Bitcoin Depot Shares Rise After 1Q Beat
By Chris WackBitcoin Depot shares were 22% higher, at $2.08, after the company reported first-quarter earnings and revenue that beat analysts' expectations.The Atlanta financial-tech company, which operates bitcoin ATMs, said Thursday that it had quarterly earnings of $12.2 million, or 20 cents a share, compared with a loss of $4.23 million, or 25 cents a share, in the same quarter a year earlier. Analysts polled by FactSet were looking earnings of $5.1 million, or 12 cents a share.Revenue for the quarter was $164.2 million, compared with last year's $138.5 million and the $151.7 million analysts were expecting.The company said the revenue increase was driven by increased kiosk deployment and higher median transaction size.Bitcoin Depot had cash, cash equivalents, and cryptocurrencies of $43.3 million at March 31, compared with $31 million at the end of 2024. The company used $7.8 million in the first quarter to buy 83 more bitcoin, bringing its total held for investment to 94.35 bitcion, it said.The company expects second-quarter revenue to grow in the low- to mid-single digits on a percentage basis from the prior year.Write to Chris Wack at [email protected]