Bitcoin Depot Reports Preliminary Q1 2023 Results; Sees Q1 Revenue $163M-$165M Vs $155M YoY;
GSR II Meteora Acquisition Corp. (NASDAQ:GSRM) ("GSRM"), a special purpose acquisition company, and Lux Vending LLC dba Bitcoin Depot Inc. ("Bitcoin Depot" or the "Company"), a U.S.-based Bitcoin ATM ("BTM") operator and leading fintech company, today reported Bitcoin Depot's preliminary unaudited financial results for the first quarter ended March 31, 2023. Bitcoin Depot also plans to post an updated investor presentation to the Company's investor relations website with recent financial results and company developments today.
Preliminary First Quarter 2023 Financial Results
- Total revenue for the first quarter of 2023 is expected to range between $163 million and $165 million, a 5% to 6% improvement compared to $155 million in the first quarter of 2022.
- Net Income for the first quarter of 2023 is expected to range between $5 million and $6 million compared to a loss of $3 million in the first quarter of 2022.
- Adjusted EBITDA, a non-GAAP measure, for the first quarter of 2023 is expected to range between $13 million and $14 million, a 117% to 133% improvement compared to $6 million in the first quarter of 2022. For important disclosures about this non-GAAP measure, see "Non-GAAP Financial Measures" below.
"Bitcoin Depot's momentum continued in the first quarter of 2023 as we delivered strong results for Adjusted EBITDA, reinforcing our mission to safely, securely and efficiently bring crypto to the masses," said Brandon Mintz, CEO and Founder of Bitcoin Depot. "Our recent software conversion across our entire BTM fleet to BitAccess helped enhance our profitability and resulted in strong margins during the first quarter. We've also recently announced multiple partnerships with convenience store brands and continue to explore additional opportunities."
Bitcoin Depot and GSR II Meteora Acquisition Corp. Business Combination Update
Bitcoin Depot remains on track to complete its previously announced business combination with GSR II Meteora Acquisition Corp. (NASDAQ:GSRM) in the second quarter of 2023, subject to regulatory and stockholder approvals and other customary closing conditions. Upon closing of the business combination, the combined company will be named Bitcoin Depot Inc. and trade on the Nasdaq under the new ticker symbol "BTM." Assuming no redemptions, the business combination is anticipated to provide Bitcoin Depot with up to $170 million of cash proceeds to its balance sheet, net of debt repayment, proceeds to the Bitcoin Depot founder and expenses.