U.S.-based Bitcoin (BTC) ATM operator Bitcoin Depot said it is looking to expand after its recent Nasdaq listing, posting its best-ever revenue figures for the second quarter of 2023.
Bitcoin Depot, along with several cryptocurrency ecosystem companies, released its second-quarter results with quarterly revenue of $197.5 million. That’s a record figure and represents an 18% increase in revenue over the same period in 2022, the company noted.
The company also reported a net loss of $6.1 million, down 249% year over year. Its second-quarter profit was $25.9 million, with a gross margin of 13%, up from 8% in the same period in 2022.
Related: The economics of the Bitcoin ATM market may hinder wider adoption
Brandon Mintz, founder and CEO of Bitcoin Depot, said the company will seek to continue growing in 2023 following its public listing on Nasdaq. The listing follows the July 3 completion of the business combination with GSR II Meteora Acquisition Corp.
Bitcoin Depot also announced a partnership with convenience stores across the United States, aiming to increase the number of Bitcoin access points nationwide. The company is also transitioning its ATM machine software to BitAccess in February 2023. The switch reportedly cuts annual licensing fees that previously incurred additional costs.
Bitcoin Depot is also building the BDCheckout service, along with other software and operational services, which will allow the company to generate revenue streams from its kiosk management software.
The company expects total revenue of $730 million in 2023, a 13% increase from 2022 total revenue of $647 million.
As previously reported by Cointelegraph, the U.S. bitcoin ATM market saw a decline in the number of operating machines in the first half of 2023. This trend reportedly took a positive turn in May 2023, with over 1,000 Bitcoin ATMs reportedly installed Data from Coin ATM Radar.
Bitcoin ATM growth begins to decline in late 2022, with the global net installations of the Bitcoin ATM ecosystem experiencing negative growth for the first time.
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