Bitcoin Depot: A Cleaner P&L, Yet Market Wants More Than Profit Growth

Description

Summary Bitcoin Depot posted strong Q1 results, flipping to positive net income and expanding gross margins to 20.2% through pricing power and bigger transactions. Operating leverage is kicking in: revenue rose 19% while operating expenses fell, thanks to kiosk optimization and tight cost controls, driving cash flow positive results. Valuation looks cheap versus fintech peers, but regulatory risks and limited growth beyond the cash-to-crypto niche keep the market skeptical of a sustained re-rati...