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spk07: Good morning and welcome to Bitcoin Depot's third quarter 2023 conference call. My name is Dustin and I will be your operator today. Before this call, Bitcoin Depot issued its financial results for the third quarter ended September 30th, 2023 in a press release, a copy of which will be furnished and report on Form 8K filed with the SEC and will be available in the investor relations section of the company's website. Joining us today are Bitcoin Depot CEO Brandon Mintz, CFO Glenn Leibowitz, and COO Scott Buchanan. Following their remarks, we will open the call for questions. Before we begin, Alex Cobden from Gateway Group will make a brief introductory statement.
spk04: Mr. Cobden, please proceed. Great. Thank you, operator.
spk02: Good morning, everyone, and welcome to Bitcoin Depot's third quarter 2023 conference call. 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 number of 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 any 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 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 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 www.sec.com. I would like to remind everyone that this call is being recorded and will be made available for replay via a link available in the Investor Relations section of Bitcoin Depot's website. A supplemental earnings presentation highlighting our Q3 performance has also been made available on our IR website. Now, I will turn the call over to Bitcoin Depot CEO, Brandon Mintz.
spk12: Brandon? Thanks, Alex, and good morning, everyone. Thank you for joining our third quarter 2023 conference call and second earnings call as a public company. We're pleased to report another strong quarter and share the recent progress we've made in advancing our growth strategy. I want to start by thanking our employees for their ongoing hard work and service in advancing our mission to bring Bitcoin to the masses in a quick, secure, and easy way. I'd like to begin with briefly discussing some recent developments across our business and what gives us confidence in our business going forward. Our results this quarter continue to demonstrate the strength and profitability of our business model. During the third quarter, we grew revenue 3% year over year to $179.5 million, while actually operating with a smaller fleet of installed kiosks than in the third quarter of 2022. We regularly optimize our kiosk footprint by relocating underperforming locations to more profitable ones and typically see our kiosks ramp up in volume over time as they continue to attract customers and generate additional volume. From our kiosk cohort analysis, we've found that transaction volumes have accelerated from their first year in operation, and this is a trend we continue to see with deployments from relocated kiosks as well. Importantly, our customer engagement during the third quarter remained strong as our median transaction size and user retention remained consistent with the second quarter of 2023, and we also maintained our industry-leading market share. We're also continuing to expand our BD Checkout program, which is our no-hardware Bitcoin purchase solution for our users. BD Checkout allows users to use cash to ultimately convert to Bitcoin at approximately 5,500 participating retail locations, and it allows us to expand our access points without deploying a physical kiosk. We launched BD Checkout last year to provide users with another option to buy Bitcoin using their Bitcoin Devo Wallet app, and we recently expanded our retail footprint with 400 new locations across Iowa and Louisiana through our ongoing partnership with Incompayments, a leading global payments technology company. We continue to see opportunities for accelerated market share growth due to the reduction of BTMs operating in the U.S. According to coinatmradar.com, the number of BTMs in the U.S. peaked in August 2022 at 34,539 BTMs. And as of November 1st, 2023, the number of BTMs operating in the U.S. was 27,059. We believe a large portion of this decline was one of the large BTM operators filing for bankruptcy in early 2023 and other BTM operators shutting down some or all of their kiosks. This leaves significant opportunity for Bitcoin Depot to grow considering Bitcoin Depot has approximately 1,000 kiosks prepared to be redeployed to new locations. We have also begun testing a new type of kiosk sold by a manufacturer at a significantly reduced price versus the existing hardware we use called the Universal Kiosk, which makes up the vast majority of our entire fleet. This could potentially reduce capital expenditures in an expansion of Bitcoin Depot's kiosk fleet. Bitcoin Depot has continued to show consistent EBITDA growth since the company last placed a bulk order of kiosks in 2021. In the first nine months of 2023, we generated 47.4 million of adjusted EBITDA compared to 29.7 million of adjusted EBITDA in the first nine months of 2022. This 60% growth in adjusted EBITDA was achieved while operating with a reduced number of kiosks in 2023 and improving our margin. As we continue to expand our access points to purchase Bitcoin, we are also witnessing several tailwinds that we believe will continue to support our growth trajectory. First, the adoption of Bitcoin has grown dramatically over the past few years and a number of retailers are now accepting Bitcoin as a payment method. Second, there are several spot Bitcoin ETFs pending regulatory approval that we believe will continue to increase awareness and adoption of Bitcoin. A stronger Bitcoin ecosystem can benefit our business as about two-thirds of our users say that they are purchasing Bitcoin to be able to use it for online payment and purchases and money transfer or remittances, rather than as an investment or store of value. Additionally, as certain small Bitcoin APM operators fail to achieve profitability, we hope to take advantage of our leadership position in the industry to expand our market share through acquisitions and kiosk growth and additional retail locations. In summary, we remain encouraged by the trends we're seeing across our business and are well-positioned to continue the momentum we've experienced year to date as we firmly establish the foundation for future growth, increased scale, and profitability. Now, I'll turn the floor over to our CFO, Glenn Leibowitz, who will provide more in-depth insights into our financial performance and business outlook. Glenn?
spk11: Thanks, Brandon, and good morning, everyone. Revenues for the third quarter of 2023 increased 3% to $179.5 million compared to $174.8 million for the third quarter of 2022. The increase was attributable to the expanded adoption of cryptocurrency and BCMs and increased transaction volume for relocated kiosks and an increase in the average dollar amount of transaction per user including an increase in the number of new users transacting at our kiosks. Year-to-date revenue continues to be at record levels, even as we operated a smaller footprint of kiosks compared to the previous year. Gross profit for the third quarter of 2023 increased 42% to $23.6 million compared to $16.6 million for the third quarter of 2022. Gross margin in the third quarter of 2023 was 13.1% compared to 9.5% in the third quarter of 2022. This margin growth is largely driven by our key, sorry. This margin growth is largely driven by our kiosk relocation effort which allows us to reduce fixed retail space rental costs while maximizing revenue per kiosk. Total operating expenses for the third quarter of 2023 were $19.4 million, which included $16.1 million in other selling, general, and administrative costs, and $3.3 million of depreciation and amortization expenses. For the year-ago comparable period, operating expenses were $16.5 million. These expenses were elevated as we filed several SEC documents in the quarter and also amended the equity support agreement. We expect expenses to come down as we move farther away from our DSPAC transactions. GAAP net income for the third quarter of 2023 was $1.1 million, a 68% increase. compared to net income of $3.3 million for the third quarter of 2022 and a net loss of $4 million in the second quarter of 2023. The improvement during the third quarter of 2023 compared to the prior quarter was attributable to lower professional service expenses related to our public listing, and we anticipate that trend will continue in the fourth quarter. Adjusted EBITDA, a non-GAAP measure, for the third quarter of 2023 increased 21% to $13.9 million, compared to an adjusted EBITDA of $11.5 million for the third quarter of 2022. This increase included the recognition of a $2.7 million non-cash charge for the change in fair value of embedded derivative related to the existing type agreement. Adjusted EBITDA margin, which is derived from adjusted EBITDA divided by revenue in the third quarter of 2023, was 8%, which was in line with the 7% margin in the third quarter of 2022. Lastly, on our balance sheet, we ended the third quarter with approximately $29.7 million in cash and cash equivalents and $34.2 million in debt. Now turning to our guidance, which is unchanged from what we had previously introduced last quarter. Based on current market conditions, we expect revenue in 2023 to range between $700 million and $730 million, an 8% to 13% improvement compared to the revenue of $647 million for the full year 22. We expect adjusted EBITDA in the range of $56 million to $59 million. representing a 37% to 44% increase in the adjusted EBITDA year-over-year. That completes my financial summary. I'll now pass it over to our COO, Scott Buchanan, to discuss our growth strategy. Scott? Thanks, Glenn.
spk03: I'd like to briefly highlight two recent announcements related to our share structure. In October, we amended the equity support agreement, which we had put in place at the time of our D-SPAC transaction. Through this action, we accomplished a few major goals. First, a small group of select, highly regarded institutional investors were able to purchase a roughly 3.4 million Series A convertible preferred shares of Bitcoin Depot from the original equity support agreement investor. Second, we eliminated what could have been a technical overhang on our shares in the near term. And third, it simplified our capital structure significantly, which we believe is important as we continue to build out our shareholder base with long-term, value-oriented, fundamental investors. Additionally, we also announced a share repurchase authorization, which allows Bitcoin Depot to repurchase up to $10 million of outstanding Class A common stock. This move underscores our confidence in the company's growth trajectory, our belief that our shares are significantly undervalued, highlights our profitability and ability to generate meaningful cash flows, and reinforces our commitment to creating long-term, sustainable value for our shareholders. As we head into 2024, we remain focused on key growth opportunities outlined last quarter. First, as Brandon previously mentioned, we aim to boost profitability by optimizing our kiosk footprint and relocating our kiosk to high-traffic locations, effectively reducing expenses while increasing transaction volume. It's important to note that our primary focus since our largest fleet expansion year of 2021 has been to optimize our kiosk footprint and foster organic growth among the existing fleet. And we've accomplished that goal as evidenced by our sustained revenue and new customer growth. Simultaneously, we are focused on improving vendor pricing and optimizing customer markups to enhance our margins. Second, we are actively pursuing additional licenses for our kiosks During the third quarter, we expanded our BD checkout program into 400 locations across Iowa and Louisiana through our ongoing partnership with Income Payments. New York State remains a large opportunity for our kiosks, and we continue to have ongoing, productive discussions with regulators to secure a license to operate in the state. We believe that if our license in New York is granted, our opportunity for expansion can be comparable to some of our largest individual states, such as Texas or Florida. Lastly, we continue to explore M&A opportunities. As previously mentioned, our industry-leading market share presents significant opportunity for market consolidation, and we are still evaluating strategic acquisitions with smaller operators. While our focus is currently within North America, we also think that in the coming years, there's a good opportunity for us to expand outside of North America as well. In summary, we delivered strong results this quarter and remain well-positioned to deliver our guidance for the full year. With that, we are now happy to take your questions.
spk04: Operator?
spk07: Thank you. At this time, I'd like to remind everyone that in order to ask a question, press star, then the number one on your telephone keypad. We'll pause for just a moment to compile the Q&A roster. And with that, our first question comes from the line of my colonies from H.C. Wainwright.
spk08: Hi, good morning, guys. Hi, good morning, guys, and thank you for taking my questions. My first one is on your partnership with Cord. It seems like a really interesting opportunity, and I was hoping if you can help us size the total potential opportunity for Bitcoin Depot from really tapping into Cord's existing network and relationships, and if there's any additional color you can provide on that partnership arrangement.
spk12: This is Brandon. Thanks for the question, Mike. So Cord is one of the largest traditional cash ATM operators in that industry. And I'm not sure if you're aware, but we work with a large number of third parties that help us get retail relationships to place machines inside those retailers, in addition to our internal sales team. So Cord is also acting essentially as a third-party provider. affiliate to help get us in the door with a lot of the retailers that they work with. Cord has their own cash ATMs in about 6,000 to 7,000 locations. So their cash ATM operations are similar size to us, but they also own a processing system as well, and they process for 28,000 ATMs. So the opportunity size is significant because it will allow us to expand our reach with a lot of large retailers they work with. To name a couple of them, Global Partners, which has 1,700 convenience stores, and then they also work with TriStar Energy as well, and they have a lot of independent retailers as well.
spk08: That's great. I appreciate the color. And then just the second one for me, and as a follow-up to that, how should we think about net new kiosk deployments for Bitcoin Depot going forward in terms of the specific annual targets, if you can provide any, as well as the source of growth? Just be curious to hear which segments you think are going to drive the most incremental growth over the near term, whether it be from new partnerships or expansion of existing retail partnerships.
spk12: Well, as We just mentioned we have roughly 1,000 kiosks prepared to be redeployed. We have been working on some large retail opportunities that could take the bulk of those machines, while we also work on a lot of individual stores as well that we're signing up. There's just been a longer sales cycle than we thought this year. But our plan is to redeploy all of those kiosks. as soon as we possibly can.
spk04: Great. Thank you for taking my questions. Thank you.
spk07: Our next question comes from the line of Hal Goetsch from B Riley Securities.
spk06: Your line is open. Hey, thank you. Thanks for taking my call and my question. Could you just give us some thoughts on the repositioning efforts that have been taking place for, you know, better part of a year plus now? Like, you know, Is this a continual process, or are we kind of maybe reaching the end of a repositioning, or is this something that will be part of your whole DNA, a continuous improvement process? Could you share with us your thoughts on that right now?
spk12: Thanks, Al, for the question. So we've had a lot of success with the relocation of underperforming machines to new locations, and a lot of this effort started from 2021, where we deployed somewhere around 6,000 kiosks. So there's been a buildup over the past year or so of kiosks that we've needed to redeploy. And we've typically been seeing over 100% improvement within just a few months, taking them from the old location and moving them to the new location. We are seeing the relocation of machines slow down a bit now that we've pulled the bulk of the underperforming machines out of stores. So we do anticipate the removal of machines and reinstallation in new locations to slow down next year.
spk06: And to follow this with regard to BD checkout, you're adding new locations. Has the productivity of BD checkout improved? changed at all? I know it's quite low compared to an ATM, but your emphasis on expanding it, I know it's very capital efficient, but what's the status of efficiency and productivity from those stores?
spk01: If you can share with us anything you can share, thanks.
spk12: It's still a really small percentage of our business, less than 1% of our revenue, and overall the numbers haven't really changed. from previous quarters, it's been pretty stagnant.
spk01: Okay. Okay.
spk06: And last question for me, if I can. You know, capital allocation, you announced a share buyback. You know, the shares are very depressed, very cheap. The momentum's been pretty decent. You know, can you share with us any, have you been in the market purchasing a stock, or what can you share with us on your capital allocation plans? Thanks.
spk03: Yeah, this is Scott Buchanan now. We haven't been in the market yet. But we're definitely having conversations about that with the board and the executive team. And it's something we're going to actively participate in. We just have to find the right time and make sure it makes sense for the company and the shareholders.
spk04: Thank you.
spk07: Thank you. Our next question comes from the line of Pat McCann from Noble Capital Markets. Your line is open.
spk09: Hey, this is Pat on for Mike Kapinski. I think my first question is sort of a two-fold question, circling back to the, I think you said roughly 1,000 kiosks that you have ready to deploy. What is the, like, do you have any visibility on the need to purchase more kiosks to have an inventory? And then kind of with that same question, you know, you mentioned earlier the the possibility of reducing the costs at which you acquire new kiosks. So I wondered if you could just give a little bit more color on that and how much you would potentially be able to reduce the cost of new kiosks.
spk12: Thanks for the question. This is Brandon again. So right now there are some potential opportunities to buy used hardware at a significantly reduced price out there in the market. But we do want to focus on redeploying these 1,000 kiosks first. But if there is a deal out there that we just can't pass up, then we would likely buy some additional kiosks, even though we haven't redeployed this full 1,000 yet. Now, in terms of the reduced price on this new type of kiosk, versus what we were paying on the universal kiosk, this new type of kiosk will be at least $1,500 cheaper. So we think it'll be somewhere around $5,000 to $5,400 in a bulk order per kiosk.
spk10: Great. Thank you.
spk09: And then mentioned in your press release was the partnership with Jackson Foods. And I'm wondering, is that something that's already kind of said and done, or are you in the process of expanding into their stores still? And if so, what's the timeline that you typically would get up to full capacity when you sign a new partnership like that?
spk12: Yeah, that's pretty much done for the most part. If there are stores left for us to install kiosks in in Jackson's food stores, it would be a couple of dozen left at most. And that is based on our initial deployment. A lot of times what we do with these larger retailers is we'll take a portion of their stores at once early on, and then as we get some data in, we'll continue to expand. So if you look at our investor deck, a lot of those names that we've signed within the past year were not in all of their stores. A lot of the names were still in less than half the stores. We try to evaluate which retailer is producing the best numbers and continue to expand in the highest possible locations. A lot of those names, you know, it's just a little bit premature to really fully evaluate the sales data.
spk09: Gotcha. Thanks. I think the rest of my questions have already been answered, so I will pass it on. Thank you so much.
spk07: Thank you. Our next question comes from the line of Rohit Kulgarni from Roth MKM. Your line is open.
spk05: Hey, thank you for taking my questions. A couple of questions, if I could. Brandon, maybe a very high-level question. Obviously, Bitcoin is having a very good year this year as far as price appreciation is concerned. Probably the second best in six years. Maybe just talk about the impact such a trend has directly and indirectly on your business. Perhaps your position in the ecosystem, your ability to sign new partnerships, your ability to get new customers, awareness. How does that show up in your business? And then I have a couple of questions. follow up for Glenn.
spk12: Yeah, based on the Bitcoin price increase this year, it's not correlating to our business. Historically, we've never really been correlated to the price of Bitcoin or other cryptocurrencies. However, the long term trend of the Bitcoin price going up, we think is helpful. Generally, adoption and just Bitcoin and cryptocurrencies being mentioned in the news and more overall hype about the industry seems to be more impactful because we believe as adoption grows, that creates a larger user base for Bitcoin ATMs, which translates to increased revenues for us.
spk05: Okay, interesting. And then in terms of just 24, to the extent, Glenn, you can provide any color, how should we think about incremental investments or incremental margins? Clearly, you have had a pretty good incremental margin year this year. How should flow-through progress in terms of how you're balancing profitability versus growth heading into 2024?
spk11: So we're still looking at all the deployments, as Brandon and Scott mentioned. So as we see relocations and new deployments and machines, we'll see growth as it relates to those new deployments. I don't believe we have any expectation on any gross margin. significant gross margin changes. Where I think we're going to be impactful is on the expense side. We've been through the IPO stack process, and through that process, we had a lot of professional services costs coming through. So I think our goals in 2024 is going to be reduced expenses and just assessing where we can be more efficient on the expense side.
spk05: Okay, thank you. And if I could just ask one to Scott on partnerships, perhaps just to level set, how do you typically, how should investors think about after you sign a partnership, the next 3, 6, 9, 12 months, as far as flow through in terms of units rolled out at those specific locations? Typically, what are the governors behind you signing a partnership and the subsequent steps? six to 12 months of rollout, maybe just puts and takes around why you couldn't deploy all units in a month versus how it sometimes takes more than that. Just, again, obviously there are basic physical constraints that I can imagine, but would love to hear your thoughts.
spk03: Yeah, so it's obviously unique to each partner, but if we're just talking generally about the large partnerships we sign, It's definitely a phased approach. And the reason we can't just deploy them all at once to your question is we have to work in partnership with the retail locations or the distributor and make sure that their stores are ready for the installation. If we shipped 1,000 kiosks out to, let's say, Circle K, for example, in a month, half of them would get rejected because the stores aren't ready for the installation. They have to make space. They have to find out where the best place to place it in the store is. And so we really have to partner with them, and it's not all in our control over how fast we deploy. But generally, it ramps up in speed over time as we build that relationship and iron out a process with that specific retailer. But on that same point, what we're also continuing to do is go back to these existing large partners, whether it's distributors or direct retail relationships and account expansion. So going back and saying, hey, you guys didn't have space in these 20 stores originally. We'd like to come back and reassess those and see if we can put those kiosks in the stores. And so we're even seeing these long tails with certain retailers where we've already done the major deployment of, let's say, 500 kiosks. We come back and do 10, 20, 30 more over time as they open up more space and remodel their locations.
spk04: Okay. Interesting. Thanks, all. Thank you for the color.
spk07: Thank you. Again, if you'd like to ask a question, please press star and the number one on your telephone keypad Our next question now comes from the line of Louis Cammy from RLH Capital. Your line is open.
spk04: Hey, guys. Thank you for taking my call. Yeah, thank you.
spk10: Just trying to understand on the 1,000 kiosks to be redeployed, are those net new to the 6,400 you had this quarter, or is that included in that number?
spk03: Yeah, those are in addition to the 6,400 that are deployed already this quarter.
spk10: Got it. And so if we're trying to think about the impact of those 1,000, it looks like if I just take your guys' gross profit per kiosk, multiply that by 1,000 on an annualized basis, it's something like just under $18 million. Is that the right framework for thinking of the incremental impact?
spk03: Yeah, that is from a ballpark standpoint, right? There's a couple factors, though, the ramp up in performance over time. Once they're deployed, right, they're not doing max performance on day one, but we'll see them ramp up as they're deployed. But you've also got some of that already built in from the deployments we've done over the past several months and quarters. But, yeah, as you said, that should add roughly that amount of gross profit because they should perform on average with the others. That's right.
spk10: And is that – Going to your point, I guess there's a lot of puts and takes, but is that a 2024 impact or is that more of a 24 through 25 impact?
spk03: Well, it's going to depend on the timing with the large retailers. I think you'll see most of it in 2024. Maybe not in your example, maybe not the full 18 million, but I would expect to see a large portion of it in 2024.
spk10: Got it. That's helpful. And then can you help us think through You gave a lot of color on the year-over-year comparisons, but if we think about the quarter-over-quarter Q3 versus Q2, and then we kind of have this implied Q4 at the midpoint of your range of $174 million of revenue and $10 million of EBITDA. Can you kind of walk us through the bridge? I know Q2 was exceptionally strong, but I guess I was kind of surprised to see you know, revenue down in Q3, implied down in Q4, same trends for EBITDA. But then, you know, you're talking about some of these initiatives like the $18 million from repositioning ATMs and some of the new partnerships. And I just didn't know if there's seasonality there or, you know, again, if you could just speak to some of the drivers there.
spk12: This is Brandon. So in Q2, over the last three years, we've seen it as our highest quarter of the year. Based on the trends the past few quarters, we do believe there's starting to be some seasonality in the business. Q3 has been lower than Q2 the past three years. And Q4 is typically our low point the past three years. But as you've said, if we redeploy a lot of those kiosks, we do some expansions of our existing retailer accounts. those should start to counterbalance that. But even if we do those things, the kiosks may only be, you know, two, three months old. So they're still in their early phases of ramping up because it takes typically till the end of one year for a kiosk to get to about its true potential, its highest peak performance.
spk10: Got it. That's helpful. And then, sorry, just two more quick ones for me, if I may. You mentioned as we get further away from the D-SPAC transaction, and I know there was some pipe and other one-time expenses, you know, is Q4 going to be clean in that regard from an expense standpoint, or do you still expect some one-time or transaction-related expenses in Q4? Sure.
spk03: I don't think we'll be at zero in terms of clean. I think we'll be very, very close to it. The pipe refinancing structure that we did where we refinanced out Shallon, that occurred in early October. So there's going to be some costs related to that of cleaning up that last piece of the pipe. But other than that, we're going to be very low in terms of those add-backs and deal expenses.
spk10: Got it. And just the last one, as we think about 24, and I realize that that guidance probably comes on the next call, how do you want investors to be thinking about the growth outlook? It's clear partnerships, it's clear we've got growth from these ATMs and some expense discipline. So it sounds like there should be some pretty healthy EBITDA growth, but just wondering if there's any additional color that you can kind of help lay out as we try to kind of sharpen our pencils there?
spk12: Well, we have a lot of these relocated VTM's that are still ramping and we're still continuing to relocate them. Our goal would be to redeploy those thousand kiosks within the next few months or so. On top of that, we would also hope that with the existing retailer pipeline, that we have now, there would be more locations than the 1,000 and then what we are relocating. So we would hope to be buying additional kiosks next year and deploying those as well. So by the end of next year, what we can say for now is we would expect to be at the highest installed base of Bitcoin ATMs that we've ever had. And so that should contribute to a lot of growth. Not to mention, you know, we're still in conversation with a lot of operators about acquisition opportunities. That's something we likely will not include in guidance, and we will just have organic numbers in guidance, but that is something that can contribute to that growth as well. We just don't know how much because we don't know the size of the opportunity until it comes.
spk10: That makes perfect sense. Thank you guys for taking my questions.
spk04: You're welcome.
spk07: Thank you. Thank you. Again, if you'd like to ask a question, please press star, then the number one on your telephone keypad. There are no further questions at this point. And at this time, this concludes our question and answer session. I would now like to turn the call over back to Brandon Mintz.
spk12: Thank you, everyone, for joining our call today and for your interest in Bitcoin Depot. We look forward to providing future updates to you as we continue to focus on profitability and helping bring Bitcoin to masses.
spk04: Thank you for joining us today for Bitcoin Depot's conference call. You may now disconnect.
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