Bitcoin Depot Inc.

Fourth-quarter 2025 revenue was $116.0 million versus $136.8 million a year earlier. Full-year revenue increased 7% to $615.0 million. Fourth-quarter gross margin was 13.2% versus 17.2% last year, while full-year gross margin expanded 300 basis points to 17.2%. Full-year gross profit was $15.3 million versus $23.5 million in 2024; Q4 adjusted EBITDA was $1.6 million versus $13.0 million, and full-year adjusted EBITDA rose 42% to $56.4 million. For 2026, management expects core BTM revenue to decline 30% to 40% year over year, kiosks to be flat or down slightly, and non-core businesses to remain immaterial to overall revenue this year.

Scott Buchanan said 2025 was a strong year overall, despite Q4 being hit by newly enacted state regulations and tougher compliance standards. He framed those changes as ultimately positive for the industry’s long-term credibility and said Bitcoin Depot is well positioned because of its scale and compliance capabilities. He also emphasized growth through kiosk expansion, relocations, retail partnerships, and diversification into P2P betting and merchant cash advances, presenting the company as evolving into a broader fintech platform.

David Gray led with the numbers: Q4 revenue was $116.0 million, full-year revenue was $615.0 million, full-year gross margin was 17.2%, and adjusted EBITDA was $56.4 million. He also noted cash, cash equivalents, and cryptocurrencies of $76.6 million at 12/31/2025, operating cash flow of $34.0 million, and debt of $62.5 million, including $18.0 million of term loan and $40.0 million of profit-sharing liabilities. He said the company completed a $15.0 million registered direct offering in Q4 for general corporate purposes and does not anticipate further expansion of the profit-share program.

Analysts focused on how much further regulation could hit 2026 results, whether kiosk counts would still grow, and what Cut could contribute. Management said the 30% to 40% revenue decline range reflects uncertainty about which states will pass new rules, with kiosks likely flat to slightly down depending on relocations. On Cut, David Gray said it is a small business, revenue will be below $5.0 million this year, and growth could be accelerated with added marketing and engineering. Scott Buchanan also said the company is not actively trying to roll up the industry, but it could make opportunistic acquisitions if attractive targets emerge.