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Table of Contents

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended June 30, 2024

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from __________ to __________

Commission File Number: 001-41305

 

Bitcoin Depot Inc.

(Exact name of registrant as specified in its charter)

 

 

Delaware

87-3219029

(State or other jurisdiction of

incorporation or organization)

(IRS Employer

Identification No.)

3343 Peachtree Road NE, Suite 750

Atlanta, GA

30326

(Address of principal executive offices)

(Zip Code)

(687) 435-9604

(Registrant’s telephone number, including area code)

Not applicable

(Former name, former address and former fiscal year, if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange

on which registered

 

 

 

 

 

Class A common stock, par value $0.0001 per share

 

BTM

 

The NASDAQ Stock Market LLC

Warrants, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50 per share

 

BTMWW

 

The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

As of August 12, 2024, the registrant had 17,844,174 shares outstanding of Class A common stock, par value $0.0001 per share, 3,075,000 shares outstanding of Series A Preferred Shares, par value of $0.0001, 0 shares outstanding of Class B common stock, par value $0.0001 per share, 1,075,761 shares outstanding of Class E common stock, par value $0.0001 per share, 0 shares outstanding of Class M common stock, par value $0.0001 per share, 0 shares outstanding of Class O common stock, par value $0.0001 per share, and 41,193,024 shares outstanding of Class V common stock, par value $0.0001 per share.

 


Table of Contents

 

Bitcoin Depot Inc.

Quarterly Report on Form 10-Q

Table of Contents

 

 

 

Page

Part I - Financial Information

1

Item 1.

Financial Statements

1

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

37

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

52

Item 4.

Controls and Procedures

52

 

PART II - OTHER INFORMATION

54

Item 1.

Legal Proceedings

54

Item 1A.

Risk Factors

54

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

54

Item 3.

Defaults upon Senior Securities

54

Item 4.

Mine Safety Disclosures

54

Item 5.

Other Information

55

Item 6.

Exhibits and Financial Statement Schedules

56

 

 

SIGNATURES

57

 

Forward-Looking Statements

 

Our disclosure and analysis in this report concerning our operations, cash flows and financial position, including, in particular, the likelihood of our success in developing and expanding our business and the realization of sales from our backlog, include forward-looking statements. Statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates” and similar expressions are forward-looking statements. Although these statements are based upon reasonable assumptions, they are subject to risks and uncertainties that are described more fully herein and in our Annual Report on Form 10-K for the year ended December 31, 2023, in Part I, Item 1A, “Risk Factors” and in Part I under the heading "Cautionary Notice Regarding Forward-Looking Statements", as well as in our other filings with the Securities and Exchange Commission. These risks include our ability to successfully realize the expected benefits of the business combination; our ability to operate in existing markets or expand into new jurisdictions; our ability to manage our growth effectively; our ability to continue to operate in states where we have obtained the requisite licenses to the extent that the laws and regulations of such states clearly indicate that a license is required or where state regulators have advised us that we need a license to operate; our ability to manage regulatory uncertainty in the cryptocurrency industry and maintain positive relationships with federal and state regulators; our dependence on key business relationships with certain key suppliers of Bitcoin; our dependence on, and ability to maintain, key business relationships with store locations for our kiosks and franchise locations, and related supplies, programs, and technologies for our business on acceptable terms; the negative impact on our future results of operations of the unknown potential growth rate and demand for Bitcoin kiosks and by the slow adoption of cryptocurrency; our heavy dependency on our ability to win, maintain and renew contracts with store location partners; unfavorable macroeconomic conditions or decreased discretionary spending due to other factors such as increased interest rates, increased inflation, high fuel rates, recessions, epidemics or other public health issues, terrorist activity or threat thereof, civil unrest or other economic or political uncertainties, that could adversely affect our business, results of operations, cash flows and financial conditions; and our ability to obtain debt financing or refinance existing indebtedness on satisfactory terms, liquidity and trading of our public securities. Accordingly, we can give no assurance that we will achieve the results anticipated or implied by our forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.


 

i


Table of Contents

 

Part I - Financial Information

Item 1. Financial Statements.

BITCOIN DEPOT INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

 

 

 

 

 

 

 

 

 

June 30, 2024
(unaudited)

 

 

December 31, 2023

 

Assets

 

 

 

 

 

 

Current:

 

 

 

 

 

 

Cash and cash equivalents

 

$

43,942

 

 

$

29,759

 

Cryptocurrencies

 

 

600

 

 

 

712

 

Accounts receivable

 

 

317

 

 

 

245

 

Prepaid expenses and other current assets

 

 

9,777

 

 

 

6,554

 

Total current assets

 

 

54,636

 

 

 

37,270

 

Property and equipment:

 

 

 

 

 

 

Furniture and fixtures

 

 

635

 

 

 

635

 

Leasehold improvements

 

 

172

 

 

 

172

 

Kiosk machines - owned

 

 

27,100

 

 

 

24,222

 

Kiosk machines - leased

 

 

22,394

 

 

 

20,524

 

Total property and equipment

 

 

50,301

 

 

 

45,553

 

Less: accumulated depreciation

 

 

(25,758

)

 

 

(20,699

)

Total property and equipment, net

 

 

24,543

 

 

 

24,854

 

Intangible assets, net

 

 

3,168

 

 

 

3,836

 

Goodwill

 

 

8,717

 

 

 

8,717

 

Operating lease right-of-use assets, net

 

 

2,489

 

 

 

484

 

Deposits

 

 

699

 

 

 

412

 

Deferred tax assets

 

 

3,286

 

 

 

1,804

 

Total assets

 

$

97,538

 

 

$

77,377

 

 

The accompanying notes are an integral part of these unaudited consolidated financial statements.

-1-


Table of Contents

 

BITCOIN DEPOT INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

 

 

 

 

 

 

June 30, 2024
(unaudited)

 

 

December 31, 2023

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

Current:

 

 

 

 

 

 

Accounts payable

 

$

10,326

 

 

$

8,337

 

Accrued expenses and other current liabilities

 

 

21,591

 

 

 

21,545

 

Notes payable

 

 

4,366

 

 

 

3,985

 

Income taxes payable

 

 

2,811

 

 

 

2,484

 

Deferred revenue

 

 

13

 

 

 

297

 

Operating lease liabilities, current portion

 

 

813

 

 

 

279

 

Current installments of obligations under finance leases

 

 

4,761

 

 

 

6,801

 

Other non-income tax payable

 

 

2,235

 

 

 

2,297

 

Total current liabilities

 

 

46,916

 

 

 

46,025

 

Long-term liabilities

 

 

 

 

 

 

Notes payable, non-current

 

 

38,793

 

 

 

17,101

 

Operating lease liabilities, non-current

 

 

1,754

 

 

 

319

 

Obligations under finance leases, non-current

 

 

2,653

 

 

 

2,848

 

Deferred income tax, net

 

 

853

 

 

 

846

 

Tax receivable agreement liability due to related party, non-current

 

 

2,126

 

 

 

865

 

Total Liabilities

 

 

93,095

 

 

 

68,004

 

Commitments and Contingencies (Note 19)

 

 

 

 

 

 

Stockholders’ Equity

 

 

 

 

 

 

Series A Preferred Stock, $0.0001 par value; 50,000,000 authorized, 3,075,000 and 3,125,000 shares issued and outstanding, at June 30, 2024 and December 31, 2023, respectively

 

 

 

 

 

 

Class A common stock, $0.0001 par value; 800,000,000 authorized, 17,345,855 and 13,602,691 shares issued, and 17,155,235 and 13,482,047 shares outstanding at June 30, 2024 and December 31, 2023, respectively

 

 

1

 

 

 

1

 

Class B common stock, $0.0001 par value; 20,000,000 authorized, no shares issued and outstanding at June 30, 2024 and December 31, 2023

 

 

 

 

 

 

Class E common stock, $0.0001 par value; 2,250,000 authorized, 1,075,761 shares issued and outstanding at June 30, 2024 and December 31, 2023

 

 

 

 

 

 

Class M common stock, $0.0001 par value; 300,000,000 authorized, no shares issued and outstanding at June 30, 2024 and December 31, 2023

 

 

 

 

 

 

Class O common stock, $0.0001 par value; 800,000,000 authorized, no shares issued and outstanding at June 30, 2024 and December 31, 2023

 

 

 

 

 

 

Class V common stock, $0.0001 par value; 300,000,000 authorized, 41,193,024 and 44,100,000 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively

 

 

4

 

 

 

4

 

Treasury stock

 

 

(437

)

 

 

(279

)

Additional paid-in capital

 

 

20,731

 

 

 

17,326

 

Accumulated deficit

 

 

(36,762

)

 

 

(32,663

)

Accumulated other comprehensive loss

 

 

(198

)

 

 

(203

)

Total Stockholders’ Deficit Attributable to Bitcoin Depot Inc.

 

 

(16,661

)

 

 

(15,814

)

Equity attributable to non-controlling interests

 

 

21,104

 

 

 

25,187

 

Total Stockholders’ Equity

 

 

4,443

 

 

 

9,373

 

Total Liabilities and Stockholders’ Equity

 

$

97,538

 

 

$

77,377

 

 

The accompanying notes are an integral part of these unaudited consolidated financial statements.

-2-


Table of Contents

 

BITCOIN DEPOT INC.

CONSOLIDATED STATEMENTS OF (LOSS) INCOME AND COMPREHENSIVE (LOSS) INCOME

(UNAUDITED)

(in thousands, except share and per share amounts)

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Revenue

 

$

163,066

 

 

$

197,474

 

 

$

301,605

 

 

$

361,077

 

Cost of revenue (excluding depreciation and amortization)

 

 

136,708

 

 

 

167,242

 

 

 

257,995

 

 

 

308,543

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general, and administrative

 

 

15,762

 

 

 

16,168

 

 

 

29,368

 

 

 

27,003

 

Depreciation and amortization

 

 

2,992

 

 

 

3,499

 

 

 

5,939

 

 

 

6,295

 

Total operating expenses

 

 

18,754

 

 

 

19,667

 

 

 

35,307

 

 

 

33,298

 

Income from operations

 

 

7,604

 

 

 

10,565

 

 

 

8,303

 

 

 

19,236

 

Other (expense) income:

 

 

 

 

 

 

 

 

 

 

 

 

Interest (expense)

 

 

(2,880

)

 

 

(4,404

)

 

 

(7,824

)

 

 

(7,351

)

Other income (expense)

 

 

34

 

 

 

(10,797

)

 

 

40

 

 

 

(10,913

)

(Loss) on foreign currency transactions

 

 

(138

)

 

 

(62

)

 

 

(265

)

 

 

(211

)

Total other (expense)

 

 

(2,984

)

 

 

(15,263

)

 

 

(8,049

)

 

 

(18,475

)

(Loss) Income before provision for income taxes and non-controlling interest

 

 

4,620

 

 

 

(4,698

)

 

 

254

 

 

 

761

 

Income tax (expense) benefit

 

 

(270

)

 

 

692

 

 

 

(132

)

 

 

1,314

 

Net income (loss)

 

 

4,350

 

 

 

(4,006

)

 

 

122

 

 

 

2,075

 

Net income attributable to Legacy Bitcoin Depot unit holders

 

 

 

 

 

6,616

 

 

 

 

 

 

12,906

 

Net income attributable to non-controlling interest

 

 

6,911

 

 

 

77

 

 

 

4,221

 

 

 

(132

)

Net (loss) attributable to Bitcoin Depot Inc.

 

 

(2,561

)

 

 

(10,699

)

 

 

(4,099

)

 

 

(10,699

)

Other comprehensive income (loss), net of tax

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

 

4,350

 

 

 

(4,006

)

 

 

122

 

 

 

2,075

 

Foreign currency translation adjustments

 

 

5

 

 

 

(21

)

 

 

18

 

 

 

(21

)

Total comprehensive income (loss)

 

 

4,355

 

 

 

(4,027

)

 

 

140

 

 

 

2,054

 

Comprehensive income attributable to Legacy Bitcoin Depot unit holders

 

 

 

 

 

6,595

 

 

 

 

 

 

12,885

 

Comprehensive income (loss) attributable to non-controlling interest

 

 

6,911

 

 

 

77

 

 

 

4,234

 

 

 

(132

)

Comprehensive (loss) attributable to Bitcoin Depot Inc.

 

$

(2,556

)

 

$

(10,699

)

 

$

(4,094

)

 

$

(10,699

)

Net (loss) attributable to Bitcoin Depot Inc.

 

$

(2,561

)

 

$

(10,699

)

 

$

(4,099

)

 

$

(10,699

)

(Loss) per share basic and diluted

 

$

(0.13

)

 

$

(0.64

)

 

$

(0.23

)

 

$

(0.64

)

Weighted average shares: basic and diluted

 

 

19,432,011

 

 

 

16,658,691

 

 

 

18,016,761

 

 

 

16,658,691

 

 

The accompanying notes are an integral part of these unaudited consolidated financial statements.

-3-


Table of Contents

 

BITCOIN DEPOT INC.

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY

THREE AND SIX MONTHS ENDED JUNE 30, 2024

(UNAUDITED)

(in thousands, except share and per share amounts)

 

Series A
Preferred Stock

 

Class A
Common Stock

 

Class E
Common Stock

 

Class V
Common Stock

 

Treasury Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

Amount

 

Shares

 

Amount

 

Shares

 

Amount

 

Shares

 

Amount

 

Shares

 

Amount

 

Additional Paid-In Capital

 

Accumulated Deficit

 

Accumulated Other Comprehensive (Loss)

 

Total Stockholders’ Deficit Attributable to Bitcoin Depot Inc.

 

Non-Controlling Interest

 

Total Stockholders’ Equity

 

April 1, 2024

 

3,075,000

 

$

 

 

13,721,691

 

$

1

 

 

1,075,761

 

$

 

 

44,100,000

 

$

4

 

 

(190,620

)

$

(437

)

$

18,215

 

$

(34,201

)

$

(199

)

$

(16,617

)

$

21,598

 

$

4,981

 

Distributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6,832

)

 

(6,832

)

Foreign currency translation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

 

 

1

 

 

4

 

 

5

 

Shares issued for vested RSU awards

 

 

 

 

 

717,188

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,720

 

 

 

 

 

 

1,720

 

 

8

 

 

1,728

 

Redemption of non-controlling interest

 

 

 

 

 

2,906,976

 

 

 

 

 

 

 

 

(2,906,976

)

 

 

 

 

 

 

 

585

 

 

 

 

 

 

585

 

 

(585

)

 

 

Change in tax basis in BT HoldCo due to redemption

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

211

 

 

 

 

 

 

211

 

 

 

 

211

 

Net (loss) income attributable to Bitcoin Depot Inc.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,561

)

 

 

 

(2,561

)

 

6,911

 

 

4,350

 

June 30, 2024

 

3,075,000

 

$

 

 

17,345,855

 

$

1

 

 

1,075,761

 

$

 

 

41,193,024

 

$

4

 

 

(190,620

)

$

(437

)

$

20,731

 

$

(36,762

)

$

(198

)

$

(16,661

)

$

21,104

 

$

4,443

 

January 1, 2024

 

3,125,000

 

$

 

 

13,602,691

 

$

1

 

 

1,075,761

 

$

 

 

44,100,000

 

$

4

 

 

(120,644

)

$

(279

)

$

17,326

 

$

(32,663

)

$

(203

)

$

(15,814

)

$

25,187

 

$

9,373

 

Distributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,748

)

 

(7,748

)

Foreign currency translation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5

 

 

5

 

 

13

 

 

18

 

Conversion of Series A preferred stock to class A common stock

 

(50,000

)

 

 

 

50,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Treasury Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(69,976

)

 

(158

)

 

 

 

 

 

 

 

(158

)

 

 

 

(158

)

Shares issued for vested RSU awards

 

 

 

 

 

786,188

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,609

 

 

 

 

 

 

2,609

 

 

16

 

 

2,625

 

Redemption of non-controlling interest

 

 

 

 

 

2,906,976

 

 

 

 

 

 

 

 

(2,906,976

)

 

 

 

 

 

 

 

585

 

 

 

 

 

 

585

 

 

(585

)

 

 

Change in tax basis in BT HoldCo due to redemption

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

211

 

 

 

 

 

 

211

 

 

 

 

211

 

Net (loss) income attributable to Bitcoin Depot Inc.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,099

)

 

 

 

(4,099

)

 

4,221

 

 

122

 

June 30, 2024

 

3,075,000

 

$

 

 

17,345,855

 

$

1

 

 

1,075,761

 

$

 

 

41,193,024

 

$

4

 

 

(190,620

)

$

(437

)

$

20,731

 

$

(36,762

)

$

(198

)

$

(16,661

)

$

21,104

 

$

4,443

 

 

The accompanying notes are an integral part of these unaudited consolidated financial statements.

-4-


Table of Contents

 

BITCOIN DEPOT INC.

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY AND MEMBER’S EQUITY

THREE AND SIX MONTHS ENDED JUNE 30, 2023

(UNAUDITED)

(in thousands, except share and per share amounts)

 

 

 

Series A
Preferred Stock

 

Class A
Common Stock

 

Class E
Common Stock

 

Class V
Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity
Attributed
to Legacy
Bitcoin Depot

 

Shares

 

Amount

 

Shares

 

Amount

 

Shares

 

Amount

 

Shares

 

Amount

 

Accumulated Other Comprehensive (Loss)

 

Stock Subscription Receivable

 

Additional Paid-In Capital

 

Accumulated Deficit

 

Non-Controlling Interest

 

Total Stockholders’ Equity and Member's Equity

 

April 1, 2023

$

13,182

 

 

 

$

 

 

 

$

 

 

 

$

 

 

 

$

 

$

(182.00

)

$

 

$

 

$

 

$

2,213

 

$

15,213

 

Distributions

 

(12,233

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(12,233

)

Stock compensation prior to transaction

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

190

 

 

190

 

Foreign currency translation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(21

)

 

 

 

 

 

 

 

 

 

(21

)

Net income (loss) prior to transaction

 

6,616

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

77

 

 

6,693

 

Recapitalization of Legacy Bitcoin Depot equity and establishment of non-controlling interest

 

(7,565

)

 

 

 

 

 

11,858,691

 

 

1

 

 

1,075,761

 

 

 

 

44,100,000

 

 

4

 

 

 

 

(4

)

 

 

 

(5,806

)

 

9,866

 

 

(3,504

)

Establishment of TRA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(754

)

 

 

 

(754

)

Shares issued in connection with the PIPE Financing

 

 

 

4,300,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,609

)

 

13,889

 

 

 

 

 

 

8,280

 

Post transaction stock compensation expense related to shares issued to founder

 

 

 

 

 

 

 

500,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,615

 

 

 

 

 

 

1,615

 

Net (loss) after transaction-attributable to Bitcoin Depot Inc.