Bitcoin Depot Inc (BTM) 2025 Q2 法說會逐字稿

Good morning, and welcome to Bitcoin Depot's second quarter 2025 conference call. My name is John, and I will be your operator for today. Before this call, Bitcoin Depot issued its Q2 results in a press release. A copy will be furnished in a report on Form 8-K filed with the SEC and will be available in the Investor Relations section of the company's website.

早上好，歡迎參加 Bitcoin Depot 2025 年第二季電話會議。我叫約翰，今天我將擔任您的接線生。在此次電話會議之前，Bitcoin Depot 在一份新聞稿中發布了其第二季業績。副本將在提交給美國證券交易委員會 (SEC) 的 8-K 表格報告中提供，並可在公司網站的投資者關係部分查閱。

Joining us on today's call are Bitcoin Depot's CEO, Brandon Mintz; and CFO, David Gray. Following their remarks, we will open the line for questions.

參加今天電話會議的有 Bitcoin Depot 的執行長 Brandon Mintz 和財務長 David Gray。在他們發言之後，我們將開放提問熱線。

Before we begin, Cody Slach from Gateway Group will make a brief introductory statement. Mr. Slach, please proceed.

在我們開始之前，Gateway Group 的 Cody Slach 將會做一個簡短的介紹性演講。斯萊赫先生，請繼續。

Thank you, operator. Good morning, everyone. Before management begins their formal remarks, we would 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. 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.

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。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。

For more detailed risks, uncertainties, and assumptions relating to our forward-looking statements, please see the disclosures in our earnings release and public filings made with the Securities and Exchange Commission. 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.

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。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。

We also discuss non-GAAP financial metrics and encourage you to read our disclosures in the reconciliation tables to applicable GAAP measures in our earnings release carefully as you consider these metrics.

我們也討論了非 GAAP 財務指標，並鼓勵您在考慮這些指標時仔細閱讀我們收益報告中適用 GAAP 指標的對帳表中的揭露內容。

We refer you to our filings with the Securities and Exchange Commission 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. You may get Bitcoin Depot's Securities and Exchange Commission filings for free by visiting the SEC website at sec.gov.

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因素和其他可變情況，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。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 的美國證券交易委員會文件。

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.

我想提醒大家，本次通話正在錄音，可透過 Bitcoin Depot 網站投資者關係部分的連結重播。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 joining our second quarter 2025 earnings call. Bitcoin Depot delivered another strong quarter with revenue increasing 6% year over year and a near threefold increase in net income to $12.3 million. Consumer demand remained quite strong in the quarter with median transaction size up 30% year over year to $300 and total transaction volume moving steadily higher to $172.1 million. 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.

謝謝，科迪，大家早安。感謝您參加我們的 2025 年第二季財報電話會議。Bitcoin Depot 又一個季度表現強勁，營收年增 6%，淨收入成長近三倍，達到 1,230 萬美元。本季消費者需求依然強勁，平均交易規模年增 30% 至 300 美元，總交易額穩定上升至 1.721 億美元。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。

Let me provide more details on this performance. Our kiosk growth and optimization plan continued to show the intended results as Q2 gross profit was up 32% year over year and adjusted EBITDA was up 46% to $18.5 million. These results should continue as this strategy unfolds. We ended Q2 with approximately 9,000 active machines and expect to see continued growth in kiosks for the remainder of the year.

讓我提供有關這次演出的更多細節。我們的自助服務終端成長和優化計畫繼續顯示預期結果，因為第二季毛利年增 32%，調整後 EBITDA 成長 46% 至 1,850 萬美元。隨著這項策略的實施，這些成果應該會持續下去。截至第二季度，我們擁有約 9,000 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。

As for our BTM relocation strategy, today, 3,300 of our kiosks have been installed for less than one year. 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.

至於我們的 BTM 搬遷策略，今天，我們的 3,300 個自助服務終端已經安裝不到一年。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。

Now turning to an update on our growth strategy. First, international expansion. We have now deployed over 200 kiosks to support our ongoing launch in Australia this year. Australia continues to emerge as a global hotspot for Bitcoin adoption, currently ranking third worldwide in total Bitcoin ATMs. 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.

現在來談談我們的成長策略的最新情況。第一，國際化擴張。我們現在已經部署了超過 200 個自助服務終端，以支援我們今年在澳洲的持續推出。澳洲繼續成為比特幣採用的全球熱點地區，目前其比特幣 ATM 總數位居全球第三。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。

Next is scaling our domestic footprint. We continue to deploy kiosks from the large inventory we secured last year. 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. Given the strength of our business and our improving balance sheet, strategic M&A is also an opportunity to scale both domestically and internationally.

接下來是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。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。鑑於我們業務的實力和不斷改善的資產負債表，策略併購也是我們在國內和國際上擴大規模的機會。

In fact, in the second quarter, we acquired the assets of Pelicoin, a crypto ATM operator faced in New Orleans. Pelicoin's locations give us a stronger presence in the Gulf South, and we can immediately acquire scale and experience to operate their machines more efficiently. This acquisition is part of our broader effort to consolidate a fragmented market and extend our leadership in cash-to-crypto access.

事實上，在第二季度，我們收購了新奧爾良一家加密 ATM 營運商 Pelicoin 的資產。Pelicoin 的地理位置使我們在墨西哥灣南部擁有更強大的影響力，我們可以立即獲得規模和經驗，以更有效地操作他們的機器。此次收購是我們整合分散市場和擴大現金到加密貨幣領域領導地位的更廣泛努力的一部分。

Turning to corporate and financial governance. We've made several key enhancements. We appointed Philip Brown as our new Chief Compliance Officer to strengthen our regulatory capabilities and oversight. We are actively engaged with regulators, including FinCEN and various state agencies to help shape a responsible future for the industry. Our strong compliance infrastructure, including rigorous KYC and AML protocols, continues to serve as a competitive advantage.

轉向公司和財務治理。我們做出了幾項重要的改進。我們任命菲利普·布朗為新任首席合規官，以加強我們的監管能力和監督能力。我們積極與監管機構合作，包括金融犯罪執法局和各州機構，以幫助塑造產業負責任的未來。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。

We also simplified our corporate structure by eliminating the UP-C corporate structure, which has simplified our cap table and reduced our effective cash tax rate by roughly 12%. Additionally, we continue to strategically add Bitcoin to our treasury, reinforcing our commitment to long-term value creation. With nearly $60 million in combined cash and digital assets and to strengthen the balance sheet, we are well positioned for future growth and operational excellence. With that, I will now turn it over to our CFO, David Gray, who will walk through our financial results in more detail. David?

我們也透過取消 UP-C 公司結構簡化了我們的公司結構，這簡化了我們的資本表並將我們的有效現金稅率降低了約 12%。此外，我們繼續策略性地將比特幣添加到我們的金庫中，以加強我們對長期價值創造的承諾。我們擁有近 6000 萬美元的現金和數位資產，並且資產負債表得到加強，為未來的成長和卓越營運做好了準備。現在，我將把時間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. I'm pleased to share the financial highlights of our second quarter. Revenue was $172.1 million, up 6% from the second quarter of 2024 and up 5% sequentially. This growth was driven primarily by increased kiosk deployment and higher median transaction prices, reflecting strong consumer demand as well as the results of our kiosk redeployment efforts.

謝謝，布蘭登，大家早安。我很高興分享我們第二季的財務亮點。營收為 1.721 億美元，較 2024 年第二季成長 6%，季增 5%。這一成長主要得益於自助服務終端部署的增加和交易中位數價格的提高，這反映了強勁的消費者需求以及我們自助服務終端重新部署工作的成果。

Gross profit in the second quarter of 2025 increased 32% to $30.9 million compared to $23.4 million in the second quarter of 2024. Gross margin in the second quarter increased 360 basis points to 17.9% compared to 14.3% in the second quarter of last year. This margin increase was largely driven by revenue outperformance and pricing optimization.

2025 年第二季毛利為 3,090 萬美元，較 2024 年第二季的 2,340 萬美元成長 32%。第二季毛利率為 17.9%，較去年同期的 14.3% 上升 360 個基點。利潤率的成長主要得益於收入的優異表現和定價的最佳化。

Total operating expenses declined 9% to $17.0 million compared to $18.8 million in last year's second quarter. The improvement was attributable to lower depreciation, insurance, and share-based compensation expenses as we continue to optimize our cost structure as a steady-state public company. Specifically, we had saved multiple million dollars on an annual basis by reducing costs related to our third-party legal costs, audit services, and insurance.

總營運費用較去年第二季的 1,880 萬美元下降 9% 至 1,700 萬美元。這一改善歸因於我們作為一家穩定狀態的上市公司不斷優化成本結構，從而降低了折舊、保險和股權激勵費用。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。

GAAP net income for the second quarter of 2025 increased 183% to $12.3 million compared to $4.4 million for the second quarter of 2024. GAAP net income attributable to common shareholders increased to $6.1 million or $0.16 per share compared to a net loss of $2.6 million or negative $0.13 per share in last year's second quarter. The increase was due to higher revenue and income from operations in 2025 as well as a $2.3 million mark-to-market gain on the company's BTC investment holdings.

2025 年第二季的 GAAP 淨收入較 2024 年第二季的 440 萬美元成長 183%，達到 1,230 萬美元。歸屬於普通股股東的 GAAP 淨利潤增至 610 萬美元，即每股 0.16 美元，去年第二季淨虧損 260 萬美元，即每股虧損 0.13 美元。成長的原因是 2025 年營業收入和利潤增加，以及公司 BTC 投資持有量的 230 萬美元以市價計價收益。

Adjusted EBITDA, a non-GAAP measure, increased 46% to $18.5 million in the second quarter of 2025 compared to $12.7 million in the second quarter of last year. This increase was primarily due to revenue outperformance and margin expansion.

2025 年第二季度，非公認會計準則調整後 EBITDA 為 1,850 萬美元，較去年同期的 1,270 萬美元成長 46%。這一增長主要歸因於收入的優異表現和利潤率的擴大。

Now turning to our balance sheet and cash flow. Cash, cash equivalents in cryptocurrencies as of June 30, 2025, increased to $59.6 million compared to $31.0 million at the end of 2024. The company used $0.6 million in the second quarter of 2025 to acquire six more Bitcoin, bringing the total held for investment to 100.35 BTC. We generated $26.4 million of cash from operating activities in the first half of 2025, more than doubling the $11.5 million generated in the first half of 2024.

現在轉向我們的資產負債表和現金流。截至 2025 年 6 月 30 日，加密貨幣的現金、現金等價物從 2024 年底的 3,100 萬美元增加至 5,960 萬美元。該公司在 2025 年第二季動用 60 萬美元又收購了 6 個比特幣，使其持有的投資總額達到 100.35 個 BTC。2025 年上半年，我們從經營活動中產生了 2,640 萬美元的現金，比 2024 年上半年產生的 1,150 萬美元增加了一倍多。

Please note, during the quarter, $8.9 million was paid in connection with the elimination of our UP-C structure transaction. This was offset by $12 million in equity proceeds via our ATM offering. We view the ATM as an opportunistic and efficient way of raising capital to fuel our capital allocation strategy, which could include strategic M&A or accelerated debt pay down.

請注意，本季度，我們因取消 UP-C 結構交易而支付了 890 萬美元。這被我們透過 ATM 發行獲得的 1,200 萬美元股權收益所抵消。我們將 ATM 視為一種機會主義且有效的籌集資金的方式，以推動我們的資本配置策略，其中可能包括策略併購或加速債務償還。

Debt, which includes the term loan, finance leases, and profit share arrangements, were $69.7 million at quarter end compared to $60.9 million at the end of 2024. Of the total debt balance, $25 million is our term loan on which we made a voluntary accelerated principal payment of $5 million during the quarter, and we are evaluating paying down additional principal by year-end, depending on M&A opportunities.

債務（包括定期貸款、融資租賃和利潤分享安排）在季度末為 6,970 萬美元，而 2024 年底為 6,090 萬美元。在總債務餘額中，2500 萬美元是我們的定期貸款，我們在本季度自願加速支付了 500 萬美元的本金，並且我們正在評估在年底前償還額外本金，具體取決於併購機會。

The paydown of the term loan balance was more than offset by the expansion of our profit share franchise arrangements in the quarter. These agreements entail an upfront lump sum payment to the company by our partners in exchange for a portion of future profits generated from a specified group of kiosks for a specified period of time. Because we continue to operate and typically retain title on the machines, we must account for these arrangements as debt under US GAAP. We currently do not anticipate further expansion of the profit share program going forward.

本季我們將利潤分成特許經營安排的擴大，足以抵銷定期貸款餘額的償還。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。因為我們繼續運作並且通常保留機器的所有權，所以我們必須根據美國公認會計準則將這些安排記為債務。我們目前預計利潤分享計劃未來不會進一步擴大。

Now turning to our outlook. We anticipate Q3 revenues to grow in high single digits on a percentage basis compared to Q3 of 2024 and adjusted EBITDA growth of 20% to 30% versus the prior year quarter. We remain committed to additional operational enhancements to drive profitable growth going forward, including improving vendor pricing, lowering professional service costs, and optimizing customer markups. We are focused on optimizing the business for profitability and positive cash flow ahead.

現在轉向我們的展望。我們預計，與 2024 年第三季相比，第三季營收將以高個位數百分比成長，調整後的 EBITDA 將比去年同期成長 20% 至 30%。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 now happy to take your questions. Operator?

現在我們很高興回答您的問題。操作員？

(Operator Instructions) Mike Grondahl, Northland Capital Markets.

（操作員指示）Northland Capital Markets 的 Mike Grondahl。

Could you talk a little bit about revenue per ATM trends? Anything on the cohorts from earlier years? And then how many kiosks remain in inventory?

能談談每台 ATM 的營收趨勢嗎？有關於前幾年的隊伍的情況嗎？那麼庫存還剩下多少個售貨亭呢？

Mike, this is Scott. Revenue per ATM, as we've talked about in the past, right, it's a tough one to nail down exactly because there's so many new kiosks and with the rest of the fleet aging. But generally, if we look at the mature kiosks, we did see improvement in those kiosks this quarter, and that's a large part of what drove the growth, with the new kiosks expected to continue to ramp up. And what was the second part of your question again?

麥克，這是斯科特。正如我們過去所討論的，每台 ATM 的收入是一個很難確定的數字，因為有太多新的自助服務終端，而其餘的 ATM 機都在老化。但總體而言，如果我們看一下成熟的自助服務終端，我們確實看到本季度這些自助服務終端有所改進，這是推動增長的很大一部分原因，預計新自助服務終端的數量將繼續增加。您問題的第二部分是什麼？

Is there anything on a cohort basis you can share with us? You have that slide in the deck, but it's really as of '24. Anything in the first half of '25 you've seen on cohorts? And then how many kiosks are still in inventory?

能與我們分享一些群組資訊嗎？您在幻燈片中看到了那張幻燈片，但它實際上是從 24 年起的。您在 25 年上半年看到了哪些同類事物？那麼有多少售貨亭還有庫存呢？

Yeah. We haven't done a first half cohort analysis, but we can definitely do that and talk about it going forward for you. The number in inventory still, David, I don't know if you have that from the queue. That's better than I have on the top of my head, but there you go 1,700.

是的。我們還沒有做過上半年的隊列分析，但我們絕對可以做，並為您討論未來的發展。庫存中的數量仍然存在，大衛，我不知道您是否有隊列中的數量。這比我能想到的要好，但還是有 1,700。

Yes, 1,700.

是的，1700。

And then maybe two more. Do you have -- you were 8,900 at the end of June. Do you have a rough goal for the end of the year for year-end 2026, and then kind of your gross profit outlook?

然後可能還會有另外兩個。你有嗎——六月底你有 8,900 個。您對 2026 年底有一個大致的目標嗎？您對毛利的前景如何？

So we don't have a goal as far as a number of kiosks because so many factors around how many we'll remove versus how many new ones we're going to install. But we don't anticipate buying additional kiosks in 2025. So the max we could deploy would be a good portion of that number. David said we have an inventory.

因此，我們對自助服務終端的數量沒有設定目標，因為有許多因素決定我們要移除多少個自助服務終端以及要安裝多少個新的自助服務終端。但我們預計 2025 年不會再購買額外的自助服務終端。因此，我們能夠部署的最大數量將是該數字的很大一部分。大衛說我們有庫存。

As far as gross profit outlook, I think we'll probably be able to hold this level for a while. I don't see it growing materially on a percentage basis, especially as we head into the back half of the year when, as we've said, historically, Q2 is the best quarter revenue-wise. So the margin on a percentage basis will probably hold steady or decline slightly going into the end of the year. And then we should see a pick up again going into '26, just like we have historically on an annual seasonality basis.

就毛利前景而言，我認為我們可能能夠維持這個水準一段時間。我認為其百分比不會出現實質增長，尤其是當我們進入下半年時，正如我們所說，從歷史上看，第二季度是收入最好的季度。因此，到年底，利潤率百分比可能會保持穩定或略有下降。然後，我們應該會看到 26 年再次出現回升，就像我們歷史上看到的年度季節性一樣。

Okay. Thank you.

好的。謝謝。

Mike Colonnese, H.C. Wainwright.

麥克科隆尼斯、H.C. 溫賴特。

First one for me, if you could talk through some of the assumptions underpinning your revenue and adjusted EBITDA outlook for the year. It looks like you expect top-line growth to accelerate in 3Q versus 2Q. So I was wondering if you could just unpack that a bit.

首先，請您談談您對今年營收和調整後 EBITDA 前景的一些假設。看起來您預計第三季的營收成長將比第二季加速。所以我想知道您是否可以稍微解釋一下這一點。

Yeah. So top-line growth has been pretty strong, and it's driven largely by the number of kiosks we have in operation and the maturity of the existing kiosks ramping up in performance. As far as projections for that, I think David talked about that towards the end of his script where we're expecting high single digits growth of top line revenue. And again, that will be driven by just same-store sales improving as kiosks mature and us continuing to work down that kiosk inventory and adding more kiosks into the operation of the fleet.

是的。因此，營收成長相當強勁，這主要得益於我們營運的自助服務終端的數量以及現有自助服務終端效能的成熟度提升。至於預測，我認為大衛在他的劇本結尾處談到了這一點，我們預計營業收入將實現高個位數成長。再次強調，隨著自助服務終端的成熟，同店銷售額的提高將推動這一成長，我們將繼續減少自助服務終端的庫存，並在營運團隊中添加更多的自助服務終端。

And on the EBITDA side, the growth will largely be driven by that top line as well. We think our cost structure at the SG&A level has come down a lot as we've shown over the past year, 1.5 years. And we think these levels can be sustained and potentially even lowered further. And so that will drive the more rapid EBITDA growth relative to the revenue growth as we continue to optimize the cost structure.

從 EBITDA 方面來看，成長很大程度上也將由營業收入推動。我們認為，正如過去一年半所顯示的那樣，我們的銷售、一般及行政費用 (SG&A) 水準的成本結構已經大幅下降。我們認為這些水準可以維持，甚至可能進一步降低。隨著我們不斷優化成本結構，這將推動 EBITDA 成長相對於營收成長更快。

Got it. Thanks, Scott. So it sounds like a combination of kiosks being deployed from inventory along with the maturation of existing kiosks is driving that acceleration. Okay. And as a follow-up, Brendan, I know you mentioned the international expansion being a continued focus for you guys, and you're talking to potentially two new countries being added at some point this year. I guess what needs to happen before you have the conviction, confidence, or the ability to move forward with expanding into those two additional countries?

知道了。謝謝，斯科特。因此，聽起來，從庫存中部署的自助服務終端與現有自助服務終端的成熟相結合，正在推動這一加速。好的。作為後續問題，布倫丹，我知道您提到國際擴張是您持續關注的重點，並且您正在談論今年某個時候可能增加兩個新的國家。我想，在您有信念、信心或能力繼續向這兩個國家擴張之前，需要發生什麼事？

Mike, on that, part of it is the Bitcoin adoption, the number of Bitcoin ATMs already there today. We're factoring in what's the TAM of some countries we're looking at. But also we have to look at the regulatory environment. And if there's a country that requires a license, then we have to go through the process to be able to secure a license or partner with somebody or acquire another operator in that country to be able to enter another international market.

麥克，部分原因是比特幣的採用，以及目前已經存在的比特幣 ATM 的數量。我們正在考慮我們正在關注的一些國家的 TAM。但我們也必須考慮監管環境。如果某個國家/地區需要許可證，那麼我們必須經過流程才能獲得許可證或與某人合作或收購該國的另一個營運商，以便能夠進入另一個國際市場。

But there's not a lot of machines in countries besides the US, Canada, and Australia. And it's difficult to tell for sure what is going to work, but we have the team in place to be able to try out a couple of options that we feel conviction in.

但除了美國、加拿大和澳洲之外的國家，這種機器並不多。雖然很難確切地說什麼方法會有效，但我們已經組建了一個團隊，可以嘗試一些我們確信可行的方案。

Great. Thanks for the color, Brandon.

偉大的。謝謝你的顏色，布蘭登。

Pat McCann, NOBLE Capital Markets.

麥肯 (Pat McCann)，NOBLE 資本市場。

Congrats on the quarter. I also wanted to touch on the international expansion. First, could you just clarify, did you say it was 500 kiosks deployed in Australia? And then secondly, with regard to Australia, I was curious what your plans might be to maybe continue to add kiosks there and how you view -- how you balance the prospect of additional expansion there versus the other new international markets, considering the size of Australia as being, I think population-wise, larger than the state of New York, as I think you guys have talked about before.

恭喜本季取得佳績。我還想談談國際擴張。首先，您能否澄清一下，您說在澳洲部署了 500 個自助服務終端嗎？其次，關於澳大利亞，我很好奇你們的計劃是什麼，可能繼續在那裡增加售貨亭，以及你們如何看待——你們如何平衡在那裡進一步擴張的前景與其他新的國際市場的前景，考慮到澳大利亞的面積，我認為從人口上講，比紐約州還大，我想你們之前已經討論過了。

What are the factors at play when you decide what is the best use of kiosk deployments in terms of just expanding in that market versus starting up in a new international market?

當您決定如何最好地利用自助服務終端部署時，是僅僅在該市場擴張還是在新的國際市場上啟動，需要考慮哪些因素？

Pat, good question. On Australia, we've deployed over 200 machines so far installed in locations. We have about 330, 340 total in the country. So we're still focused on signing up some of the last locations to deploy the remaining machines, and then there'll be a few weeks lag time after we sign them up to get them all installed. But it's still really early.

帕特，好問題。在澳大利亞，我們迄今已在各地部署安裝了 200 多台機器。我們全國總共有大約 330 到 340 名。因此，我們仍然專注於簽約最後幾個地點來部署剩餘的機器，然後在我們簽約之後會有幾週的延遲時間才能將它們全部安裝好。但現在還為時過早。

As you know, these machines ramp up in performance over time, and we're entering into a market where people are not familiar with our brands, which I think will make the ramp-up time for machines to be fully matured a little bit longer just because we don't have that brand awareness there, and we're a newer entrant in the market, whereas other operators have been there a couple of years. But we're definitely excited about the progress. We see the machines are ramping up month-over-month in volume consistently.

如您所知，這些機器的性能會隨著時間的推移而提升，而我們正在進入一個人們對我們的品牌不熟悉的市場，我認為這會使機器完全成熟的時間稍微長一些，因為我們在那裡沒有品牌知名度，而且我們是市場上的新手，而其他運營商已經在那裡呆了幾年。但我們確實對這項進展感到興奮。我們看到機器的產量逐月穩定增加。

In terms of adding additional machines there, it's too early right now. It's going to be at least several months before we can evaluate where the machines will be close to landing in terms of mature kiosks. So we wouldn't want to send more kiosk to Australia at this time. We want to definitely reserve some for those two other additional markets we're talking about and see which is the most exciting market to expand more rapidly in. So I think for now, you can expect the Australia kiosk count to stay the same, but the revenue should grow every quarter for a while until the machines get a little bit more ramped up.

就在那裡添加額外的機器而言，現在還為時過早。我們至少還需要幾個月的時間才能評估這些機器在成熟的自助服務終端方面的應用前景。因此，我們目前不想向澳洲發送更多的售貨亭。我們肯定希望為我們正在討論的另外兩個市場保留一些，看看哪個市場最令人興奮，能夠更快地擴張。因此我認為，就目前而言，你可以預期澳洲的售貨亭數量將保持不變，但收入應該會在一段時間內每季成長，直到機器的數量進一步增加。

Thanks. And then my other question is, I just want to, I guess, revisit California and just make sure I'm understanding the situation there correctly. I mean, are there -- what level of kiosks do you still potentially have left in California at this point? And then has there been any traction whatsoever regarding a new bill there to kind of alleviate some of the issues there with other players not abiding by the current laws?

謝謝。我的另一個問題是，我想我只是想再次訪問加利福尼亞，並確保我正確了解那裡的情況。我的意思是，目前加州還剩下多少等級的售貨亭？那麼，那裡有沒有什麼關於新法案的推動力，可以緩解其他參與者不遵守現行法律的一些問題？

On California, I believe we have less than 200 kiosks still. So just a small portion of what we originally had. Now the reason why we still have kiosks is because we're either making some money or potentially still hoping that there is change in legislation there. We still were actively engaged in efforts to change the legislation that passed in 2023 this year. Unfortunately, we were not able to achieve any changes in that legislation, but there's a significant reduction in machine count from other operators in the state.

在加州，我相信我們的售貨亭數量仍然不到 200 個。這只是我們原來擁有的一小部分。現在我們仍然保留售貨亭的原因是因為我們要么想賺錢，要么可能仍然希望立法能夠有所改變。我們今年仍在積極努力改變2023年通過的立法。不幸的是，我們無法對該立法做出任何改變，但該州其他業者的機器數量卻大幅減少。

So it's possible that the existing fleet we have there, although there's limits and a cap on what we can charge in terms of our spread in the state, it's possible that we keep this 100 to 200 machine fleet in California because maybe margins improve a little bit and top line improves as other operators leave the state.

因此，雖然我們在該州的覆蓋範圍有限制和收費上限，但我們有可能將這 100 到 200 台機器保留在加州，因為隨著其他業者離開該州，利潤率可能會有所提高，營收也會有所改善。

Great. Thanks. Appreciate it.

偉大的。謝謝。非常感謝。

Mike Grondahl, Northland Capital Markets.

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

Just a couple of follow-ups. The relocations you did in 2Q '25, would you say those were consistent with prior quarters, elevated, lower than prior quarters?

僅需幾個後續行動。您在 2025 年第二季度進行的搬遷，您認為與前幾季相比是一致、有所提高還是有所降低？

Yeah. Sorry, Mike. I was -- go ahead, David.

是的。對不起，麥克。我——繼續吧，大衛。

Scott, I was going to say, I don't have the numbers in front of me. So I know it's somewhat similar. But Scott, if you have any more specifics?

史考特，我想說，我面前沒有這些數字。所以我知道這有點相似。但是斯科特，你還有更多細節嗎？

No, it's pretty similar. We haven't really seen a change in the rate of what we're doing, removals and relocations. We think it will slow down, probably, going into the fall. It's probably going to be slightly slower in terms of the number of relocations we're doing, but it's generally been pretty steady the past couple of quarters.

不，非常相似。我們並沒有真正看到我們所做搬遷和重新安置工作的速度改變。我們認為，進入秋季，這一趨勢可能會放緩。就我們進行的搬遷數量而言，速度可能會稍微慢一些，但過去幾季總體上還是比較穩定的。

Got it. And have you disclosed that number for 2Q, the number of relocations you did?

知道了。您是否曾揭露過第二季的搬遷數量？

I don't believe we have. Yes.

我不相信我們有。是的。

No, we haven't.

沒有。

Okay. And then David, I think you said there's $25 million of term loan left. You paid off -- that was after paying off $5 million during the quarter. Can you repeat what you said about year-end? Did you say you're going to consider paying that off on year-end? Or was it another $5 million? I didn't quite catch it.

好的。然後大衛，我想你說過還剩下 2500 萬美元的定期貸款。您已經還清了——這是在本季還清 500 萬美元之後。你能重複一下關於年末的事情嗎？您是否說過您會考慮在年底還清這筆錢？還是另外 500 萬美元？我沒太聽懂。

No. We didn't say a specific number. We said we're going to evaluate making additional accelerated payments before year-end, depending on the M&A environment and opportunities in that respect.

不。我們沒有說出具體的數字。我們表示，我們將根據併購環境和相關機會，評估在年底前進行額外加速付款。

Got it. Got it. And then the roughly $9 million payment on the UP-C structure, is that done? Is there any more that's owed there?

知道了。知道了。那麼，UP-C 結構上大約 900 萬美元的付款完成了嗎？那裡還欠著什麼嗎？

That's done.

完成了。

That's done. Okay. I think that does it. Thank you.

完成了。好的。我認為這樣就行了。謝謝。

(Operator Instructions) Hal Goetsch, B. Riley Securities.

（操作員指示）Hal Goetsch，B. Riley Securities。

Could you guys go over again some of the reasons for really the seasonality between Q2 and Q3? It seems like a pretty big step down in average revenue per kiosk taken as a whole. That's the first question.

你們能否再次討論第二季和第三季之間季節性變化的一些原因？從整體來看，每個售貨亭的平均收入似乎下降了相當大的幅度。這是第一個問題。

And then the number of kiosks that have been -- less than one year have been in the 3,300 to 3,800 range for the last two to three quarters. So the 3,300 this quarter, I think it was 3,200 last quarter, 3,800 in Q4. What do you anticipate that will be just on the demographic of machines, let's say, by Q4? Just kind of how you think about that, maybe you kind of have a feel for that. Thanks.

而在過去兩到三個季度中，自助服務終端的數量在不到一年的時間內一直保持在 3,300 到 3,800 個左右。所以本季是 3,300，我認為上個季度是 3,200，第四季是 3,800。您預計到第四季度，機器的人口統計數據將會如何？就看您對此有何看法，也許您對此有某種感覺。謝謝。

Hal, it's Brandon. On the step down in revenue from Q2 to Q3, we typically see this. What I can say about that is not factual. It's just what we've seen over many years now is our seasonality seems to have some correlation with tax return season. So typically, late Q1, things start ramping up quite a bit, and they trail off typically around end of Q2. So what we're seeing is very regular compared to previous years.

哈爾，我是布蘭登。在第二季到第三季營收下降的過程中，我們通常會看到這種情況。我對此所說的並不是事實。多年來我們看到的是，季節性似乎與報稅季節有某種關聯。因此，通常在第一季末，情況開始大幅上升，而在第二季末則逐漸放緩。因此，與前幾年相比，我們看到的情況非常正常。

Now in terms of the machine count that's less than one year old, so you have two things feeding into that number. You have relocations, and you have net new kiosks that we've deployed. So we've grown the number of kiosks in our fleet quite a bit over the past year.

現在就使用時間不到一年的機器數量而言，有兩個因素會影響這個數字。您有搬遷，並且您有我們部署的全新資訊亭。因此，在過去的一年裡，我們的自助服務終端數量大幅增加。

So the number of kiosks that are less than one year old, it's hard for that number to decline as we're continuing to grow new kiosks organically. So if, for example, we stopped deploying any new kiosks and we were just focused on relocations. I would expect for that kiosk within a year old number to decline. But that's not the case since we still have 1,700 roughly kiosks and inventory, as David mentioned. I don't believe that we're going to see a whole lot of decline in the number of kiosks less than a year old in the next quarter, at least.

因此，對於使用時間不到一年的自助服務終端來說，由於我們將繼續有機地增加新的自助服務終端，因此這個數量很難下降。例如，如果我們停止部署任何新的資訊亭，而只專注於重新安置。我預計該售貨亭的數量在一年內會下降。但事實並非如此，因為正如 David 所提到的，我們仍然有大約 1,700 個售貨亭和庫存。我認為，至少在下一季度，我們不會看到不到一年的自助服務終端數量大幅下降。

Yeah. Okay. And if I could ask one follow-up. I don't know if this is something you can discuss or comment on. But like we've seen a tremendous amount of market capitalization created through any company developing a stablecoin strategy. And when I look at your offering of cash into Bitcoin, it'd be terrific if there was an off-ramp from the app to, say, a stablecoin that I could use maybe a virtual card to spend the money. I think I brought this up before.

是的。好的。我可以問一個後續問題。我不知道您是否可以討論或評論此事。但正如我們所見，任何一家公司透過制定穩定幣策略都創造了巨大的市值。當我看到您將現金兌換成比特幣時，如果有一個從應用程式到穩定幣的出口，我可以使用虛擬卡來花錢，那就太好了。我想我之前提到過這一點。

But I wanted to get your thoughts if your thinking on that has evolved. I think an on-ramp and an off ramp back to fiat would increase the velocity of usage of current users. I think I'd probably use it more myself. So on that note, could you comment on if there's any thinking on developing other use cases and functionality of your mobile wallet and Bitcoin -- cash to Bitcoin strategy. Thanks.

但如果您對此的想法已經發生變化，我想聽聽您的想法。我認為回到法定貨幣的入口和出口會增加當前用戶的使用速度。我想我自己可能會更多地使用它。因此，就此而言，您能否評論一下是否有考慮開發行動錢包和比特幣（現金到比特幣）策略的其他用例和功能。謝謝。

Great question. On that, yes. We're always doing R&D to evaluate what additional products to add either to the machine or to our wallet or even evaluating potential opportunities outside of exactly what we do today and this whole cash to Bitcoin environment.

好問題。就這一點而言，是的。我們一直在進行研發，以評估可以在機器或錢包中添加哪些附加產品，甚至評估除了我們今天所做的事情以及整個現金到比特幣環境之外的潛在機會。

In terms of an off-ramp, you mentioned it would be great if someone could have a virtual card and hold stablecoins or maybe even USD on to spend. That's existed for probably around eight years now. And we believe a portion of our users are definitely using those products from other companies because you can just link your Bitcoin in your wallet to your card, and you can spend it.

關於出口，您提到如果有人可以擁有一張虛擬卡並持有穩定幣甚至美元來消費那就太好了。這種情況大概已經存在八年了。我們相信，我們的部分用戶肯定在使用其他公司的產品，因為您只需將錢包中的比特幣連結到您的卡上，就可以使用它了。

Typically, if it's a Visa card anywhere where Visa is accepted, if it's a Mastercard anywhere where Mastercard is accepted. That's not something that we're focused on providing right now in terms of the card. We just don't believe there's enough profit to be made. And we think our customer base is very well served already with the options out there today for an off-ramp product like that.

通常，如果是 Visa 卡，則可在接受 Visa 的任何地方使用；如果是 Mastercard，則可在接受 Mastercard 的任何地方使用。就卡片而言，這不是我們現在專注於提供的內容。我們只是不相信能夠獲得足夠的利潤。我們認為，透過目前市場上這樣的出口產品，我們的客戶群已經得到了很好的服務。

However, we're always evaluating more non-physical off-ramp options. But in terms of priority, we're always focused on where there is going to be the most profit, and we don't believe focusing on building an off-ramp will be the most profitable project that we can work on at this time.

然而，我們始終在評估更多非物質的出口選項。但就優先順序而言，我們始終關注哪裡能帶來最大的利潤，我們不認為專注於建造出口匝道是我們目前可以開展的最有利可圖的項目。

Okay. Thank you.

好的。謝謝。

And it seems that we have no further questions. That concludes the Q&A session. I would now like to turn the call back over to Brandon Mintz for closing remarks.

看來我們沒有其他問題了。問答環節到此結束。現在我想將電話轉回給布蘭登·明茨 (Brandon Mintz) 做結束語。

Thanks, everyone. I think we delivered a great quarter once again, and we're excited to speak to all of you next time.

謝謝大家。我認為我們再次度過了一個出色的季度，我們很高興下次能與大家交談。

Thank you for joining us today for Bitcoin Depot's conference call. You may now disconnect your lines.

感謝您今天參加 Bitcoin Depot 的電話會議。現在您可以斷開線路了。