Bitcoin Depot Inc. · NASDAQ:BTM
Bitcoin Depot — Q2 2025 Earnings Presentation
28 slides from Bitcoin Depot's earnings presentation, Aug 12, 2025
Slide 1: Investor Presentation Q2 2025
Investor Presentation Q2 2025
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 Bitcoin Depot Inc. (together with its subsidiary, Bitcoin Depot Operating LLC (f/k/a Lux Vending, LLC d/b/a Bitcoin Depot), (the "Company"
Slide 3: Disclaimer
Disclaimer Non-GAAP Measures: This presentation includes certain financial measures not presented in accordance with generally accepted accounting principles ("GAAP") including, but not limited to, EBITDA, Adjusted EBITDA, Adjusted Gross Profit and certain ratios and other metrics derived therefrom.
Slide 4: 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) A Federally-Licensed Money Services Business / State-Licensed Money Transmitter (1) 🗶🗶 A Custodian of Customer’s Digital Assets (2)…
Slide 5: Company Overview
BITCOIN DEPOT Company Overview
Slide 6: Bringing Bitcoin to the Masses
Mission BRINGING BITCOIN to the MASSES
Slide 7: Entrepreneurial and Visionary Management Team
Entrepreneurial and Visionary Management Team Brandon Mintz Scott Buchanan David Gray Founder & Chief Executive Officer Chief Operating Officer & Director Chief Financial Officer & Director Cash to Crypto Sarah Wessel Jason Sacco Chris Ryan Bill Knoll VP of Sales VP of Operations Chief Legal Officer
Slide 8: Bitcoin Depot at a Glance
Bitcoin Depot at a Glance Leading BTM (1) operator providing a simple and convenient process to convert cash into cryptocurrency $3.2B 3.9M 9.0K $18.5M Total Transacted Total Transactions Installed Kiosks Q2 2025 Volume (2) Completed (2) across North America Adjusted EBITDA (3) & Australia Significa
Slide 9: Get Bitcoin in a Minute
Get Bitcoin in a Minute TM 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 or Link Other Digital Wallet Scan the QR Code on Kiosk the Amount to Purchase Click “Finish” Mobile Ap
Slide 10: Flow of Funds – Bitcoin ATM
Flow of Funds – Bitcoin ATM 1 2 Cash Cash Digital Wallet User (We never take custody Liquidity Providers of user’s wallet) Bitcoin Depot BTM Bitcoin 1 2 Bitcoin Bitcoin Hot Wallet Bitcoin Hot Wallet • 1 When a user inserts cash into kiosk, we initiate a transaction on the blockchain to send Bitcoin
Slide 11: 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 Thousands of Convenient Locations Simple & Quick Account Set Up Bitcoin Available in Minutes Responsive Customer Support Transact Without a Bank Account
Slide 12: Overview of Our Users
Overview of Our Users User Survey Data (1) User Engagements(2) 300 300 Customer Use Cases of Bitcoin Median Kiosk Transaction Size ~2/3 of Our Users Are Mainly Using Bitcoin for Remittance and Online Purchases 280 31% 33% 9% 27% Online Purchases Send to Others Store of Value Investment 250 Age 230 1
Slide 13: Why Our Partners Love Us
Why Our Partners Love Us Benefits to Retailers Retailer Distribution Overview Transaction Volume Breakdown (2025) Increased Average Customer Spend Predictable Monthly Rent 18.9% Small Kiosk Hands-off: Bitcoin Depot Footprint (2’ x 2’ ft) Manages Entire Process 81.1% Increased Retail Store Minimal Ou
Slide 14: Setting the Bar with our Compliance Practices and Standards
Setting the Bar with our Compliance Practices and Standards Compliance is a Core Value for Bitcoin Depot Bitcoin Depot's compliance team takes a proactive approach to 19 industry requirements, monitoring and reporting suspicious activities and working closely with law enforcement as required Complia
Slide 15: Bitcoin Depot Compliance Infrastructure
Bitcoin Depot Compliance Infrastructure People: Experienced Technology: Multi-Layer Communication: Proactive Dialogue Compliance Team Compliance Procedures with Regulatory Agencies • Bitcoin Depot’s compliance team • Accounts are verified at the time • Bitcoin Depot coordinates closely has experienc
Slide 16: Investment Highlights
BITCOIN DEPOT Investment Highlights
Slide 17: Digital Asset Market Tailwinds
1 2 3 4 5 6 Digital Asset Market Tailwinds Growth of Global Bitcoin ATM Market (1) Annual Transaction Volume ($B) by Payment Network (2024) (2) # of BTMs 15,114 38,492 38,738 36,693 37,734 35,119 9,029 14,264 3,184 1,680 4,128 4,623 272 974 2,080 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 (1)
Slide 18: Bitcoin Depot has Leading BTM Market Share in North America
1 2 3 4 5 6 Bitcoin Depot has Leading BTM Market Share in North America • Bitcoin Depot currently operates approximately 8,978 kiosks (3) in 48 Top Bitcoin ATM Operators (United States) (1) U.S. states, DC, 10 Canadian and 6 Australian provinces – Our kiosks and BDCheckout access points are located
Slide 19: Robust Retail Partnerships Pave Our Path for Further Growth
1 2 3 4 5 6 Robust Retail Partnerships Pave Our Path for Further Growth Bitcoin Depot is Circle K’s Exclusive BTM Provider We Partner with Major Retailers (1) Largest Privately Owned Fortune 500 U.S. Gas Station Chain Specialty Retailer • Over 900 kiosks deployed across U.S. and Canada as of March M
Slide 20: Transaction Volumes Decoupled from Bitcoin Prices
1 2 3 4 5 6 Transaction Volumes Decoupled from Bitcoin Prices $120 $200 $100 Total Transaction Volume ($mm) $150 $80 Bitcoin Price (1) ($’000) $60 $100 $40 $50 $20 $0 $0 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 '20 '20 '20 '21 '21 '21 '21 '22 '22 '22 '22 '23 '23 '23 '23 '24 '24
Slide 21: Transaction Volume by Kiosk Cohort
1 2 3 4 5 6 Transaction Volume by Kiosk Cohort Annual Cohort Initial Year Transaction Volume 2024 Transaction Volume CAGR (1) +15.2% 300 Transaction Volume ($mm) 196 +35.4% +105.9% 66 70 36 34 2021 Cohort 2022 Cohort 2023 Cohort # of Kiosks: 3470 882 1,124 (1) Calculated since the initial deployment
Slide 22: Cryptocurrencies “At The Register”
1 2 3 4 5 6 Cryptocurrencies “At The Register” • We signed an agreement with an industry leading global payments technology company, allowing customers to purchase crypto at over 7,700 retail locations across 30 states. • Agreements with retailers that have over 18,000 locations (1) • Through this r
Slide 23: Financial Summary (unaudited)
Financial Summary (unaudited) Revenue growth and margin expansion drive earnings and FCF Note: Majority of revenue is represented by total transacted volume at kiosks. (1) Adjusted EBITDA is a non-GAAP measure. Please see appendix. (2) Free Cash Flow is a non-GAAP measure calculated as Operating Cas
Slide 24: Appendix
BITCOIN DEPOT Appendix
Slide 25: Reconciliation of Non-GAAP Financials – Adjusted Gross Profit
Reconciliation of Non-GAAP Financials – Adjusted Gross Profit (unaudited) Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2025 2024 2025 2024 Revenue $ 172,108 $ 163,066 $ 336,334 $ 301,605 Cost of revenue (excluding depreciation and amortization) (139,382) (136,708) (270,473) (
Slide 26: Reconciliation of Non-GAAP Financials – Adjusted EBITDA
Reconciliation of Non-GAAP Financials – Adjusted EBITDA (unaudited) Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2025 2024 2025 2024 Net income $ 12,323 $ 4,350 $ 24,499 $ 122 Adjustments: Interest expense 4,726 2,880 7,794 7,824 Income tax expense 1,162 270 2,614 132 Depreci
Slide 27: Historical Balance Sheet Summary
Historical Balance Sheet Summary Actuals (in thousands) 2021 2022 2023 2024 Q2 2025 (unaudited) Assets Total Cash & Cash Equivalents $ 38,028 $ 37,540 $ 29,759 $ 29,472 $ 48,038 Other Assets $ 70,302 $ 55,861 $ 47,618 $ 50,632 $ 61,015 Total Assets $ 108,330 $ 93,401 $ 77,377 $80,104 $ 109,053 Liabi
Slide 28: Bitcoin Depot Capitalization Summary – July 29th 2025
Bitcoin Depot Capitalization Summary – July 29th 2025 Total Shares Outstanding Stock Class (Fully Diluted) Potential Dilutive Share Detail Class A 26,760,891 Class M 41,193,024 • At-Market-Issuance – Subject to utilization. Up to $50m issuance and sale of Class A common stock, of which $38m capacity