Bitcoin Depot, a United States-based Bitcoin ATM operator, announced its best ever revenue numbers in the second quarter of 2023. The company is now focused on expanding its footprint after recently being listed on the NASDAQ.
In its Q2 results, Bitcoin Depot revealed that it had generated $197.5 million in quarterly revenue, marking a record figure and an 18% increase from the same period in 2022. Additionally, the company reported a net loss of $6.1 million, which represented a 249% improvement year-over-year. Its second-quarter profit stood at $25.9 million, while the gross profit margin for Q2 2023 was 13%, up from 8% during the same period last year.
Bitcoin Depot’s founder and CEO, Brandon Mintz, expressed his optimism about the company’s growth prospects in 2023 following its public listing on the NASDAQ. The listing, which occurred on July 3, was a result of a business merger with GSR II Meteora Acquisition Corp.
To further expand its presence, Bitcoin Depot has announced partnerships with several convenience stores across the U.S. The objective is to increase the number of Bitcoin access points across the country. In addition, the company successfully carried out a software conversion of its ATM machines in February 2023, transitioning to BitAccess. This conversion helped minimize previous annual licensing fees, reducing extra costs.
Bitcoin Depot is also focusing on the development of its BDCheckout service and other software and operational services. These initiatives have enabled the company to tap into revenue streams from kiosk management software.
For 2023, Bitcoin Depot anticipates achieving a total revenue of up to $730 million, representing a 13% improvement compared to its total revenue of $647 million in 2022.
As reported earlier, the Bitcoin ATM market experienced a downturn in the number of operational machines across the U.S. in the first half of 2023. However, this trend took a positive turn in May 2023, with over 1000 BTC ATM installations taking place, according to data from Coin ATM Radar.
The growth of Bitcoin ATMs experienced a decline in late 2022, with the BTC ATM ecosystem recording negative growth in global net installations for the first time ever.
Bitcoin Depot’s success in the second quarter of 2023 reflects the resilience and potential of the cryptocurrency industry. As the company continues to expand its reach and innovate its services, it is positioned to capitalize on the growing demand for Bitcoin and other cryptocurrencies. The surge in revenue and decrease in net loss are early indicators of Bitcoin Depot’s ability to thrive in the booming digital economy.