Bitcoin Depot Warrant (BTMWW) Financials
Newest figures come from the 10-K 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 BTMWW SEC filings page.
Bitcoin Depot Inc. Warrant (BTMWW) 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).
Revenue recovered in FY2025, but stronger operating margins still sat above a heavily liability-funded balance sheet.
In FY2025, revenue rose7.2% while cost of revenue rose4.0% , lifting gross and operating margins by2.5 percentage points each; because SG&A also rose12.7% , the improvement points more to lower delivery costs relative to sales or mix than broad overhead restraint. Operating income reached$41.2M , yet the company still reported a net loss of$6.2M , showing that below-operating items continued to absorb the operating gain.
Cash generation rebounded alongside operating performance: operating cash flow rose
Short-term liquidity improved, with the current ratio moving from 0.8x in FY2024 to 1.3x in FY2025. Longer-term financial flexibility remained constrained: debt-to-equity reached 5.3x, while liabilities represented
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed. 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. Warrant'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. Warrant has an operating margin of 6.7%, meaning the company retains $7 of operating profit per $100 of revenue. This results in a moderate score of 54/100, indicating healthy but not exceptional operating efficiency. This is up from 4.2% the prior year.
Bitcoin Depot Inc. Warrant's revenue grew 7.2% year-over-year to $614.9M, a solid pace of expansion. This earns a growth score of 15/100.
Bitcoin Depot Inc. Warrant carries a low D/E ratio of 5.30, meaning only $5.30 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 90/100, indicating a strong balance sheet with room for future borrowing.
Bitcoin Depot Inc. Warrant's current ratio of 1.26 indicates adequate short-term liquidity, earning a score of 33/100. The company can meet its near-term obligations, though with limited headroom.
Bitcoin Depot Inc. Warrant has a free cash flow margin of 4.6%, earning a moderate score of 42/100. The company generates positive cash flow after capital investments, but with room for improvement.
Bitcoin Depot Inc. Warrant posts a -54.1% return on equity (ROE), meaning it loses $54 for every $100 of shareholders' equity. This results in a returns score of 89/100.
Bitcoin Depot Inc. Warrant 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 operating efficiency signals passes.
Bitcoin Depot Inc. Warrant 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. Warrant 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. Warrant 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. Warrant'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. Warrant reported a net loss of $22.0M in Q4 2025. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. Against the prior quarter it is down 496.6%.
Not reported for Q4 2025.
Cash & Balance Sheet
Bitcoin Depot Inc. Warrant 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. Warrant 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. Warrant'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. Warrant'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. Warrant'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. Warrant's quarterly ROE was -192.6% in Q4 2025: one quarter's net income over shareholder equity, not annualized. Against the prior quarter it is down 219.0 percentage points.
Capital Allocation
Bitcoin Depot Inc. Warrant repurchased no shares in Q4 2025. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Bitcoin Depot Inc. Warrant 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.
BTMWW 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 | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'25 | Q4'2410-K | 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 | -$2.5Mn/m | -$4.1Mn/m | -$4.7Mn/m | -$3.1Mn/m | -$3.5Mn/m | -$2.9Mn/m | -$2.9Mn/m | -$4.9Mn/m |
| Income Tax | -$3.4M-303.0% | $3.0M+776.7% | $1.2M+330.4% | $1.5Mn/m | $1.7M+61.7% | $347K+3.0% | $270Kn/m | -$138Kn/m |
| Net Income | -$22.0Mn/m | $5.5Mn/m | $6.1Mn/m | $4.2Mn/m | -$6.6Mn/m | -$939Kn/m | -$2.6Mn/m | -$1.5Mn/m |
| EPS (Basic) | N/A | $0.08 | $0.16 | $0.20 | N/A | -$0.05n/m | -$0.13n/m | -$0.25 |
| EPS (Diluted) | N/A | $0.08 | $0.16 | $0.20 | N/A | -$0.05n/m | -$0.13n/m | -$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.
BTMWW 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 | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'25 | Q4'2410-K | 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 | $11.4Mn/m | $21.0Mn/m | $4.7M+5.6% | -$4.6M-192.2% | -$16.5M-275.9% | -$7.9M-219.4% | $4.4M-7.1% | $5.0Mn/m |
| Retained Earnings | -$49.6Mn/m | -$27.7Mn/m | -$33.2Mn/m | -$39.3Mn/m | -$44.3Mn/m | -$37.7Mn/m | -$36.8Mn/m | -$34.2Mn/m |
Not reported in any period shown, so not listed: Short-Term Investments, Inventory, Long-Term Investments.
BTMWW 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 | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'25 | Q4'2410-K | 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 | $2.5M | $558K |
| Free Cash Flow | $311K-93.0% | $2.5Mn/m | $9.8M+28.2% | $15.9M+1910.8% | $4.4M-41.1% | -$1.0M-114.9% | $7.6M | $789K |
| Investing Cash Flow | -$634Kn/m | -$4.1Mn/m | -$950Kn/m | -$8.2Mn/m | -$864K-143.6% | -$7.3Mn/m | -$2.6Mn/m | -$558K-378.9% |
| Financing Cash Flow | $6.0Mn/m | $8.8Mn/m | $4.0Mn/m | -$2.5M-122.0% | -$7.3Mn/m | -$10.2Mn/m | -$5.7Mn/m | $11.6Mn/m |
| Dividends Paid | N/A | $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 | $0n/m | $0n/m | $0n/m | $0-100.0% | $0 | $0 | $0 | $158K |
BTMWW 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 | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'25 | Q4'2410-K | 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 | 0.850.0x | 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 |
| Liabilities-to-Equity | 10.44 | 4.96 | 22.24+1.3x | N/A | N/A | N/A | 20.95+5.6x | 17.08 |
| 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% |
Where Bitcoin Depot Inc. Warrant Ranks
Frequently Asked Questions
Bitcoin Depot Inc. Warrant (BTMWW) 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.
Bitcoin Depot Inc. Warrant (BTMWW) revenue grew by 7.2% year-over-year, from $573.7M to $614.9M in fiscal year 2025.
No, Bitcoin Depot Inc. Warrant (BTMWW) reported a net loss of $6.2M in fiscal year 2025, with a net profit margin of -1.0%.
Bitcoin Depot Inc. Warrant (BTMWW) had EBITDA of $48.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
As of fiscal year 2025, Bitcoin Depot Inc. Warrant (BTMWW) had $65.6M in cash and equivalents against $60.5M in long-term debt.
Bitcoin Depot Inc. Warrant (BTMWW) had a gross margin of 18.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
Bitcoin Depot Inc. Warrant (BTMWW) had an operating margin of 6.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
Bitcoin Depot Inc. Warrant (BTMWW) had a net profit margin of -1.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Bitcoin Depot Inc. Warrant (BTMWW) has a return on equity of -54.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
Bitcoin Depot Inc. Warrant (BTMWW) 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.
Bitcoin Depot Inc. Warrant (BTMWW) generated $34.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
Bitcoin Depot Inc. Warrant (BTMWW) had $130.6M in total assets as of fiscal year 2025, including both current and long-term assets.
Bitcoin Depot Inc. Warrant (BTMWW) invested $5.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
Bitcoin Depot Inc. Warrant (BTMWW) had a current ratio of 1.26 as of fiscal year 2025, which is considered adequate.
Bitcoin Depot Inc. Warrant (BTMWW) had a debt-to-equity ratio of 5.30 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.
Bitcoin Depot Inc. Warrant (BTMWW) had a liabilities-to-equity ratio of 10.44 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.
Bitcoin Depot Inc. Warrant (BTMWW) had a return on assets of -4.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
Bitcoin Depot Inc. Warrant (BTMWW) 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.
Bitcoin Depot Inc. Warrant (BTMWW) 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.
Bitcoin Depot Inc. Warrant (BTMWW) 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.
Bitcoin Depot Inc. Warrant (BTMWW) scores 54 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is the average of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), 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.