Crypto ATM operator Bitcoin Depot reports Q3 revenue of $135.3 million

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The Block2024/11/14 16:00

By:The Block

Quick Take The firm noted $135.3 million in revenue for the third quarter of 2024, down 25% from the $179.5 million brought in 2023’s third quarter.

Crypto ATM operator Bitcoin Depot reports Q3 revenue of $135.3 million image 0

Bitcoin Depot, an Atlanta-based crypto ATM manufacturer, released financial results for 2024's third fiscal quarter.

The firm noted $135.3 million in revenue for the quarter, a 25% decrease compared to the $179.5 million brought in the third financial quarter of 2023, according to a Nov. 14 filing with the U.S. Securities and Exchange Commission. The company also reported holding over $1.31 million in cryptocurrencies.

“During the third quarter, we made significant strides in expanding our Bitcoin ATM network while working to optimize existing machines for greater profitability,” said Brandon Mintz, CEO and Founder of Bitcoin Depot, in a Nov. 13 statement . “We ended the quarter with 8,300 machines, surpassing our goals and reflecting our team's execution and vision to enhance Bitcoin’s accessibility."

Bitcoin Depot went public at an $885 million valuation in August 2022. The firm's Class A Common Stock, with the ticker BTM, trades on NASDAQ and is valued at $1.99 as of 4:22 p.m. ET (21:22 UTC) on Nov. 15. It currently has a market cap of around $118.2 million.

Bitcoin Depot maintains around 16,700 locations across the United States, Canada and Australia, according to the firm's website .

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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