Bitcoin Depot Inc. (BTM) Financials
Newest figures come from the S-1/A for FY2025, filed Apr 10, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the BTM SEC filings page.
Bitcoin Depot Inc. (BTM) reported $614.9M in revenue for fiscal year 2025, up 7.2% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 4 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Operating margin expansion is improving Bitcoin Depot’s economics, but interest costs and leverage still separate operating profit from net income.
From FY2024 to FY2025, operating margin widened from4.2% to6.7% while revenue recovered, pointing to better cost absorption or mix rather than growth alone. Yet operating income of$41.2M still coincided with a-$6.2M net result, showing that financing and below-operating expenses remain material to the earnings outcome.
Cash conversion improved: FY2025 operating cash flow of
Balance-sheet flexibility improved but remains debt-dependent: the current ratio moved from
Financial Health Signals
Scored against banks for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Bitcoin Depot Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Bitcoin Depot Inc. earned a return on assets of -4.7% in fiscal year 2025, which is the profit it made on every dollar of assets on its books. This is up from -14.6% the prior year. Earnings ranks banks on that return over three years, and Bitcoin Depot Inc. scores 7/100 among other banks.
Bitcoin Depot Inc. reported revenue of $614.9M in fiscal year 2025, against $573.7M in fiscal year 2024. Growth ranks banks on the three-year path of their net revenue, which is interest income and fee income less the interest they pay out, and Bitcoin Depot Inc. scores 9/100 among other banks.
Bitcoin Depot Inc. funded 8.7% of its assets with shareholders' equity at the end of fiscal year 2025, holding $11.4M of equity against $130.6M of assets. Capital ranks banks on that cushion, and Bitcoin Depot Inc. scores 16/100 among other banks.
Not available for Bitcoin Depot Inc., and counted as zero in the overall score.
Not available for Bitcoin Depot Inc., and counted as zero in the overall score.
Bitcoin Depot Inc. reported a net loss of $6.2M in fiscal year 2025, against a loss of $11.7M in fiscal year 2024. Stability ranks banks on how steady net income has been across five years, and Bitcoin Depot Inc. scores 22/100 among other banks.
Bitcoin Depot Inc. passes 6 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, all 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
Bitcoin Depot Inc. reported a net loss of $6.2M while generating $34.0M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Bitcoin Depot Inc. earns $2.86 in operating income for every $1 of interest expense ($41.2M vs $14.4M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Earnings & Revenue
Bitcoin Depot Inc. generated $116.0M in revenue in Q4 2025. This represents a decrease of 15.2% from the same quarter a year earlier. Against the prior quarter it is down 28.6%.
Bitcoin Depot Inc.'s EBITDA was -$2.1M in Q4 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 117.1% from the same quarter a year earlier. Against the prior quarter it is down 115.4%.
Bitcoin Depot Inc. reported -$22.0M in net income in Q4 2025. This represents a decrease of 230.8% from the same quarter a year earlier. Against the prior quarter it is down 496.6%.
Not reported for Q4 2025.
Cash & Balance Sheet
Bitcoin Depot Inc. generated $311K in free cash flow in Q4 2025, representing cash available after capex. This represents a decrease of 93.0% from the same quarter a year earlier. Against the prior quarter it is down 87.8%.
Bitcoin Depot Inc. held $65.6M in cash against $60.5M in long-term debt as of Q4 2025.
Not reported for Q4 2025.
Margins & Returns
Bitcoin Depot Inc.'s gross margin was 14.9% in Q4 2025, indicating the percentage of revenue retained after direct costs. This is down 3.7 percentage points from the same quarter a year earlier. Against the prior quarter it is down 3.6 percentage points.
Bitcoin Depot Inc.'s operating margin was -3.5% in Q4 2025, reflecting core business profitability. This is down 11.2 percentage points from the same quarter a year earlier. Against the prior quarter it is down 10.8 percentage points.
Bitcoin Depot Inc.'s net profit margin was -18.9% in Q4 2025, showing the share of revenue converted to profit. This is down 14.1 percentage points from the same quarter a year earlier. Against the prior quarter it is down 22.4 percentage points.
Bitcoin Depot Inc.'s ROE was -192.6% in Q4 2025, measuring profit generated per dollar of shareholder equity. Against the prior quarter it is down 219.0 percentage points.
Capital Allocation
Bitcoin Depot Inc. repurchased no shares in Q4 2025.
Bitcoin Depot Inc. invested $634K in capex in Q4 2025, funding long-term assets and infrastructure. This represents a decrease of 26.6% from the same quarter a year earlier. Against the prior quarter it is down 84.5%.
Not reported for Q4 2025.
BTM Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'25S-1/A | Q3'2510-Q | Q2'2510-Q | Q1'25 | Q4'24S-1/A | Q3'2410-Q | Q2'2410-Q | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $116.0M-15.2% | $162.5M+20.1% | $172.1M+5.5% | $164.2M+18.5% | $136.8M-7.8% | $135.3M-24.6% | $163.1M-17.4% | $138.5M-15.3% |
| Cost of Revenue | $98.7M-11.4% | $132.4M+17.3% | $139.4M+2.0% | $131.1M+8.1% | $111.4M-12.2% | $112.9M-26.0% | $136.7M-18.3% | $121.3M-14.2% |
| Gross Profit | $17.3M-31.9% | $30.1M+34.4% | $32.7M+24.2% | $33.1M+92.1% | $25.4M+17.9% | $22.4M-16.8% | $26.4M-12.8% | $17.3M-22.6% |
| SG&A Expenses | $19.4M+48.3% | $16.4M+11.9% | $15.1M-4.1% | $13.4M-1.2% | $13.1M-9.8% | $14.7M-9.5% | $15.8M-2.5% | $13.6M+25.6% |
| Operating Income | -$4.1M-139.5% | $11.8M+115.0% | $15.7M+107.1% | $17.8M+2446.2% | $10.4M+174.5% | $5.5M-26.3% | $7.6M-28.0% | $699K-91.9% |
| EBITDA | -$2.1M-117.1% | $13.7M+77.1% | $17.6M+66.3% | $19.7M+440.2% | $12.3M+75.1% | $7.7M-27.8% | $10.6M-24.7% | $3.6M-68.2% |
| Interest Expense | -$2.5M+28.3% | -$4.1M-42.2% | -$4.7M-64.1% | -$3.1M+37.9% | -$3.5M-92.0% | -$2.9M-5.0% | -$2.9M+34.6% | -$4.9M-67.8% |
| Income Tax | -$3.4M-303.0% | $3.0M+776.7% | $1.2M+330.4% | $1.5M+1152.2% | $1.7M+61.7% | $347K+3.0% | $270K+139.0% | -$138K+77.8% |
| Net Income | -$22.0M-230.8% | $5.5M+690.4% | $6.1M+337.0% | $4.2M+372.6% | -$6.6M+20.0% | -$939K+86.8% | -$2.6M+76.1% | -$1.5M |
| EPS (Basic) | N/A | $0.08+260.0% | $0.16+223.1% | $0.20+180.0% | N/A | -$0.05+88.4% | -$0.13+79.7% | -$0.25 |
| EPS (Diluted) | N/A | $0.08 | $0.16 | $0.20 | N/A | -$0.05+88.4% | -$0.13+79.7% | -$0.25 |
| Diluted Shares (Avg) | N/A | 68M | 38M | 21M | N/A | 21M+24.3% | 19M+16.6% | 17M |
Not reported in any period shown, so not listed: R&D Expenses.
BTM Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'25S-1/A | Q3'2510-Q | Q2'2510-Q | Q1'25 | Q4'24S-1/A | Q3'2410-Q | Q2'2410-Q | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $130.6M+63.0% | $125.3M+43.3% | $109.1M+11.8% | $89.7M-0.4% | $80.1M+7.8% | $87.4M+11.4% | $97.5M+25.1% | $90.1M-72.6% |
| Current Assets | $80.3M+134.0% | $79.2M+91.4% | $62.7M+14.7% | $45.6M-11.8% | $34.3M+0.3% | $41.4M+16.2% | $54.6M+67.1% | $51.7M+9693.2% |
| Cash & Equivalents | $65.6M+122.7% | $59.3M+83.9% | $48.0M+9.3% | $35.0M-17.1% | $29.5M-1.0% | $32.2M+8.6% | $43.9M+60.3% | $42.2M+56101.3% |
| Accounts Receivable | $639K+132.4% | $1.5M+297.6% | $38K-88.0% | $147K-57.8% | $275K+12.2% | $380K+14.5% | $317K-72.0% | $348K |
| Goodwill | $8.7M0.0% | $8.7M0.0% | $8.7M0.0% | $8.7M0.0% | $8.7M0.0% | $8.7M0.0% | $8.7M0.0% | $8.7M |
| Total Liabilities | $119.2M+23.4% | $104.3M+9.4% | $104.4M+12.1% | $94.3M+10.8% | $96.6M+48.7% | $95.3M+32.6% | $93.1M+27.2% | $85.1M-74.5% |
| Current Liabilities | $63.7M+56.7% | $42.1M-7.7% | $44.5M-5.1% | $41.9M-5.9% | $40.6M-5.5% | $45.6M-7.7% | $46.9M-9.3% | $44.6M+585.9% |
| Non-Current Liabilities | $55.5M-0.8% | $62.1M+25.0% | $59.8M+29.5% | $52.4M+29.2% | $56.0M+154.6% | $49.7M+121.1% | $46.2M+114.9% | $40.5M-87.6% |
| Long-Term Debt | $60.5M+7.6% | $67.5M+51.8% | $66.5M+61.6% | $56.2M+49.6% | $56.2M+149.8% | $44.5M+114.4% | $41.2M+98.4% | $37.6M |
| Total Equity | $11.4M+169.3% | $21.0M+367.2% | $4.7M+5.6% | -$4.6M-192.2% | -$16.5M-275.9% | -$7.9M-219.4% | $4.4M-7.1% | $5.0M+216.2% |
| Retained Earnings | -$49.6M-11.9% | -$27.7M+26.6% | -$33.2M+9.6% | -$39.3M-14.9% | -$44.3M-35.8% | -$37.7M-54.8% | -$36.8M-113.0% | -$34.2M-697.4% |
Not reported in any period shown, so not listed: Short-Term Investments, Inventory, Long-Term Investments.
BTM Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'25S-1/A | Q3'2510-Q | Q2'2510-Q | Q1'25 | Q4'24S-1/A | Q3'2410-Q | Q2'2410-Q | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $945K-82.1% | $6.6M+14.7% | $10.2M+0.2% | $16.3M+1106.4% | $5.3M-29.7% | $5.8M-17.1% | $10.1M-38.9% | $1.3M-86.5% |
| Depreciation & Amortization | $2.0M+6.1% | $1.9M-15.4% | $1.9M-37.5% | $1.9M-35.6% | $1.9M-41.6% | $2.2M-31.1% | $3.0M-14.5% | $2.9M+5.4% |
| Stock-Based Compensation | N/A | N/A | N/A | $368K-59.0% | N/A | N/A | N/A | $897K+369.6% |
| Capital Expenditures | $634K-26.6% | $4.1M-40.1% | $389K-84.5% | $385K-31.0% | $864K+4982.4% | $6.8M+52346.2% | $2.5M | $558K |
| Free Cash Flow | $311K-93.0% | $2.5M+345.1% | $9.8M+28.2% | $15.9M+1910.8% | $4.4M-41.1% | -$1.0M-114.9% | $7.6M | $789K |
| Investing Cash Flow | -$634K+26.6% | -$4.1M+44.2% | -$950K+63.9% | -$8.2M-1371.1% | -$864K-143.6% | -$7.3M-268.2% | -$2.6M-1107.1% | -$558K-378.9% |
| Financing Cash Flow | $6.0M+182.2% | $8.8M+186.4% | $4.0M+169.7% | -$2.5M-122.0% | -$7.3M+22.8% | -$10.2M-272.7% | -$5.7M+81.5% | $11.6M+296.4% |
| Dividends Paid | -$15K-100.1% | $0-100.0% | $7.6M+11.8% | $2.5M+170.4% | $14.4M+612.4% | $15.0M+5394.5% | $6.8M-44.1% | $916K+90.0% |
| Share Buybacks | $0 | $0 | $0 | $0-100.0% | $0 | $0 | $0 | $158K |
BTM Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'25S-1/A | Q3'2510-Q | Q2'2510-Q | Q1'25 | Q4'24S-1/A | Q3'2410-Q | Q2'2410-Q | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 14.9%-3.7pp | 18.5%+2.0pp | 19.0%+2.8pp | 20.2%+7.7pp | 18.6%+4.1pp | 16.6%+1.6pp | 16.2%+0.8pp | 12.4%-1.2pp |
| Operating Margin | -3.5%-11.2pp | 7.2%+3.2pp | 9.2%+4.5pp | 10.8%+10.3pp | 7.6%+5.1pp | 4.0%-0.1pp | 4.7%-0.7pp | 0.5%-4.8pp |
| Net Margin | -18.9%-14.1pp | 3.4%+4.1pp | 3.5%+5.1pp | 2.5%+3.7pp | -4.9%+0.7pp | -0.7%+3.3pp | -1.6%+3.9pp | -1.1%-1.1pp |
| Return on Equity | -192.6% | 26.4% | 129.3%+187.0pp | N/A | N/A | N/A | -57.6%+166.2pp | -30.9% |
| Return on Assets | -16.8%-8.5pp | 4.4%+5.5pp | 5.6%+8.2pp | 4.7%+6.4pp | -8.3%+2.9pp | -1.1%+8.0pp | -2.6%+11.1pp | -1.7%-1.7pp |
| Current Ratio | 1.26+0.4x | 1.88+1.0x | 1.41+0.2x | 1.09-0.1x | 0.840.0x | 0.91+0.2x | 1.16+0.5x | 1.16+1.1x |
| Debt-to-Equity | 5.30 | 3.21 | 14.18+4.9x | N/A | N/A | N/A | 9.27+4.9x | 7.54 |
| Asset Turnover | 0.89-0.8x | 1.30-0.2x | 1.58-0.1x | 1.83+0.3x | 1.71-0.3x | 1.55-0.7x | 1.67-0.9x | 1.54+1.0x |
| FCF Margin | 0.3%-3.0pp | 1.6%+2.3pp | 5.7%+1.0pp | 9.7%+9.1pp | 3.2%-1.8pp | -0.8%-4.7pp | 4.7% | 0.6% |
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Bitcoin Depot Inc. BTM | FY2025 | $614.9M | -$6.2M | -1.0% | $5.6M | 9/100 |
| Forge Global Holdings, Inc. FRGE | FY2024 | $79.3M | -$66.3M | -83.6% | $623.0M | 30/100 |
| BTCS Inc. BTCS | FY2025 | $16.5M | -$33.4M | N/A | $67.2M | 37/100 |
| Fold Holdings, Inc. FLD | FY2025 | $31.8M | -$69.6M | N/A | $27.9M | 33/100 |
| The9 Limited NCTY | FY2025 | $15.4M | -$58.5M | N/A | $60.8M | 20/100 |
| Metalpha Technology Holding Limited MATH | FY2021 | $226K | -$5.1M | N/A | $48.5M | — |
Where Bitcoin Depot Inc. Ranks
Frequently Asked Questions
What is Bitcoin Depot Inc.'s annual revenue?
Bitcoin Depot Inc. (BTM) reported $614.9M in total revenue for fiscal year 2025. This represents a 7.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Bitcoin Depot Inc.'s revenue growing?
Bitcoin Depot Inc. (BTM) revenue grew by 7.2% year-over-year, from $573.7M to $614.9M in fiscal year 2025.
Is Bitcoin Depot Inc. profitable?
No, Bitcoin Depot Inc. (BTM) reported a net income of -$6.2M in fiscal year 2025, with a net profit margin of -1.0%.
What is Bitcoin Depot Inc.'s EBITDA?
Bitcoin Depot Inc. (BTM) had EBITDA of $48.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Bitcoin Depot Inc. have?
As of fiscal year 2025, Bitcoin Depot Inc. (BTM) had $65.6M in cash and equivalents against $60.5M in long-term debt.
What is Bitcoin Depot Inc.'s gross margin?
Bitcoin Depot Inc. (BTM) had a gross margin of 18.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Bitcoin Depot Inc.'s operating margin?
Bitcoin Depot Inc. (BTM) had an operating margin of 6.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Bitcoin Depot Inc.'s net profit margin?
Bitcoin Depot Inc. (BTM) had a net profit margin of -1.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Bitcoin Depot Inc.'s return on equity (ROE)?
Bitcoin Depot Inc. (BTM) has a return on equity of -54.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Bitcoin Depot Inc.'s free cash flow?
Bitcoin Depot Inc. (BTM) generated $28.5M in free cash flow during fiscal year 2025. This represents a 141.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Bitcoin Depot Inc.'s operating cash flow?
Bitcoin Depot Inc. (BTM) generated $34.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Bitcoin Depot Inc.'s total assets?
Bitcoin Depot Inc. (BTM) had $130.6M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Bitcoin Depot Inc.'s capital expenditures?
Bitcoin Depot Inc. (BTM) invested $5.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Bitcoin Depot Inc.'s current ratio?
Bitcoin Depot Inc. (BTM) had a current ratio of 1.26 as of fiscal year 2025, which is considered adequate.
What is Bitcoin Depot Inc.'s debt-to-equity ratio?
Bitcoin Depot Inc. (BTM) had a debt-to-equity ratio of 5.30 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Bitcoin Depot Inc.'s return on assets (ROA)?
Bitcoin Depot Inc. (BTM) had a return on assets of -4.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Bitcoin Depot Inc.'s Piotroski F-Score?
Bitcoin Depot Inc. (BTM) has a Piotroski F-Score of 6 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Bitcoin Depot Inc.'s earnings high quality?
Bitcoin Depot Inc. (BTM) reported a net loss of $6.2M while generating $34.0M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Bitcoin Depot Inc. cover its interest payments?
Bitcoin Depot Inc. (BTM) has an interest coverage ratio of 2.86x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Bitcoin Depot Inc.?
Bitcoin Depot Inc. (BTM) scores 9 out of 100 on our Financial Health Score, indicating weak standing within its banks peer group. The score is a 0-100 composite of six dimensions (Earnings, Growth, Capital, Efficiency, Credit Quality, Stability), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.