Bitcoin Depot records $197.5 million in revenue in the second quarter of 2023, spurred on by partnerships with various U.S. retail stores.
United States-based Bitcoin (BTC) ATM operator Bitcoin Depot said it posted its best-ever revenue numbers in the second quarter of 2023 as the company looks to expand its footprint after its recent listing on the Nasdaq.
Bitcoin Depot released its Q2 results along with several cryptocurrency ecosystem firms, recording $197.5 million in quarterly revenue. The company noted that this is a record figure and an 18% increase from its revenue for the same period in 2022.
The company also reported that its net loss of $6.1 million was down by 249% year-over-year. Its Q2 profit stood at $25.9 million, while its gross profit margin was 13%, up from 8% during the same period in 2022.
Bitcoin Depot founder and CEO Brandon Mintz said the company would be looking to continue growing through 2023 following its public listing on the Nasdaq. The listing occurred on July 3 following the closing of a business merger with GSR II Meteora Acquisition Corp.
Bitcoin Depot has also announced a number of partnerships with convenience stores across the U.S. as it aims to increase the number of Bitcoin access points across the country. The company also carried out a software conversion of its ATMs in February 2023 to BitAccess. The conversion reportedly cut out previous annual licensing fees, which were incurring extra costs.
Bitcoin Depot is also building out its BDCheckout service, as well as other software and operational services, which has allowed the company to tap into revenue streams from kiosk management software.
The company is forecasting total revenue of up to $730 million in 2023, which it says is a 13% improvement on its 2022 total of $647 million.
As Cointelegraph previously reported, the Bitcoin ATM market experienced a downturn regarding the number of operational machines across the U.S. in the first half of 2023. This trend took a positive turn in May 2023, with over 1,000 BTC ATM installations reportedly taking place, according to data from Coin ATM Radar.
Bitcoin ATM growth began a downward turn in late 2022, with the BTC ATM ecosystem recording negative growth in global net installations for the first time ever.