Bitcoin Depot Inc.

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 8k filed with the sec and will be available in the investor relations section of the company's website joining us on today's call are bitcoin depot's ceo brandon mintz and cfo david gray following their their remarks who will open the line for questions Before we begin, Cody Sloff from Gateway Group will make a brief introductory statement. Mr. Sloff, please proceed.

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. 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 in the reconciliation tables to applicable GAAP measures and 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 Security and Exchange Commission filings for free by visiting the SEC website at sec.gov. I'd like to remind everyone this call is being recorded and will be available for replay via a link in the investor relations section of Bitcoin Depot's website. A supplemental earnings presentation highlighting our performance has also been made available on our IR website. Now I will turn the call over to Bitcoin Depot's CEO, Brandon Mintz. Brandon?

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 of 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. 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 the 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. 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. 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. 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. In fact, in the second quarter, we acquired the assets of Telecoin, a crypto ATM operator based in New Orleans. Telecoin's locations give us a stronger presence in the Gulf South, and we can immediately apply our 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. 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. We also simplified our corporate structure by eliminating the up-sea 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 a strengthened 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?