Bitcoin Depot Q3 revenue $135.3M (-25% YoY); net income up 116% to $2.3M

Bitcoin Depot Inc.

2024-Q3 EPS reported -$0.39 revenue$436,876,000

Revenue $135.3M vs $179.5M in Q3 2023, down 25% due to California legislation and kiosk relocation.
Net income $2.3M, up 116% from $1.1M; operating expenses down 13% to $16.9M.
Adjusted gross profit $22.4M (-17% YoY); adjusted gross margin improved 160 bps to 16.6%.
Ended Q3 with 8,300 Bitcoin ATMs, surpassing internal goals; plans to begin cash dividend in 2025.
California legislation effective Jan 2024 contributed to revenue decline; kiosk relocation strategy ongoing.

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