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Bitcoin Depot Inc Com (BTM-4.32%) has filed its annual report on Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details Bitcoin Depot's operations, which include owning and operating a network of Bitcoin ATMs (BTMs) across North America. The company also offers cryptocurrency sales through its BDCheckout product and website.
Bitcoin Depot reported revenue of $573.7 million for the year ended December 31, 2024, a decrease from $689.0 million in the previous year. The decline in revenue is attributed to decreased transaction volumes and regulatory changes limiting transaction sizes in certain states.
Cost of revenue for the year was $482.3 million, down from $587.9 million in 2023, reflecting the lower transaction volumes.
Operating expenses were $67.2 million, a slight decrease from $70.6 million in the previous year. This decrease was primarily due to reduced merger-related costs.
The company reported a net income of $7.8 million for the year, compared to $1.5 million in 2023. The increase is attributed to lower costs and expenses.
Bitcoin Depot's cash and cash equivalents totaled $29.5 million as of December 31, 2024. The company had negative working capital of $6.3 million.
The filing notes that Bitcoin Depot's operations are subject to various regulatory challenges and uncertainties, particularly regarding cryptocurrency regulations.
Bitcoin Depot's management highlighted the importance of compliance with evolving laws and regulations, which could impact the company's financial performance and ability to expand its services.
The company continues to focus on expanding its network of BTMs and increasing its market share in the cryptocurrency space.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Bitcoin Depot Inc Com annual 10-K report dated March 24, 2025. To report an error, please email earnings@qz.com.