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Bitcoin Depot saw profit growth in 2023 in financial results

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March 25, 2024

Bitcoin Depot Inc., a bitcoin ATM operator announced gross profit in the fourth quarter of 2023 was $17.9 million, compared to $14.6 million year over year. Gross profit for the full year was $87.8 million compared to $53.3 million in 2022, with a margin of 12.8% compared to 8.3%, according to a press release.

Revenue in the fourth quarter of 2023 was down by 1% at $148.4 million compared to $149.7 million year-over year. Other findings include:

• Adjusted EBITDA non-GAAP for Q4 2023 was $9 million compared to $11.4 million in 2023.
• Adjusted EBITDA for full year was $56.4 million compared to $41.2 million in 2022.
• $17 million operating expenses for 2023.
• Total operating expenses were $69.8 million compared to $55.8 million year-over-year.
• Net income was $1.6 million in 2023 compared to $3.5 million year-over-year.

"Bitcoin Depot had its strongest year ever in 2023 as we delivered $689 million in revenue, $56 million in Adjusted EBITDA, and had sustained strength in customer traffic and transaction volume," Brandon Mintz, CEO and founder of Bitcoin Depot, said in the release. "We continued to advance our growth strategy by expanding the number of Bitcoin access points across North America while optimizing our footprint to drive an improvement in profitability."