Athena Bitcoin Reports Third Quarter 2024 Financial Results

Rhea-AI Summary

Athena Bitcoin Global (ABIT) reported its Q3 2024 financial results. Revenue grew 5.7% to $69.4 million compared to Q3 2023. However, gross profit declined 23.9% to $8.1 million, and operating expenses increased to $4.0 million from $1.5 million. Net income decreased to $2.6 million from $5.9 million year-over-year.

For the nine months ended September 30, 2024, the company showed stronger performance with revenue up 84.4% to $221.7 million, gross profit increased 82.0% to $31.6 million, and net income rose to $12.5 million from $8.2 million compared to the same period in 2023.

Positive

• Revenue increased 5.7% YoY to $69.4M in Q3 2024
• Nine-month revenue grew 84.4% to $221.7M
• Nine-month gross profit up 82.0% to $31.6M
• Nine-month net income increased to $12.5M from $8.2M

Negative

• Q3 gross profit declined 23.9% to $8.1M
• Q3 operating expenses increased significantly to $4.0M from $1.5M
• Q3 net income decreased to $2.6M from $5.9M YoY

News Market Reaction

-10.85%

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-10.85% News Effect

On the day this news was published, ABIT declined 10.85%, reflecting a significant negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

MIAMI, FL / ACCESSWIRE / November 19, 2024 / Athena Bitcoin Global (OTC PINK:ABIT) ("Athena") a leading international operator of bitcoin kiosks and digital asset fintech solutions filed today its unaudited consolidated financial statements for the fiscal third quarter ended September 30, 2024 with OTC Markets.

Third Quarter 2024 Financial Results

For the third quarter of 2024, revenue increased 5.7% to $69.4 million compared to $65.6 million in the third quarter of 2023.

Gross profit decreased 23.9% to $8.1 million compared to $10.6 million in the third quarter of 2023.

Operating expenses were $4.0 million compared to $1.5 million in the third quarter of 2023.

Net income was $2.6 million compared to net income of $5.9 million in the third quarter of 2023.

Nine Months Ended September 30, 2024 Financial Results

For the nine months ended September 30, 2024, revenue increased 84.4% to $221.7 million compared to $120.2 million in the same period in 2023.

Gross profit increased 82.0% to $31.6 million compared to $17.4 million in the in the same period in 2023.

Operating expenses were $10.5 million compared to $4.1 million in the same period in 2023.

Net income was $12.5 million compared to net income of $8.2 million in the same period in 2023.

About Athena Bitcoin Global

Athena Bitcoin Global operates an international network of Athena Bitcoin kiosks, which are free standing kiosks that permit customers to buy or sell Bitcoin in exchange for fiat currencies. The Company places its machines in convenience stores, shopping centers and other easily accessible locations in thirty-three US states and territories, and in four countries in Central and South America. Athena Bitcoin Global's comprehensive fintech platform enables POS merchant payments powered by Athena Pay and the Company provides safe, reliable and personalized trading services through its Athena Plus services. To learn more visitwww.athenabitcoin.comor follow Athena Bitcoin Global on Twitter and LinkedIn.

Statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements relating to the expected trading commencement and closing dates. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the uncertainties related to market conditions and the completion of the public offering on the anticipated terms or at all, and other factors discussed in the "Risk Factors" section of the preliminary prospectus filed with the SEC. Any forward-looking statements contained in this press release speak only as of the date hereof, and Athena Bitcoin Global specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise.

Contact:
Rachele Andrejczak
Director of Marketing, Athena Bitcoin, Inc.
rachele@athenabitcoin.com

SOURCE: Athena Bitcoin Global

View the original press release on accesswire.com

FAQ

What was Athena Bitcoin's (ABIT) revenue in Q3 2024?

Athena Bitcoin reported revenue of $69.4 million in Q3 2024, a 5.7% increase from $65.6 million in Q3 2023.

How much did ABIT's net income decrease in Q3 2024?

ABIT's net income decreased to $2.6 million in Q3 2024 from $5.9 million in Q3 2023.

What was Athena Bitcoin's (ABIT) revenue growth for the first nine months of 2024?

ABIT's revenue for the first nine months of 2024 grew 84.4% to $221.7 million compared to $120.2 million in the same period of 2023.