Bitcoin Depot Inc (BTM) 2025 Q3 法說會逐字稿

Good morning and welcome to Bitcoin Depot's third quarter 2025 conference call. My name is John and I will be your operator today.

早上好，歡迎參加 Bitcoin Depot 2025 年第三季電話會議。我叫約翰，今天將由我為您接聽電話。

Before this call, Bitcoin Depot issued its third quarter results in a press release. A copy will be furnished in a report on Form 8K filed with the SEC and will be available in the investor relations section of the company's website.

在此次電話會議之前，Bitcoin Depot 透過新聞稿發布了其第三季業績。報告副本將以 8K 表格的形式提交給美國證券交易委員會 (SEC)，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 CEO Brandon Mintz and CFO David Gray. Following their remarks, we will open the call for questions.

今天參加電話會議的有 Bitcoin Depot 的執行長 Brandon Mintz 和財務長 David Gray。在他們發言結束後，我們將開放提問環節。

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

在正式開始之前，Gateway Group 的 Cody Slach 將作簡短的介紹性演講。斯勞先生，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 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. 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. We also discuss non-GAAP financial metrics and encourage you to read our disclosures and the reconciliation tables 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, you may get Bitcoin Depot's SEC filings for free by visiting the SEC website at www.SEC.gov. I'd like to remind everyone that 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.

謝謝接線員，大家早安。在管理階層正式發言之前，我們想提醒大家，我們今天所作的一些陳述可能被視為證券法意義上的前瞻性陳述，並涉及許多風險和不確定性。因此，我們提醒各位，有一些因素（其中許​​多是我們無法控制的）可能導致實際結果和事件與前瞻性陳述中描述的內容有重大差異。有關我們前瞻性聲明的更詳細的風險、不確定性和假設，請參閱我們的獲利報告和向美國證券交易委員會提交的公開文件中的揭露資訊。除法律另有規定外，我們不承擔任何義務或責任更新前瞻性陳述以反映前瞻性陳述發布之日後發生的情況或事件。我們也會討論非GAAP財務指標，並鼓勵您在考慮這些指標時，仔細閱讀我們的獲利報告中的揭露資訊以及與適用GAAP指標的調節表。有關我們業務的詳細揭露和描述，請參閱我們向美國證券交易委員會提交的文件。除了不確定因素和其他可變因素（包括但不限於我們在近期文件中「風險因素」標題下列出的風險和不確定性）之外，您還可以造訪美國證券交易委員會 (SEC) 網站 www.SEC.gov 免費取得 Bitcoin Depot 的 SEC 文件。在此提醒各位，本次電話會議正在錄音，您可以透過 Bitcoin Depot 網站投資者關係部分的連結收聽回放。我們還在其投資者關係網站上發布了補充獲利報告，重點介紹了我們的業績。

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

現在我將把電話交給 Bitcoin Depot 的執行長 Brandon Mintz。

Brandon.

布蘭登。

Thanks, Cody, and good morning everyone.

謝謝科迪，大家早安。

Thank you for joining our third quarter 2025 earnings call. Bitcoin Depot delivered another strong quarter exceeding the preliminary results we announced in October. Our third quarter performance once again demonstrates the operating leverage in our business model, supported by continued kiosk expansion, higher transaction volumes, and disciplined cost management.

感謝您參加我們2025年第三季財報電話會議。Bitcoin Depot 又迎來了一個強勁的季度，業績超過了我們在 10 月公佈的初步結果。第三季業績再次證明了我們商業模式的營運槓桿作用，這得益於自助服務終端的持續擴張、更高的交易量以及嚴格的成本管理。

As a result, we achieved meaningful revenue growth, a substantial increase in adjusted EBITDA, and further improvement in profitability in cash generation.

因此，我們實現了可觀的營收成長、調整後 EBITDA 的大幅成長，以及現金流獲利能力的進一步提高。

Consumer demand remained quite strong in the third quarter, with median transaction size up 40% year over year to $350 and total transaction volume moving steadily higher to $162.5 million.

第三季消費者需求依然強勁，交易中位數較去年同期成長 40% 至 350 美元，交易總額穩定上升至 1.625 億美元。

Our kiosk growth and optimization plan continued to deliver the intended results with Q3 gross profit of 40% year over year and adjusted EBITDA up 75% to $16.1 million.

我們的自助服務終端成長和優化計畫持續取得預期成果，第三季毛利年增 40%，調整後 EBITDA 成長 75% 至 1,610 萬美元。

We ended Q3 with approximately 9,300 active machines and expect to see continued growth in kiosk for the remainder of the year.

第三季末，我們約有 9,300 台活躍機器，預計今年剩餘時間自助服務終端將持續成長。

As for our BTM relocation strategy today, 3,800 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.

至於我們目前的 BTM 搬遷策略，我們安裝的 3,800 個自助服務終端不到一年。隨著這些機器投入使用，我們預計現金流將進一步成長，因為無論比特幣價格如何，我們的比特幣 ATM 機的投資回收期通常不到八個月。

Now, turning to an update on our growth strategy.

現在，讓我們來看看我們成長策略的最新進展。

First, international expansion. We have now deployed over 260 kiosks to support our ongoing launch in Australia this year.

首先是國際擴張。為了支持我們今年在澳洲的持續推廣，我們目前已部署了超過 260 個自助服務終端。

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.

澳洲持續成為全球比特幣普及的熱點地區，目前比特幣ATM機總數位居世界第三。雖然現在還處於早期階段，但我們對目前已發現的零售合作夥伴關係和擴張機會感到鼓舞。

Beyond Australia, we just commenced operations in Hong Kong as announced earlier this week and continue to work through the regulatory process in other jurisdictions.

除了澳大利亞，正如本週早些時候宣布的那樣，我們剛剛在香港開始運營，並繼續推進其他司法管轄區的監管程序。

Next is scaling our domestic footprint.

接下來是擴大我們在國內的業務規模。

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 10,500 kiosks. This will enhance our reach and support further efficiencies across the business. Given the strength of our business and our improved balance sheet, strategic M&A is also an opportunity to scale domestically and internationally. In fact, in early October, we acquired the assets of National Bitcoin ATM, a prominent BTM operator across 27 states.

我們繼續部署去年採購的大量自助服務終端。一旦全面部署，這些設備可使我們的活躍服務終端總數達到約 10,500 個。這將擴大我們的業務範圍，並進一步提高整個業務的效率。鑑於我們業務的實力和資產負債表的改善，策略併購也是我們在國內和國際上擴大規模的機會。事實上，10 月初，我們收購了 National Bitcoin ATM 的資產，該公司是 27 個州的知名比特幣 ATM 營運商。

The acquisition adds over 500 kiosks to our network, further solidifying our leadership as North America's largest Bitcoin ATM operator and accelerates our mission to provide accessible, secure, and convenient access to Bitcoin across communities nationwide.

此次收購為我們的網路增加了 500 多個自助服務終端，進一步鞏固了我們作為北美最大比特幣 ATM 運營商的領先地位，並加速了我們為全國各地社區提供便捷、安全和舒適的比特幣訪問服務的使命。

Turning to corporate and financial governance, we continue to make significant improvements. In early October, we announced the rollout of our new compliance standards that make Bitcoin Depot one of the only operators in the industry to require customer identification before transacting for any amount of money.

在公司和財務治理方面，我們持續取得顯著進步。10 月初，我們宣布推出新的合規標準，這使得 Bitcoin Depot 成為業內為數不多的幾家要求客戶在進行任何金額的交易前進行身份驗證的運營商之一。

This initiative applies to all new and existing customers, ensuring they benefit from the highest level of protection well beyond what is currently required by federal law. We also introduced additional protections for seniors, reinforcing our leadership in consumer protection and responsible access to digital assets.

這項措施適用於所有新舊客戶，確保他們獲得遠超聯邦法律目前要求的最高等級保護。我們也為老年人推出了額外的保護措施，鞏固了我們在消費者保護和負責任地獲取數位資產方面的領導地位。

These steps reflect our belief that long-term growth in this industry depends on trust and accountability. While our enhanced compliance standards have had a modest effect on near-term transaction activity, the more meaningful headwind to our outlook stems from recent state regulations that imposed transaction size caps or fee caps across several states.

這些舉措體現了我們的信念，即該行業的長期發展取決於信任和責任。雖然我們加強的合規標準對近期交易活動產生了一定的影響，但我們前景面臨的更大不利因素來自最近幾個州出台的法規，這些法規對交易規模或費用設定了上限。

We view both developments as constructive for the long-term health of the industry. As the largest and most compliant operator in North America, Bitcoin Depot is well positioned to navigate this evolving regulatory environment. These changes are expected to weed out smaller, less compliant operators, further differentiate our business, and support continued growth and leadership in the market.

我們認為這兩項進展都有利於產業的長期健康發展。作為北美規模最大、最合規的營運商，Bitcoin Depot 已做好充分準備，以應對不斷變化的監管環境。這些變化有望淘汰規模較小、合規性較差的營運商，進一步使我們的業務脫穎而出，並支持我們在市場上的持續成長和領導地位。

Looking ahead with over $70 million in cash and digital assets, we remain well positioned to pursue growth opportunities and strengthen leadership in the crypto ATM market. We continue to focus on scaling efficiently, enhancing our compliance protocols, and using our strong balance sheet to pursue a creative acquisitions.

展望未來，我們擁有超過 7000 萬美元的現金和數位資產，我們仍然處於有利地位，可以尋求成長機會並鞏固在加密貨幣 ATM 市場的領導地位。我們將繼續專注於高效擴大規模、加強合規協議，並利用我們強大的資產負債表進行創新收購。

Our team's execution, operational discipline, and financial strength position Bitcoin Depot to deliver sustained value for our customers, partners, and shareholders. With that, I will now turn it over to our CFO, David Gray, who will walk through our financial results in more detail. David.

憑藉我們團隊的執行力、營運紀律和財務實力，Bitcoin Depot 能夠為我們的客戶、合作夥伴和股東創造持續的價值。接下來，我將把發言權交給我們的財務長大衛·格雷，他將更詳細地介紹我們的財務表現。大衛。

Thanks, Brandon, and good morning everyone. I'm pleased to share the financial highlights for our third quarter as follows.

謝謝布蘭登，大家早安。我很高興與大家分享我們第三季的財務亮點如下。

Revenue was $162.5 million up 20% in the third quarter of 2024. This growth was driven primarily by increased kiosk deployment and higher median transaction sizes, reflecting strong consumer demand, as well as the results of our kiosk redeployment efforts.

2024年第三季營收為1.625億美元，成長20%。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規模的提高，反映了消費者的強勁需求，以及我們重新部署自助服務終端工作的成果。

Gross profit in the third quarter of 2025 increased 40% to $28.2 million compared to $20.2 million in the third quarter of 2024.

2025 年第三季毛利成長 40%，達到 2,820 萬美元，而 2024 年第三季為 2,020 萬美元。

Gross margin in the third quarter increased 250 basis points to 17.4% compared to 14.9% in the third quarter of last year.

第三季毛利率較去年同期成長250個基點，達17.4%，去年同期為14.9%。

This margin increase was largely driven by leveraging the cost structure of our BTM networks against higher revenue.

這一利潤率的成長主要是透過利用 BTM 網路的成本結構來抵消更高的收入。

Total operating expenses were $18.3 million compared to $16.9 million in the last year's third quarter.

總營運支出為 1,830 萬美元，而去年同期為 1,690 萬美元。

With the increase due to higher non-cash stock compensation expense and indirect taxes.

由於非現金股票補償支出和間接稅增加，導致成長。

GAAP net income for the third quarter of 2025 increased 139% to $5.5 million compared to $2.3 million for the third quarter of 2024.

2025 年第三季 GAAP 淨收入成長 139%，達到 550 萬美元，而 2024 年第三季為 230 萬美元。

GAAP net income attributable to common shareholders increased to $5.5 million or $0.08 per share compared to a net loss of $0.9 million or negative $0.05 cents per share in last year's third quarter.

歸屬於普通股股東的GAAP淨利增加至550萬美元，即每股0.08美元，去年第三季淨虧損為90萬美元，即每股虧損0.05美元。

The increase was due to higher revenue and income from operations in 2025.

成長是由於 2025 年營業收入和利潤增加所致。

Adjusted EBITDA, a non-GAAP measure, increased 75% to $16.1 million in the third quarter of 2025 compared to $9.2 million in the third quarter of last year.

經調整的 EBITDA（非 GAAP 指標）在 2025 年第三季成長了 75%，達到 1,610 萬美元，而去年第三季為 920 萬美元。

This increase was primarily due to revenue outperformance and margin expansion.

這一成長主要歸功於營收超預期和利潤率擴張。

Now turning to our balance sheet and cash flow.

現在來看我們的資產負債表和現金流量表。

Cash equivalents, and cryptocurrencies as of September 30th, 2025 increased to $72.9 million compared to $31.0 million at the end of 2024.

截至 2025 年 9 月 30 日，現金等價物和加密貨幣增至 7,290 萬美元，而 2024 年底為 3,100 萬美元。

We generated $33.0 million of cash from operating activities in the first nine months of 2025 compared to $17.3 million during the same period last year.

2025 年前九個月，我們從經營活動中產生了 3,300 萬美元的現金，而去年同期為 1,730 萬美元。

An increase of over 90%.

增長超過90%。

Subsequent to the third quarter end, we raised gross proceeds of $15 million in a registered direct offering.

第三季結束後，我們透過註冊直接發行籌集了 1500 萬美元的總收益。

This additional liquidity was raised proactively to afford us the opportunity to be strategic with further M&A opportunities.

我們主動籌集了這筆額外的流動資金，以便有機會採取策略性措施，把握進一步的併購機會。

Debt, which includes a term loan, finance leases, and profit share arrangements, was $70 million at quarter end compared to $60.9 million at the end of 2024.

截至季末，債務（包括定期貸款、融資租賃和利潤分成安排）為 7,000 萬美元，而 2024 年底為 6,090 萬美元。

Of the total debt balance, $25 million is our term loan and $39 million is comprised of profit sharing liabilities. As a reminder, these profit share arrangements 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.

在總債務餘額中，2500萬美元是我們的定期貸款，3900萬美元是利潤分成負債。再次提醒，這些利潤分成安排是指我們的合作夥伴預先向公司支付一筆款項，以換取在特定期間內從特定一組售貨亭產生的未來利潤的一部分。

Because we continue to operate and typically retain title on the machines, we must account for these arrangements as debts under US GAAP.

由於我們繼續運作並通常保留機器的所有權，因此根據美國通用會計準則，我們必須將這些安排作為債務進行會計處理。

We currently do not anticipate further expansion of the profit share program going forward.

我們目前預計未來不會進一步擴大利潤分享計畫。

Now turning to her outlook.

現在來談談她的世界觀。

We anticipate Q4 revenues to range between $112million to $115 million and adjusted EBITDA to be in the low single-digit millions.

我們預計第四季營收將在 1.12 億美元至 1.15 億美元之間，調整後 EBITDA 將在數百萬美元的個位數範圍內。

As Brandon highlighted, we expect fourth quarter results to reflect the impact of typical seasonality.

正如布蘭登所強調的那樣，我們預計第四季度業績將反映出典型的季節性因素的影響。

Recently enacted state regulations and to a lesser extent our enhanced compliance standards.

最近頒布的州法規，以及在較小程度上我們不斷提高的合規標準。

While these factors are expected to weigh modestly on near term results, we believe they reinforce the integrity and sustainability of our business over the long-term.

雖然這些因素預計會對近期業績產生輕微影響，但我們相信，從長遠來看，它們會增強我們業務的完整性和可持續性。

As the largest and most compliant BTM operator in North America, Bitcoin Depot is uniquely positioned to lead the market through this evolving regulatory landscape and capture share as smaller, less compliant operators exit the market.

作為北美規模最大、合規性最高的比特幣ATM運營商，Bitcoin Depot 擁有獨特的優勢，能夠引領市場應對不斷變化的監管環境，並在規模較小、合規性較差的運營商退出市場時搶佔市場份額。

We remain focused on operational acts.

我們將繼續專注於業務行動。

Maintaining strong profitability and advancing our leadership position while continuing to invest in growth initiatives, compliance, and technology that will deliver durable shareholder value. With that, we are now happy to take your questions, operator.

在維持強勁獲利能力和鞏固領先地位的同時，繼續投資於成長計畫、合規和技術，從而為股東創造持久價值。那麼，我們現在很樂意回答您的問題，接線員。

(Operator Instructions)

（操作說明）

Harold Goetsch with B Riley Securities.

Harold Goetsch，B Riley Securities公司。

Hey, good afternoon, good morning, guys. Can you kindly give us a bridge maybe the the components of.

嘿，下午好，早安，各位。您能否好心為我們提供一座橋樑的組成部分？

The kind of the difference between the guidance today and maybe prior estimates on the street, in terms of like how much of it is, state regulation, what are the states that are involved, how much do you think this is seasonality and how much of it is, enhanced compliance standards, like what are the, how would you stack it up as a kind of the contributors to the guides.

今天提供的指導意見與先前市場上的估計意見之間的區別在於，有多少是州監管造成的，涉及哪些州，你認為有多少是季節性因素造成的，又有多少是加強合規標準造成的，作為指導意見的貢獻者，你會如何評估這些因素。

Because it looks to me like you're going to have a quarter that's one of the lowest revenue quarters you've had in 3 or 4 years.

因為在我看來，你們這個季度的收入很可能是近三、四年來最低的季度之一。

Yeah, hey, Harold, this is Scott Buchanan. Thanks for the question.

嗨，哈羅德，我是史考特‧布坎南。謝謝你的提問。

Yeah, if you were going to stack rank those, the biggest impact is definitely the state regulation, because those, as you're aware, place limits on transaction sizes or fee limits, and so that's the biggest impact, the second biggest would be seasonality, as we always see Q4 being the lowest quarter, and that'll continue to be the case here. And then third would be the. The proactive compliance changes that we've made internally that we announced a couple weeks ago with the collecting ID for every customer and enhanced protections for elder customers, I don't have like percentage breakdown of how much I think each of those impact because it's not black and white, but that's definitely the order they would be in of how much impact there is to the volume.

是的，如果要對這些因素進行排序，影響最大的肯定是州政府的監管，因為正如你所知，這些監管對交易規模或費用上限做出了限制，所以這是最大的影響因素；其次是季節性因素，因為我們總是看到第四季度是最低的季度，這種情況在這裡也會繼續發生。第三點是…我們幾週前宣布的內部積極合規變更，包括收集每位客戶的身份資訊和加強對老年客戶的保護，我無法提供每項變更的具體影響百分比，因為這並非非黑即白，但這肯定是它們對交易量影響程度的大致順序。

Could you give us a feel for what states were kind of the biggest regulatory changes in the quarter and how and what others might be on tap if that's a major trend?

您能否簡要介紹本季哪些州的監管變化最大，以及如果這是一個主要趨勢，未來可能還有哪些州會推出相關政策？

Yeah, so it's less like one specific state and more that there's been so many recently, so this year there's been over 15 states that have enacted some sort of restrictions whether on transaction sizes or fee caps but like 6 of those went into effect in Q3 into early, and go into effect early Q4 and so a bunch of those came in in the past couple of months and so that's where the bigger decline coming into Q4 is, and kind of like we saw with California, you see the biggest drop initially when you first implement these changes, and then as the rest of the space catches up and becomes compliant as well, then we see volume recover and come back a little bit. So, we expect the steepest drop to happen initially and then as it levels the playing field again and everyone's compliant with the new requirements in each state, I think volumes will recover a little bit in those states from that point.

是的，與其說是某個特定州的問題，不如說是最近很多州都推出了類似的政策。今年已有超過15個州實施了某種形式的限制，無論是對交易規模或費用上限的限制。其中大約有6個州在第三季初生效，並在第四季初生效。所以，很多限制都是在過去幾個月推出的。因此，第四季交易量大幅下降的原因就在於此。就像我們在加州看到的那樣，這些變化剛開始實施時，交易量會下降最多，然後隨著其他州也跟上並遵守規定，交易量就會逐漸回升。因此，我們預計最初會出現最劇烈的下降，然後隨著競爭環境再次趨於公平，並且每個州都遵守了新的要求，我認為從那時起，這些州的銷量將會略有回升。

Okay, and if I follow what national Bitcoin ATM is that deal is closed, right? Is it, is that how much is that going to maybe contribute in the fourth quarter?

好的，如果我理解正確的話，那筆交易就完成了，對吧？那麼，這筆收入在第四季可能會有多大貢獻呢？

Yeah, that deal is closed, but we still have to convert all the kiosks, right? So we buy them and then we have to convert all the kiosks to our platform to fully get all of the revenue and profits. And so we're most of the way through that now and it'll be fully completed by the end of Q4.

是的，那筆交易已經完成了，但是我們仍然需要改造所有的自助服務終端，對吧？所以我們買下它們，然後必須將所有自助服務終端轉換為我們的平台，才能完全獲得所有收入和利潤。所以，我們現在已經完成了大部分工作，到第四季末將全部完成。

But could you give us an idea of what kind of productivity they were having before you acquired them?

您能否簡要介紹一下在您收購他們之前，他們的生產力水平如何？

I don't have the exact numbers in front of me, but if you could take, if you take their kiosks as a percentage of our kiosks, they're roughly in line with us in terms of volume per kiosk.

我手邊沒有確切的數字，但是如果你把他們的自助服務終端數量占我們自助服務終端數量的百分比算出來，那麼就每個自助服務終端的銷量而言，他們和我們大致相當。

(Operator Instructions)

（操作說明）

Pat McKenna with Noble Capital Markets.

Pat McKenna，來自 Noble Capital Markets。

Hey guys, thanks for taking my questions. I wanted to piggyback on the question regarding the transaction limits in the states and whatnot. I guess what I'm wondering is, when back when that was an issue with California initially. There was that problem of other operators not being compliant, so it was an uneven playing field, and Scott, you kind of alluded to that, as others become compliant in these recent states to enact regulations, the playing field will level and that should help recovery of volume.

各位好，感謝你們回答我的問題。我想藉這個話題問一下關於各州交易限額之類的問題。我想問的是，當初加州最初遇到這個問題的時候是什麼時候？存在其他業者不遵守規定的問題，因此競爭環境不公平。史考特，你剛才也提到了這一點，隨著其他業者在最近幾個州頒布的法規中遵守規定，競爭環境將會更加公平，這應該有助於銷售的恢復。

Is there anything to give you confidence that in these more recent, recently enacted, regulations that these states will be strict in enforcing those regulations so that your the other competitors will be, eventually becoming compliant as you are.

有什麼能讓您對這些最近頒布的法規充滿信心，相信這些州會嚴格執行這些法規，從而使您的其他競爭對手最終也能像您一樣遵守這些法規？

Hey Pat, it's Brandon. Great question.

嘿，帕特，我是布蘭登。問得好。

Yes, we've started to see the playing field level, in some of the states that were early on in passing legislation. Once bills like this passed, it takes a state a little bit of time, for the regulator to kind of evaluate the space and figure out if operators are complying and then figure out how to enforce the law if operators are not complying.

是的，在一些較早通過相關立法的州，我們已經開始看到競爭環境趨於公平。一旦此類法案獲得通過，各州需要一些時間，讓監管機構評估該領域，弄清楚運營商是否遵守規定，然後弄清楚如果運營商不遵守規定，該如何執法。

Now that SB 401, which was the original bill, that had transaction and fee caps that passed in California a couple of years ago, has been active for a while, we've started seeing some enforcement actions against smaller operators who are not complying.

現在，幾年前在加州通過的 SB 401 法案（最初的法案，規定了交易和費用上限）已經生效一段時間了，我們開始看到一些針對不遵守規定的小型運營商的執法行動。

And that has helped level the playing field there, and there is now a large reduction of kiosks in California compared to the number of kiosks that were there a couple of years ago.

這有助於創造公平的競爭環境，與幾年前相比，加州的自助服務亭數量已大幅減少。

So the remaining kiosks that we have in California are actually doing pretty good volumes today, compared to, a year or so ago, for example, when a lot of the operators that were not complying we're still able to continue to operate and so I think that enforcement action that's been happening in California. Amongst the noncompliant operators is sending a message probably across the entire country to all operators who maybe previously weren't complying with these laws in the states that have passed them that they need to, and it will further put pressure on them to either Sell or or shut down their businesses.

因此，與大約一年前相比，我們在加州剩餘的自助服務亭目前的銷售實際上相當不錯。例如，當時許多不遵守規定的運營商仍然能夠繼續運營，所以我認為加州正在進行的執法行動是有效的。針對不遵守規定的經營者，此舉可能向全國所有此前未遵守已通過相關法律的州法律的經營者發出一個訊息：他們必須遵守這些法律。這將進一步迫使他們出售或關閉業務。

Thank you for that. And then my other question was, regarding 2026. I was just wondering as we look ahead to that, if you could give an overview of what you expect the dynamics to be between, new kiosk deployment versus a redeployment or optimization of existing kiosks.

謝謝。然後我的另一個問題是關於 2026 年的。展望未來，我想知道您能否概述一下，您認為新自助服務終端部署與現有自助服務終端的重新部署或優化之間會存在怎樣的動態關係。

Well, we still do have a large number of kiosks in our inventory today, we still have.

嗯，我們目前庫存中仍然有大量的自助服務終端，我們仍然有。

Over 1,000 currently, so we do expect to have still a significant number of.

目前已有超過 1000 例，因此我們預計仍將有相當數量的病例。

Of newer deployments, but at the same time we do expect to have a significant number of relocations. Obviously some of the states that have passed legislation this year, it's still just so early and we don't know the full.

雖然會有較多的新部署，但同時，我們也預計會有大量的搬遷。顯然，今年有些州已經通過了相關立法，但現在還為時過早，我們還不了解全部情況。

Impact of it since some of the states were just passed a couple of months ago, but as Scott alluded to, we're typically seeing some recovery over time and typically the worst impact is right after the legislation is passed and then.

由於一些州的法案幾個月前才通過，所以目前還沒有產生什麼影響，但正如斯科特所暗示的那樣，我們通常會看到隨著時間的推移而有所恢復，通常最糟糕的影響是在立法通過之後。

Some competition may be reduced because of that, and then we may recover a bit. So I think you'll continue to see.

因此，一些競爭可能會減少，然後我們可能會有所恢復。所以我想你還會繼續看到這種情況。

Still a number of machines that are less than 1 year old, in the thousands like you have been seeing, and it's hard to say exactly how much net new kiosk there will be because we don't know how many exactly we will relocate from states that have had legislation passed, but.

仍然有很多機器使用年限不到一年，數量成千上萬，就像你看到的那樣。很難確切地說會有多少新的自助服務終端，因為我們不知道究竟會從已經通過相關立法的州搬遷多少台，但是。

We anticipate for states that have had legislation passed that that we will relocate more machines from those states than states that have not had legislation passed, and I will say if you guys look back a few quarters ago when we originally had that impact from the California SBO1 bill passed, we had a downturn in our numbers temporarily. And then if you look at 2025 we've put out some very excellent beats against guidance and analyst expectations so we're still confident moving forward that we can continue to optimize our fleet even though there may be temporary bumps in the road. There's still a lot of geography out there for us to deploy in that has not had a regulatory impact yet, and we're continuing to diversify with the international expansion as well, as you saw within the past day or so, we announced that we've entered Hong Kong. We're actively working on other international jurisdictions as well that do not have any of these fee caps or transaction limits in place, and we're not seeing any activity brewing in the near future. So, you'll continue to see in summary the relocations.

我們預計，對於已經通過相關立法的州，我們將從這些州遷移更多的機器，而對於尚未通過相關立法的州，我們將遷移更多的機器。我想說的是，如果你們回顧幾個季度前，當加州 SBO1 法案通過時，我們的數字曾經一度出現下滑。展望 2025 年，我們已經取得了一些非常優異的業績，超過了預期和分析師的期望，因此我們仍然有信心繼續優化我們的車隊，即使前進的道路上可能會遇到一些暫時的坎坷。我們還有很多尚未受到監管影響的地區可以進行部署，而且我們也在繼續透過國際擴張來多元化，正如你在過去一兩天內看到的那樣，我們宣布我們已經進入香港市場。我們也積極與其它國際司法管轄區合作，這些地區沒有任何此類費用上限或交易限制，而且我們目前沒有看到近期內會有任何相關舉措。所以，您將繼續看到搬遷情況的總結報告。

And we will do our best to focus on that new deployment, but it's hard to specify an exact number.

我們會盡最大努力專注於這項新的部署，但很難給出確切的數字。

Mike Colonnese with HC Wainwright.

Mike Colonnese 與 HC Wainwright。

Hi, good morning, guys.

大家好，早安。

Thank you for taking my questions here today. First for me, is there any way you could size the market opportunity in Hong Kong as it relates to Bitcoin ATM deployments? And are there any interesting or major players there that are acquisition candidates for Bitcoin Depot?

感謝您今天回答我的問題。首先，我想請問您能否評估一下香港比特幣ATM部署的市場機會規模？比特幣倉庫 (Bitcoin Depot) 是否有任何值得關注或實力雄厚的收購目標？

Mike, thanks for the question. The Hong Kong market for the size country it is, it's kind of interesting because you have a handful of players that are in the 100+ kiosk range, and even though the industry compared to the US is smaller, we see it as an exciting market to enter into. I wouldn't expect the Hong Kong market, currently to grow to, many thousands of kiosks just based on the size of the country, but we do see it as a good opportunity to diversify and. And build a decent sized fleet of of kiosk that could be meaningful to our overall revenue number and our bottom line and the operators there potentially could be acquisition targets of course we're open to having discussions with operators wherever we we want to expand to and we always focus on a two-pronged effort of organic expansion and having conversations about acquisitions and it's all just about ROI and cost-benefit analysis to determine which way we move forward.

麥克，謝謝你的提問。香港市場雖然規模不大，但卻很有趣，因為有些企業擁有 100 台以上的自助服務終端。儘管與美國相比，香港的行業規模較小，但我們認為這是一個令人興奮的市場，值得進入。我不認為香港市場目前會發展到擁有數千個自助服務終端，這僅僅是基於香港的國土面積而言的，但我們確實認為這是一個實現多元化的好機會。建立一支規模可觀的自助服務終端隊伍，這對我們的整體收入和利潤都至關重要。當然，這些終端的營運商也可能成為我們的收購目標。我們樂於與任何我們想擴張地區的業者進行洽談。我們始終專注於雙管齊下的策略：一方面是自然成長，另一方面是探討收購事宜。這一切都取決於投資報酬率和成本效益分析，以確定我們前進的方向。

Got it. Thanks for that, Brandon. And, any updates you can provide on your, bit license, with NY DFS? I know you guys, seem to be getting closer and closer to that, especially with the more favorable regulatory backdrop in the United States. Just curious if you have any updates or there's been any advancement on that front.

知道了。謝謝你，布蘭登。另外，您能否提供一些關於您在紐約州金融服務部 (NY DFS) 的比特許可證的最新資訊？我知道你們似乎越來越接近目標了，尤其是在美國監管環境更有利的情況下。只是好奇您這方面是否有任何更新或進展。

Right now it's, it does not seem very likely that will, that it will happen anytime soon for us. We're still not aware of any Bitcoin ATM operator that has received a bit license, and I'm not sure of the state's appetite to allow any operator to operate a Bitcoin ATM company in the state based on how it's going today.

目前看來，這種情況近期內發生的可能性不大。我們目前還沒有發現任何獲得比特幣 ATM 許可證的運營商，而且根據目前的情況來看，我也不確定該州是否有意願允許任何運營商在該州運營比特幣 ATM 公司。

All right, thank you for taking my questions.

好的，謝謝您回答我的問題。

At this time this concludes our Q&A session. I would now like to turn the call back over to Brandon Bins for closing remarks.

我們的問答環節到此結束。現在我謹將電話交還給布蘭登·賓斯，請他作總結發言。

Thanks everyone, we'll talk to you guys next quarter.

謝謝大家，我們下個季度再見。

Thank you for joining us today for Bitcoin Depot's conference call. You may now disconnect your lines. Have a pleasant day everyone.

感謝您今天參加 Bitcoin Depot 的電話會議。現在您可以斷開線路了。祝大家今天過得愉快。