Northland Capital Markets Hikes Bitcoin Depot's Q4 2024 Earnings Forecast

Northland Capmk has raised its EPS projections for Bitcoin Depot to $0.22 for Q4 2024, citing positive revenue ($148.41 million) despite a loss of $0.50 EPS in its recent earnings release. The new estimate surpasses the previous $0.18 forecast and aligns with the consensus full-year earnings estimate of $0.23 per share.

Northland Capital Markets Raises Bitcoin Depot Earnings Estimates for Q4 2024

Las Vegas, NV - April 26, 2023 - Bitcoin Depot Inc. (NASDAQ: BTM), a leading operator of cryptocurrency kiosks in North America, has received an upward revision to its quarterly earnings per share (EPS) estimates for Q4 2024 by Northland Capital Markets (Northland Capmk).

In a note issued to investors on Friday, Northland Capmk analyst M. Grondahl raised the company's EPS forecast for the quarter from $0.18 to $0.22. This adjustment represents a 22.2% increase from the previous estimate.

The analyst's revised projection is based on a thorough analysis of Bitcoin Depot's recent financial performance and market outlook. Grondahl cited the company's robust revenue growth, expanding kiosk network, and strategic initiatives as key factors contributing to the upward revision.

Current Earnings Results

Bitcoin Depot recently released its financial results for the quarter ended March 31, 2023. The company reported a net loss of $1.6 million, or ($0.50) per share, compared to a net loss of $1.4 million, or ($0.42) per share, in the same period last year.

Despite the net loss, Bitcoin Depot experienced a significant increase in revenue, rising by 27.8% year-over-year to $148.41 million. This growth was primarily driven by a surge in transaction fees and the continued expansion of its kiosk network.

Industry Outlook

The cryptocurrency market has been experiencing a period of volatility and uncertainty. However, Bitcoin Depot remains optimistic about the long-term prospects of the industry. The company believes that the growing adoption of cryptocurrencies and the increasing demand for convenient access to digital assets will continue to drive its business forward.

Analyst Commentary

"We are raising our EPS estimates for Bitcoin Depot based on our confidence in the company's ability to execute its growth strategy and capitalize on the expanding cryptocurrency market," said Grondahl. "Bitcoin Depot's strong kiosk network, innovative product offerings, and strategic partnerships position it well for continued success in the years to come."

Technical Analysis

Bitcoin Depot's stock price opened at $1.80 on Monday, April 26, 2023. The company has a quick ratio of 0.81, a current ratio of 0.81, and a debt-to-equity ratio of 2.13. Its 52-week range is $1.36 to $10.86, with a 50-day moving average of $2.14 and a 200-day moving average of $2.34.

Institutional Ownership

Hedge funds and other institutional investors have been increasing their positions in Bitcoin Depot. In the fourth quarter of 2022, Cowen AND Company LLC acquired a new stake valued at $35,000, while Owl Creek Asset Management L.P. purchased a stake worth approximately $68,000. Saba Capital Management L.P., Kepos Capital LP, and Cohanzick Management LLC also established new positions in the company.

As of the fourth quarter, hedge funds and other institutional investors collectively own 9.18% of Bitcoin Depot's outstanding shares.

Insider Transactions

Recent insider transactions at Bitcoin Depot include the sale of 2,906,976 shares by Brandon Taylor Mintz on April 24, 2023, and the sale of 14,512 shares by Christopher Scott Buchanan on March 20, 2023. Following these transactions, insiders now own 20.09% of the company's outstanding shares.

Company Profile

Bitcoin Depot Inc. is a leading provider of cryptocurrency kiosks in North America. The company's kiosks allow users to buy and sell Bitcoin, Litecoin, and Ethereum. Bitcoin Depot also sells cryptocurrency to consumers at retail locations through its BDCheckout product offering and through over-the-counter trades via its website.

Disclaimer

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