BTM

2025 was a strong year with growth across key operating and financial metrics. Completed the transition of assets acquired from National Bitcoin ATM, adding over 500 kiosks. Expanded through new retail partnerships like GPM Investment and Wild Bill's Tobacco. Acquired Instant CoinBank. Extended identity verification requirements for returning users. Announced acquisition of CUT, a P2P social betting platform, and launch of ReadyBucks, a merchant cash advance platform. Viewed recent regulatory developments as constructive for the long-term health of the digital asset industry. Focus on relocating kiosks to improve unit economics

2026 is likely to be challenging for the core BTM business with revenue expected to decline between 30% and 40% year over year. Will focus on cost containment and fleet optimization. Recently acquired P2P betting platform and newly launched merchant cash advance products are not expected to have a material impact on overall revenue in the current year. Expect 80 to 90% of states to have clarity on their regulatory stance by the end of 2026. Still actively working on international expansion with plans to launch in 2 more countries in late Q1 or early Q2

Fourth quarter revenue was $116 million compared to $136.8 million in the prior year period. Full year revenue increased 7% to $615 million. Fourth quarter gross profit was $15.3 million compared to $23.5 million in the fourth quarter of 2024. Fourth quarter gross margin was 13.2% compared to 17.2% last year. Full year gross margin expanded 300 basis points to 17.2%. Total operating expenses in the fourth quarter of 2025 were $21.4 million compared to $15.0 million in last year's fourth quarter. Full year total OpEx was up 7% to $72.1 million. GAAP net loss for the fourth quarter of 2025 was $24.9 million compared to a net income of $5.4 million for the fourth quarter of 2024. Net loss attributable to common shareholders in the fourth quarter of 2025 was $21.6 million, or negative $2.08 per share. GAAP net income for the year was down slightly to $5.1 million compared to $7.8 million in 2024. Adjusted EBITDA in the fourth quarter was $1.6 million compared to $13 million in the prior year. Full year adjusted EBITDA increased 42% to $56.4 million. At the end of the fourth quarter, there were approximately 9,700 active machines. Installed kiosks at the end of 2025 were 9,721, which was a 15% increase from the end of 2024. Median transaction size grew to $400, up 43% from the end of 2024. Users who had completed at least one transaction between 2016 and December 31, 2025 had transacted an average of $5,311, which was a 5% increase from the previous year

Some statements are forward-looking statements with risks and uncertainties. Factors beyond control could cause actual results to differ from forward-looking statements. Regulatory changes could impact the core BTM business. Uncertainty regarding specific state regulatory measures. Impact of international expansion depends on each jurisdiction's view of the industry once there are a meaningful number of kiosks

Q: Unpack the 2026 revenue guidance and revenue contribution from CUT.

A: Core BTM revenue decline range is due to uncertain regulations, kiosk number may stay flat or decrease slightly depending on regulatory changes. CUT is a small business, can accelerate growth by investing in marketing and engineering, but revenue from CUT will be below $5 million this year.

Q: How do new Bitcoin ATM regulations change the M&A landscape?

A: Depends on what regulations pass and industry reaction. Been opportunistic in M&A, not actively hunting to roll up the industry but will be strategically acquisitive if attractive opportunities arise.

Q: View on 2026 regulatory landscape for largest states and international markets?

A: By the end of 2026, 80 - 90% of states are likely to have clarity on their regulatory stance. Still actively working on international expansion with plans to launch in 2 more countries in late Q1 or early Q2