Home » Bitcoin Depot signals recovery with 2025 growth and dividend potential

Bitcoin Depot signals recovery with 2025 growth and dividend potential

by Anna Avery



Bitcoin Depot’s return to growth in 2025 appears to be underappreciated by the market, according to a report from Mike Colonnese, a crypto equity analyst at H.C. Wainwright & Co. 

Bitcoin Depot (NASDAQ: BTM), a provider of Bitcoin Depot kiosks with exposure in 48 states, announced fourth-quarter and full-year 2024 results on March 18. Total revenue of $573.7 million for the full year was down 17% year-over-year. Adjusted EBITDA for the year also fell by 31% to $38.7 million. 

The decline reflects BTM’s strategic decision to relocate underperforming kiosks to more profitable locations, a move that temporarily weighed on results but sets the company up for stronger performance in 2025, according to Colonnese.

Q1 guidance paints a bullish picture

The company guided for first quarter revenue to  be up 9% to 11% year-over-year at $154 million while EBITDA is guided at a range of $12 million to $14 million, implying a growth of over 200% compared to the first quarter of 2024 and significantly ahead of the consensus estimate of $7.4 million.

Q1 guidance exceeded expectations and reflects improved visibility into operating performance. The company’s ability to provide guidance for the first time in over a year is a positive signal of operational stability The analyst wrote:

“This is the first time in a year that management has issued formal financial guidance, which in and of itself is bullish, as we see it.”

Positive outlook for 2025

For 2025, Colonnese projects 5% revenue growth as BTM benefits from increased kiosk deployments and improved profitability from its strategic repositioning efforts. The analyst also estimates adjusted EBITDA will grow by 24% year-over-year, driven by operating leverage and tighter expense control.

Management also reiterated the possibility of initiating a dividend this year, supported by the company’s strong cash flow generation. Colonnese emphasized that this could be a meaningful catalyst for investor confidence.

“We were not surprised to see the stock react positively on the print given a bullish 1Q25 outlook along with the recent underperformance in shares,” Colonnese noted

The research firm is maintaining a Buy rating on the stock with a $4 price target despite shares being down nearly 15% since the start of the year.



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