Bitcoin Depot records $197.5 million in revenue in the second quarter for 2023 spurred on by partnerships with various American retail stores.
United States based Bitcoin (BTC) ATM operator Bitcoin Depot said it posted best ever revenue numbers in the second quarter of 2023 as the company looks to expand its footprint after recently being listed on the NASDAQ.
Bitcoin Depot released its Q2 results in line with a number of cryptocurrency ecosystem firms, recording $197.5 million in quarterly revenue. The company notes that this is a record figure and an 18% increase from its revenue for the same period in 2022.
The company also reported that its net loss of $6.1 million was down by 249% year-over-year. Its second quarter profit stood at $25.9 million, while its gross profit margin was 13% for Q2 2023, up from 8% for the same period last year.
Related:Â Economics of Bitcoin ATM market could hinder wider adoption
Bitcoin Depot founder and CEO Brandon Mintz said the company would be looking to continue growing through 2023 following its public listing on the NASDAQ. The listing took place on July 3 following the closing of a business merger with GSR II Meteora Acquisition Corp.
Bitcoin Depot has also announced a number of partnerships with convenience stores across the U.S., with an aim of increasing the number of Bitcoin access points across the country. Bitcoin Depot also carried out a software conversion of its ATM machines in February 2023 to BitAccess. The conversion reportedly cut out previous annual licensing fees which were incurring extra costs.
Bitcoin Depot is also building out its BDCheckout service as well as other software and operational services, which has allowed the company to tap into revenue streams from kiosk management software.
The company is forecasting a total revenue up to $730 million in 2023, which it tips as 13% improvement on its 2022 total of $647 million.
As Cointelegraph previously reported, the Bitcoin ATM market took a downturn in regards to the number of operational machines across the U.S. in the first half of 2023. This trend took a positive turn in May 2023, with over 1000 BTC ATM installations reportedly taking place according to data from Coin ATM Radar.
Bitcoin ATM growth began a downward turn in late 2022, with the BTC ATM ecosystem recording negative growth in global net installations for the first time ever.
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