Bitcoin Depot Inc. · NASDAQ:BTM
Bitcoin Depot — Q4 2025 Earnings Presentation
27 slides from Bitcoin Depot's earnings presentation, Mar 16, 2026
Slide 1: Investor Presentation Q4 2025
Investor Presentation Q4 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: Company Overview
BITCOIN DEPOT Company Overview
Slide 5: 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 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 Financial Officer & Director Director Cash to Crypto Elizabeth Simer Jason Sacco Bill Knoll Chief Operating Officer VP of Operations Head of Product 7
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 $3.4B 4.0M 9.7K $1.5M Total Transacted Total Transactions Installed Kiosks Q4 2025 Volume (2) Completed (2) across North America Adjusted EBITDA (3) & Australia Significan
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) Customer Use Cases of Bitcoin Median Kiosk Transaction Size ~2/3 of Our Users Are Mainly Using Bitcoin for Remittance and Online Purchases 400 31% 33% 9% 27% 350 Online Purchases Send to Others Store of Value Investment 300 300 Age 280 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 17.5% Small Kiosk Hands-off: Bitcoin Depot Footprint (2’ x 2’ ft) Manages Entire Process 82.5% 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 15 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 (2025) (2) # of BTMs 24,568 38,492 39,366 36,693 37,734 35,119 15,927 9,757 14,264 1,765 4,128 4,623 266 974 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 9,721 kiosks (3) in 47 Top Bitcoin ATM Operators (United States) (1) U.S. states, DC, 10 Canadian, 6 Australian and 1 Hong Kong provinces 8,764 (28%) – Our kiosks and BDCheckout a
Slide 19: 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 $0 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 '20 '20 '20 '21 '21 '21 '21 '22 '22 '22 '22 '23 '23 '23 '23 '
Slide 20: Transaction Volume by Kiosk Cohort
1 2 3 4 5 6 Transaction Volume by Kiosk Cohort Annual Cohort Initial Year Transaction Volume 2024 Transaction Volume CAGR (1) +18.8% 222 Transaction Volume ($mm) +149.6% 140 111 +32.6% +67.9% 56 50 44 19 18 2021 Cohort 2022 Cohort 2023 Cohort 2024 Cohort # of Kiosks: 1,974 428 592 2,040 (1) Calculat
Slide 21: 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 16,000 retail locations across 33 states. • Agreements with retailers that have over 20,000 locations (1) • Through this
Slide 22: Financial Summary (unaudited)
Financial Summary (unaudited) Revenue growth and margin expansion drive earnings and Free Cash Flow 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 Op
Slide 23: Appendix
BITCOIN DEPOT Appendix
Slide 24: Reconciliation of Non-GAAP Financials – Adjusted Gross Profit (unaudited)
Reconciliation of Non-GAAP Financials – Adjusted Gross Profit (unaudited) (1) Calculated as a percentage of revenue. 24
Slide 25: Reconciliation of Non-GAAP Financials – Adjusted EBITDA (unaudited)
Reconciliation of Non-GAAP Financials – Adjusted EBITDA (unaudited) (1) Comprised of non-recurring professional service fees. (2) Adjusted EBITDA margin is defined as Adjusted EBITDA divided by revenue. The Company uses this measure to evaluate its overall profitability. We define Adjusted EBITDA (a
Slide 26: Historical Balance Sheet Summary
Historical Balance Sheet Summary 26
Slide 27: Bitcoin Depot Capitalization Summary – January 27th 2026
Bitcoin Depot Capitalization Summary – January 27th 2026 Total Shares Outstanding Stock Class (Fully Diluted) Potential Dilutive Share Detail Class A 5,070,853 Class M 5,406,586 • At-Market-Issuance – Subject to utilization. Up to $50m issuance and sale of Class A common stock, of which $24.5m capac