Bitcoin Depot Shares Gain After Preliminary 3Q Results Exceed Guidance
By Connor HartShares of Bitcoin Depot climbed after the company disclosed preliminary third-quarter results which exceeded guidance.The stock was up 13% to $3.80 in premarket trading Wednesday. As of Tuesday's close, shares had more than doubled so far this year.The bitcoin ATM operator said before the bell it expected revenue for the September quarter to be approximately $160 million, an 18% increase from last year. It had previously guided for year-over-year revenue to grow high-single digits on a percentage basis.Bitcoin Depot additionally projected third-quarter adjusted earnings before interest, taxes, depreciation and amortization--which strip out exceptional and other one-off items--to be up about 50% from last year.The company previously had guided for the metric to grow 20% to 30% from the previous year."Our growth reflects not only the strength of our BTM network and disciplined execution, but also the ongoing consumer adoption of cryptocurrency which led to kiosk performance exceeding expectations," Chief Executive Brandon Mintz said."These results underscore our ability to capitalize on long-term industry tailwinds while maintaining a sharp focus on profitability and shareholder value."The company said it plans to release its full earnings for the quarter in November.Write to Connor Hart at [email protected]