Bitcoin Depot (NASDAQ: BTM) reported a mixed financial performance for the fourth quarter of 2025. The company exceeded revenue expectations, although it experienced a year-over-year decline. Earnings per share showed a better-than-expected result, despite a deterioration compared to the previous year.
Bitcoin Depot reported a loss of $-0.33 per share for the fourth quarter of 2025, surpassing analyst expectations of a $-0.47 loss. This represents a decline from the prior year’s loss of $-0.21 per share.
The company’s revenue for the fourth quarter of 2025 was $116.04 million, exceeding analyst estimates of $113.93 million. However, this marks a 15.19% decrease from the $136.83 million reported in the same period last year.
Adjusted EBITDA for the fourth quarter of 2025 was $1.6 million, compared to $13.0 million in the fourth quarter of 2024.
Cash, cash equivalents, and cryptocurrencies totaled $76.6 million as of December 31, 2025, up from $31.0 million at the end of 2024.
The company expects revenue for its core business in 2026 to decline by 30% to 40%.
Scott Buchanan, CEO of Bitcoin Depot, said, “2025 was a strong year for Bitcoin Depot, with growth across the majority of our key operating and financial metrics. While fourth-quarter results declined year-over-year, this was primarily driven by recently enacted state regulations that introduced transaction size caps and, to a lesser extent, enhancements to our compliance standards that modestly affected near-term transaction activity.”
