Bitcoin Depot Inc.

Thank you for standing by. My name is Janice and I will be your conference operator today. At this time, I would like to welcome everyone to the Bitcoin Depot first quarter 2025 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you'd like to ask your question during this time, simply press star followed by the number one on your telephone keypad. If you'd like to withdraw your question, press star one again. I would now like to turn the call over to Mr. Cody Slack, Senior Managing Director. Please go ahead.

Thank you, Operator. Good morning, everyone. Before management begins their formal remarks, we'd like to remind everyone that some statements we're making today may be considered forward-looking statements under securities laws and involve a number of risks and uncertainties. As a result, we caution you that there are a few factors, many of which are beyond our control, which could cause actual results and events to differ materially from those described in the forward-looking statements. For more detailed risks, uncertainties, and assumptions relating to our forward-looking statements, please see the disclosures in our earnings release and public filings with the SEC. We disclaim any obligation or undertaking to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law. We will also discuss non-GAAP financial measures and encourage you to read our disclosures and the reconciliations to applicable GAAP measures. and our earnings are released 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 sec.gov. I'd like to remind everyone this call is being recorded and will be available for replay via 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. Now I will turn the call over to Bitcoin Depot's CEO, Brandon Mintz. Brandon?

Thanks, Cody, and good morning, everyone. Thank you for attending our first quarter conference call. Bitcoin Depot delivered a remarkable first quarter with 19% year-over-year revenue growth and record net income of $12.2 million. Consumer demand was quite strong with median transaction size of 46% year-over-year to $300 and total transaction volume moving steadily higher to $163.8 million. These results produced strong free cash flow, which we used to build cash and purchase more Bitcoin. This performance demonstrates the strength of our operating model, the success of our kiosk optimization strategy, and the powerful cash flow we can generate once fixed costs are covered. Let me provide more details on this performance. Our kiosk growth and optimization plan are showing the intended results. Q1 adjusted gross profit was up 92% year over year, and adjusted EBITDA was up over threefold to a record $20.3 million. These results should continue as this strategy unfolds. We ended Q1 with approximately 8,483 active machines and expect to see continued growth in kiosks for the remainder of the year. Now onto our BTM relocation strategy. Today, 3,200 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. As the largest BTM operator in North America, our scale compliance-first approach and longstanding retail partnerships continue to set us apart in a highly fragmented market. We remain focused on expanding market share and growing profitability. Now turning to an update on our growth strategy. First, international expansion. We have now deployed over 100 kiosks to support our ongoing launch in Australia this year. Australia is quickly emerging as a global hotspot for Bitcoin adoption. currently ranking third worldwide in total Bitcoin ATMs. We believe this represents a significant opportunity to establish a strong presence outside North America. While it's still early, we are encouraged by the retail partnerships and expansion opportunities we have identified so far. Beyond Australia, we are actively evaluating entry into at least two additional countries in 2025. Second, scaling our domestic footprint. We continue to deploy kiosks from the large inventory we secured last year. Once fully deployed, these units could bring their total active fleet to approximately 10,000 kiosks. This will enhance our reach and support further efficiencies across the business. Third, regulatory expansion into new markets. New York State remains one of the largest untapped markets for Bitcoin ATMs. We are in ongoing discussions with regulators and remain optimistic about obtaining a license to operate in the state in 2025. While there is no definitive timeline yet, we are encouraged by the progress and engagement so far. On a broader note, we continue to closely monitor the evolving regulatory environment at both the federal and state levels. Our strong compliance infrastructure, including rigorous KYC and AML protocols, continues to serve as a competitive advantage. We are actively engaging with regulators, including FinCEN and various state agencies, to help shape a responsible future for the industry. More broadly, the recent establishment of a U.S. strategic Bitcoin reserve highlights the growing institutional recognition of Bitcoin's role in the financial system. As a national leader in Bitcoin ATM deployment, We are prepared to support the shift by expanding access to digital assets for everyday consumers. We have also strengthened our leadership team with the appointments of David Gray as our Chief Financial Officer and Chris Ryan as our Chief Legal Officer. David brings more than 20 years of financial leadership experience. Chris brings deep expertise in legal and regulatory matters within FinTech. Their combined experience will be essential as we continue to grow. With that, I will turn it over to our CFO, David Gray, who will walk through our financial results in more detail. David?