Operating margins have demonstrated extreme instability, peaking at 10.8% in 2025Q1 before contracting to -1.3% in 2025Q4, reflecting the company's inability to consistently scale against fixed overhead.
| Sales/Revenue | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - |
| Cost of Goods Sold | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - |
| Gross Profit | 113.3M | 91.44M | 101.03M | 72.3M | 56.03M | 31.09M |
| Gross Margin % | 18.43% | 15.94% | 14.66% | 11.18% | 10.21% | 12.68% |
| Gross Profit Growth % | 23.9% | -9.49% | 39.75% | 29.04% | 80.19% | - |
| Operating Expenses | 72.08M | 67.23M | 70.56M | 55.77M | 42.18M | 16.28M |
| OpEx % of Revenue | 11.72% | 11.72% | 10.24% | 8.62% | 7.68% | 6.64% |
| Selling, General & Admin | 64.41M | 57.16M | 57.77M | 36.99M | 29.14M | 14.03M |
| SG&A % of Revenue | 10.48% | 9.96% | 8.38% | 5.72% | 5.31% | 5.73% |
| Research & Development | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - |
| Other Operating Expenses | - | - | - | - | - | - |
| Operating Income | 43.79M | 24.21M | 30.47M | 16.52M | 13.85M | 14.81M |
| Operating Margin % | 7.12% | 4.22% | 4.42% | 2.55% | 2.52% | 6.04% |
| Operating Income Growth % | 80.87% | -20.55% | 84.44% | 19.3% | -6.5% | - |
| EBITDA | 51.46M | 34.28M | 43.26M | 35.3M | 26.89M | 17.06M |
| EBITDA Margin % | 8.37% | 5.98% | 6.28% | 5.46% | 4.9% | 6.96% |
| EBITDA Growth % | 50.1% | -20.75% | 22.53% | 31.29% | 57.63% | - |
| D&A (Non-Cash Add-back) | 7.67M | 10.07M | 12.79M | 18.78M | 13.04M | 2.25M |
| EBIT | 43.79M | 24.15M | 13.45M | 16.26M | 13.75M | 15.14M |
| Net Interest Income | -14.41M | -14.2M | -11.93M | -12.32M | -8M | -731.13K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 14.41M | 14.2M | 11.93M | 12.32M | 8M | 731.13K |
| Other Income/Expense | - | - | - | - | - | - |
| Pretax Income | 7M | 9.95M | 1.52M | 3.94M | 5.75M | 14.41M |
| Pretax Margin % | 1.14% | 1.73% | 0.22% | 0.61% | 1.05% | 5.88% |
| Income Tax | 2.29M | 2.14M | 49K | 395K | -171.16K | 0 |
| Effective Tax Rate % | 32.7% | 21.48% | 3.23% | 10.02% | -2.98% | 0% |
| Net Income | -6.18M | -11.69M | -26.1M | 3.98M | 5.94M | 14.41M |
| Net Margin % | -1.01% | -2.04% | -3.79% | 0.62% | 1.08% | 5.88% |
| Net Income Growth % | 47.1% | 55.23% | -755.83% | -33.03% | -58.75% | - |
| Net Income (Continuing) | 4.71M | 7.81M | 1.47M | 3.55M | 5.92M | 14.41M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -840K | 7.15M | 25.19M | 2.23M | 1.43M | 0 |
| EPS (Diluted) | -0.81 | -0.56 | -1.57 | 0.32 | 0.48 | 1.17 |
| EPS Growth % | -44.64% | 64.33% | -590.63% | -33.33% | -58.97% | - |
| EPS (Basic) | -0.81 | -0.56 | -1.57 | 0.32 | 0.48 | 1.17 |
| Diluted Shares Outstanding | 71.48M | 20.81M | 16.68M | 12.36M | 12.36M | 12.36M |
| Basic Shares Outstanding | 71.48M | 20.81M | 16.68M | 12.36M | 12.36M | 12.36M |
| Dividend Payout Ratio | - | - | - | 285.25% | 128.27% | 9.92% |
Regulatory and compliance headwinds
Based on reported financial data, Bitcoin Depot's gross margin fluctuated between a low of 12.5% in 2024Q1 and a peak of 20.2% in 2025Q1, reflecting the inherent sensitivity of the kiosk-based transaction model to retail partner commission structures and underlying cryptocurrency price volatility.
The variability in gross margins suggests that the company lacks significant pricing power, as it must absorb fluctuating retail host fees and crypto procurement costs. Investors should monitor whether the recent expansion of the BDCheckout product can provide a more stable, higher-margin revenue stream that is less dependent on physical kiosk maintenance.
As indicated by the income statement, Bitcoin Depot's operating margin reached a peak of 10.8% in 2025Q1 before contracting to -1.3% in 2025Q4, demonstrating that the company has yet to achieve the necessary scale to consistently leverage its fixed operating expenses against revenue fluctuations.
The inability to maintain positive operating margins during periods of revenue contraction highlights the heavy fixed-cost burden associated with managing a large physical kiosk network. This suggests that the company's profitability is highly sensitive to transaction volume, making it vulnerable to any decline in retail foot traffic.
According to recent SEC filings, Bitcoin Depot's net income has remained erratic, swinging from a $6.1 million profit in 2025Q2 to a $22.0 million loss in 2025Q4, a trend heavily influenced by non-operating items and significant stock-based compensation expenses reaching $2.2 million in 2025Q3.
The disconnect between operating income and net income suggests that the company's bottom line is frequently impacted by non-core charges, which complicates the assessment of its true earnings power. The recurring use of stock-based compensation warrants further investigation to determine its dilutive impact on long-term shareholder value.
Based on the provided financial history, the company's reliance on a transaction-heavy model faces a significant threat from potential regulatory interventions, as evidenced by the sharp margin compression observed during periods of increased scrutiny on kiosk-based crypto transactions and anti-money laundering compliance requirements.
Short-sellers may focus on the potential for mandatory 'cooling off' periods or stricter identity verification, which could materially increase transaction friction and reduce the convenience value proposition for the core user base. If regulatory costs continue to rise, the current business model may struggle to maintain even modest profitability.
Quick answers to the most common questions about buying BTM stock.
Bitcoin Depot Inc. (BTM) reported a net loss of $6.2M for the fiscal year ending 2025.
Bitcoin Depot Inc. (BTM) reported an operating income of $43.8M, resulting in an operating profit margin of 7.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Bitcoin Depot Inc. (BTM) generated $113.3M in gross profit for the year, representing a gross profit margin of 18.4%. This demonstrates the company's core pricing power and production efficiency.