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Bitcoin Depot, a US-based Bitcoin ATM operator, has announced that it has achieved its best revenue figures to date in the second quarter of 2023, and is now looking to expand its operations following its recent listing on Nasdaq. Brandon Mintz, the founder and CEO of Bitcoin Depot, stated that the company aims to continue growing until 2024 after going public on Nasdaq.
Record Profit Revealed
Bitcoin Depot, along with several other cryptocurrency ecosystem companies, has announced its second-quarter results, recording a revenue of $197.5 million. The company stated that this is a record figure and represents an 18% increase compared to the same period in 2022. Bitcoin Depot also reported a 249% decrease in net losses, amounting to $6.1 million, compared to the previous year. The second-quarter profit reached $25.9 million, with a gross profit margin of 13% compared to 8% in the same period of 2022.
Brandon Mintz, the founder and CEO of Bitcoin Depot, stated that the company aims to continue growing until 2024 after going public on Nasdaq. Bitcoin Depot announced partnerships with various retailers across the US as it aims to increase the number of Bitcoin access points nationwide. The company completed the software transformation of its ATMs to BitAccess in February 2023, eliminating previous annual licensing fees that incurred additional costs.
Expanding Access Points
In addition to its BDCheckout service, Bitcoin Depot is developing other software and operational services to leverage revenue streams from its kiosk management software. Company officials forecast a total revenue of up to $730 million in 2023, representing a 13% improvement compared to the total revenue of $647 million in 2022.
Despite these positive developments, the Bitcoin ATM market experienced a decline in the number of operational machines in the first half of 2023 in the US. According to Coin ATM Radar, this trend reversed in May 2023, with over 1,000 BTC ATMs being installed. Bitcoin ATM growth declined towards the end of 2022, resulting in negative net growth in the BTC ATM ecosystem for the first time.
