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Jun 30
Bitcoin Depot Inc Q2 2025 Earnings Report
Bitcoin Depot delivered strong revenue and profit growth in Q2 2025, with net income more than tripling year-over-year amid kiosk expansion and margin improvements.
Key Takeaways
Bitcoin Depot posted Q2 2025 revenue of $172.1 million, up 6% YoY, driven by expanded kiosk deployment and higher transaction sizes. Net income surged 183% to $12.3 million, while adjusted EBITDA increased 46% to $18.5 million. The company ended the quarter with nearly $60 million in cash and crypto holdings, signaling financial strength and readiness for further expansion.
Revenue increased to $172.1 million, up 6% YoY
Net income surged 183% YoY to $12.3 million
Gross profit rose 32% to $30.9 million with margin expanding to 17.9%
Ended Q2 with $59.6 million in cash and cryptocurrency holdings
Bitcoin Depot Inc
Bitcoin Depot Inc
Forward Guidance
Bitcoin Depot expects continued growth in Q3 2025, projecting high-single-digit revenue growth and 20–30% YoY growth in adjusted EBITDA, supported by kiosk expansion and cost discipline.
Positive Outlook
- High-single-digit revenue growth expected for Q3 2025
- Adjusted EBITDA projected to grow 20–30% YoY in Q3
- Improved profitability from margin expansion and cost control
- Cash and crypto holdings reached nearly $60 million
- Corporate structure simplified to enhance transparency
Challenges Ahead
- Interest expense remains elevated at $4.7 million
- Ongoing cost pressures from kiosk operations and logistics
- Share-based compensation still impacts net income
- Cash paid for Up-C restructuring lowered cash from financing
- Lower YoY crypto gain compared to mark-to-market expectations