Exhibit 2.6

The supplemental consolidating data includes separate legal entity data for the Company's entities, Bitcoin Depot Operating, LLC (“BT OpCo”), BT HoldCo, LLC (“BT HoldCo”), and Bitcoin Depot Inc. ("PubCo"). This information is presented to highlight the separate financial statement impacts of the entities.

Management determined that EPS was not presented for periods prior to the Merger as it was not considered to be meaningful. Supplemental consolidating data is as follows (in thousands):

 

 

June 30, 2024

 

 

(unaudited)

 

BT OpCo

 

BT HoldCo

 

PubCo

 

Eliminations

 

Consolidated

 

Assets

 

 

 

 

 

 

 

 

 

 

Current:

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

43,058

 

$

13

 

$

871

 

$

 

$

43,942

 

Cryptocurrencies

 

600

 

 

 

 

 

 

 

 

600

 

Accounts receivable

 

317

 

 

 

 

 

 

 

 

317

 

Prepaid expenses and other current assets

 

5,431

 

 

133

 

 

4,213

 

 

 

 

9,777

 

Total current assets

 

49,406

 

 

146

 

 

5,084

 

 

 

 

54,636

 

Property and equipment:

 

 

 

 

 

 

 

 

 

 

Furniture and fixtures

 

635

 

 

 

 

 

 

 

 

635

 

Leasehold improvements

 

172

 

 

 

 

 

 

 

 

172

 

Kiosk machines - owned

 

27,100

 

 

 

 

 

 

 

 

27,100

 

Kiosk machines - leased

 

22,394

 

 

 

 

 

 

 

 

22,394

 

Total property and equipment

 

50,301

 

 

 

 

 

 

 

 

50,301

 

Less: accumulated depreciation

 

(25,758

)

 

 

 

 

 

 

 

(25,758

)

Total property and equipment, net

 

24,543

 

 

 

 

 

 

 

 

24,543

 

Intangible assets, net

 

3,168

 

 

 

 

 

 

 

 

3,168

 

Goodwill

 

8,717

 

 

 

 

 

 

 

 

8,717

 

Operating lease right-of-use assets, net

 

2,489

 

 

 

 

 

 

 

 

2,489

 

Security deposits

 

699

 

 

 

 

 

 

 

 

699

 

Deferred tax asset

 

41

 

 

 

 

3,245

 

 

 

 

3,286

 

Due from related parties

 

10,161

 

 

 

 

295

 

 

(10,456

)

 

 

Investment in Subsidiary

 

 

 

11,278

 

 

 

 

(11,278

)

 

 

Total Assets

$

99,224

 

$

11,424

 

$

8,624

 

$

(21,734

)

$

97,538

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

June 30, 2024

 

(unaudited)

 

 

BT OpCo

 

BT HoldCo

 

PubCo

 

Eliminations

 

Consolidated

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

 

 

 

Current:

 

 

 

 

 

 

 

 

 

 

Accounts payable

$

10,275

 

$

3

 

$

48

 

$

 

$

10,326

 

Accrued expenses

 

19,744

 

 

 

 

1,847

 

 

 

 

21,591

 

Notes payable

 

4,366

 

 

 

 

 

 

 

 

4,366

 

Income taxes payable

 

1,394

 

 

 

 

1,417

 

 

 

 

2,811

 

Deferred revenue

 

13

 

 

 

 

 

 

 

 

13

 

Operating lease liabilities, current portion

 

813

 

 

 

 

 

 

 

 

813

 

Current installments of obligations under finance leases

 

4,761

 

 

 

 

 

 

 

 

4,761

 

Other tax payable

 

 

 

 

 

2,235

 

 

 

 

2,235

 

Total current liabilities

 

41,366

 

 

3

 

 

5,547

 

 

 

 

46,916

 

Long-term liabilities:

 

 

 

 

 

 

 

 

 

 

Note payable, non-current

 

38,793

 

 

 

 

 

 

 

 

38,793

 

Operating lease liabilities, non-current

 

1,754

 

 

 

 

 

 

 

 

1,754

 

Obligations under finance leases, non-current

 

2,653

 

 

 

 

 

 

 

 

2,653

 

Deferred income tax, net

 

853

 

 

 

 

 

 

 

 

853

 

Due to related parties

 

295

 

 

 

 

10,160

 

 

(10,455

)

 

 

Tax receivable agreement liability

 

 

 

 

 

2,126

 

 

 

 

2,126

 

Total Liabilities

 

85,714

 

 

3

 

 

17,833

 

 

(10,455

)

 

93,095

 

Commitments and Contingencies (Note 22)

 

 

 

 

 

 

 

 

 

 

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

 

 

 

484

 

 

 

 

(484

)

 

 

Class A common stock, $0.0001 par value; 800,000,000 authorized, 17,345,855 and 13,602,691 shares issued, and 17,155,211 and 13,482,047 shares outstanding at June 30, 2024 and December 31, 2023, respectively

 

 

 

6,881

 

 

1

 

 

(6,881

)

 

1

 

Class B common stock, $0.0001 par value; 20,000,000 authorized, no shares issued and outstanding at March 31, 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

)

 

 

 

(437

)

Stock subscriptions receivable

 

 

 

 

 

 

 

 

 

 

Additional paid-in capital

 

 

 

4,115

 

 

20,146

 

 

(3,530

)

 

20,731

 

Retained earnings (accumulated deficit)

 

 

 

(3,005

)

 

(28,721

)

 

(5,036

)

 

(36,762

)

Equity attributed to Bitcoin Depot Inc.

 

10,914

 

 

(44

)

 

 

 

(10,870

)

 

 

Accumulated other comprehensive loss

 

(172

)

 

 

 

(202

)

 

176

 

 

(198

)

Total Stockholders’ Equity and Equity Attributable to Bitcoin Depot Inc.

 

10,742

 

 

8,431

 

 

(9,209

)

 

(26,625

)

 

(16,661

)

Equity attributable to non-controlling interests

 

2,768

 

 

2,990

 

 

 

 

15,346

 

 

21,104

 

Total Stockholders’ Equity

 

13,510

 

 

11,421

 

 

(9,209

)

 

(11,279

)

 

4,443

 

Total Liabilities and Stockholders’ Equity

$

99,224

 

$

11,424

 

$

8,624

 

$

(21,734

)

$

97,538

 

 

 

 


 

 

 

 

 

Six Months Ended June 30, 2024

 

(unaudited)

 

BT OpCo

 

BT HoldCo

 

PubCo

 

Eliminations

 

Consolidated

 

Revenue

$

301,605

 

$

1,586

 

$

 

$

(1,586

)

$

301,605

 

Cost of revenue (excluding depreciation and amortization)

 

257,995

 

 

 

 

 

 

 

 

257,995

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

Selling, general, and administrative

 

27,771

 

 

 

 

1,597

 

 

 

 

29,368

 

Depreciation and amortization

 

5,939

 

 

 

 

 

 

 

 

5,939

 

Total operating expenses

 

33,710

 

 

 

 

1,597

 

 

 

 

35,307

 

Income from operations

 

9,900

 

 

1,586

 

 

(1,597

)

 

(1,586

)

 

8,303

 

Other (expense) income:

 

 

 

 

 

 

 

 

 

 

Interest expense

 

7,824

 

 

 

 

 

 

 

 

7,824

 

Other (expense) income

 

(29

)

 

 

 

(11

)

 

 

 

(40

)

(Loss) on foreign currency transactions

 

265

 

 

 

 

 

 

 

 

265

 

Total other (expense) income

 

8,060

 

 

 

 

(11

)

 

 

 

8,049

 

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

 

1,840

 

 

1,586

 

 

(1,586

)

 

(1,586

)

 

254

 

Income tax (expense) benefit

 

(254

)

 

 

 

122

 

 

 

 

(132

)

Net (loss) income

 

1,586

 

 

1,586

 

 

(1,464

)

 

(1,586

)

 

122

 

Net income (loss) attributable to non-controlling interest in subsidiary

 

44

 

 

44

 

 

 

 

4,133

 

 

4,221

 

Net (loss) income attributable to Bitcoin Depot Inc.

 

1,542

 

 

1,542

 

 

(1,464

)

 

(5,719

)

 

(4,099

)

Other comprehensive income (loss), net of tax

 

 

 

 

 

 

 

 

 

 

Net (loss) income

 

1,586

 

 

1,586

 

 

(1,464

)

 

(1,586

)

 

122

 

Foreign currency translation adjustments

 

18

 

 

 

 

 

 

 

 

18

 

Total comprehensive (loss) income

 

1,604

 

 

1,586

 

 

(1,464

)

 

(1,586

)

 

140

 

Comprehensive income (loss) attributable to non-controlling interest in subsidiary

 

44

 

 

44

 

 

 

 

4,146

 

 

4,234

 

Comprehensive (loss) income attributable to Bitcoin Depot Inc.

$

1,560

 

$

1,542

 

$

(1,464

)

$

(5,732

)

$

(4,094

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

Three Months Ended June 30, 2024

 

(unaudited)

 

BT OpCo

 

BT HoldCo

 

PubCo

 

Eliminations

 

Consolidated

 

Revenue

$

163,066

 

$

5,082

 

$

 

$

(5,082

)

$

163,066

 

Cost of revenue (excluding depreciation and amortization)

 

136,708

 

 

 

 

 

 

 

 

136,708

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

Selling, general, and administrative

 

14,864

 

 

 

 

898

 

 

 

 

15,762

 

Depreciation and amortization

 

2,992

 

 

 

 

 

 

 

 

2,992

 

Total operating expenses

 

17,856

 

 

 

 

898

 

 

 

 

18,754

 

Income from operations

 

8,502

 

 

5,082

 

 

(898

)

 

(5,082

)

 

7,604

 

Other (expense) income:

 

 

 

 

 

 

 

 

 

 

Interest expense

 

2,880

 

 

 

 

 

 

 

 

2,880

 

Other (expense) income

 

(23

)

 

 

 

(11

)

 

 

 

(34

)

(Loss) on foreign currency transactions

 

138

 

 

 

 

 

 

 

 

138

 

Total other (expense) income

 

2,995

 

 

 

 

(11

)

 

 

 

2,984

 

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

 

5,507

 

 

5,082

 

 

(887

)

 

(5,082

)

 

4,620

 

Income tax (expense) benefit

 

(429

)

 

 

 

159

 

 

 

 

(270

)

Net (loss) income

 

5,078

 

 

5,082

 

 

(728

)

 

(5,082

)

 

4,350

 

Net income (loss) attributable to non-controlling interest in subsidiary

 

40

 

 

40

 

 

 

 

6,831

 

 

6,911

 

Net (loss) income attributable to Bitcoin Depot Inc.

 

5,037

 

 

5,041

 

 

(728

)

 

(11,911

)

 

(2,561

)

Other comprehensive income (loss), net of tax

 

 

 

 

 

 

 

 

 

 

Net (loss) income

 

5,078

 

 

5,082

 

 

(728

)

 

(5,082

)

 

4,350

 

Foreign currency translation adjustments

 

5

 

 

 

 

 

 

 

 

5

 

Total comprehensive (loss) income

 

5,083

 

 

5,082

 

 

(728

)

 

(5,082

)

 

4,355

 

Comprehensive income (loss) attributable to non-controlling interest in subsidiary

 

40

 

 

40

 

 

 

 

6,831

 

 

6,911

 

Comprehensive (loss) income attributable to Bitcoin Depot Inc.

$

5,043

 

$

5,042

 

$

(728

)

$

(11,913

)

$

(2,556

)