Bitcoin Depot Inc.

Good morning and welcome to Bitcoin Depot's fourth quarter and full year 2025 conference call. My name is John and I will be your operator today. Before this call, Bitcoin Depot issued its financial results in a press release. A copy will be furnished in a report on Form 8K followed by the SEC and will be available in the investor relations section of the company's website. Joining us at today's call are Bitcoin Depot CEO Scott Buchanan and CFO David Gray. Following their remarks, we will open the call for questions. Before we begin, Cody Slough from the Gateway Group will make a brief introductory statement. Mr. Slough, 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 statement. For more detailed risks, uncertainties, and assumptions relating to our forward-looking statement, please see the disclosures in our earnings release and public filings made 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 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 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, Scott Buchanan. Scott?

Thanks, Cody, and good morning, everyone. Thank you for joining us today. 2025 was a strong year for Bitcoin Depot, with growth across the majority of our key operating and financial metrics and meaningful progress executing our long-term strategy. While our fourth quarter results declined year for year, this was primarily driven by recently enacted state regulations that introduced transaction size caps and, to a lesser extent, enhancements to our compliance standards that modestly impacted transaction activity. Importantly, we view both developments as constructive for the long-term health, credibility, and sustainability of the digital asset industry. As largest operator in North America, with one of the most robust compliance programs, Bitcoin Depot is best positioned to navigate this evolving regulatory environment. We ended the fourth quarter with approximately 9,700 active machines, reflecting both organic growth and targeted acquisitions. In October, we completed the transition of the assets acquired from National Bitcoin ATM to our operating platform, adding more than 500 kiosks to our network. We also expanded through new retail partnerships, including GPM Investment, a subsidiary of ARCO Corp., placing our kiosks in 188 initial locations across one of the country's largest convenience store operators. Additionally, we announced a new partnership with Wild Bill's Tobacco, launching with a pilot installation in 10 stores and the opportunity to expand across its portfolio of more than 250 locations. Subsequent to quarter end, we acquired the assets of Instant CoinBank, further strengthening our presence across the South Central United States. Relocation remains an important lever in our growth playbook. By continuously evaluating kiosk level performance, we can redeploy machines into higher traffic, higher conversion locations, improving unit economics without incremental capital investment. On the regulatory front, we expect continued activity at the state level in 2026. While jurisdictions may introduce additional transaction limits or enhance consumer protection requirements, we believe these measures ultimately raise the industry standards and reinforce the advantages of scale, compliance infrastructure, and regulatory engagement, areas where Bitcoin Depot has led for years. Building on our previously announced first transaction ID verification policy in February, we extended identity verification requirements for returning users, adding an additional layer of oversight and real-time transaction monitoring. These measures strengthen our consumer protection, deter bad actors, and further differentiate Bitcoin Depot as a trusted, compliant platform as the industry matures. Earlier this month, we announced the acquisition of CUT, a peer-to-peer social betting platform that enables users to wager directly against one another across sports, entertainment, and user-generated events. This acquisition marks our entry into the P2P social betting market and reflects our broader strategy to thoroughly diversify beyond Bitcoin ACMs by leveraging our existing payments infrastructure, compliance capabilities, and consumer engagement expertise. To add to this diversification strategy, just last week, we announced the launch of ReadyBucks, a standalone business advanced platform providing working capital solutions to small businesses, gig workers, and independent contractors. ReadyBucks offers advances ranging from $500 to $2,000 in its initial rollout across select states. Importantly, this platform operates independently from our Bitcoin kiosk business while leveraging the same compliance, underwriting, and payment infrastructure that underpins our core operations. Together, cut and ready buffs represent important steps in our evolution from a single product operator into a broader FinTech platform. Both initiatives leverage our core strengths, compliance, payment, risk management, and customer trust, while expanding our addressable market and creating new scalable revenue streams. With that, I'll turn the call over to our CFO, David Gray, to walk you through our financial results in more detail. David?