Bitcoin Depot Inc. Q2 FY2025 earnings call

• Kiosk performance: Delivered strong quarter with revenue up 6% YoY, net income up nearly threefold to $12.3 million, median transaction size up 30% YoY to $300, total transaction volume $172.1 million. Gross profit up 32% YoY, adjusted EBITDA up 46% to $18.5 million.
• Growth strategies: International expansion with over 200 kiosks deployed in Australia, evaluating entry into 2 more countries in 2025. Domestic footprint scaling with 9,000 active machines, expecting to reach ~10,000. Acquired Pelicoin to strengthen Gulf South presence.
• Corporate governance: Appointed Chief Compliance Officer, simplified corporate structure by eliminating UP-C, added Bitcoin to treasury, $60 million in cash and digital assets.

Revenue for the second quarter was $172.1 million, up 6% year-over-year. Gross profit in the second quarter of 2025 increased 32% to $30.9 million compared to $23.4 million in the second quarter of 2024. Adjusted EBITDA was up 46% to $18.5 million. Revenue contribution isn't broken down by specific product segments but is driven by kiosk operations.

• Q3 revenues expected to grow in high single digits YoY.
• Adjusted EBITDA growth 20%-30% YoY.
• Focus on operational enhancements for profitable growth, including vendor pricing, professional service costs, and customer markups.

• Forward-looking statements with uncertainties.
• Regulatory environment risks.
• Market adoption risks.
• Competition in the crypto ATM market.

Q: Could you talk a little bit about revenue per ATM trends? Anything on the cohorts from earlier years? And then how many kiosks remain in inventory?

A: Revenue per ATM improvement seen in mature kiosks, new kiosks expected to ramp up. Kiosks in inventory: 1,700 Q: Could you talk through some of the assumptions underpinning your revenue and adjusted EBITDA outlook for the year?

A: Combination of kiosks deployed from inventory and maturation of existing kiosks driving acceleration. EBITDA growth driven by top line and sustained/lowered cost structure Q: You mentioned the international expansion being a continued focus, what needs to happen before moving forward with expanding into 2 additional countries?

A: Factor in Bitcoin adoption, TAM of countries, and regulatory environment; secure licenses or partner/acquire operators if needed Q: Could you clarify on Australia's kiosk deployment and balance between Australia expansion and other new markets?

A: Over 200 machines deployed in Australia, focus on signing remaining locations; reserve kiosks for other markets. Revenue expected to grow as machines ramp up Q: Relocations in 2Q '25, consistent with prior quarters? Number of relocations disclosed?

A: Relocations somewhat similar to prior quarters, number of relocations not disclosed Q: Term loan and UP-C Structure payment?

A: Evaluating additional accelerated term loan payments by year-end depending on M&A; $9 million payment on UP-C Structure is done Q: Seasonality between Q2 and Q3, and machine count less than 1 year old?

A: Seasonality correlated with tax return season; number of machines less than 1 year old hard to decline as new kiosks are deployed Q: Thoughts on developing other use cases and functionality of mobile wallet and cash to Bitcoin strategy?

A: Always doing R&D, but off-ramp focus not a top priority currently as not seen as most profitable project