BTMWW

• Bitcoin Depot had a strong Q3, exceeding preliminary results announced in October, with revenue growth, increased adjusted EBITDA, and improved profitability.
• Kiosk expansion continued: ended Q3 with ~9,300 active machines, expect continued growth; 3,800 kiosks installed <1 year with expected cash flow as payback <8 months.
• International expansion: over 260 kiosks deployed in Australia, commenced operations in Hong Kong, working on other jurisdictions.
• Domestic footprint scaling: deploying kiosks from inventory, could bring total active fleet to ~10,500; acquired National Bitcoin ATM's assets, adding over 500 kiosks, solidifying North America's largest BTM operator.
• Compliance: rolled out new standards requiring customer ID for all transactions, additional protections for seniors; enhanced compliance despite modest near-term transaction impact, viewed as constructive for industry long-term.

• Q4 revenues expected to range between $112 to $115 million, adjusted EBITDA in low single-digit millions.
• Key contributors to guidance: state regulations (biggest impact), seasonality (Q4 typically lowest), and enhanced compliance standards.

Revenue for the third quarter was $162.5 million, up 20% from Q3 2024. Gross profit increased 40% to $28.2 million. Adjusted EBITDA, a non-GAAP measure, rose 75% to $16.1 million. GAAP net income attributable to common shareholders increased to $5.5 million or $0.08 per share compared to a net loss in the prior year's Q3. Cash, cash equivalents, and cryptocurrencies as of September 30, 2025, were $72.9 million.

• State regulations imposing transaction size caps or fee caps in several states, impacting transaction activity.
• Recent state regulations are a headwind to near-term outlook but seen as constructive for industry long-term.

Q: Can you break down contributors to guidance difference between current and prior estimates, including state regulation, seasonality, and compliance?

A: Biggest impact is state regulation, second is seasonality, third is proactive compliance changes.

Q: Which states have major regulatory changes, and what's the outlook for volume recovery?

A: Over 15 states enacted restrictions, ~6 went into effect in Q3/Q4; steepest drop initially, volumes expected to recover as playing field levels with compliance.

Q: How much will the National Bitcoin ATM acquisition contribute in Q4?

A: Deal is closed, converting kiosks to platform, mostly completed by Q4; their kiosks were roughly in line with Bitcoin Depot's volume per kiosk.

Q: Confidence in other states enforcing regulations to level playing field?

A: Seen in California where enforcement of SB 401 led to reduction in non-compliant operators, sending message to others.

Q: Market opportunity in Hong Kong and acquisition candidates?

A: Hong Kong has handful of operators in 100+ kiosk range; operators there could be acquisition targets, focus on organic and acquisition with ROI analysis.

Q: Update on BitLicense with NYDFS?

A: Unlikely soon; no Bitcoin ATM operator has received BitLicense, unclear state appetite for allowing Bitcoin ATM companies in NY.