Bitcoin Depot FY2025 rev $615M (+7% YoY), net income $5.1M; Q4 revenue down 15% YoY; acquires Kutt

Bitcoin Depot Inc.

Full year 2025 revenue $614.9M, +7% YoY; net income $5.1M vs $7.8M in 2024; adjusted EBITDA $56.4M, +42% YoY.
Q4 2025 revenue $116.0M, down from $136.8M Q4 2024; gross profit margin 13.2% vs 17.2%.
Adjusted gross profit Q4 was $17.3M vs $25.4M a year ago; adjusted gross margin 14.9% vs 18.6%.
CEO cites state regulations (transaction size caps) and compliance enhancements as Q4 headwinds.
Post-year-end acquisition of Kutt, a peer-to-peer social betting platform, for undisclosed amount.

item 2.02item 9.01

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