GSR II Meteora Acquisition Corp
GSR II Meteora Acquisition — SPAC Merger (April 2023)
41 slides from GSR II Meteora Acquisition's SPAC merger presentation, Apr 27, 2023
Slide 1: Investor Presentation April 2023
Investor Presentation April 2023 Exhibit 99.2
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
GSR II Meteora Acquisition Corp (“GSRM”) completed its IPO in March 2022 with $321 million cash-in-trust Highly experienced sponsor team with extensive SPAC transaction credentials Members of GSRM team have advised on 22 SPAC mergers that have closed within the last 3 years alone, and have served as
Slide 6: What Bitcoin Depot IS and IS NOT
Bitcoin Depot IS NOT… What Bitcoin Depot IS and IS NOT Bitcoin Depot IS… An Easy Way to Convert Cash to Bitcoin A Vendor of Security Tokens (only sells BTC) û Proactively Employing Robust Compliance, AML, and KYC Protocols A Crypto Exchange, Miner, or Lender û A Company with a History of Profitabili
Slide 7: Transaction Overview: Key Transaction Terms
(1) Excluding earn-out of the existing Bitcoin Depot shareholders and deferred founder shares. GSRM Public Shareholders include GSRM rights and potential additional issuances to equity holders. Does not reflect the impact from potential dilution from GSRM public warrants and Sponsor warrants. (2) Re
Slide 8: Recent Key Business Updates – CY2022
Recent Key Business Updates – CY2022 Revenue increased by 18% YoY to $647mm Net Income = $4mm Adjusted Gross Profit = $72mm (1) Adjusted EBITDA = $41mm (1) Recently announced multiple partnerships with convenience store brands with locations spanning across several states, including FastLane, Gas Ex
Slide 9: Recent Key Business Updates – Strong Q1 Preliminary Results
Recent Key Business Updates – Strong Q1 Preliminary Results Revenue = $163 – 165 million, up 9 – 10% sequentially and 5 – 6% YoY Net Income = $5 – $6 million, compared to a loss of $3 million and a loss of $1 million in CY2022 Q1 and Q4, respectively Adjusted EBITDA (1) = $13 – 14 million, up 14 – 2
Slide 10: Company Overview
@ BITCOIN DEPOT Company Overview
Slide 11: Bringing Bitcoin to the Masses
BRINGING BITCOIN to the MASSES Mission
Slide 12: Entrepreneurial and Visionary Management Team
Entrepreneurial and Visionary Management Team Scott Buchanan Chief Operating Officer Jason Sacco VP of Operations Bill Knoll Head of Product Mark Smalley Chief Compliance Officer Brandon Mintz Founder & Chief Executive Officer Sarah Wessel VP of Sales Cash to Crypto Glen Leibowitz Chief Financial Of
Slide 13: Bitcoin Depot at a Glance
Note: Metrics are as of December 31, 2022, unless noted otherwise. Bitcoin ATM. Since inception of Bitcoin Depot in 2016. Leading BTM (1) operator providing a simple and convenient process to convert cash into cryptocurrency Bitcoin Depot at a Glance 24k Monthly Active Users Total Transactions Compl
Slide 14: Cash Remains Integral Part of Economy
Cash Remains Integral Part of Economy 20% Share of Payments in Cash (2021) (1) 29% % of U.S. Adults Preferring to Use Cash to Pay for Goods (2) Share of Payments Use for All Payments (by Number) (1) Emily Cubides & Shaun O’Brien, 2022 Findings from the Diary of Consumer Payment Choice, Federal Reser
Slide 15: Get Bitcoin in a Minute
Get Bitcoin in a Minute TM 1 2 3 4 Mobile App At Kiosk Setup a Bitcoin Wallet Choose Crypto Amount Scan Digital Wallet Receive Crypto Create Un-Hosted Bitcoin Depot Wallet or Link Other Digital Wallet Click “Buy Crypto” and Choose the Amount to Purchase Scan the QR Code on Kiosk Insert Cash and Clic
Slide 16: Flow of Funds – Bitcoin ATM
Flow of Funds – Bitcoin ATM When a user inserts cash into kiosk, we initiate a transaction on the blockchain to send Bitcoin from our hot wallet into the wallet of the user's choosing (Bitcoin Depot-branded (un-hosted, non-custodial) wallet or other third-party) Cash in kiosks is collected at predet
Slide 17: Key Use Cases for Bitcoin Depot
Key Use Cases for Bitcoin Depot (1) Customers use the Bitcoin Depot mobile app to access several dynamic tools that are key to the cryptocurrency user experience Why Our Users Love Us International Remittance (2) Domestic Money Transfer (2) Investment / Store Value Online Purchases Online Exchanges
Slide 18: Overview of Our Users
Overview of Our Users User Survey Data (1) Based on our user survey data as of December 15, 2022, with start date of August 15, 2022. n=625 except question regarding gender, in which case n=616. User Engagements Median Kiosk Transaction Size Customer Use Cases of Bitcoin Age Gender Income Level ~2/3
Slide 19: Benefits to Retailers
Benefits to Retailers Retailer Distribution Overview Why Our Partners Love Us Small Kiosk Footprint (2’ x 2’ ft) Increased Average Customer Spend Predictable Monthly Rent Increased Retail Store Foot Traffic Minimal Out-of-Pocket Cost (1) Hands-off: Bitcoin Depot Manages Entire Process Transaction Vo
Slide 20: Setting the Bar with our Compliance Practices and Standards
Setting the Bar with our Compliance Practices and Standards Bitcoin Depot's compliance team takes a proactive approach to industry requirements, monitoring and reporting suspicious activities and working closely with law enforcement as required Bitcoin Depot has established robust multi-layer compli
Slide 21: People: Experienced Compliance Team
People: Experienced Compliance Team Bitcoin Depot’s compliance team has experience in AML, KYC, BSA (Bank Secrecy Act), and OFAC (Office of Foreign Assets Control) compliance Bitcoin Depot utilizes Blockchain analysis and works with various third parties for transaction monitoring and case managemen
Slide 22: Investment Highlights
@ BITCOIN DEPOT Investment Highlights
Slide 23: Investment Highlights
Investment Highlights Network of Approx. 6,400 Kiosks (1) for Converting Cash to Digital Currency, with Convenient, High-Performing Locations 2 Beneficiary of Megatrend: Broadening Adoption of Cryptocurrencies 1 Transaction Volumes Are Not Historically Correlated to the Price and Volatility of Bitco
Slide 24: Growth of Global Bitcoin ATM Market
Growth of Global Bitcoin ATM Market (1) Source: Coinatmradar.com as of January 1, 2023. https://coinatmradar.com/charts/growth/, website accessed on January 1, 2023. (2) Source: Glassnode and corporate filings. Annual Transaction Volume ($bn) by Payment Network (2021) (2) Digital Asset Market Tailwi
Slide 25: Network of approximately 6,400 kiosks in 48 states and 10 provinces
Source: Coinatmradar.com as of April 21 2023. The source only accounts for cash-to-Bitcoin ATMs; therefore, excluding LibertyX and Coinme from the chart. https://coinatmradar.com/country/226/bitcoin-atm-united-states/, https://coinatmradar.com/charts/top-operators/united-states/ and https://coinatmr
Slide 26: Bitcoin Depot is Circle K's Exclusive BTM Provider
Bitcoin Depot is Circle K’s Exclusive BTM Provider We Partner with Major Retailers (1) (1) Via a partnership with payment processing provider. Select partners represented. Over 1,700 kiosks deployed across U.S. and Canada as of December 2022 Circle K has over 9,000 stores in North America, with over
Slide 27: Demonstrated Track Record of Success
Demonstrated Track Record of Success 1 2 3 4 5 2016 2017 2018 2019 2020 2021 2022 $32M $68M $16M $2M $245M $549M $647M Bitcoin Depot is founded and first BTMs purchased By the end of 2016, Bitcoin Depot orders an additional 41 BTMs, making the Company a top 5 operator at the time by market share Bit
Slide 28: Transaction Volumes Decoupled from Bitcoin Prices
Factset as of December 31, 2022. Transaction Volumes Decoupled from Bitcoin Prices Total Transaction Volume ($mm) Bitcoin Price (1) ($’000) 1 2 3 4 5 Total Transaction Volume Bitcoin Price (1)
Slide 29: Transaction Volume by Kiosk Cohort
Transaction Volume by Kiosk Cohort Transaction Volume ($mm) +28% +39% +18% +101% Initial Year Transaction Volume 2022 Transaction Volume # of Kiosks: 2017 Cohort 62 CAGR (1) Calculated since the initial deployment years for respective cohort groups. Annual Cohort 1 2 3 4 5 +15% 2018 Cohort 66 2019 C
Slide 30: Cryptocurrencies "At The Register"
Cryptocurrencies “At The Register” 1 2 3 4 5 Find a Location Find a potential location Select an Amount Select an amount to purchase, transaction limits are displayed here Bring barcode to scan at retailer’s register Once purchased, users will receive Bitcoin in their wallet As of December 31, 2022.
Slide 31: Projected Cost Savings & cATM Software
Projected Cost Savings & cATM Software U.S. Market Share (1) Source: Coinatmradar.com as of August 3, 2022. https://coinatmradar.com/charts/top-operators/united-states/ Market share data is giving effect to conversion of Bitcoin Depot kiosks. In Q3 2021 Bitcoin Depot acquired a majority interest in
Slide 32: Multiple Future Growth Opportunities
Multiple Future Growth Opportunities Credit/Debit Transactions on BTMs Buy/Sell Cryptos on Traditional Cash ATMs International Expansion Industry Consolidation B2B Software and Data Solutions Additional Consumer- Facing Financial Services 1 2 3 4 5 Note: Majority of these initiatives are not include
Slide 33: Financial Summary
Note: Majority of revenue is represented by total transacted volume at kiosks. Adjusted Gross Profit is a non-GAAP measure. Please see appendix. Adjusted EBITDA is a non-GAAP measure. Please see appendix. Financial Summary Majority of revenue is represented by total transacted volume at kiosks Appro
Slide 34: Transaction Overview
@ BITCOIN DEPOT Transaction Overview
Slide 35: Transaction Overview: Key Transaction Terms
(1) Excluding earn-out of the existing Bitcoin Depot shareholders and deferred founder shares. GSRM Public Shareholders include GSRM rights and potential additional issuances to equity holders. Does not reflect the impact from potential dilution from GSRM public warrants and Sponsor warrants. (2) Re
Slide 36: Bitcoin Depot: 2022 Relative Performance Update
Company Q1 2022 ($M) Q2 2022 (%Change vs. Q1) Q3 2022 (%Change vs. Q1) Q4 2022 (%Change vs. Q1) $155 7.7% 13.0% (3.4)% 1,166 (30.7)% (49.4)% (46.1)% 80 (8.6)% (42.0)% (24.6)% 53 (16.9)% (44.3)% (73.1)% 52 (51.8)% (75.5)% (45.1)% Bitcoin Depot: 2022 Relative Performance Update Annotated Bitcoin Price
Slide 37: Detailed Comparable Companies Statistics
Source: Factset as of April 19, 2023. Note: Block’s EBITDA margin is presented as a percentage of Gross Profit. (Block’s Bitcoin Sales are reported on gross transaction basis while other companies’ Revenue figures are reported on net fee basis). Bitcoin Depot’s Market Cap and Enterprise Value assume
Slide 38: Key Business Takeaways
Key Business Takeaways Mainstreaming of Cryptocurrency and Digital Assets #1 Bitcoin ATM Operator in North America with Approximately 6,400 Kiosks (1) Key Retail Relationships, Highlighted by Circle K Multiple Service Offerings and Geographic Expansion Opportunities Driving Growth Meaningful Revenue
Slide 39: Appendix
) BITCOIN DEPOT Appendix
Slide 40: Reconciliation of Non-GAAP Financials
Reconciliation of Non-GAAP Financials Note: Non-GAAP financials are unaudited figures. The preliminary financial information for the three months ended March 31, 2023 is based upon our estimates and subject to completion of our financial closing procedures. Moreover, these data have been prepared so
Slide 41: Historical Balance Sheet Summary
Historical Balance Sheet Summary
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