Business
GSR II Meteora Acquisition Corp. Announces Filing of Amended Proxy Statement; Bitcoin Depot Reports Strong Fourth Quarter and Full-Year 2022 Results
Bitcoin Depot Delivers Revenue Growth of 18% and Gross Profit Growth of 24% for 2022 Strengthens U.S. Footprint and Continues Business Momentum with Multiple
About this update from Bitcoin Depot Inc.
[{"type":"text","content":"Bitcoin Depot Delivers Revenue Growth of 18% and Gross Profit Growth of 24% for 2022 Strengthens U.S. Footprint and Continues Business Momentum with Multiple Retail Partnerships in the First Quarter of 2023 NEW YORK, April 17, 2023 (GLOBE NEWSWIRE) -- GSR II Meteora Acquisition Corp. (NASDAQ: GSRM) (“GSRM”), a special purpose acquisition company, and Lux Vending LLC dba Bitcoin Depot Inc. (“Bitcoin Depot” or the “Company”), a U.S.-based Bitcoin ATM (“BTM”) operator and leading fintech company, announced today that GSRM has filed an amended proxy statement (the “amended proxy statement”) with the U.S. Securities and Exchange Commission (“SEC”) in connection with the special meeting of GSRM stockholders (the “Special Meeting”) to approve GSRM’s previously announced business combination with Bitcoin Depot. The amended proxy statement includes additional disclosures relating to the business combination along with Bitcoin Depot’s financial results for the fourth quarter and year ended December 31, 2022. Revenue for the year ended December 31, 2022 increased by 18% year-over-year to $646.8 million. Gross Profit for the year ended December 31, 2022 increased by 24% year-over-year to $53.5 million. Recent Business Highlights Completed software conversion to BitAccess, the premier software suite for Bitcoin ATM operations across Bitcoin Depot’s full BTM fleet. The conversion vertically integrates Bitcoin Depot’s hardware and software, significantly reduces operating cost, and provides flexibility for new functionality. This conversion makes Bitcoin Depot one of the first companies in the industry to complete a full software conversion across more than a few hundred Bitcoin ATMs.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 Stores. “Bitcoin Depot delivered strong results in 2022 even in light of extreme Bitcoin price volatility, and despite economic uncertainty, we remain optimistic about the year ahead,” said Brandon Mintz, CEO and Founder of Bitcoin Depot. “Our recent software conversion across our entire BTM fleet strengthens our market position and fortifies our value proposition while expanding our revenue streams into kiosk management software. We’ve also r...