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Bitcoin Depot Inc Wt Exp (BTMWW-2.03%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in revenue to $135,271,000 from $179,483,000 in the same quarter the previous year. The decrease is attributed to reduced transaction volume and regulatory changes in California.
Cost of revenue for the quarter was $112,853,000, representing 83% of sales, compared to 85% in the same quarter of the previous year. This decrease in cost ratio is due to lower transaction volumes.
The company reported a gross profit of $20,185,000 for the quarter, compared to $23,678,000 in the previous year, with the decline attributed to reduced sales.
Operating expenses were $16,939,000, down from $19,502,000, primarily due to lower professional fees.
Net income for the quarter was $2,299,000, up from $1,065,000 in the previous year. The increase is attributed to reduced operating expenses.
Bitcoin Depot had a working capital of $41,373,000 as of September 30, 2024. The company expects its existing cash and cash equivalents, together with cash provided by operations, to be sufficient to fund its operations for the next 12 months.
The filing also details various financial agreements, including an amended credit agreement with its existing lender to provide additional financing.
Bitcoin Depot does not anticipate any immediate changes to its operations despite ongoing regulatory challenges in the cryptocurrency industry.
The company identified material weaknesses in its internal controls over financial reporting and is taking steps to address these issues.
Bitcoin Depot continues to focus on expanding its network of cryptocurrency kiosks and enhancing its BDCheckout product offering.
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 Wt Exp quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.