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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 September 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 November 12, 2024, the registrant had 18,122,048 shares outstanding of Class A common stock, par value $0.0001 per share, 2,875,000 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

40

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

55

Item 4.

Controls and Procedures

55

 

PART II - OTHER INFORMATION

57

Item 1.

Legal Proceedings

57

Item 1A.

Risk Factors

57

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

57

Item 3.

Defaults upon Senior Securities

57

Item 4.

Mine Safety Disclosures

57

Item 5.

Other Information

58

Item 6.

Exhibits and Financial Statement Schedules

59

 

 

SIGNATURES

60

 

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)

 

 

 

 

 

 

 

 

 

September 30, 2024
(unaudited)

 

 

December 31, 2023

 

Assets

 

 

 

 

 

 

Current:

 

 

 

 

 

 

Cash and cash equivalents

 

$

32,229

 

 

$

29,759

 

Cryptocurrencies

 

 

1,311

 

 

 

712

 

Accounts receivable

 

 

380

 

 

 

245

 

Prepaid expenses and other current assets

 

 

7,453

 

 

 

6,554

 

Total current assets

 

 

41,373

 

 

 

37,270

 

Property and equipment:

 

 

 

 

 

 

Furniture and fixtures

 

 

635

 

 

 

635

 

Leasehold improvements

 

 

172

 

 

 

172

 

Kiosk machines - owned

 

 

32,086

 

 

 

24,222

 

Kiosk machines - leased

 

 

20,004

 

 

 

20,524

 

Total property and equipment

 

 

52,897

 

 

 

45,553

 

Less: accumulated depreciation

 

 

(25,350

)

 

 

(20,699

)

Total property and equipment, net

 

 

27,547

 

 

 

24,854

 

Intangible assets, net

 

 

2,698

 

 

 

3,836

 

Goodwill

 

 

8,717

 

 

 

8,717

 

Operating lease right-of-use assets, net

 

 

2,814

 

 

 

484

 

Deposits

 

 

736

 

 

 

412

 

Deferred tax assets

 

 

3,562

 

 

 

1,804

 

Total assets

 

$

87,447

 

 

$

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)

 

 

 

 

 

 

September 30, 2024
(unaudited)

 

 

December 31, 2023

 

Liabilities and Stockholders’ (Deficit) Equity

 

 

 

 

 

 

Current:

 

 

 

 

 

 

Accounts payable

 

$

11,965

 

 

$

8,337

 

Accrued expenses and other current liabilities

 

 

20,196

 

 

 

21,545

 

Notes payable, current portion

 

 

4,860

 

 

 

3,985

 

Income taxes payable

 

 

1,355

 

 

 

2,484

 

Deferred revenue

 

 

201

 

 

 

297

 

Operating lease liabilities, current portion

 

 

887

 

 

 

279

 

Current installments of obligations under finance leases

 

 

3,931

 

 

 

6,801

 

Other non-income tax payable

 

 

2,236

 

 

 

2,297

 

Total current liabilities

 

 

45,631

 

 

 

46,025

 

Long-term liabilities

 

 

 

 

 

 

Notes payable, non-current

 

 

41,864

 

 

 

17,101

 

Operating lease liabilities, non-current

 

 

1,983

 

 

 

319

 

Obligations under finance leases, non-current

 

 

2,856

 

 

 

2,848

 

Deferred income tax, net

 

 

852

 

 

 

846

 

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

 

 

2,126

 

 

 

865

 

Total Liabilities

 

 

95,312

 

 

 

68,004

 

Commitments and Contingencies (Note 19)

 

 

 

 

 

 

Stockholders’ (Deficit) 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 September 30, 2024 and December 31, 2023, respectively

 

 

 

 

 

 

Class A common stock, $0.0001 par value; 800,000,000 authorized, 17,844,174 and 13,602,691 shares issued, and 17,653,554 and 13,482,047 shares outstanding at September 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 September 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 September 30, 2024 and December 31, 2023

 

 

 

 

 

 

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

 

 

 

 

 

 

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

 

 

4

 

 

 

4

 

Treasury stock

 

 

(437

)

 

 

(279

)

Additional paid-in capital

 

 

21,135

 

 

 

17,326

 

Accumulated deficit

 

 

(37,701

)

 

 

(32,663

)

Accumulated other comprehensive loss

 

 

(204

)

 

 

(203

)

Total Stockholders’ (Deficit) Attributable to Bitcoin Depot Inc.

 

 

(17,202

)

 

 

(15,814

)

Equity attributable to non-controlling interests

 

 

9,337

 

 

 

25,187

 

Total Stockholders’ (Deficit) Equity

 

 

(7,865

)

 

 

9,373

 

Total Liabilities and Stockholders’ (Deficit) Equity

 

$

87,447

 

 

$

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 September 30,

 

 

Nine Months Ended September 30,

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Revenue

 

$

135,271

 

 

$

179,483

 

 

$

436,876

 

 

$

540,561

 

Cost of revenue (excluding depreciation and amortization)

 

 

112,853

 

 

 

152,545

 

 

 

370,848

 

 

 

461,087

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general, and administrative

 

 

14,694

 

 

 

16,242

 

 

 

44,062

 

 

 

43,245

 

Depreciation and amortization

 

 

2,245

 

 

 

3,260

 

 

 

8,184

 

 

 

9,554

 

Total operating expenses

 

 

16,939

 

 

 

19,502

 

 

 

52,246

 

 

 

52,799

 

Income from operations

 

 

5,479

 

 

 

7,436

 

 

 

13,782

 

 

 

26,675

 

Other (expense) income:

 

 

 

 

 

 

 

 

 

 

 

 

Interest (expense)

 

 

(2,907

)

 

 

(2,769

)

 

 

(10,731

)

 

 

(10,120

)

Other income (expense)

 

 

103

 

 

 

(3,111

)

 

 

143

 

 

 

(14,024

)

Gain (loss) on foreign currency transactions

 

 

(29

)

 

 

(154

)

 

 

(294

)

 

 

(365

)

Total other (expense)

 

 

(2,833

)

 

 

(6,034

)

 

 

(10,882

)

 

 

(24,509

)

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

 

 

2,646

 

 

 

1,402

 

 

 

2,900

 

 

 

2,166

 

Income tax benefit (expense)

 

 

(347

)

 

 

(337

)

 

 

(479

)

 

 

977

 

Net income (loss)

 

 

2,299

 

 

 

1,065

 

 

 

2,421

 

 

 

3,143

 

Net income attributable to Legacy Bitcoin Depot unit holders

 

 

 

 

 

 

 

 

 

 

 

12,906

 

Net income attributable to non-controlling interest

 

 

3,238

 

 

 

8,163

 

 

 

7,459

 

 

 

8,031

 

Net (loss) attributable to Bitcoin Depot Inc.

 

 

(939

)

 

 

(7,098

)

 

 

(5,038

)

 

 

(17,794

)

Other comprehensive income (loss), net of tax

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

 

2,299

 

 

 

1,065

 

 

 

2,421

 

 

 

3,143

 

Foreign currency translation adjustments

 

 

(19

)

 

 

87

 

 

 

(1

)

 

 

66

 

Total comprehensive income (loss)

 

 

2,280

 

 

 

1,152

 

 

 

2,420

 

 

 

3,209

 

Comprehensive income attributable to Legacy Bitcoin Depot unit holders

 

 

 

 

 

 

 

 

 

 

 

12,885

 

Comprehensive income (loss) attributable to non-controlling interest

 

 

3,225

 

 

 

8,249

 

 

 

7,459

 

 

 

8,118

 

Comprehensive (loss) attributable to Bitcoin Depot Inc.

 

$

(945

)

 

$

(7,098

)

 

$

(5,039

)

 

$

(17,794

)

Net (loss) attributable to Bitcoin Depot Inc.

 

$

(939

)

 

$

(7,098

)

 

$

(5,038

)

 

$

(17,794

)

(Loss) per share basic and diluted

 

$

(0.05

)

 

$

(0.43

)

 

$

(0.39

)

 

$

(1.07

)

Weighted average shares: basic and diluted

 

 

20,701,447

 

 

 

16,658,691

 

 

 

18,908,391

 

 

 

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’ (DEFICIT) EQUITY

THREE AND NINE MONTHS ENDED SEPTEMBER 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’ (Deficit) Equity

 

July 1, 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

 

Distributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(15,000

)

 

(15,000

)

Foreign currency translation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6

)

 

(6

)

 

(13

)

 

(19

)

Shares issued for vested RSU awards

 

 

 

 

 

498,319

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

404

 

 

 

 

 

 

404

 

 

8

 

 

412

 

Net (loss) income attributable to Bitcoin Depot Inc.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(939

)

 

 

 

(939

)

 

3,238

 

 

2,299

 

September 30, 2024

 

3,075,000

 

$

 

 

17,844,174

 

$

1

 

 

1,075,761

 

$

 

 

41,193,024

 

$

4

 

 

(190,620

)

$

(437

)

$

21,135

 

$

(37,701

)

$

(204

)

$

(17,202

)

$

9,337

 

$

(7,865

)

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(22,748

)

 

(22,748

)

Foreign currency translation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1

)

 

(1

)

 

 

 

(1

)

Conversion of Series A preferred stock to class A common stock

 

(50,000

)

 

 

 

50,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchase of treasury shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(69,976

)

 

(158

)

 

 

 

 

 

 

 

(158

)

 

 

 

(158

)

Shares issued for vested RSU awards

 

 

 

 

 

1,284,507

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,013

 

 

 

 

 

 

3,013

 

 

24

 

 

3,037

 

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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,038

)

 

 

 

(5,038

)

 

7,459

 

 

2,421

 

September 30, 2024

 

3,075,000

 

$

 

 

17,844,174

 

$

1

 

 

1,075,761

 

$

 

 

41,193,024

 

$

4

 

 

(190,620

)

$

(437

)

$

21,135

 

$

(37,701

)

$

(204

)

$

(17,202

)

$

9,337

 

$

(7,865

)

 

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 NINE MONTHS ENDED SEPTEMBER 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

 

Total Stockholders’ (Deficit) and (Deficit) Attributable to Bitcoin Depot Inc.

 

Non-Controlling Interest

 

Total Stockholders’ Equity and Member's Equity

 

July 1, 2023

$

 

 

4,300,000

 

$

 

 

12,358,691

 

$

1

 

 

1,075,761

 

$

 

 

44,100,000

 

$

4

 

$

(203.00

)

$

(5,613

)

$

15,504

 

$

(17,259

)

$

(7,566

)

$

12,346

 

$

4,780

 

Distributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(294

)

 

(294

)

Foreign currency translation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

87

 

 

87

 

Proceeds from stock subscription

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4

 

 

 

 

 

 

4

 

 

 

 

4

 

Stock based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

798

 

 

 

 

798

 

 

146

 

 

944

 

Conversion from Series A preferred stock to class A common stock

 

 

 

(825,000

)

 

 

 

825,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income (loss) attributable to Bitcoin Depot Inc.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,098

)

 

(7,098

)

 

8,163

 

 

1,065

 

September 30, 2023

$

 

 

3,475,000

 

$

 

 

13,183,691

 

$

1

 

 

1,075,761

 

$

 

 

44,100,000

 

$

4

 

$

(203

)

$

(5,609

)

$

16,302

 

$

(24,357

)

$

(13,862

)

$

20,448

 

$

6,586

 

January 1, 2023

$

7,396

 

 

 

$