Bitcoin depot Q2 revenue jumps 18% YOY, eyes growth after Nasdaq listing
|United States-based Bitcoin (BTC $29,369) ATM operator Bitcoin Depot said it posted its best-ever revenue numbers in the second quarter of 2023 as the company looks to expand its footprint after its recent listing on the Nasdaq.
Bitcoin Depot released its Q2 results along with several cryptocurrency ecosystem firms, recording $197.5 million in quarterly revenue. The company noted that this is a record figure and an 18% increase from its revenue for the same period in 2022.
The company also reported that its net loss of $6.1 million was down by 249% year-over-year. Its Q2 profit stood at $25.9 million, while its gross profit margin was 13%, up from 8% during the same period in 2022.
Bitcoin Depot founder and CEO Brandon Mintz said the company would be looking to continue growing through 2023 following its public listing on the Nasdaq. The listing occurred on July 3 following the closing of a business merger with GSR II Meteora Acquisition Corp.
Bitcoin Depot has also announced a number of partnerships with convenience stores across the U.S. as it aims to increase the number of Bitcoin access points across the country. The company also carried out a software conversion of its ATMs in February 2023 to BitAccess. The conversion reportedly cut out previous annual licensing fees, which were incurring extra costs.
Bitcoin Depot is also building out its BDCheckout service, as well as other software and operational services, which has allowed the company to tap into revenue streams from kiosk management software.
The company is forecasting total revenue of up to $730 million in 2023, which it says is a 13% improvement on its 2022 total of $647 million.
Data reflecting the net number of crypto ATMs globally. Source: Coin ATM Radar.
As Cointelegraph previously reported, the Bitcoin ATM market experienced a downturn regarding the number of operational machines across the U.S. in the first half of 2023. This trend took a positive turn in May 2023, with over 1,000 BTC ATM installations reportedly taking place, according to data from Coin ATM Radar.
Bitcoin ATM growth began a downward turn in late 2022, with the BTC ATM ecosystem recording negative growth in global net installations for the first time ever.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.