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BTM Nasdaq· Bitcoin Depot Inc
Earnings report Q3 2023

BTM Reports Increase in Revenue for Latest Quarter

Segments of revenue

BTM's revenue for the latest quarter was $179.5 million, compared to $174.8 million in the same quarter last year. This represents a year-over-year increase of $4.7 million or 2.7%. The revenue breakdown by segment is as follows:

  • BTM Kiosks: Generated $178.7 million in revenue for the quarter, compared to $173.2 million in the same quarter last year. This represents a year-over-year increase of $5.5 million or 3.2%.

  • BDCheckout: Contributed $0.3 million in revenue for the quarter, compared to $0.3 million in the same quarter last year. The impact of BDCheckout on revenue has not yet been significant.

  • OTC: Did not generate any revenue for the quarter, consistent with the same quarter last year.

  • Company Website: Generated $0.4 million in revenue for the quarter, compared to $0.1 million in the same quarter last year. This represents a year-over-year increase of $0.3 million or 300%.

  • Software Services: Contributed $0.1 million in revenue for the quarter, compared to $1 million in the same quarter last year. This represents a year-over-year decrease of $0.9 million or 90%.

  • Hardware Revenue: Generated $22,000 in revenue for the quarter, compared to $270,000 in the same quarter last year. This represents a year-over-year decrease of $248,000 or 91.9%.

Strengths

BTM's overall revenue increased in the latest quarter, driven by growth in BTM Kiosks revenue and an increase in revenue from the Company Website. The increase in BTM Kiosks revenue can be attributed to an increase in the average transaction size and a higher number of users and transaction volume in relocated kiosks. The Company Website revenue growth of 300% indicates improved online sales performance.

Challenges

BTM faced challenges in the latest quarter, particularly in the Software Services and Hardware Revenue segments. Software Services revenue decreased by 90% compared to the same quarter last year, which may indicate a decline in demand for software offerings. Hardware Revenue also experienced a significant decline of 91.9%, suggesting challenges in the hardware sales aspect of the business.

Noteworthy

BTM recently completed a merger, which is expected to have a significant impact on the company's operations and financials. The acquisition of BitAccess and the launch of BDCheckout are aimed at expanding software capabilities and diversifying revenue streams. However, the impact of these initiatives on the company's results of operations has not yet been substantial.

Summary

BTM reported an increase in revenue for the latest quarter, driven by growth in BTM Kiosks revenue and an increase in revenue from the Company Website. However, the company faced challenges in the Software Services and Hardware Revenue segments. The recent merger and the launch of BDCheckout are expected to have a significant impact on the company's future performance.

Source documents

Form 10-Q  filed on Nov 14, 2023
7 pages scanned

Reference data

Company financials Q3 revenue 179M
Analyst estimates Q3 EPS beat by 316.64%
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