Executive Summary

Strong beat and operating leverage: Revenue grew 19% YoY to $164.2M and Adjusted EBITDA rose 315% YoY to $20.3M; versus S&P Global consensus, BTM beat on revenue by ~8% and on EBITDA materially, while EPS of $0.20 exceeded the $0.09 consensus estimate . Revenue consensus $151.7M*, EBITDA consensus $12.5M*, EPS consensus $0.0925*.
Margin inflection: Adjusted gross margin expanded ~770 bps YoY to 20.2% and Adjusted EBITDA margin to 12.4% on pricing strength, higher throughput, and fixed-cost leverage .
Cash generation and balance sheet: Cash from operations was $16.3M; cash, cash equivalents and cryptocurrencies rose to $43.3M. Management opportunistically added 83 BTC (to 94.35 BTC) and reiterated priority to pay down term debt and consider dividends with limited 2025 capex needs .
Outlook: Q2 2025 revenue expected to grow low-to-mid single digits YoY against tough comps and tax-refund seasonality shift; narrative remains focused on kiosk optimization, pricing, and international expansion (Australia) .

Values retrieved from S&P Global for consensus estimates.

What Went Well and What Went Wrong

What Went Well

Operating leverage and margin expansion: “Remarkable first quarter” with Adjusted EBITDA >3x to $20.3M and Adjusted gross margin +770 bps to 20.2% on pricing strength and leverage .
Cash generation and capital flexibility: Cash from operations $16.3M; cash+crypto $43.3M; management purchased 83 BTC (total 94.35 BTC) and signaled debt paydown and potential dividends amid minimal capex needs in 2025 .
Fleet optimization and throughput: Revenue +19% YoY to $164.2M on kiosk deployments and a 46% YoY increase in median ticket to $300; active machines reached ~8,483 with payback periods <8 months, underscoring attractive unit economics .

What Went Wrong

Ongoing regulatory drag: California changes still depress relative performance; BTM reduced its California kiosk count by ~80% and remains exposed to evolving state-level rules .
Q2 deceleration vs Q1: Management guided to low-to-mid single-digit YoY growth in Q2 due to tough comps and a shift of tax-refund-driven volume toward Q1 (seasonality) .
Non-controlling interest and non-GAAP dependency: EPS to common is lower than total net income due to NCI ($0.20/share to common), and comparisons rely on non-GAAP (Adjusted EBITDA, Adjusted GP), necessitating careful definition alignment with external estimates .

Financial Results

Consolidated metrics by quarter (oldest → newest)

Metric	Q3 2024	Q4 2024	Q1 2025
Revenue ($USD Millions)	$135.27	$136.83	$164.23
Net Income ($USD Millions)	$2.30	$5.39	$12.18
Diluted EPS ($)	—	—	$0.20
Adjusted Gross Profit ($USD Millions)	$22.42	$25.41	$33.14
Adjusted Gross Margin (%)	16.6%	18.6%	20.2%
Adjusted EBITDA ($USD Millions)	$9.18	$12.00	$20.29
Adjusted EBITDA Margin (%)	6.8%	8.8%	12.4%
Total Operating Expenses ($USD Millions)	$16.94	$15.00	$15.34
Cash from Operations ($USD Millions)	$5.8	—	$16.25

Results vs S&P Global consensus (Q1 2025)

Metric	Consensus	Actual	Surprise
Revenue ($USD Millions)	$151.67*	$164.23	+8.3%
EPS (Primary) ($)	$0.093*	$0.20	+$0.11
EBITDA ($USD Millions)	$12.48*	$19.70*	+$7.21

Notes: S&P Global shows “EBITDA” actual at $19.70M*, while company-reported “Adjusted EBITDA” was $20.29M; definitions may differ (Adjusted vs EBITDA) . Values retrieved from S&P Global.

KPIs and balance sheet (oldest → newest)

KPI	Q3 2024	Q4 2024	Q1 2025
Active kiosk locations	~8,300	~8,457	~8,483
Median transaction size	—	—	$300; +46% YoY
Transaction volume ($USD Millions)	—	—	$163.8
Cash, cash equivalents & cryptocurrencies ($USD Millions)	—	$31.0	$43.3
Bitcoin holdings (BTC)	11.3	94	94.35
Total debt ($USD Millions)	$53.5	$60.9	$60.0

Segment breakdown: Company reports consolidated results; no segment reporting disclosed in the Q1 2025 8-K press release .

Guidance Changes

Metric	Period	Previous Guidance	Current/Actual	Change
Revenue ($M)	Q1 2025	$151–$154	$164.2	Beat
Adjusted EBITDA ($M)	Q1 2025	$12–$14	$20.3	Beat
Revenue growth	Q2 2025	—	Low-to-mid single-digit YoY growth vs Q2 2024	New

Earnings Call Themes & Trends

Topic	Q3 2024 (Prior-2)	Q4 2024 (Prior-1)	Q1 2025 (Current)	Trend
Kiosk optimization/relocations	Emphasis on relocating underperformers; ~3,600 kiosks <1 year; breakeven 4–5 months	Strategy “starting to show” in results; relocations remained aggressive	3,200 kiosks <1 year; payback <8 months continues	Improving profitability visibility
Pricing/margins	Adjusted GP margin +160 bps YoY to 16.6%	Adj GP margin ~18.6% on markup optimization and lower costs	Pricing strength cited for margin expansion; Adj GP margin 20.2%	Sustained expansion
Regulatory	California, CT, VT, MN headwinds	“California tough comps behind us” but state risks persist	CA still below peers; kiosk count down ~80% in state	Stabilizing ex-CA
International expansion	Shipped 300+ kiosks to Australia; 2025 launch planned	Australia launch commencing in 2025; targeting 2 more countries	>100 kiosks deployed in Australia; evaluating 2+ additional countries	Early ramp
NY license	Pursuing; hopeful 1H25	Ongoing discussions; hopeful 2025	Ongoing; optimistic	Pending
Capital allocation/dividends	Exploring dividend in 2025	Paid down preferred; focus on debt reduction; potential dividend; limited capex	Prioritize debt paydown, potential dividend; opportunistic BTC buys	Optionality rising
Seasonality/tax refunds	Noted higher Q2/Q3 seasonality historically	Anticipated seasonality pattern	Q2 growth modest vs strong Q1; tax-refund timing shift	Seasonality accentuated

Management Commentary

CEO framing: “Bitcoin Depot delivered a remarkable first quarter, with 19% year-over-year revenue growth and a more than threefold increase in Adjusted EBITDA to $20 million… positioning us for continued growth and flexibility” .
Margin drivers: “Gross margin expansion really was attributable to pricing strength… and leveraging higher revenue across… fixed and semi-fixed costs” .
Capital allocation: “We plan to pay down at least an additional $3.5M [term loan] by year-end… focus on other ways of driving shareholder value… as we do not expect significant CapEx in 2025” .
Market/expansion: “We have now deployed over 100 kiosks to support our ongoing launch in Australia this year… actively evaluating entry into at least 2 additional countries in 2025” .

Q&A Highlights

Capex minimal; deployment runway: With ~2,000 kiosks available to deploy, no significant 2025 capex anticipated unless a large retail deal requires it .
Kiosk ramp economics: ~3,200 kiosks <1 year; year-2 kiosks typically see at least 50% revenue growth vs year-1; mature kiosks run ~10–20 transactions per month; median ticket elevated by KYC tier dynamics .
California update: Kiosk count reduced ~80% versus pre-rule; state remains weaker than others, but overall impact reduced due to footprint shift .
Seasonality/guidance: Q2 revenue growth low-to-mid single-digit YoY due to tax-refund timing and tough comps despite strong Q1 demand .
Competitive landscape: Smaller operators retrenching; >3,000 competitor kiosks may have exited (per industry tracker), creating potential acquisition of hardware on favorable terms .

Estimates Context

Versus S&P Global consensus, BTM posted a broad beat: Revenue $164.2M vs $151.7M*, EPS $0.20 vs $0.093*, and EBITDA $19.7M* vs $12.5M*. The EBITDA comparison is based on S&P’s “EBITDA”; company-reported Adjusted EBITDA was $20.3M, reflecting adjustments for interest, taxes, D&A, unrealized crypto loss, and non-recurring items . Values retrieved from S&P Global.
Implications: Given magnitude of beats and improved margins, near-term EPS/EBITDA estimates likely move higher; however, Q2 guide for modest YoY growth and commentary on tax-refund seasonality may temper sequential revenue assumptions .

Key Takeaways for Investors

Operating leverage is materializing: pricing optimization and fixed-cost leverage drove Adj EBITDA margin to 12.4% with cash generation ($16.3M CFO) to fund debt reduction and potential dividends .
Beat-and-raise setup (with a caveat): Big Q1 beats vs consensus; Q2 guide suggests modest YoY growth on seasonality/tough comps—not deterioration; monitor intra-quarter indicators (median ticket, transaction counts) .
Regulatory risk recalibrated: California reset largely executed (kiosk count down ~80% there), limiting further drag; continue to watch state-level changes and progress on NY license .
International optionality: Early Australia deployment (>100 kiosks) and potential new countries provide medium-term growth vectors with manageable initial cash burn .
Capital returns in sight: Management reiterated limited capex in 2025 and prioritization of term-loan paydown; dividend potential remains a credible medium-term catalyst .
KPI momentum: Median ticket +46% YoY to $300 and transaction volume $163.8M underscore demand and monetization improvements .
Watch definitional differences: S&P “EBITDA” vs company “Adjusted EBITDA” can differ; anchor valuation comp sets to consistent definitions and reconcile to company-reported non-GAAP .