Bitcoin Depot Q2 revenue jumps 18% YOY, eyes growth after Nasdaq listing


United States-based Bitcoin (BTC) ATM operator Bitcoin Depot mentioned it posted its best-ever revenue numbers within the second quarter of 2023 as the corporate seems to develop its footprint after its current listing on the Nasdaq.

Bitcoin Depot launched its Q2 outcomes together with a number of cryptocurrency ecosystem corporations, recording $197.5 million in quarterly revenue. The firm famous that it is a file determine and an 18% improve from its revenue for a similar interval in 2022.

The firm additionally reported that its internet lack of $6.1 million was down by 249% year-over-year. Its Q2 revenue stood at $25.9 million, whereas its gross revenue margin was 13%, up from 8% throughout the identical interval in 2022.

Related: Economics of Bitcoin ATM market could hinder wider adoption

Bitcoin Depot founder and CEO Brandon Mintz mentioned the corporate can be trying to proceed rising by way of 2023 following its public listing on the Nasdaq. The listing occurred on July 3 following the closing of a enterprise merger with GSR II Meteora Acquisition Corp.

Bitcoin Depot has additionally introduced plenty of partnerships with comfort shops throughout the U.S. because it goals to extend the variety of Bitcoin entry factors throughout the nation. The firm additionally carried out a software program conversion of its ATMs in February 2023 to BitAccess. The conversion reportedly minimize out earlier annual licensing charges, which have been incurring further prices.

Bitcoin Depot can also be constructing out its BDCheckout service, in addition to different software program and operational providers, which has allowed the corporate to faucet into revenue streams from kiosk administration software program.

The firm is forecasting complete revenue of as much as $730 million in 2023, which it says is a 13% enchancment on its 2022 complete of $647 million.

Data reflecting the web variety of crypto ATMs globally. Source: Coin ATM Radar.

As Cointelegraph beforehand reported, the Bitcoin ATM market experienced a downturn concerning the variety of operational machines throughout the U.S. within the first half of 2023. This development took a constructive flip in May 2023, with over 1,000 BTC ATM installations reportedly happening, based on knowledge from Coin ATM Radar.

Bitcoin ATM growth began a downward turn in late 2022, with the BTC ATM ecosystem recording adverse growth in world internet installations for the primary time ever.

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