Exhibit 99.1



Bitcoin Depot Reports Second Quarter 2023 Financial Results

Record Revenue of $197.5 Million, Up 18% Year-over-Year

Net loss of $6.1 million, Down 249% Year-over-Year

Adjusted EBITDA (non-GAAP) of $19.8 Million, Up 54% Year-over-Year

Reiterates Full Year 2023 Guidance for Revenue and Adjusted EBITDA

ATLANTA – August 14, 2023 – Bitcoin Depot Inc. (“Bitcoin Depot” or the “Company”), a U.S.-based Bitcoin ATM operator and leading fintech company, today reported financial results for the second quarter ended June 30, 2023. Bitcoin Depot will host a conference call and webcast at 11:00 a.m. ET today. An earnings presentation and link to the webcast will be made available at ir.bitcoindepot.com.

“The second quarter proved to be another quarter full of milestones for Bitcoin Depot as we delivered record revenue,” said Brandon Mintz, CEO and Founder of Bitcoin Depot. “We recently completed our public listing and are in position to further strengthen our balance sheet as we seek to execute on our growth strategy. Over the last several months we’ve announced multiple partnerships with convenience store brands and expanded our BDCheckout program, and we look forward to increasing the number of our Bitcoin access points across North America. We’re excited about the numerous growth opportunities ahead and are well-positioned to support mass crypto adoption as the world’s leading Bitcoin ATM network.”

Second Quarter 2023 Financial Results

Revenue in the second quarter of 2023 was $197.5 million, up 18% from the second quarter of 2022.

Gross profit in the second quarter of 2023 was $25.9 million, up 87% from the second quarter of 2022. Gross profit margin in the second quarter of 2023 was 13% compared to 8% in the second quarter of 2022.

Total operating expenses were $20.5 million for the second quarter of 2023, compared to $12.0 million for the second quarter of 2022.

Net loss for the second quarter of 2023 was $6.1 million, compared to net income of $4.1 million, for the second quarter of 2022.

Adjusted EBITDA, a non-GAAP measure, in the second quarter of 2023 was $19.8 million, up 54% from the second quarter of 2022. Adjusted EBITDA margin in the second quarter of 2023 was 10% compared to 8% in the second quarter of 2022. Please see “Explanation and Reconciliation of Non-GAAP Financial Measures” below.



Recent Business Highlights



Completed software conversion to BitAccess across the Company’s full BTM fleet in February 2023. The completion of the conversion vertically integrates Bitcoin Depot’s hardware and software, eliminating previous annual software licensing fees. BitAccess has enabled Bitcoin Depot to build out its BDCheckout product and its other software and operational capabilities and has expanded its revenue streams into kiosk management software, which includes various compliance systems, transaction processing and cash management capabilities.



Closed its previously announced business combination with GSR II Meteora Acquisition Corp. on June 30th and subsequently began trading on the Nasdaq on July 3rd.



Announced multiple partnerships with convenience store brands with locations spanning across several states, including FastLane, Gas Express, High’s, Majors Management, Stinker Stores, GetGo® Café + Market, and Jacksons Food Store.



Expanded BDCheckout program into two additional states through an ongoing partnership with a leading global payments technology company.


Based on current market conditions, Bitcoin Depot expects consolidated revenue in 2023 to range between $700 million and $730 million, an 8% to 13% improvement compared to $647 million in 2022. Bitcoin Depot expects Adjusted EBITDA (non-GAAP) in 2023 to range between $56 million and $59 million compared to 2022 when Bitcoin Depot generated net income of $3.5 million and Adjusted EBITDA of $41 million, representing a 37% to 44% year-over-year increase in Adjusted EBITDA. For important disclosures about Adjusted EBITDA, see “Explanation and Reconciliation of Non-GAAP Financial Measures” below.

Form 10-Q Update

The Company has determined it will be unable to file its Quarterly Report on Form 10-Q for the period ended June 30, 2023 (the “Quarterly Report”) by its original due date of August 14, 2023 as it requires additional time to finalize the Quarterly Report in light of the review of the financial statements following the Company’s recent business combination. The Company expects to file the Quarterly Report as soon as practicable and currently expects to do so within the extension period of 5 calendar days as provided by Rule 12b-25 under the Securities Exchange Act of 1934, as amended, and accordingly, plans to file a Notification of Late Filing on Form 12b-25 with the Securities and Exchange Commission.

Conference Call

Bitcoin Depot will hold a conference call at 11:00 a.m., Eastern time (8:00 a.m. Pacific time), today to discuss its financial results for the second quarter ended June 30, 2023.

Call Date: Monday, August 14, 2023

Time: 11:00 a.m. Eastern time (8:00 a.m. Pacific time)

U.S. dial-in: 646-307-1963

International dial-in: 800-715-9871

Conference ID: 6103325



The conference call will broadcast live and be available for replay here following the call.

Please call the conference telephone number approximately 10 minutes before the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Bitcoin Depot’s investor relations team at 1-949-574-3860.

A replay of the call will be available beginning after 3:00 p.m., Eastern time on August 14, 2023 through August 21, 2023.

U.S. replay number: 609-800-9909

International replay number: 800-770-2030

Conference ID: 6103325

About Bitcoin Depot

Bitcoin Depot Inc. (Nasdaq: BTM) was founded in 2016 with the mission to connect those who prefer to use cash to the broader, digital financial system. Bitcoin Depot provides its users with simple, efficient and intuitive means of converting cash into Bitcoin, which users can deploy in the payments, spending and investing space. Users can convert cash to Bitcoin at Bitcoin Depot’s kiosks and at thousands of name-brand retail locations through its BDCheckout product. The Company has the largest market share in North America with approximately 6,400 kiosk locations as of June 30, 2023. Learn more at www.bitcoindepot.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release and any oral statements made in connection herewith include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended. Forward-looking statements are any statements other than statements of historical fact, and include, but are not limited to, statements regarding the expectations of plans, business strategies, objectives and growth and anticipated financial and operational performance, including our growth strategy and ability to increase deployment of our products and services, our ability to strengthen our financial profile, worldwide growth in the adoption and use of cryptocurrencies, and our guidance regarding our generation of revenue and Adjusted EBITDA for 2023. These forward-looking statements are based on management’s current beliefs, based on currently available information, as to the outcome and timing of future events. Forward-looking statements are often identified by words such as “anticipate,” “appears,” “approximately,” “believe,” “continue,” “could,” “designed,” “effect,” “estimate,” “evaluate,” “expect,” “forecast,” “goal,” “initiative,” “intend,” “may,” “objective,” “outlook,” “plan,” “potential,” “priorities,” “project,” “pursue,” “seek,” “should,” “target,” “when,” “will,” “would,” or the negative of any of those words or similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond our control.



These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions; failure to realize the anticipated benefits of the business combination; risks relating to the uncertainty of our projected financial information; future global, regional or local economic and market conditions; the development, effects and enforcement of laws and regulations; our ability to manage future growth; our ability to develop new products and services, bring them to market in a timely manner and make enhancements to our platform; the effects of competition on our future business; our ability to issue equity or equity-linked securities; the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries; and those factors described or referenced in filings with the Securities and Exchange Commission. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that we do not presently know or that we currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect our expectations, plans or forecasts of future events and views as of the date of this press release. We anticipate that subsequent events and developments will cause our assessments to change.

We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law. All written and oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement.






(in thousands, except share and per share amounts)


     Three Months Ended June 30,     Six Months Ended June 30,  
     2023     2022     2023     2022  


   $ 197,474     $ 167,867     $ 361,077     $ 322,391  

Cost of revenue (excluding depreciation and amortization)

     167,242       149,213       308,543       290,482  

Operating expenses:


Selling, general, and administrative

     16,168       7,241       27,003       14,930  

Depreciation and amortization

     4,358       4,802       7,154       9,602  













Total operating expenses

     20,526       12,043       34,157       24,532  













Income from operations

     9,706       6,611       18,377       7,376  













Other income (expense):


Interest expense

     (4,969     (2,947     (7,917     (6,044

Other income (expense)

     (10,797     (89     (10,912     13  

(Loss) gain on foreign currency transactions

     (62     643       (211     (189













Total other income (expense)

     (15,828     (2,393     (19,040     (6,220













Income (loss) before provision for income taxes and noncontrolling interest

     (6,122     4,218       (663     1,156  

Income tax (expense) benefit

     9       (80     631       (392













Net income (loss)

     (6,113     4,137       (32     764  

Net income (loss) attributable to Legacy Lux Vending, LLC unit holders

     5,288       4,183       11,578       870  

Net income (loss) attributable to noncontrolling interest in subsidiary

     77       46       (132     106  

Net income (loss) attributable to Bitcoin Depot Inc.

     (11,478     —         (11,478     —    

Other comprehensive income (loss), net of tax


Net income (loss)

     (6,113     4,137       (32     764  

Foreign currency translation adjustments

     (21     (222     (21     (234













Total comprehensive income (loss)

     (6,134     3,915       (53     530  













Comprehensive income (loss) attributable to Legacy Lux Vending unit holders

     5,267       3,961       11,557       637  

Comprehensive income (loss) attributable to noncontrolling interest in subsidiary

     77       46       (132     106  













Comprehensive income (loss) attributable to Bitcoin Depot Inc.

   $ (11,478   $ —       $ (11,478   $ —    













Net income (loss) attributable to Bitcoin Depot Inc.

   $ (11,478     $ (11,478  







Earnings (loss) per share basic and diluted

   $ (0.69     $ (0.69  







Weighted average shares basic and diluted

     16,658,691       16,658,691  











(in thousands, except share and per share amounts)


     June 30, 2023     December 31, 2022  





Cash and cash equivalents

   $ 27,415     $ 37,540  


     811       540  

Accounts receivable, net

     1,133       263  

Prepaid expenses and other current assets

     3,336       2,015  







Total current assets

     32,695       40,358  

Property and equipment:


Furniture and fixtures

     618       618  

Leasehold improvements

     172       172  

Kiosk machines - owned

     14,932       15,234  

Kiosk machines - leased

     33,355       36,591  


     35       17  






     49,111       52,631  

Less: accumulated depreciation

     (19,102     (13,976







Total property and equipment, net

     30,010       38,655  

Intangible assets, net

     4,600       5,351  


     8,717       8,717  

Operating lease right-of-use assets, net

     253       302  

Security deposits

     17       17  

Deferred tax asset

     773       —    







Total other non-current assets

     14,360       14,388  







Total assets

   $ 77,065     $ 93,401  







Liabilities and Stockholders’ equity




Accounts payable

   $ 10,852     $ 8,119  

Accrued expenses

     24,127       11,309  

Notes payable

     1,868       8,050  

Income taxes payable

     1,112       647  

Deferred revenue

     23       19  

Operating lease liabilities, current portion

     232       228  

Current installments of obligations under finance leases

     13,125       18,437  

Derivative liabilities

     6       —    

Other tax payable

     795       —    







Total current liabilities

     52,140       46,809  

Long-term liabilities


Notes payable, non-current

     16,614       29,522  

Operating lease liabilities, non-current

     162       247  

Obligations under finance leases, non-current

     4,037       6,140  

Deferred income tax, net

     390       1,239  

Tax receivable agreement liability

     754       —    







Total long-term liabilities

     21,957       37,148  







Total Liabilities

     74,097       83,957  







Commitments and Contingencies (Note 18)


Stockholders’ Equity and Member’s Equity


Series A preferred stock, $0.0001 par value; 50,000,000 authorized, 4,300,000 shares issued and outstanding at June 30, 2023

     —         —    

Class A common stock, $0.0001 par value; 800,000,000 authorized, 12,358,691 shares issued and outstanding at June 30, 2023

     1       —    

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

     —         —    

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

     —         —    

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

     —         —    

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

     —         —    

Class V common stock, $0.0001 par value; 300,000,000 authorized, 44,100,000 shares issued and outstanding at June 30, 2023

     4       —    

Stock subscription receivable

     (5,613     —    

Additional paid-in capital

     15,504       —    

Retained earnings (accumulated deficit)

     (17,743     —    

Equity attributed to Legacy Lux Vending

     —         7,396  

Accumulated other comprehensive loss

     (203     (182







Total Stockholders’ Equity and Equity Attributable to Lux Vending, LLC

     (8,050     7,214  







Equity attributable to noncontrolling interests

     11,018       2,230  







Total Stockholders’ Equity and Member’s Equity

     2,968       9,444  







Total Liabilities and Stockholders’ Equity and Member’s Equity

   $ 77,065     $ 93,401  









Explanation and Reconciliation of Non-GAAP Financial Measures

Bitcoin Depot reports its financial results in accordance with accounting principles generally accepted in the United States of America (“GAAP”). This press release includes both historical and projected Adjusted EBITDA, and certain ratios and other metrics derived therefrom such as Adjusted EBITDA margin, which are not prepared in accordance with GAAP.

Bitcoin Depot defines Adjusted EBITDA as net income before interest expense, income tax expense, depreciation and amortization, non-recurring expenses and miscellaneous cost adjustments. Such items are excluded from Adjusted EBITDA because these items are non-cash in nature, or because the amount and timing of these items is unpredictable, not driven by core results of operations and renders comparisons with prior periods and competitors less meaningful. Bitcoin Depot believes Adjusted EBITDA provides useful information to investors and others in understanding and evaluating Bitcoin Depot’s results of operations, as well as provides a useful measure for period-to-period comparisons of Bitcoin Depot’s business performance. Adjusted EBITDA is a key measurement used internally by management to make operating decisions, including those related to operating expenses, evaluate performance and perform strategic and financial planning. However, you should be aware that Adjusted



EBITDA is not a measure of financial performance calculated in accordance with GAAP and may exclude items that are significant in understanding and assessing Bitcoin Depot’s financial results, and further, that Bitcoin Depot may incur future expenses similar to those excluded when calculating these measures. Bitcoin Depot primarily relies on GAAP results and uses Adjusted EBITDA on a supplemental basis. Adjusted EBITDA should not be considered in isolation from, or as an alternative to, net income, cash flows from operations or other measures of profitability, liquidity or performance under GAAP and may not be indicative of Bitcoin Depot’s historical or future operating results. Bitcoin Depot’s computation of Adjusted EBITDA may not be comparable to other similarly titled measures computed by other companies because not all companies calculate this measure in the same fashion. As such, undue reliance should not be placed on such measures.

Due to the high variability and difficulty in making accurate forecasts and projections of some of the information excluded from the projections of Adjusted EBITDA, together with some of the excluded information not being ascertainable or accessible, Bitcoin Depot is unable to quantify certain amounts that would be required to be included in the most directly comparable GAAP financial measures without unreasonable effort. Consequently, no disclosure of estimated comparable GAAP measures is included and no reconciliation of the forward-looking non-GAAP financial measures is included.



(in thousands)    


     Three Months Ended
June 30,
     Six Months Ended
June 30,
     2023     2022      2023     2022  

Net (loss) income

   $ (6,113   $ 4,137      $ (32   $ 764  



Interest expense

     4,969       2,947        7,917       6,044  

Income tax expense (benefit)

     (9     80        (631     392  

Depreciation and amortization

     4,358       4,802        7,154       9,602  

Expenses related to the PIPE transaction (1)

     9,597       —          9,597       —    

Non-recurring expenses (2)

     2,745       903        5,174       1,389  

Special bonus (3)

     3,915       —          3,915       —    

Expenses associated with the termination of the Phantom Equity Participation Plan

     350       —          350       —    













Adjusted EBITDA

   $ 19,812     $ 12,869      $ 33,444     $ 18,191  















Amount includes the recognition of a non-cash expenses of approximately $9.0 million related to the PIPE financing.    


Comprised of non-recurring professional service expenses.    


Amount includes (a) Transaction bonus and related taxes to employees of approximately $2.3 million and (b) Founder Transaction bonus of approximately $1.6 million





(in thousands)


     Three Months Ended
June 30,
    Six Months Ended
June 30,
     2023     2022     2023     2022  


   $ 197,474     $ 167,867     $ 361,077     $ 322,391  

Cost of revenue

     167,242       149,213       308,543       290,482  

Depreciation and amortization

   $ (4,358   $ (4,802   $ (7,154   $ (9,602













Gross Profit

     25,874       13,852       45,380       22,307  



Depreciation and amortization

   $ 4,358     $ 4,802     $ 7,154     $ 9,602  

Adjusted Gross profit

     30,232       18,654       52,534       31,909  

Gross Profit margin (1)

     13.1     8.3     12.6     6.9

Adjusted Profit margin (1)

     15.3     11.1     14.5     9.9



Calculated as a percentage of revenue





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