GSR II Meteora Acquisition Corp.

Fourth-quarter revenue was $116,000,000 versus $136,800,000 in the prior-year period. Full-year 2025 revenue increased 7% to $615,000,000. Q4 gross margin was 13.2% versus 17.2% last year; full-year gross margin expanded 300 basis points to 17.2%. Full-year gross profit was $15,300,000 versus $23,500,000 in 2024, and adjusted EBITDA rose 42% to $56,400,000. Cash, cash equivalents, and cryptocurrencies ended 2025 at $76,600,000, up from $31,000,000 at year-end 2024, while operating cash flow was $34,000,000, up 51%. Management expects 2026 core BTM revenue to decline 30% to 40% year over year, with kiosk count likely flat to slightly down depending on relocations; Cut revenue is expected to be below $5,000,000, and the new businesses are not expected to materially affect overall 2026 revenue.

Scott Buchanan framed 2025 as a strong year operationally, saying the company made meaningful progress on its long-term strategy despite a weaker fourth quarter. He attributed the Q4 decline mainly to state-level transaction caps and tighter compliance standards, but argued those changes are constructive for industry credibility and favor Bitcoin Depot because of its scale and compliance infrastructure. He also emphasized diversification, highlighting the Cut acquisition, the ReadyBox launch, and continued international expansion efforts.

David Gray focused on the hard numbers and balance sheet. He cited Q4 revenue of $116,000,000, full-year revenue of $615,000,000, full-year gross margin of 17.2%, adjusted EBITDA of $56,400,000, and operating cash flow of $34,000,000; he also noted cash, cash equivalents, and cryptocurrencies of $76,600,000 and debt of $62,500,000 at year-end, including $18,000,000 of term loan debt and $40,000,000 of profit-sharing liabilities. He said 2026 will be challenging for the core BTM business, expects a 30% to 40% revenue decline, and plans to focus on cost containment and fleet optimization. He also said the company does not anticipate further expansion of the profit share program.

Analysts focused on the 2026 outlook, especially how regulation changes affect kiosk growth, M&A, and the size of the new Cut business. Management said the revenue guidance range is wide because it is unclear how many states will pass additional restrictions, and Scott said kiosks will likely be flat or down slightly as the company relocates units away from negative jurisdictions. On M&A, Scott said Bitcoin Depot will be opportunistic rather than actively trying to roll up the industry, and on international expansion he said the company is still working on two more countries and hopes to launch them in late Q1 or early Q2.