Shares of Bitcoin Depot witnessed a significant surge on Friday after the company expressed optimism about its full-year revenue and profit projections.
The stock experienced a steep 20% increase, reaching $3.67, just moments after the market opened. However, it is worth noting that the shares have experienced a decline of over 50% since the beginning of this year.
Bitcoin Depot, an Atlanta-based Bitcoin ATM operator, announced its preliminary results for the second quarter and stated that it anticipates a revenue range of $700 million to $730 million for this year. This is in comparison to the $647 million revenue it achieved in 2022.
Furthermore, Bitcoin Depot expects its profit before various expenses to be in the range of $56 million to $59 million, surpassing last year’s figure of $41 million. These profits exclude interest expense, income tax expense, depreciation and amortization, non-recurring expenses, and other cost adjustments.
In terms of the second quarter specifically, the company predicts a growth rate of 17% to 18% in revenue, amounting to a total of $196 million to $198 million. Complete second-quarter results from Bitcoin Depot will be reported on August 14.