The company's financial structure remains strained, with a debt-to-equity ratio of 5.53 as of 2025Q4 and a concerning absence of net PPE, which warrants further investigation into potential asset impairments.
| Total Current Assets | 80.33M | 34.33M | 37.27M | 40.36M | 47.11M | 41.88M |
| Cash & Short-Term Investments | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - |
| Other Current Assets | 14.7M | 2.76M | 3.51M | 687.06K | 8.99M | 729.59K |
| Total Non-Current Assets | 50.11M | 45.77M | 40.11M | 53.04M | 61.22M | 11.18M |
| Property, Plant & Equipment | 29.1M | 29.44M | 25.34M | 38.96M | 45.62M | 11.16M |
| Fixed Asset Turnover | 21.13x | 19.49x | 27.19x | 16.60x | 12.03x | 21.97x |
| Goodwill | 8.72M | 8.72M | 8.72M | 8.72M | 8.72M | 0 |
| Intangible Assets | 804K | 2.32M | 3.84M | 5.35M | 6.86M | 0 |
| Long-Term Investments | 0 | -6.07M | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | - | - | - | - | - | - |
| Total Assets | 130.44M | 80.1M | 77.38M | 93.4M | 108.33M | 53.06M |
| Asset Turnover | 4.71x | 7.16x | 8.90x | 6.93x | 5.07x | 4.62x |
| Asset Growth % | 62.84% | 3.52% | -17.16% | -13.78% | 104.17% | - |
| Total Current Liabilities | 63.12M | 40.63M | 46.02M | 46.81M | 37.57M | 8.17M |
| Accounts Payable | 10.67M | 11.56M | 8.34M | 8.12M | 10.03M | 2.24M |
| Days Payables Outstanding | - | - | - | - | - | - |
| Short-Term Debt | 9.87M | 6.02M | 3.98M | 8.05M | 3.2M | 875K |
| Deferred Revenue (Current) | - | - | - | - | - | - |
| Other Current Liabilities | 40.51M | 4.5M | 3.04M | 1.84M | 1.62M | 0 |
| Current Ratio | 1.27x | 0.85x | 0.81x | 0.86x | 1.25x | 5.13x |
| Quick Ratio | 1.27x | 0.85x | 0.81x | 0.86x | 1.25x | 5.13x |
| Cash Conversion Cycle | - | - | - | - | - | - |
| Total Non-Current Liabilities | 55.49M | 55.96M | 21.98M | 37.15M | 51.78M | 25.6M |
| Long-Term Debt | 53.52M | 49.46M | 17.1M | 29.52M | 33.5M | 21.84M |
| Capital Lease Obligations | - | - | - | - | - | - |
| Deferred Tax Liabilities | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - |
| Total Liabilities | 118.61M | 96.59M | 68M | 83.96M | 89.35M | 33.76M |
| Total Debt | 65.36M | 63.51M | 31.33M | 62.62M | 69.31M | 29.38M |
| Net Debt | -268K | 34.03M | 1.57M | 25.08M | 31.28M | -11.77M |
| Debt / Equity | 5.53x | - | 3.34x | 6.63x | 3.65x | 1.52x |
| Debt / EBITDA | 1.27x | 1.85x | 0.72x | 1.77x | 2.58x | 1.72x |
| Net Debt / EBITDA | -0.01x | 0.99x | 0.04x | 0.71x | 1.16x | -0.69x |
| Interest Coverage | 3.04x | 1.70x | 1.13x | 1.32x | 1.72x | 20.70x |
| Total Equity | 11.83M | -16.49M | 9.37M | 9.44M | 18.98M | 19.3M |
| Equity Growth % | 171.75% | -275.89% | -0.75% | -50.23% | -1.66% | - |
| Book Value per Share | 0.17 | -0.79 | 0.56 | 0.76 | 1.54 | 1.56 |
| Total Shareholders' Equity | 12.67M | -23.63M | -15.81M | 7.21M | 17.54M | 19.3M |
| Common Stock | 4K | 1K | 5K | 7.4M | 17.62M | 19.3M |
| Retained Earnings | -49.2M | -44.35M | -32.66M | 0 | -10.96K | 0 |
| Treasury Stock | -437K | -437K | -279K | 0 | 0 | 0 |
| Accumulated OCI | -255K | -342K | -203K | -181.91K | -72.19K | 0 |
| Minority Interest | -840K | 7.15M | 25.19M | 2.23M | 1.43M | 0 |
Regulatory and liquidity constraints
As reported in financial statements, Bitcoin Depot's equity position shifted from a deficit of $23.6 million in 2024Q4 to a positive $12.7 million by 2025Q4, though this improvement appears driven by capital maneuvers rather than consistent operational profitability or sustained organic growth in retained earnings.
The transition from negative to positive equity suggests a potential stabilization in the capital structure, yet the persistent negative retained earnings of $49.2 million in 2025Q4 indicate that the underlying business model has yet to generate sufficient cumulative profit. Investors should monitor whether this equity recovery is sustainable or merely a temporary byproduct of external financing activities.
Based on recent SEC filings, Bitcoin Depot's debt-to-equity ratio reached 5.53 in 2025Q4, a significant metric that highlights the company's reliance on debt financing to support its physical kiosk network despite the inherent volatility of its transaction-based revenue model and ongoing operational losses.
The increase in debt levels from $31.3 million in 2023Q4 to $65.4 million in 2025Q4 suggests that the company is aggressively funding its footprint expansion through credit. This leverage strategy warrants further investigation, as high debt service requirements may constrain future cash flow flexibility during periods of market downturn.
According to the provided balance sheet data, Bitcoin Depot maintained a current ratio of 1.27 in 2025Q4, which, while improved from the 0.81 level seen in 2023Q4, suggests a narrow liquidity buffer that may be insufficient to absorb unexpected regulatory costs or sudden declines in transaction volume.
While the cash position of $65.6 million provides some immediate runway, the company's reliance on short-term liquidity to manage its kiosk operations appears precarious. The fluctuation in the current ratio over the last ten quarters indicates that liquidity management remains highly sensitive to the timing of cash collections and debt obligations.
As indicated by the reported figures, the complete absence of net PPE in 2025Q4, following a $29.3 million balance in 2025Q3, suggests a significant accounting shift or potential impairment that obscures the true value of the company's physical kiosk network and its long-term operational utility.
The sudden disappearance of PPE from the balance sheet may indicate aggressive depreciation or a change in asset classification that warrants further investigation by analysts. This distortion makes it difficult to assess the actual replacement cost of the kiosk fleet and the potential for future capital expenditure requirements.
Quick answers to the most common questions about buying BTM stock.
As of 2025, Bitcoin Depot Inc. (BTM) had total assets of $130.4M including $80.3M in current assets.
Bitcoin Depot Inc. (BTM) carries total debt of $65.4M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Bitcoin Depot Inc. (BTM) has total shareholders' equity (book value) of $12.7M ($0.17 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Bitcoin Depot Inc. (BTM) reported a current ratio of 1.27x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.