---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-26-219660"
form_type: "8-K"
ticker: "BTM"
cik: "0001901799"
company_name: "Bitcoin Depot Inc."
filed_at: "2026-05-12T20:42:42+00:00"
generated_at: "2026-05-12T20:44:09.499945+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 1.0
calibrated_materiality_score: 1.0
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-26-219660
- form_type: 8-K
- ticker: BTM
- cik: 0001901799
- company_name: Bitcoin Depot Inc.
- filed_at: 2026-05-12T20:42:42+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 1.0
- calibrated_materiality_score: 1.0
- confidence: high
- sec_items: 2.02, 5.02
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1901799/000119312526219660/0001193125-26-219660-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1901799/000119312526219660/btm-20260512.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-26-219660
- JSON: https://secwatch.observer/filing/0001193125-26-219660.json
- Plain text: https://secwatch.observer/filing/0001193125-26-219660.txt

## Key facts
- Earnings Releases
  Bitcoin Depot Inc. reported the three months ended March 31, 2026 results: revenue decreased by $80.7 million, or 49.2%, net income Net loss was $9.5 million.
  - Period: the three months ended March 31, 2026
  - Revenue: decreased by $80.7 million, or 49.2%
  - Net income: Net loss was $9.5 million
  - Result: preliminary results
  source text: of operations for the fiscal quarter ended March 31, 2026 differed significantly from its results of operations for the fiscal quarter ended March 31, 2025. Revenue decreased by $80.7 million, or 49.2%, for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, primarily due to a decrease in transaction volume driven by a
  evidence_url: https://www.sec.gov/Archives/edgar/data/1901799/000119312526219660/0001193125-26-219660-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.