Bitcoin Depot, a prominent Bitcoin ATM operator, has reported its financial results for the first quarter of 2024. The company has faced a challenging start to the year, with both revenue and adjusted EBITDA showing a decline compared to the same period last year.
Key Financial Metrics
For the first quarter of 2024, Bitcoin Depot reported consolidated revenue between $137 million and $138 million, down from $163.6 million in the first quarter of 2023. Adjusted EBITDA was projected to be between $5 million and $6 million, compared to $13.6 million for the same quarter last year.
Business Highlights
Despite the decline in financial metrics, Bitcoin Depot has been active in expanding its operations and enhancing its market presence:
- Expansion and Partnerships: The company announced the sale of 50 new Bitcoin ATMs to Sopris Capital and the purchase of 900 additional ATMs as part of its expansion strategy for Q1 2024. They also secured partnerships with convenience store operators, leading to the deployment of 940 kiosks across 24 states.
- Technological Advancements: The company completed the conversion of its entire BTM fleet to the BitAccess software, eliminating annual software licensing fees and vertically integrating its hardware and software operations.
- Franchise Program: Bitcoin Depot has been expanding its franchise program, with significant sales and deployment of new kiosks to enhance its market footprint.
Future Outlook
Bitcoin Depot’s financial outlook for the remainder of 2024 indicates cautious optimism. The company continues to focus on expanding its kiosk network and enhancing its service offerings. However, the financial guidance for Q1 2024 reflects ongoing market challenges, with anticipated revenues and adjusted EBITDA lower than previous years.
Conference Call
Bitcoin Depot has scheduled a conference call and live webcast on May 14, 2024, at 10:00 a.m. Eastern Time to discuss these financial results in more detail. The call will provide an opportunity for investors and stakeholders to ask questions and gain deeper insights into the company’s performance and strategic initiatives.
Bitcoin Depot’s first quarter financial results highlight the challenges faced in the current market environment. Despite a decrease in revenue and adjusted EBITDA, the company remains focused on strategic growth and expansion efforts. The upcoming conference call will be a critical platform for the company to elaborate on its financial performance and future plans.
