Bitcoin Depot Sees Impressive Q2 Revenue Surge Following Nasdaq Debut

United States-based Bitcoin ATM operator Bitcoin Depot announced its strongest quarterly revenue results in Q2 2023, hitting $197.5 million, marking an 18% increase from the same period in 2022.

The company also reported a notable year-over-year decrease in net loss by 249%, amounting to $6.1 million. Bitcoin Depot’s Q2 profit reached $25.9 million, and its gross profit margin rose from 8% to 13% compared to the previous year. Following its Nasdaq listing and merger with GSR II Meteora Acquisition Corp, the company plans to continue its growth trajectory, aiming for up to $730 million in total revenue for 2023, an improvement of 13% over the previous year. The company is expanding its Bitcoin access points through partnerships with convenience stores across the U.S. and introducing software and operational services like BDCheckout.

Clever Robot News Desk 18^th August 2023