GSR II Meteora Acquisition Corp
GSR II Meteora Acquisition — SPAC Merger (January 2023)
36 slides from GSR II Meteora Acquisition's SPAC merger presentation, Jan 11, 2023
Slide 1: Investor Presentation January 2023
Exhibit 99.1 Investor Presentation January 2023
Slide 2: Disclaimer
Disclaimer For the purposes of this notice, this “presentation” will mean and include the slides, any oral presentation of the slides by members of management of GSR II Meteora Acquisition Corp. (“GSRM”) or Lux Vending, LLC d/b/a Bitcoin Depot (the “Company” or “Bitcoin Depot”) or any person on thei
Slide 3: Disclaimer: Forward-Looking Statements
Disclaimer Forward-Looking Statements: This presentation includes “forward-looking statements” within the meaning of the federal securities laws, including, but not limited to, opinions and projections prepared by the Company’s and GSRM’s management. Forward-looking statements generally relate to fu
Slide 4: Disclaimer: Non-GAAP measures
Disclaimer The Company believes these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to the Company’s financial condition and results of operations. The Company believes that the use of these non-
Slide 5: GSRM Team Overview
GSRM Team Overview Gus Garcia Lewis Silberman Anantha Ramamurti Joseph Tonnos Yuya Orime Co-CEO & Director Co-CEO & Director President & Director CFO Senior Vice President ▪ GSR II Meteora Acquisition Corp (“GSRM”) completed its IPO in March 2022 with $321 million cash-in-trust ▪ Highly experienced
Slide 6: What Bitcoin Depot IS and IS NOT
What Bitcoin Depot IS and IS NOT Bitcoin Depot IS… Bitcoin Depot IS NOT… An Easy Way to Convert Cash to Bitcoin A Vendor of Security Tokens (only sells BTC) û A Federally-Licensed Money Services Business A Crypto Wallet Provider or Custodian (1) û / State-Licensed Money Transmitter Proactively Emplo
Slide 7: Transaction Overview
Transaction Overview Key Transaction Terms (3) (2) Transaction will result in approximately $170 million of cash (assuming 0% redemption) added to Bitcoin Depot’s balance sheet to go toward funding its business plan. (4) Earn-out of 15 million shares outstanding at close issued to existing Bitcoin D
Slide 8: Key Business Updates Since Transaction Announcement
Key Business Updates Since Transaction Announcement Business Performance Record Q3'22 revenues and adjusted EBITDA Q3’22 revenue was $175mm (1) Our LTM transaction volume increased by 37% despite a 55% drop in trading price of BTC in the same period (2) Our EBITDA margin for 9 months ended September
Slide 9: Company Overview
BITCOIN DEPOT Company Overview
Slide 10: Mission: Bringing Bitcoin to the Masses
Mission BRINGING BITCOIN to the MASSES
Slide 11: Entrepreneurial and Visionary Management Team
Entrepreneurial and Visionary Management Team Brandon Mintz Scott Buchanan Glen Leibowitz Founder & Chief Executive Officer Chief Operating Officer Chief Financial Officer Cash to Crypto Sarah Wessel Jason Sacco Mark Smalley Bill Knoll VP of Sales VP of Operations Chief Compliance Officer Head of Pr
Slide 12: Bitcoin Depot at a Glance
Bitcoin Depot at a Glance (1) Leading BTM operator providing a simple and convenient process to convert cash into cryptocurrency $1.4B 173% 2.5M 25k ~7k $34M Total Transacted Total Transactions Installed Kiosks LTM Adjusted (4) (3) Same-Kiosk Sales Monthly Active Users (2) (2) (5) Volume Completed i
Slide 13: Get Bitcoin in a Minute
TM Get Bitcoin in a Minute 1 2 3 4 Setup a Bitcoin Wallet Choose Crypto Amount Scan Digital Wallet Receive Crypto Create Un-Hosted Bitcoin Depot Wallet Click “Buy Crypto” and Choose Insert Cash and Scan the QR Code on Kiosk or Link Other Digital Wallet the Amount to Purchase Click “Finish” Mobile Ap
Slide 14: Why Our Users Love Us
Why Our Users Love Us Customers use the Bitcoin Depot mobile app to access several dynamic tools that are key to the cryptocurrency user experience Convenient Locations Simple & Quick Account Set Up Bitcoin Available in Minutes Responsive Customer Support Transact Without a Bank Account Intuitive Mo
Slide 15: Why Our Partners Love Us
Why Our Partners Love Us Benefits to Retailers Retailer Distribution Overview Transaction Volume Breakdown Increased Average (2) (CY2021: $528M) Predictable Monthly Rent Customer Spend 6% 22% Small Kiosk Hands-off: Bitcoin Depot Manages Entire Process Footprint (2’ x 2’ ft) 72% Increased Retail Stor
Slide 16: Setting the Bar with our Compliance Practices and Standards
Setting the Bar with our Compliance Practices and Standards Best-in-Class Compliance is a Core Value for Bitcoin Depot Bitcoin Depot's compliance team takes a proactive approach to industry requirements, monitoring and reporting suspicious activities 13 and working closely with law enforcement as re
Slide 17: Bitcoin Depot Compliance Infrastructure
Bitcoin Depot Compliance Infrastructure Communication: Proactive Dialogue People: Experienced Technology: Multi-Layer with Regulatory Agencies Compliance Team Compliance Procedures Bitcoin Depot’s compliance team Accounts are verified at the time Bitcoin Depot coordinates closely has experience in A
Slide 18: Investment Highlights
BITCOIN DEPOT Investment Highlights
Slide 19: Investment Highlights
1 2 3 4 5 Investment Highlights Beneficiary of Megatrend: Broadening Adoption of Cryptocurrencies 1 Network of Approx. 7,000 Kiosks for Converting Cash to Digital Currency, with Convenient, High-Performing Locations 2 Attractive Combination of Historical Growth and Current Profitability with Demonst
Slide 20: Digital Asset Market Tailwinds
1 2 3 4 5 Digital Asset Market Tailwinds (1) (2) Growth of Global Bitcoin ATM Market Annual Transaction Volume ($bn) by Payment Network (2021) # of BTMs 38,610 $13,505 34,359 +85% CAGR $7,722 14,058 $3,007 6,362 $1,284 4,107 2,078 $504 970 2016 2017 2018 2019 2020 2021 2022 (1) Source: Coinatmradar.
Slide 21: Bitcoin Depot has Leading BTM Market Share in North America
1 2 3 4 5 Bitcoin Depot has Leading BTM Market Share in North America Bitcoin Depot currently operates approximately 7,000 kiosks in 47 (1) U.S. states and 9 Canadian provinces Top Bitcoin ATM Operators (United States) 6,560 (20%) – Our kiosks and BDCheckout access points are located in zip codes 4,
Slide 22: Robust Retail Partnerships Pave Our Path for Further Growth
1 2 3 4 5 Robust Retail Partnerships Pave Our Path for Further Growth (1) Bitcoin Depot is Circle K’s Exclusive BTM Provider We Partner with Major Retailers Largest Privately Owned Fortune 500 U.S. Gas Station Chain Specialty Retailer Over 1,900 kiosks deployed across U.S. and Canada as of Major Con
Slide 23: Demonstrated Track Record of Success
1 2 3 4 5 Demonstrated Track Record of Success Introduced Announced Exclusive Partnership with By the end of 2019, the Company nearly triples the size of its kiosk network to over 500 Achieved No.1 BTM Operator Bitcoin Depot begins using a sophisticated BTMs across 30 U.S. states (1) by Market Share
Slide 24: Transaction Volumes Decoupled from Bitcoin Prices
1 2 3 4 5 Transaction Volumes Decoupled from Bitcoin Prices $200 $80 $180 $70 $160 $60 $140 $120 $50 $100 $40 $80 $30 $60 $20 $40 $10 $20 $0 $0 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 (1) Total Transaction Volume Bitcoin Price (1) Factset as of September 30, 2022. 24 Total
Slide 25: Transaction Volume by Kiosk Cohort
1 2 3 4 5 Transaction Volume by Kiosk Cohort th Annual Cohort 9 Months Ended September 30 Cohort (1) (1) Initial Year 9M Transaction Volume 9M 2022 Transaction Volume Initial Year Transaction Volume 2021 Transaction Volume CAGR CAGR $254 $193 +109% +164% $121 $84 $73 +16% +134% +49% $48 +75% +42% +2
Slide 26: Cryptocurrencies "At The Register"
1 2 3 4 5 Cryptocurrencies “At The Register” We signed an agreement with an industry leading global payments technology company, allowing customers to purchase crypto at (1) over 8,000 retail locations across 22 states and Puerto Rico (1) Agreements with retailers that have over 18,000 locations Thr
Slide 27: Multiple Future Growth Opportunities
1 2 3 4 5 Multiple Future Growth Opportunities Credit/Debit International Industry Transactions Expansion Consolidation on BTMs Additional Consumer- Buy/Sell Cryptos B2B Software Facing Financial on Traditional and Data Solutions Services Cash ATMs Note: Majority of these initiatives are not include
Slide 28: Financial Summary
Financial Summary ($mm) Quarterly Annual 9M Ended Sep. 30th CY2021 A CY2022 A CY2020 A CY2021 A CY2021 A CY2022 A Q1 Q2 Q3 Q1 Q2 Q3 Revenue $245 $549 $397 $497 $101 $147 $149 $155 $167 $175 YoY Growth 262% 124% 141% 25% 265% 187% 73% 53% 14% 18% (1) $31 $56 $42 $53 $11 $13 $18 $12 $20 $21 Adjusted G
Slide 29: Transaction Overview
BITCOIN DEPOT Transaction Overview
Slide 30: Transaction Overview
Transaction Overview Key Transaction Terms (3) (2) Transaction will result in approximately $170 million of cash (assuming 0% redemption) added to Bitcoin Depot’s balance sheet to go towards funding its business plan. (4) Earn-out of 15 million shares outstanding at close issued to existing Bitcoin
Slide 31: Key Business Takeaways
Key Business Takeaways Mainstreaming of Cryptocurrency and Digital Assets #1 Bitcoin ATM Operator in North America with Approximately 7,000 Kiosks Key Retail Relationships, Highlighted by Circle K Multiple Service Offerings and Geographic Expansion Opportunities Driving Growth Meaningful Revenue Sca
Slide 32: Appendix
BITCOIN DEPOT Appendix
Slide 33: Bitcoin Depot: Q1 – Q3 2022 Relative Performance Update
Bitcoin Depot: Q1 – Q3 2022 Relative Performance Update Annotated Bitcoin Price Chart May 9: Stablecoin Jul 1: Three Jul 5: Voyager $60,000 Aug 4: BlackRock announces TerraUSD loses 1-to-1 Arrows Capital Digital Assets files partnership with Coinbase to provide Mar 31 dollar peg, causing files for C
Slide 34: Detailed Comparable Companies Statistics
Detailed Comparable Companies Statistics ($ in millions, except per share date) Valuation Metrics Operating Metrics Market Enterprise EV /EBITDA Revenue Gross Profit EBITDA Revenue Growth EBITDA Margin (1) (2) Company Name Cap Value 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 Digital
Slide 35: Reconciliation of Non-GAAP Financials
Reconciliation of Non-GAAP Financials ($mm) Actual CY2020 CY2021 9M 2021 9M 2022 Revenue $ 245 $ 549 $ 397 $ 497 (1) Cost of Revenue (excluding Depreciation & Amortization) (214) ( 493) (355) (444) Adjusted Gross Profit $ 31 $ 56 $ 42 $ 53 ($mm) Actual CY2020 CY2021 9M 2021 9M 2022 Net Income $ 14 $
Slide 36: Historical Balance Sheet Summary
Historical Balance Sheet Summary ($mm) Actual CY2020 CY2021 9M 2022 Cash and Cash Equivalents $ 41 $ 38 $ 38 Other Current Assets 1 9 3 Total Property & Equipment, net 11 46 33 Other Non-Current Assets 0 16 15 Total Assets $ 53 $ 108 $ 90 Notes Payable, Current Portion $ 1 $ 3 $ 5 Operating Lease Li
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