Bitcoin Depot Q1 revenue drops 49.2%, net loss $9.5M, going concern doubt

Bitcoin Depot Inc.

• Revenue fell $80.7M YoY (49.2%) to ~$83.5M; gross profit down 85.5% to $4.5M.
• Net loss of $9.5M vs net income of $12.2M in Q1 2025; operating expenses up 32.3%.
• Cash and equivalents $44.0M (Dec 31 2025: $65.6M); management cites substantial doubt about ability to continue as going concern.
• Over $20M in legal judgments accrued in Q4 2025; regulatory bans and enhanced KYC driving volume declines.
• Retention bonuses of $600k to CFO David Gray and $550k to GC Christopher Ryan, payable May 8, 2026.

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