/09/2023 01:30:00 PM
- Bitcoin Depot Schedules Third Quarter 2023 Conference Call for Monday, November 13th at 11:00 am ET • GlobeNewswire Inc. • 10/30/2023 08:05:00 PM
- Bitcoin Depot Amends Equity Support Agreement • GlobeNewswire Inc. • 10/04/2023 12:00:00 PM
- Bitcoin Depot Announces Share Repurchase Program • GlobeNewswire Inc. • 09/22/2023 12:30:00 PM
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