Business
Bitcoin Depot Reports Second Quarter 2024 Financial Results
Revenue of $163.1 Million With a Significant Expansion in Net Income to $4.4 Million Compared to Q1 2024 Exceeded Goal of Having Over 8,000 Active Bitcoin
About this update from Bitcoin Depot Inc.
[{"type":"text","content":"Revenue of $163.1 Million With a Significant Expansion in Net Income to $4.4 Million Compared to Q1 2024 Exceeded Goal of Having Over 8,000 Active Bitcoin ATMs Five Months Ahead of Schedule ATLANTA, Aug. 13, 2024 (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, 2024. Bitcoin Depot will host a conference call and webcast at 10:00 a.m. ET today. An earnings presentation and link to the webcast will be made available at ir.bitcoindepot.com. “We continued to build on our momentum in the second quarter, achieving notable sequential growth in revenue, net income, and Adjusted EBITDA,” said Brandon Mintz, CEO and Founder of Bitcoin Depot. “Our success of having over 8,000 active Bitcoin ATMs five months ahead of schedule underscores our robust execution and positions us well for sustained growth. This achievement not only enhances our market presence but also drives our cash flow dynamics, as evidenced by the $10.1 million in operational cash flow generated during the second quarter. With this strong foundation, we are well-positioned to expand our world-leading kiosk footprint and maximize profits for our shareholders.” Second Quarter 2024 Financial Results Revenue in the second quarter of 2024 was $163.1 million, down 17% from $197.5 million in the second quarter of 2023. Revenue in the second quarter of 2024 was up $24.5 million or 18% from the first quarter of 2024. Total operating expenses were $18.8 million for the second quarter of 2024, compared to $19.7 million for the second quarter of 2023. Net income for the second quarter of 2024 was $4.4 million, compared to a net loss of $4.0 million for the second quarter of 2023. Net income in the second quarter of 2024 was up $8.6 million or 203% from a net loss of $4.2 million in the first quarter of 2024. Adjusted gross profit in the second quarter of 2024 was $26.4 million, down 13% from $30.2 million for the second quarter of 2023. Adjusted gross profit margin (non-GAAP) in the second quarter of 2024 increased approximately 90 basis points to 16.2% compared to 15.3% in the second quarter of 2023. Please see “Explanation and Reconciliation of Non-GAAP Financial Measures” below. Adjusted EBITDA, a non-GAAP measure, in the sec...