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Bitcoin Depot reports 18% year-over-year increase in Q2 revenue while preparing to expand ATM installations following NASDAQ listing.
Bitcoin Depot, a Bitcoin (BTC) ATM operator based in the United States, announced that it achieved its highest revenue figures ever in the second quarter of 2023 as the company aims to broaden its presence following its recent NASDAQ listing.
The firm disclosed its Q2 results alongside several other companies in the cryptocurrency sector, reporting $197.5 million in quarterly revenue. This figure marks a record high and represents an 18% increase compared to its revenue during the same quarter in 2022.
Additionally, the company indicated that its net loss of $6.1 million decreased by 249% year-over-year. For the second quarter, its profit was reported at $25.9 million, with a gross profit margin of 13% for Q2 2023, an increase from 8% for the corresponding period last year.
Related: Economics of Bitcoin ATM market could hinder wider adoption
Brandon Mintz, the founder and CEO of Bitcoin Depot, stated that the company intends to pursue further growth throughout 2023 following its public listing on NASDAQ. This listing occurred on July 3 after the completion of a business merger with GSR II Meteora Acquisition Corp.
Bitcoin Depot has also revealed several partnerships with convenience stores across the United States, aiming to enhance the number of Bitcoin access points nationwide. In February 2023, the company executed a software transition of its ATM machines to BitAccess, which reportedly eliminated previous annual licensing fees that were adding to costs.
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Furthermore, Bitcoin Depot is expanding its BDCheckout service along with other software and operational offerings, enabling the company to access revenue streams from kiosk management software.
The company anticipates total revenue reaching up to $730 million in 2023, which it projects as a 13% increase over its total of $647 million in 2022.
Data reflecting the net number Crypto ATMs globally. Source: Coin ATM Radar.
As previously reported by Cointelegraph, the Bitcoin ATM market experienced a decline in the number of operational machines across the U.S. during the first half of 2023. However, this trend shifted positively in May 2023, with over 1000 BTC ATM installations reportedly occurring, according to data from Coin ATM Radar.
The growth of Bitcoin ATMs began to decline in late 2022, with the BTC ATM ecosystem experiencing negative growth in global net installations for the first time in history.
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