Business
Bitcoin Depot Reports Second Quarter 2023 Financial Results
Record Revenue of $197.5 Million, Up 18% Year-over-Year Net loss of $6.1 million, Down 249% Year-over-Year Adjusted EBITDA (non-GAAP) of $19.8 Million, Up 54%
About this update from Bitcoin Depot Inc.
[{"type":"text","content":"Record Revenue of $197.5 Million, Up 18% Year-over-Year Net loss of $6.1 million, Down 249% Year-over-Year Adjusted EBITDA (non-GAAP) of $19.8 Million, Up 54% Year-over-Year Reiterates Full Year 2023 Guidance for Revenue and Adjusted EBITDA ATLANTA, Aug. 14, 2023 (GLOBE NEWSWIRE) -- Bitcoin Depot Inc. (“Bitcoin Depot” or the “Company”), a U.S.-based Bitcoin ATM operator and leading fintech company, today reported financial results for the second quarter ended June 30, 2023. Bitcoin Depot will host a conference call and webcast at 11:00 a.m. ET today. An earnings presentation and link to the webcast will be made available at ir.bitcoindepot.com. \"The second quarter proved to be another quarter full of milestones for Bitcoin Depot as we delivered record revenue,\" said Brandon Mintz, CEO and Founder of Bitcoin Depot. “We recently completed our public listing and are in position to further strengthen our balance sheet as we seek to execute on our growth strategy. Over the last several months we’ve announced multiple partnerships with convenience store brands and expanded our BDCheckout program, and we look forward to increasing the number of our Bitcoin access points across North America. We're excited about the numerous growth opportunities ahead and are well-positioned to support mass crypto adoption as the world's leading Bitcoin ATM network.” Second Quarter 2023 Financial Results 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...