Table of Contents
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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, 2023
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
AtlantaGA
 
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 15, 2023, the registrant had 12,358,691 shares outstanding of Class A common stock, par value $0.0001 per share, 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 44,100,000 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      48  

Item 3.

  Quantitative and Qualitative Disclosures About Market Risk      66  

Item 4.

  Controls and Procedures      68  

PART II - OTHER INFORMATION

     69  

Item 1.

  Legal Proceedings      69  

Item 1A.

  Risk Factors      69  

Item 2.

  Unregistered Sales of Equity Securities and Use of Proceeds      118  

Item 3.

  Defaults upon Senior Securities      118  

Item 4.

  Mine Safety Disclosures      118  

Item 5.

  Other Information      118  

Item 6.

  Exhibits and Financial Statement Schedules      119  

SIGNATURES

     121  

 

i


Table of Contents

Cautionary Statement Regarding Forward-Looking Statements

Certain statements in this Quarterly Report on Form 10-Q may constitute “forward-looking statements” for purposes of the federal securities laws. Our forward-looking statements include, but are not limited to, statements regarding our and our management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “will,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. 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 the control of Bitcoin Depot Inc. (the “Company” or “Bitcoin Depot”). Forward-looking statements in this Quarterly Report on Form 10-Q may include, for example, statements about:

 

   

risks relating to the uncertainty of the projected financial information with respect to the Company;

 

   

failure to realize the anticipated benefits of the Merger;

 

   

the ability to maintain the listing of the Class A common stock and the Warrants on Nasdaq;

 

   

the Company’s ability to issue equity or equity-linked securities, to obtain debt financing or refinance existing indebtedness on satisfactory terms, or otherwise raise financing in the future;

 

   

the liquidity and trading of the Class A common stock and the Warrants;

 

   

members of the Company’s management team allocating their time to other businesses and potentially having conflicts of interest with the Company’s business;

 

   

the Company’s future financial performance;

 

   

the Company’s success in retaining or recruiting, or changes required in, its officers, key employees or directors;

 

   

the Company’s ability to manage future growth;

 

   

the Company’s ability to develop new products and services, bring them to market in a timely manner, and make enhancements to its business;

 

   

the effects of competition on the Company’s business;

 

   

market adoption and future performance of cryptocurrencies;

 

   

changes in domestic and foreign business, financial, political and legal conditions;

 

   

future global, regional or local economic and market conditions;

 

   

the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries;

 

   

the development, effects and enforcement of laws and regulations; and

 

ii


Table of Contents
   

the Company’s other plans, objectives, expectations and intentions described or referenced in this Quarterly Report on Form 10-Q under the heading “Risk Factors,” and other documents that the Company will file, from time to time with the Securities Exchange Commission (“SEC”).

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 hereof. We anticipate that subsequent events and developments will cause our assessments to change. However, while we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so except as otherwise required by applicable law. These forward-looking statements should not be relied upon as representing our assessment as of any date subsequent to the date hereof.

These statements are inherently uncertain, and investors are cautioned not to unduly rely upon these statements. As a result of a number of known and unknown risks and uncertainties, actual results or our performance of the Company may be materially different from those expressed or implied by these forward-looking statements.

You should read this Quarterly Report on Form 10-Q and the documents that we reference in and have filed as exhibits to this Quarterly Report on Form 10-Q completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements.

 

iii


Table of Contents
http://fasb.org/us-gaap/2023#UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember
Part I - Financial Information
 
Item 1.
Financial Statements.
BITCOIN DEPOT INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
 
 
  
June 30,
2023

(unaudited)
 
 
December 31, 2022
 
Assets
  
 
Current:
  
 
Cash and cash equivalents
   $ 27,415     $ 37,540  
Cryptocurrencies
     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  
Vehicles
     35       17  
    
 
 
   
 
 
 
Total property and equipment
     49,112       52,632  
Less: accumulated depreciation
     (18,244     (13,976
    
 
 
   
 
 
 
Total property and equipment, net
     30,868       38,656  
Intangible assets, net
     4,600       5,351  
Goodwill
     8,717       8,717  
Operating lease
right-of-use
assets, net
     253       302  
Security deposits
     17       17  
Deferred tax asset
 
 
822
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
14,409
 
 
 
14,387
 
    
 
 
   
 
 
 
Total assets
   $ 77,972     $ 93,401  
    
 
 
   
 
 
 
 
The accompanying notes are an integral part of these unaudited consolidated financial statements
-1-

BITCOIN DEPOT INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
 
 
  
June 30,
2023

(unaudited)
 
 
December 31, 2022
 
Liabilities and Stockholders’ Equity and Member’s Equity
  
 
Current:
                
Accounts payable
   $ 10,852     $ 8,119  
Accrued expenses
     24,127       11,309  
Note payable
     1,868       8,050  
Income taxes
p
ayable
     677       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
t
ax
p
ayable
     795           
    
 
 
   
 
 
 
Total current liabilities
  
$

51,705    
$

46,809  
Long-term liabilities
 
 
 
 
 
 
 
 
Note payable,
non-current
     16,144       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
 
$

21,487
 
 
$

37,148
 
    
 
 
   
 
 
 
Total Liabilities
  
$

73,192    
$

83,957  
    
 
 
   
 
 
 
Commitments and Contingencies (Note 22)
            
Stockholders’ Equity
and
Member’s Equity
                
Series A
P
referred
S
tock, $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 subscriptions receivable
     (5,613 )         
Additional
paid-in
capital
     15,504           
Retained earnings (accumulated deficit)
     (17,259 )      
Equity attributed to Legacy Bitcoin Depot
              7,396  
Accumulated other comprehensive loss
     (203     (182
 
 
 
 
 
 
 
 
 
Total Stockholders’ Equity and Equity Attributable to Legacy Bitcoin Depot
  
$

(7,566  
$

7,214  
 
 
 
 
 
 
 
 
 
Equity attributable to non-controlling interests
     12,346       2,230  
    
 
 
   
 
 
 
Total Stockholders’ Equity and Member’s Equity
  
$

4,780    
$

9,444  
    
 
 
   
 
 
 
Total Liabilities and Stockholders’ Equity and Member’s Equity
   $ 77,972     $ 93,401  
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these unaudited consolidated financial statements
 
-2-

BITCOIN DEPOT INC.
CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
(in thousands, except share and per share amounts)


 
  
Three Months Ended

June 30,
 
 
Six Months Ended

June 30,
 
 
  
2023
 
 
2022
 
 
2023
 
 
2022
 
Revenue
   $ 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
     3,499       4,802       6,295       9,602  
    
 
 
   
 
 
   
 
 
   
 
 
 
Total operating expenses
  
$

19,667    
$
12,043    
$
33,298    
$
24,532  
    
 
 
   
 
 
   
 
 
   
 
 
 
Income from operations
  
$
10,565    
$
6,611    
$
19,236    
$
7,377  
    
 
 
   
 
 
   
 
 
   
 
 
 
Other (expense
) income:
                                
Interest expense
     (4,404 )
 
    (2,947     (7,351 )     (6,044
Other (expense)
 
income

     (10,797 )     (90     (10,913 )     12  
(Loss) gain on foreign currency transactions
     (62 )     643       (211 )     (189
    
 
 
   
 
 
   
 
 
   
 
 
 
Total other
 
(expense)
 
income
  
$

(15,263 )  
$
(2,394  
$
(18,475 )  
$
(6,221
    
 
 
   
 
 
   
 
 
   
 
 
 
Income (loss) before provision for income taxes and non-controlling interest
     (4,698     4,217       761       1,156  
Income tax (expense) benefit
     692       (80     1,314       (392
    
 
 
   
 
 
   
 
 
   
 
 
 
Net
(loss) 
incom
e
  
$

(4,006  
$

4,137    
$

2,075    
$

764  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income attributable to Legacy Bitcoin Depot unit holders
     6,616       4,183       12,906       871  
Net income (loss) attributable to non-controlling interest in subsidiary
     77       46       (132     107  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net
 
(loss) 
income
 
attributable to Bitcoin Depot Inc.
  
$

(10,699  
$

   
$

(10,699  
$

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other comprehensive income (loss), net of tax

                              
 
Net
(loss) 
income
  
$

(4,006  
$

4,137    
$

2,075    
$

764  
Foreign currency translation adjustments
     (21 )
 
 
 
    (222     (21     (234
    
 
 
   
 
 
   
 
 
   
 
 
 
Total comprehensive
 
(loss) 
income

  
$

(4,027  
$
3,915    
$
2,054    
$
530  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Comprehensive income attributable to Legacy Bitcoin Depot unit holders
     6,595       3,961       12,885       637  
Comprehensive income (loss) attributable to non-controlling interest in subsidiary
     77       46       (132     107  
    
 
 
   
 
 
   
 
 
   
 
 
 
Comprehensive
 
(loss)
income attributable to Bitcoin Depot Inc.
   $ (10,699   $     $ (10,699 )   $  
    
 
 
   
 
 
   
 
 
   
 
 
 
Net
(loss) 
income attributable to Bitcoin Depot Inc.
  
$
(10,699 )
 
          $ (10,699 )  
 
 
 
(Loss) earnings
per share basic and diluted
   $ (0.64
)
 
          $ (0.64
)
 
       
Weighted average shares: basic and diluted
     16,658,691              
16,658,691
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these unaudited consolidated financial statements
 
-3-

BITCOIN DEPOT INC.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
THREE AND SIX MONTHS ENDED JUNE 30, 2023
(UNAUDITED)
(in thousands, except share and per share amounts)
 
 
 
Equity
Attributed
to Legacy
Bitcoin
Depot
 
 
Series A
Preferred Stock
 
 
Class A
Common Stock
 
 
Class V
Common Stock
 
 
Class E
Common Stock
 
 
Accumulated
Other
Comprehensive
(Loss)
 
 
Non-Controlling
Interest
 
 
Stock
Subscriptions
Receivable
 
 
Additional
Paid-In
Capital
 
 
Accumulated
Deficit
 
 
Total
Stockholders’
Equity and
Member’s
Equity
 
 
 
Shares
 
 
Amount
 
 
Shares
 
 
Amount
 
 
Shares
 
 
Amount
 
 
Shares
 
 
Amount
 
April 1, 2023
 
 
13,182
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(182
 
 
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
 
 
 
44,100,000
 
 
 
4
 
 
 
1,075,761
 
 
 
—  
 
 
 
—  
 
 
 
9,866
 
 
 
(4
 
 
—  
 
 
 
(5,806
 
 
(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 Income (loss) after transaction-attributable to Bitcoin Depot Inc.
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(10,699
 
 
(10,699
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2023
 
 
  
 
 
 
4,300,000
 
 
 
  
 
 
 
12,358,691
 
 
 
1
 
 
 
44,100,000
 
 
 
4
 
 
 
1,075,761
 
 
 
—  
 
 
 
(203
 
 
12,346
 
 
 
(5,613
 
 
15,504
 
 
 
(17,259
 
 
4,780
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
January 1, 2023
 
 
7,396
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(182
 
 
2,230
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
9,444
 
Distributions
 
 
(12,737
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(12,737
Stock compensation prior to transaction
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
382
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
382
 
Foreign currency translation
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(21
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(21
Net income (loss) prior to transaction
 
 
12,906
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(132
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
12,774
 
Recapitalization of Legacy Bitcoin Depot equity and establishment of non-controlling interest
 
 
(7,565
)
 
 
—  
 
 
 
—  
 
 
 
11,858,691
 
 
 
1
 
 
 
44,100,000
 
 
 
4
 
 
 
1,075,761
 
 
 
—  
 
 
 
—  
 
 
 
9,866
 
 
 
(4
 
 
—  
 
 
 
(5,806
 
 
(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 Income (loss) after transaction-attributable to Bitcoin Depot Inc.
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(10,699
 
 
(10,699
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2023
 
 
  
 
 
 
4,300,000
 
 
 
  
 
 
 
12,358,691
 
 
 
1
 
 
 
44,100,000
 
 
 
4
 
 
 
1,075,761
 
 
 
—  
 
 
 
(203
 
 
12,346
 
 
 
(5,613
 
 
15,504
 
 
 
(17,259
 
 
4,780
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these unaudited consolidated financial statements
 
-4-

BITCOIN DEPOT INC.
CONSOLIDATED STATEMENTS OF CHANGES IN MEMBER’S EQUITY
THREE AND SIX MONTHS ENDED JUNE 30, 2022
(UNAUDITED)
(
i
n thousands, except share and per share amounts)
 
 
 
Equity
Attributed to
Legacy Bitcoin
Depot
 
 
Accumulated
Other
Comprehensive
(Loss)
 
 
Total Equity
Attributed to
Legacy Bitcoin
Depot
 
 
Equity
Attributed

to Non-
Controlling
Interest
 
 
Total
Member’s
Equity
 
April 1, 2022
 
$
8,115
 
 
$
(84
)
 
 
$
 
8,031
 
 
$
1,675
 
 
$
9,706
 
Distributions
 
 
(3,545
 
 
—  
 
 
 
(3,545
)
 
 
—  
 
 
 
(3,545
Stock compensation
 
 
—  
 
 
 
—  
 
 
 
— 
 
 
 
303
 
 
 
303
 
Foreign currency translation
 
 
—  
 
 
 
(222
 
 
 
(222
)
 
 
 
—  
 
 
 
(222
Net income (
l
oss)
 
 
4,183
 
 
 
—  
 
 
 
4,183
 
 
 
(46
 
 
4,137
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at June 30, 2022
 
 
8,753
 
 
 
(306
 
 
8,447
 
 
 
1,932
 
 
 
10,379
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at January 1, 2022
 
 
17.616
 
 
 
(72
 
 
17,544
 
 
 
1,432
 
 
 
18,976
 
Distributions
 
 
(9,734
)
 
 
 
—  
 
 
 
(9,734
)
 
 
—  
 
 
 
(9,734
)
 
Stock compensation
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
607
 
 
 
607
 
Foreign currency translation
 
 
—  
 
 
 
(234
 
 
(234
)
 
 
 
—  
 
 
 
(234
Net income (
l
oss)
 
 
871
 
 
 
—  
 
 
 
871
 
 
 
(107
)
 
 
 
764
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at June 30, 2022
 
$
8,753
 
 
$
(306
 
$
8,447
 
 
$
1,932
 
 
$
10,379
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
The accompanying notes are an integral part of these unaudited consolidated financial statements
 
-5-

BITCOIN DEPOT INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in thousands, except share and per share amounts)
 
 
  
Six Months Ended June 30,
 
 
  
        2023        
 
 
        2022        
 
Cash flows from Operating Activities:
  
 
Net Income
  
$
2,075
 
 
$
764
 
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
                
Amortization of deferred financing costs
  
 
515
 
 
 
301
 
Adjustment
to 
contingent earnout liability
     142    
 
 —
 
Depreciation and amortization
  
 
6,295
 
 
 
9,602
 
Expense associated with Series A Preferred Share PIPE Issuance
     9,213           
Non-cash stock compensation
  
 
1,997
 
 
 
607
 
Purchase of services in
cryptocurrencies
  
 
432
 
 
 
2,376
 
Deferred taxes
  
 
(867 )
 
 
 
(338
)
 
Realized gain on
cryptocurrencies
        
 
(989
)
 
Loss on lease
m
odification
     1,201       —    
Loss on disposal of property and equipment
     255           
Reduction in carrying amount of right-of-use assets
  
 
49
 
 
 
38
 
Cryptocurrency
received as payment
  
 
(288 )
 
 
(2,258
)
 
Change in operating assets and liabilities:
                
Accounts receivable, net
  
 
(870
)
 
 
(25
)
 
Income tax receivable
    
 
 
27
 
Cryptocurrencies
  
 
(438 )
 
 
2,278
 
Prepaid expenses and other current assets
  
 
(978 )
 
 
 
11
 
Accounts payable
  
 
(125
)
 
 
(3,307
)
 
Accrued expenses
  
 
8,331
 
 
 
1,324
 
Income taxes payable
  
 
(268
)
 
 
688
 
Derivative liabilities
     6       —    
Deferred revenue
  
 
4
 
 
 
91
 
Operating lease liabilities
  
 
(82
)
 
 
 
(68
)
 
 
 
 
 
 
 
 
 
 
Net Cash Flows From (Used In) Operations
  
$

26,599    
$

11,122  
Cash flows from Investing Activities:
                 
Acquisition of property and equipment
     (18     (700
 
 
 
 
 
 
 
 
 
Net Cash Flows From (Used In) Investing Activities
  
$

(18  
$
(700
Cash flows from Financing Activities:
                
Net proceeds from Merger
     3,343        —  
PIPE commitment fee paid at closing
     (583      
Proceeds from issuance of note payable
           5,000  
Principal payments on note payable
     (18,926     (1,600
Principal payments finance lease
     (6,701     (8,376
Payment for deferred financing costs
     (1,149     (209
Distributions
     (12,711     (5,167
 
  
 
 
 
 
 
 
 
Net Cash Flows From (Used In) Financing Activities
  
$

(36,727  
$
(10,352
Effect of exchange rate changed on cash and cash equivalents
  
 
21
 
 
 
(234
)
 
 
 
 
 
 
 
 
 
 
Net change in cash
  
$

(10,125  
$
(164
Cash and cash equivalents - beginning of period
  
 
37,540
 
 
 
38,028
 
    
 
 
   
 
 
 
Cash and cash equivalents - end of period
  
$
27,415
 
 
$
37,864
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these unaudited consolidated financial statements
 
-6-

BITCOIN DEPOT INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in thousands, except share and per share amounts)
 
 
                   
                   
 
  
Six Months Ended June 30,
 
 
  
        2023        
 
  
        2022        
 
Supplemental disclosures of cash flow information:
  
  
Cash paid during the six months ended June 30 for:
  
  
                   
                   
                                                     
Interest
  
$
7,036