Bitcoin Depot Inc (BTM) 2025 Q1 法說會逐字稿

Thank you for standing by. My name is Janice, and I will be your conference operator today. At this time, I would like to welcome everyone to the Bitcoin Depot first-quarter 2025 earnings conference call. (Operator Instructions)

感謝您的支持。我叫 Janice，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Bitcoin Depot 2025 年第一季財報電話會議。（操作員指示）

I would now like to turn the call over to Mr. Cody Slach, Senior Managing Director. Please go ahead.

現在我想將電話轉給資深董事總經理 Cody Slach 先生。請繼續。

Thank you, operator. Good morning, everyone. Before management begins their formal remarks, we'd like to remind everyone that some statements we're making today may be considered forward-looking statements under securities laws and involve a number of risks and uncertainties.

謝謝您，接線生。大家早安。在管理階層開始正式發言之前，我們想提醒大家，我們今天所做的一些聲明可能會根據證券法被視為前瞻性聲明，並涉及許多風險和不確定性。

As a result, we caution you that there are a few factors, many of which are beyond our control, which could cause actual results and events to differ materially from those described in the forward-looking statements. For more detailed risks, uncertainties and assumptions relating to our forward-looking statements, please see the disclosures in our earnings release and public filings with the SEC.

因此，我們提醒您，有一些因素是我們無法控制的，可能會導致實際結果和事件與前瞻性陳述中描述的結果和事件有重大差異。有關我們前瞻性陳述的更多詳細風險、不確定性和假設，請參閱我們的收益報告和向美國證券交易委員會提交的公開文件中的揭露內容。

We disclaim any obligation or undertaking to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law. We will also discuss non-GAAP financial measures.

除非法律要求，我們不承擔更新前瞻性陳述以反映前瞻性陳述作出日期之後發生的情況或事件的義務或承諾。我們也將討論非公認會計準則財務指標。

I encourage you to read our disclosures and the reconciliations to applicable GAAP measures in our earnings release carefully as you consider these metrics. We refer you to our filings with the SEC for detailed disclosures and descriptions of our business as well as uncertainties and other variable circumstances, including, but not limited to, risks and uncertainties identified under the caption Risk Factors in our recent filings.

我鼓勵您在考慮這些指標時仔細閱讀我們的揭露資訊以及收益報告中與適用 GAAP 指標的對帳。請您參閱我們向美國證券交易委員會提交的文件，其中詳細披露和描述了我們的業務以及不確定性和其他可變情況，包括但不限於我們最近提交的文件中“風險因素”標題下確定的風險和不確定性。

You may get Bitcoin Depot's SEC filings for free by visiting the SEC website at sec.gov. I'd like to remind everyone this call is being recorded, and will be available for replay via a link in the Investor Relations section of Bitcoin Depot's website. A supplemental earnings presentation highlighting our performance has also been made available on our IR website.

您可以透過造訪美國證券交易委員會 (SEC) 網站 sec.gov 免費取得 Bitcoin Depot 的 SEC 文件。我想提醒大家，本次電話會議正在錄音，您可以透過 Bitcoin Depot 網站「投資者關係」版塊的連結重播。我們的投資者關係網站上也發布了一份強調我們績效的補充收益報告。

Now, I will turn the call over to Bitcoin Depot's CEO, Brandon Mintz. Brandon?

現在，我將把電話轉給 Bitcoin Depot 的執行長 Brandon Mintz。布蘭登？

Thanks, Cody, and good morning, everyone. Thank you for attending our first quarter conference call. Bitcoin Depot delivered a remarkable first quarter with 19% year-over-year revenue growth and record net income of $12.2 million.

謝謝，科迪，大家早安。感謝您參加我們的第一季電話會議。Bitcoin Depot 第一季表現優異，營收年增 19%，淨收入創歷史新高，達 1,220 萬美元。

Consumer demand was quite strong with median transaction size up 46% year over year to $300 and total transaction volume moving steadily higher to $163.8 million. These results produced strong free cash flow, which we used to build cash and purchase more Bitcoin.

消費者需求相當強勁，平均交易規模年增 46% 至 300 美元，總交易額穩定上升至 1.638 億美元。這些結果產生了強勁的自由現金流，我們利用它來累積現金併購買更多比特幣。

This performance demonstrates the strength of our operating model, the success of our kiosk optimization strategy and the powerful cash flow we can generate once fixed costs are covered. Let me provide more details on this performance.

這項業績證明了我們營運模式的實力、我們的自助服務終端優化策略的成功以及我們在覆蓋固定成本後可以產生的強大現金流。讓我提供有關這次演出的更多細節。

Our kiosk growth and optimization plan are showing the intended results. Q1 adjusted gross profit was up 92% year-over-year and adjusted EBITDA was up over threefold to a record $20.3 million. These results should continue as this strategy unfolds.

我們的自助服務終端成長和優化計劃正在取得預期成果。第一季調整後毛利年增 92%，調整後 EBITDA 成長三倍多，達到創紀錄的 2,030 萬美元。隨著這項策略的實施，這些成果應該會持續下去。

We ended Q1 with approximately 8,483 active machines and expect to see continued growth in kiosks for the remainder of the year. Now on to our BTM relocation strategy. Today, 3,200 of our kiosks have been installed for less than one year.

截至第一季度，我們擁有約 8,483 台活躍機器，預計今年剩餘時間內自助服務終端數量將持續成長。現在開始討論我們的 BTM 遷移策略。如今，我們的 3,200 個自助服務終端已安裝不到一年。

As these machines ramp up, we expect to drive further cash flow as our Bitcoin ATMs typically see payback periods of less than eight months, regardless of Bitcoin price. As the largest BTM operator in North America, our scale, compliance-first approach and long-standing retail partnerships continue to set us apart in a highly fragmented market.

隨著這些機器的增加，我們預計將推動進一步的現金流，因為無論比特幣價格如何，我們的比特幣 ATM 的回報期通常都少於八個月。作為北美最大的 BTM 營運商，我們的規模、合規優先的方法和長期的零售合作夥伴關係使我們在高度分散的市場中脫穎而出。

We remain focused on expanding market share and growing profitability. Now turning to an update on our growth strategy. First, international expansion. We have now deployed over 100 kiosks to support our ongoing launch in Australia this year. Australia is quickly emerging as a global hotspot for Bitcoin adoption currently ranking third worldwide and total Bitcoin ATMs.

我們仍然專注於擴大市場份額和提高盈利能力。現在來談談我們的成長策略的最新情況。第一，國際化擴張。目前，我們已經部署了 100 多個自助服務終端，以支援我們今年在澳洲的持續推廣。澳洲正迅速成為比特幣採用的全球熱點地區，目前其比特幣 ATM 總數在全球排名第三。

We believe this represents a significant opportunity to establish a strong presence outside North America. While it's still early, we are encouraged by the retail partnerships and expansion opportunities we have identified so far. Beyond Australia, we are actively evaluating entry into at least two additional countries in 2025. Second, scaling our domestic footprint. We continue to deploy kiosk from the large inventory we secured last year.

我們相信，這是在北美以外建立強大影響力的重要機會。雖然現在還為時過早，但我們對迄今為止發現的零售合作夥伴關係和擴張機會感到鼓舞。除了澳洲以外，我們還在積極評估 2025 年進入至少另外兩個國家。第二，擴大我們的國內影響力。我們將繼續從去年獲得的大量庫存中部署自助服務終端。

Once fully deployed, these units could bring our total active fleet to approximately 10,000 kiosks. This will enhance our reach and support further efficiencies across the business. Third, regulatory expansion into new markets. New York State remains one of the largest untapped markets for Bitcoin ATMs. We are in ongoing discussions with regulators and remain optimistic about obtaining a license to operate in the state in 2025.

一旦全面部署，這些設備將使我們的活躍自助服務終端總數達到約 10,000 個。這將擴大我們的影響力並支持整個業務的進一步效率。第三，監理範圍擴大至新市場。紐約州仍然是比特幣 ATM 最大的未開發市場之一。我們正在與監管機構進行持續討論，並對 2025 年獲得在該州運營的許可持樂觀態度。

While there is no definitive timeline yet, we are encouraged by the progress and engagement so far. On a broader note, we continue to closely monitor the evolving regulatory environment at both the federal and state levels.

雖然目前還沒有明確的時間表，但我們對迄今為止的進展和參與感到鼓舞。從更廣泛的角度來看，我們將繼續密切關注聯邦和州兩級不斷變化的監管環境。

Our strong compliance infrastructure, including rigorous KYC and AML protocols continues to serve as a competitive advantage. We are actively engaging with regulators, including [Vincent] and various state agencies to help shape a responsible future for the industry.

我們強大的合規基礎設施，包括嚴格的 KYC 和 AML 協議，繼續成為我們的競爭優勢。我們正在積極與監管機構合作，包括 [Vincent] 和各國機構，以幫助塑造產業負責任的未來。

More broadly, the recent establishment of a US strategic Bitcoin reserve highlights the growing institutional recognition of Bitcoin's role in the financial system. As a national leader in Bitcoin ATM deployment, we are prepared to support the shift by expanding access to digital assets for everyday consumers.

更廣泛地說，美國最近建立的比特幣戰略儲備凸顯了機構對比特幣在金融體系中的作用的認可度不斷提高。作為比特幣 ATM 部署的全國領導者，我們準備透過擴大日常消費者對數位資產的存取來支持這一轉變。

We have also strengthened our leadership team with the appointment of David Gray as our Chief Financial Officer; and Chris Ryan as our Chief Legal Officer. David brings more than 20 years of financial leadership experience, Chris brings deep expertise in legal and regulatory matters within Fintech. Their combined experience will be essential as we continue to grow.

我們也任命 David Gray 為財務官，Chris Ryan 為首席法律官，從而加強了我們的領導團隊。David 擁有超過 20 年的金融領導經驗，Chris 在金融科技領域的法律和監管事務方面擁有深厚的專業知識。隨著我們不斷成長，他們的綜合經驗將至關重要。

With that, I will turn it over to our CFO, David Gray, who will walk through our financial results in more detail. David?

接下來，我將把主題交給我們的財務長戴維·格雷 (David Gray)，他將更詳細地介紹我們的財務表現。戴維？

Thanks, Brandon, and good morning, everyone. It's great to be here, and I look forward to meeting many of our shareholders over the coming months. Jumping right into our first-quarter performance. Revenue was $164.2 million compared to $138.5 million for last year's first quarter, an increase of 19% driven by growth in deployed kiosks and higher median transaction size.

謝謝，布蘭登，大家早安。很高興來到這裡，我期待在接下來的幾個月與我們的眾多股東見面。直接進入我們的第一季業績。營收為 1.642 億美元，而去年第一季為 1.385 億美元，成長 19%，這得益於部署自助服務終端的成長和交易中位數的提高。

Sequentially, revenue was up 20% as compared to Q4 2024 as a result of strong consumer demand underpinned by growing median transaction size, along with our continued process of relocating underperforming kiosks to optimize fleet profitability.

與 2024 年第四季相比，營收季增了 20%，這得益於強勁的消費者需求，這得益於不斷增長的平均交易規模，以及我們持續遷移表現不佳的自助服務終端以優化機隊盈利能力。

Adjusted gross margin in the first quarter of 2025 increased 92% to $33.1 million compared to $17.3 million in the first quarter of 2024. Adjusted gross margin in the first quarter of 2025 increased 770 basis points to 20.2% compared to 12.5% in the first quarter of 2024.

2025 年第一季調整後毛利率為 3,310 萬美元，較 2024 年第一季的 1,730 萬美元成長 92%。2025 年第一季調整後毛利率由 2024 年第一季的 12.5% 增加 770 個基點至 20.2%。

This margin increase was largely driven by leverage on the significant revenue outperformance and the continued pricing strength. Total operating expenses declined 7% to $15.3 million compared to $16.6 million in last year's first quarter. The improvement was attributable to lower depreciation expense and our company moving farther away from the DSBAC transaction to optimize expenses for life as a public company.

利潤率的成長很大程度上得益於顯著的收入成長和持續的定價優勢。總營運費用從去年第一季的 1,660 萬美元下降 7% 至 1,530 萬美元。這一改善歸因於折舊費用的降低，以及我們公司進一步遠離 DSBAC 交易，以優化作為上市公司的開支。

Specifically, we have saved multiple million dollars on an annual basis by reducing costs related to our third-party legal costs, audit services and insurance. GAAP net income for the first quarter of 2025 increased significantly to $12.2 million compared to a net loss of $4.2 million for the first quarter of 2025.

具體來說，透過降低與第三方法律費用、審計服務和保險相關的成本，我們每年節省了數百萬美元。2025 年第一季的 GAAP 淨收入大幅增加至 1,220 萬美元，而 2025 年第一季的淨虧損為 420 萬美元。

GAAP net income attributable to common shareholders increased to $4.2 million or $0.20 per share compared to a net loss of $1.5 million in last year's first quarter. The significant increase was due to higher revenue and gross profit and to a lesser extent, lower expenses. Adjusted EBITDA, a non-GAAP measure, increased 315% to $20.3 million in the first quarter of 2025, compared to $4.9 million in the first quarter of 2024.

歸屬於普通股股東的 GAAP 淨利潤增至 420 萬美元，即每股 0.20 美元，去年第一季淨虧損為 150 萬美元。大幅成長的原因是收入和毛利增加，以及費用減少（較小程度）。2025 年第一季度，非公認會計準則調整後 EBITDA 成長 315%，達到 2,030 萬美元，而 2024 年第一季為 490 萬美元。

This increase was primarily due to revenue outperformance and margin expansion. Now turning to our balance sheet and cash flow. Cash and cash equivalents in cryptocurrencies as of March 31, 2025, increased to $43.3 million compared to $31.0 million at the end of 2024.

這一增長主要歸因於收入的優異表現和利潤率的擴大。現在轉向我們的資產負債表和現金流。截至 2025 年 3 月 31 日，加密貨幣的現金和現金等價物增加至 4,330 萬美元，而 2024 年底為 3,100 萬美元。

The company acquired 83 more Bitcoin in the quarter, bringing our investment holdings up to 94.4 BTC valued at approximately $7.8 million as of March 31. We generated a record $16.3 million of cash from operating activities in the first quarter, up significantly from $1.3 million in the year ago quarter.

該公司在本季又收購了 83 個比特幣，使我們的投資持有量達到 94.4 個比特幣，截至 3 月 31 日，價值約為 780 萬美元。我們第一季的經營活動現金流達到創紀錄的 1,630 萬美元，較去年同期的 130 萬美元大幅成長。

Debt at quarter end was $60 million compared to $60.9 million at the end of 2024. This balance includes term loans, finance leases and profit share arrangements. Of the total debt balance, $30 million is our term loan on which we paid down $6 million during the quarter, and we plan to pay down at least an additional $3.5 million by year-end.

本季末的債務為 6,000 萬美元，而 2024 年底的債務為 6,090 萬美元。此餘額包括定期貸款、融資租賃和利潤分享安排。在總債務餘額中，3000 萬美元是我們的定期貸款，我們在本季度償還了 600 萬美元，我們計劃在年底前至少再償還 350 萬美元。

The paydown of the term loan balance was largely offset by the expansion of our profit share franchise agreements in the quarter. These agreements entail an upfront lump sum payments to the company by our partners in exchange for a portion of the future profits generated from a specified group of kiosks for a specified period of time.

定期貸款餘額的償還在很大程度上被本季度利潤分享特許經營協議的擴大所抵消。這些協議要求我們的合作夥伴向公司預付一筆總款，以換取特定時間內特定資訊亭組產生的部分未來利潤。

Because we continue to operate and typically retain title to the kiosks, you must account for the upfront payments as debt under US GAAP. As we think about our capital allocation strategy going forward, we will focus our attention on other ways of driving shareholder value, including paying down our term loan or potential dividends as we do not expect significant CapEx in 2025.

由於我們繼續營運並且通常保留自助服務終端的所有權，因此您必須根據美國公認會計準則將預付款記為債務。在考慮未來的資本配置策略時，我們將把注意力集中在推動股東價值的其他方式上，包括償還定期貸款或潛在股息，因為我們預計 2025 年不會有大量資本支出。

Now turning to our outlook. Given the improved visibility we have in our business that Brandon mentioned, we are continuing with near-term financial guidance. We anticipate Q2 revenues to grow in the low to mid-single digits both sequentially and as compared to Q2 of 2024.

現在轉向我們的展望。鑑於布蘭登提到的我們業務的知名度提高，我們將繼續提供近期財務指導。我們預計第二季營收將環比成長以及與 2024 年第二季相比成長低至中等個位數。

This growth, while modest, is against very strong comps of $164 million and $163 million for Q1 of 2025 and Q2 of 2024, respectively. We remain committed to additional operational enhancements to drive profitable growth going forward, including improved vendor pricing, lowering professional service costs and optimizing customer markups. We are focused on optimizing the business for profitability and positive cash flow ahead.

這一成長雖然不大，但與 2025 年第一季和 2024 年第二季分別達到 1.64 億美元和 1.63 億美元的強勁成長相比，還是有相當大的差距。我們將繼續致力於進一步提升營運水平，以推動未來的獲利成長，包括改善供應商定價、降低專業服務成本和優化客戶加價。我們專注於優化業務，以實現盈利和正現金流。

With that, we are happy now to take your questions. Operator?

現在我們很高興回答您的問題。操作員？

Thank you. We will now begin the question and answer session at this time. (Operator Instructions)

謝謝。我們現在就開始問答環節。（操作員指示）

Mike Grondahl, Northland Capital Markets.

北國資本市場 (Northland Capital Markets) 的 Mike Grondahl。

Hey guys. Congrats on a solid quarter, couple of questions. One, do you have a year-end '25, year-end '26 rough kiosk goal and then what would you think of, I don't know, rough CapEx for '25 and '26?

嘿，大家好。恭喜本季業績穩健，有幾個問題。首先，您是否有一個 25 年底、26 年底的粗略售貨亭目標，然後您認為 25 年和 26 年的粗略資本支出是多少？

Mike, it's Brandon. No, we haven't announced to the public kiosk in terms of our total installed fleet. You can see we're moving a little bit slower in terms of additional net new installations than last year. But our goal is still to get the remainder installed as soon as possible.

麥克，我是布蘭登。不，我們還沒有向公眾公佈我們安裝的車輛總數。您可以看到，與去年相比，我們的新增淨安裝量成長速度略有放緩。但我們的目標仍然是盡快安裝剩餘部分。

We mentioned in the earnings script that we're expanding, hopefully into an additional country or two this year, and we definitely want to reserve some of the kiosks that we used for that international expansion effort.

我們在收益報告中提到，我們正在擴張，希望今年能進入一兩個國家，我們肯定希望保留一些用於國際擴張的售貨亭。

One thing to note is we have about 150 kiosks installed in Australia today, but we shipped about 350 there. So there will be some installation expansion just as Australia ramps up, not even including the US. And then in terms of CapEx for 2025 and 2026, with close to 2,000 kiosks still available for us to deploy.

需要注意的一點是，我們目前在澳洲安裝了大約 150 個自助服務終端，但我們向那裡運送了大約 350 個。因此，隨著澳洲（甚至不包括美國）的崛起，安裝量也會有所擴大。就 2025 年和 2026 年的資本支出而言，我們仍有近 2,000 個自助服務終端可供部署。

There's not a need to purchase additional kiosks this year at least. Obviously, things could change very quickly, if all of a sudden, we signed a large retail chain, then maybe we don't have enough kiosks. But for now, I couldn't really say that you should anticipate CapEx this year beyond just small things like parts costs and such, but nothing significant.

至少今年不需要購買額外的攤位。顯然，事情可能會很快發生變化，如果我們突然簽約一家大型零售連鎖店，那麼我們的攤位可能就不夠了。但就目前而言，我真的不能說你應該預測今年的資本支出，除了零件成本等小事，但沒有什麼重大的事情。

Got it. Got it. That's kind of what I thought, but I wanted to make sure for '25. You have roughly 3,200 kiosks that have been in place less than a year is those 3,200 ramp to be average kiosks. What incremental lift to revenue would that be?

知道了。知道了。我也是這麼想的，但我想確保 25 年能夠實現。大約有 3,200 個自助服務終端，這些自助服務終端的安裝時間不到一年，而這 3,200 個自助服務終端都屬於一般自助服務終端。這會對收入帶來多大的增量提升？

Let me think about that for a second. I don't have ability to calculate an exact number right now. But what I can say is we're always going to have probably 1000 kiosk minimum within that one-year installed bucket just from deploying new kiosks and relocating existing kiosks. And the kiosks in year two versus year one, typically see at least 50% growth in terms of revenue versus year one. Maybe just look at year-over-year, but we can evaluate that a little bit further and get back to you.

讓我想一下。我現在沒有能力計算出一個確切的數字。但我可以說的是，透過部署新的自助服務終端和重新安置現有的自助服務終端，我們在一年的安裝期內至少會擁有 1000 個自助服務終端。與第一年相比，第二年的自助服務終端的收入通常會比第一年增加至少 50%。也許只是看一下同比情況，但我們可以進一步評估一下然後再回覆您。

Cool. I mean, clearly, those are still ramping and they're not mature yet. Just trying to kind of understand how much is there. But, thank you.

涼爽的。我的意思是，顯然，它們仍在發展中，尚未成熟。只是想了解那裡有多少。不過，謝謝你。

Mike Colonnese, H.C. Wainwright.

麥克科隆尼斯、H.C. 溫賴特。

Hey, good morning guys, and congrats on a really strong quarter here. First one for me, obviously, Bitcoin Depot is generating really strong cash flows. So it'd be great to get some more color around your capital management priorities for the rest of the year. I can appreciate some of the debt repayment comments. But how are you thinking about balancing maybe M&A, Bitcoin purchases? And again, this potential quarter dividend?

嘿，大家早安，祝賀你們本季取得了非常強勁的業績。對我來說，首先顯然的是，比特幣倉庫正在產生非常強勁的現金流。因此，如果能對今年剩餘時間的資本管理重點有更多的了解，那就太好了。我很欣賞一些有關償還債務的評論。但是您如何考慮平衡併購和比特幣購買？那麼，這個季度股息是潛在的嗎？

Good question, Mike. It's Brandon again. So when we look at uses of cash with the Bitcoin purchases, we would like to be opportunistic with us getting back close to all-time highs right now. I don't anticipate much buying. In terms of paying down debt, we did sign an amendment to our term loan agreement that requires us to have a little bit quicker amortization schedule.

問得好，麥克。又是布蘭登。因此，當我們考慮用現金購買比特幣時，我們希望抓住機會，讓比特幣價格回到接近歷史最高水準。我預計不會有大量購買。在償還債務方面，我們確實簽署了定期貸款協議的修正案，要求我們制定更快的攤銷計劃。

And with our strong balance sheet right now, the preferred dividend being paid off and without a drag on potential cash uses like the preferred dividend had, I could see us potentially paying down debt maybe even quicker than what's in the schedule.

由於我們目前的資產負債表強勁，優先股股息得到支付，而且不會像優先股股息那樣拖累潛在的現金使用，我可以看到我們有可能比計劃更快地償還債務。

In terms of M&A, there's still not a lot of opportunities that make sense for us, at least in the US or Canada or Australia, primarily because we've just been able to purchase kiosks prices that are less expensive than brand-new kiosks.

在併購方面，對我們來說仍然沒有太多有意義的機會，至少在美國、加拿大或澳洲是這樣，主要是因為我們剛剛能夠以比全新自助服務終端更便宜的價格購買自助服務終端。

And when we run the numbers, it's hard to justify those M&A opportunities when we can just grow organically ourselves and have higher returns there. However, we're evaluating M&A opportunities internationally because if someone can speed up our time line to deployment, whether they have a license or some strategic vendor relationships or a strategic retailer relationship that has really additional value than just us buying more kiosks in finding locations.

當我們計算數字時，很難證明這些併購機會是合理的，因為我們可以自行實現有機成長並獲得更高的回報。然而，我們正在評估國際上的併購機會，因為如果有人可以加快我們的部署時間，無論他們是否擁有許可證或一些戰略供應商關係或戰略零售商關係，這都比我們購買更多自助服務終端來尋找位置具有真正的附加價值。

And we're evaluating if there's an opportunity that makes sense. But I don't think at this time we're in a place where that's a very near-term situation.

我們正在評估是否存在合理的機會。但我不認為我們現在處於這種短期狀況。

Very helpful, Brandon. I appreciate the color there. And regarding the 2Q revenue guide, I can appreciate the tough comp from the year ago quarter. But are there any other factors causing such a significant deceleration in revenue growth for this quarter here?

非常有幫助，布蘭登。我很欣賞那裡的色彩。關於第二季的收入指南，我可以理解與去年同期相比的艱難程度。但還有其他因素導致本季營收成長大幅放緩嗎？

I think just as time has gone on, we've noticed the seasonality in the business we've talked about previously and how this business seems to be somewhat correlated with the seasonality with tax return season. And I think as there are more and more tools for people to get refunds earlier that some of that volume is starting to shift more into Q1.

我認為隨著時間的推移，我們注意到我們之前談到的業務的季節性，以及這項業務似乎與報稅季節的季節性有一定關聯。我認為，隨著人們可以透過越來越多的工具提前獲得退款，部分退款金額將開始轉移到第一季。

Right. Thank you for taking my questions.

正確的。感謝您回答我的問題。

And that's just a theory.

這只是一種理論。

Hal Goetsch, B. Riley Securities.

Hal Goetsch，B. Riley 證券。

Hey there, hey, Congrats on a great quarter. Just wanted to get your thoughts on the reason for maybe the extremely steep increase over the last four quarters in median transaction it was like rock solid around 200. And then for the last four quarters, it's really -- it's really moved up. And I wanted to get your thoughts. And then because it's up about 50%. (inaudible)

嘿，嘿，恭喜你本季取得如此出色的成績。只是想聽聽您對過去四個季度中位數交易量大幅增長的原因的看法，該增長一直穩定在 200 左右。而在過去四個季度裡，它確實——確實上升了。我想知道你的想法。然後因為它上漲了約 50%。（聽不清楚）

I didn't hear the second question.

我沒有聽到第二個問題。

I got it, this is Scott. So it's just a function of where the transaction tiers are for KYC. So we've had a tier at $200 for a long time. And that means customers will frequently do $200 transactions. And so when you look at the median, even as the average has been going up every month, every quarter, every year, when you take the median, $200 just has a lot of transactions that are at exactly that level.

我明白了，我是史考特。因此，它只是 KYC 交易層級的一個功能。因此，我們長期以來一直將價格定為 200 美元。這意味著客戶會經常進行 200 美元的交易。因此，當您查看中位數時，即使平均值每月、每個季度、每年都在上漲，但當您取中位數時，200 美元就有很多交易處於這個水平。

So even if we're moving up to higher points within that $200 median, it was still $200. And once we cross that level, we're seeing move up appears a more quick pace because it hasn't hit another tier or is it just a ton of common transactions at that specific size, if that makes sense. Just a function of like where we see a lot of exact size transactions.

因此，即使我們在 200 美元的中位數內上升到更高的點，它仍然是 200 美元。一旦我們跨越了這個級別，我們就會看到上升的速度更快，因為它還沒有達到另一個層級，或者它只是特定規模的大量常見交易，如果這有意義的話。就像我們看到的許多精確大小交易的功能。

Okay. Okay. And could you comment on just like overall transaction count growth by economic cohort. I mean what are like some of the machines that are like in place over two years that having been moved in a year? Like what kind of transaction counts are they doing per month sort of KPIs you could share with us if it's a more qualitative basis?

好的。好的。您能否評論一下按經濟群體劃分的總體交易數量增長？我的意思是，有些機器在原地使用了兩年，而有些機器在一年內就被搬走了，這是怎樣的情況？例如，他們每月進行的交易數量是什麼樣的？如果是更定性的基礎，您可以與我們分享哪些類型的 KPI？

Yeah. See, trying to do some quick math for you. So I mean a kiosk that's ramped up. I mean, we still see a lot of variability even after the two years of what transaction sizes mixed with transaction counts. But we're seeing transaction counts that mature kiosks in the mid-double-digit range. So in the, let's say, 10 to 20 transactions a month at a mature kiosk.

是的。瞧，我試著為你做一些快速的數學計算。我的意思是，一個已經升級的售貨亭。我的意思是，即使過了兩年，我們仍然看到交易規模和交易數量的巨大變化。但我們看到，成熟自助服務終端的交易量已達到兩位數的中段。假設一個成熟的自助服務終端每月的交易量為 10 到 20 筆。

Okay. And are those mature kiosks? Are they trending towards like the median transaction size? Is it kind of -- that's a fair then because they've been there a while, people know they're frequent users?

好的。那些是成熟的攤位嗎？它們是否趨向於中位數交易規模？這是否有點公平，因為他們已經在那裡待了一段時間，人們知道他們是常客？

Well, they would -- it would trend more toward the average transaction size, which is higher than the median. But yes --

嗯，他們會——它會更趨向於平均交易規模，高於中位數。但是是的--

The average is higher than the median.

平均值高於中位數。

For sure. Yes, because outlier large transactions pull off the average more than you can pull up the median.

一定。是的，因為異常大額交易對平均值的影響比對中位數的影響更大。

Okay. And last from me before I can get back in the queue. You've lapped California's impact of their change. What have you seen in California a year later with what is -- how is that either bounce back or not bounce back or what's happened in California?

好的。這是我最後一次回到隊列中。您已經了解了他們的改變對加州的影響。一年後，您看到加州的情況如何——是反彈還是沒有反彈，或者加州發生了什麼？

So California, can you ask that again, you ask a California has bounced back?

那麼加州，你能再問一次嗎，你問加州已經恢復了嗎？

No, it's like California made a rule change impact at all of 2024, right? And you've now lapped give us some comment -- could you please share some commentary on what California looks like a full almost five quarters after that change? How are trends in California?

不，這就像加州在 2024 年做出了規則改變的影響，對嗎？現在您已經給我們一些評論了——您能否分享一下加州在這次變化之後近五個季度的情況？加州的趨勢如何？

Yeah. I mean California is still lower than other states because of the rural changes that happened there. It just has less of an impact on the business now that we've got many, many fewer kiosks in the state. We've probably reduced our count of kiosks in California by about 80% from where we were when the rule first went into effect.

是的。我的意思是，由於加州發生的農村變化，那裡的水平仍然低於其他州。由於我們州內的售貨亭數量現在少了很多，所以它對業務的影響已經小了很多。與該規定剛生效時相比，我們在加州的自助服務終端數量可能減少了約 80%。

Okay. So usually one of your top states, it's your moving our kiosks and you're growing double digit right now, Q1 I mean, that's pretty. That's helpful. Thank you.

好的。因此，通常你們最重視的州之一就是移動我們的售貨亭，現在你們的成長率是兩位數，我的意思是，Q1 的成長非常漂亮。這很有幫助。謝謝。

Pat McCann, Noble Capital Markets.

麥肯 (Pat McCann)，Noble Capital Markets 的創辦人。

Hey guys, thanks for taking my questions, and congrats on the quarter. I would like, if you don't mind talking a little bit more about the spreads of the machines this quarter and the gross margins and the drivers behind that. And what maybe we should expect moving forward there?

嘿，大家好，感謝你們回答我的問題，恭喜本季取得佳績。如果您不介意的話，我想再多談談本季機器的價差、毛利率以及背後的驅動因素。那麼我們對此應該抱持怎樣的期望呢？

Yeah, I'll take that one. It's David. Yeah, the gross margin expansion really was attributable to pricing strength. We did increase our margins on Bitcoin transactions through the kiosks as well as leveraging higher revenue across kind of the fixed and semi-fixed costs that we have in our cost structure. So those were two key drivers of the margin expansion, and we expect that to continue to be strong going forward.

是的，我要那個。是戴維。是的，毛利率的擴大確實歸功於定價實力。我們確實透過自助服務終端提高了比特幣交易的利潤率，並利用我們成本結構中的固定和半固定成本獲得了更高的收入。因此，這是利潤率擴大的兩個關鍵驅動因素，我們預計未來這一趨勢將繼續保持強勁。

And then the other question was regarding additional kiosk acquisition. I know that's not a need right now, but I was just wondering what the landscape looks like as far as opportunities to pick up more kiosks on the cheap kind of like you did recently in the last year or so?

另一個問題是關於額外資訊亭的收購。我知道現在還不需要，但我只是想知道，就以廉價的方式獲得更多售貨亭的機會而言，前景如何，就像您去年左右做的那樣？

Brandon, I'll take that one. If you look at data from coinatmradar.com, which have the listings of all the Bitcoins ATMs around the world, for the most part, it looks like competition, at least in the US is shrinking if you remove our kiosk growth over the past year and just looking at their data, it looks like maybe there's over 3,000 competitor kiosks that have disappeared from the market.

布蘭登，我接受這個。如果你查看來自 coinatmradar.com 的數據，該網站列出了世界各地所有的比特幣 ATM，在大多數情況下，看起來競爭似乎在減少，至少在美國，如果你除去過去一年我們的自助服務終端的增長，只看他們的數據，看起來可能有超過 3,000 個競爭對手的自助服務終端已經從市場上消失了。

So I think as some of the smaller operators struggle to survive in this environment that requires more sophistication and more resources from operators that there could be additional kiosks that pop up on the market per sale.

因此，我認為，由於一些小型業者在這種需要營運商更加成熟和投入更多資源的環境中掙扎求生，因此每次銷售都可能會有更多售貨亭出現在市場上。

Thanks. That's all I had. Congrats again.

謝謝。這就是我所擁有的一切。再次恭喜。

Thank you.

謝謝。

I will now turn the call back over to Brandon Mintz, CEO for closing remarks. Please go ahead.

現在我將把電話轉回給執行長布蘭登·明茨 (Brandon Mintz) 作結束語。請繼續。

Thank you, everyone for joining the call today. We're very happy about the results we delivered, and we plan to continue to perform next quarter.

感謝大家今天參加電話會議。我們對所取得的成果感到非常滿意，並計劃在下個季度繼續保持這一表現。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。