Bitcoin Depot eyes kiosk growth, mid-single-digit revenue gains in Q2, expanding internationally

 

• Brandon Mintz, CEO, reported "remarkable first quarter with 19% year-over-year revenue growth and record net income of $12.2 million." He emphasized strong consumer demand, a 46% increase in median transaction size to $300, and total transaction volume of $163.8 million, crediting the performance to the company's kiosk optimization strategy and operating model.
• Mintz noted that "Q1 adjusted gross profit was up 92% year-over-year and adjusted EBITDA was up over threefold to a record $20.3 million," adding that "we ended Q1 with approximately 8,483 active machines and expect to see continued growth in kiosks for the remainder of the year."
• The company has now deployed over 100 kiosks in Australia and is evaluating entry into at least two additional countries in 2025, with Mintz stating, "Australia is quickly emerging as a global hotspot for Bitcoin adoption...we believe this represents a significant opportunity to establish a strong presence outside North America."
• Mintz provided an update on regulatory expansion efforts, mentioning ongoing discussions to operate in New York State and highlighting the company's compliance infrastructure.
• Leadership changes were announced: "We have also strengthened our leadership team with the appointment of David Gray as our Chief Financial Officer; and Chris Ryan as our Chief Legal Officer," Mintz said.
• David Gray, CFO, stated, "Revenue was $164.2 million compared to $138.5 million for last year's first quarter, an increase of 19% driven by growth in deployed kiosks and higher median transaction size. Sequentially, revenue was up 20% as compared to Q4 2024."
• Gray explained, "Adjusted gross margin in the first quarter of 2025 increased 92% to $33.1 million...margin increase was largely driven by leverage on the significant revenue outperformance and the continued pricing strength."

Outlook

• Gray indicated, "We anticipate Q2 revenues to grow in the low to mid-single-digits both sequentially and as compared to Q2 of 2024. This growth, while modest, is against very strong comps of $164 million and $163 million for Q1 of 2025 and Q2 of 2024, respectively."
• The company remains "committed to additional operational enhancements to drive profitable growth going forward, including improved vendor pricing, lowering professional service costs and optimizing customer markups."

Financial Results

• Gray reported, "GAAP net income for the first quarter of 2025 increased significantly to $12.2 million compared to a net loss of $4.2 million for the first quarter of 2025. GAAP net income attributable to common shareholders increased to $4.2 million or $0.20 per share compared to a net loss of $1.5 million in last year's first quarter."
• Adjusted EBITDA increased 315% to $20.3 million in Q1 2025, and cash and cash equivalents in cryptocurrencies rose to $43.3 million as of March 31, 2025.
• The company acquired 83 more Bitcoin in the quarter, bringing total holdings to 94.4 BTC, valued at $7.8 million as of March 31.
• Operating expenses declined 7% to $15.3 million, attributed to lower depreciation and cost controls post-Data transaction. Debt at quarter-end was $60 million, with a $6 million paydown on the term loan.

Q&A

• Mike Grondahl, Northland Capital Markets: Asked about kiosk deployment goals and CapEx for '25 and '26. Mintz said no public kiosk goal announced, progress is slower on net new installations, and CapEx for 2025 would be minimal unless a large retail chain is signed.
• Grondahl: Inquired about revenue lift if 3,200 kiosks ramp to average. Mintz could not provide an exact number but said kiosks in year two see at least 50% revenue growth versus year one.
• Mike Colonnese, H.C. Wainwright: Asked about capital management priorities. Mintz said Bitcoin purchases will be opportunistic, debt repayment is a focus, and M&A is more likely internationally due to strategic opportunities.
• Colonnese: Queried about Q2 revenue guidance deceleration. Mintz attributed it to seasonality and tax return timing.
• Harold Goetsch, B. Riley Securities: Asked about steep increase in median transaction size. Scott Buchanan, COO, said it relates to transaction tier changes for KYC, moving past a $200 tier.
• Goetsch: Requested commentary on California post-regulatory changes. Buchanan said kiosk count in California is down about 80%, with less impact on the business due to fewer kiosks there.
• Pat McCann, NOBLE Capital Markets: Asked about gross margin drivers. Gray cited pricing strength and leveraging higher revenue. Mintz said US competition is shrinking, possibly providing more kiosk acquisition opportunities.

Sentiment Analysis

• Analysts expressed positive sentiment, congratulating management on strong results and focusing questions on growth, capital allocation, and regulatory impacts. Some caution was noted regarding revenue growth deceleration and regulatory headwinds.
• Management maintained a confident and slightly optimistic tone, highlighting operational strength and providing detailed explanations. Mintz and Gray addressed questions directly, occasionally noting uncertainties with phrases like "I couldn't really say" or "just a theory."
• Compared to the previous quarter, both analysts and management exhibited increased confidence, with more forward-looking discussions on international expansion and capital deployment.

Quarter-over-Quarter Comparison

• Q1 2025 showed stronger revenue and profitability, with GAAP net income of $12.2 million compared to $5.4 million in Q4 2024. Adjusted EBITDA and gross margin also improved significantly.
• The company reiterated its kiosk optimization and international expansion strategies, advancing from initial deployment in Australia to over 100 kiosks installed. New leadership appointments were announced, signaling a strengthened management team.
• Guidance language shifted from cautious reinstatement in Q4 2024 to more confident projections for Q2 2025, despite acknowledging modest sequential growth and seasonality.
• Analyst focus evolved from regulatory challenges and relocation impacts to capital allocation, kiosk productivity, and international expansion opportunities.
• Management's tone was more assertive about profitability, cash flow, and operational improvements; analyst tone was constructive but probing, especially on growth drivers and margin sustainability.

Risks and Concerns

• Regulatory uncertainty remains a challenge, particularly regarding New York State entry and the broader federal and state regulatory landscape. Mintz said, "We are in ongoing discussions with regulators and remain optimistic about obtaining a license to operate in the state in 2025."
• Seasonality affecting revenue growth was acknowledged, especially the impact of tax return season on Q1 performance.
• Competitive landscape shifts, with many competitor kiosks exiting the US market, could present both opportunities and risks.
• Management highlighted ongoing efforts to optimize costs and maintain flexibility in capital allocation, including limited CapEx plans and potential for accelerated debt repayment.

Final Takeaway

Bitcoin Depot delivered record first quarter results, underpinned by strong demand, margin expansion, disciplined cost control, and a growing global presence. The company remains focused on expanding its kiosk footprint, driving operational efficiencies, and pursuing international opportunities, while navigating regulatory developments and prioritizing shareholder value through prudent capital management and leadership enhancements.

Read the full Earnings Call Transcript

https://www.msn.com/en-us/money/companies/bitcoin-depot-anticipates-kiosk-growth-and-mid-single-digit-revenue-gains-in-q2-2025-while-expanding-internationally/ar-AA1ERokA

Lethal Lidar: Volvo SUV's Infrared Beam Fries Smartphone Camera

 High-powered lidar systems—commonly used in autonomous and semi-autonomous vehicles—emit infrared laser beams to map their environments. While invisible to the human eye, these beams can damage smartphone camera sensors, as one Reddit user recently discovered the hard way. 

Reddit user Jeguetelli recently shared a video on the r/Volvo subreddit showing a smartphone camera's image sensor being fried after filming the front-mounted lidar sensor on the Volvo EX90—a fully electric, seven-seat luxury SUV that serves as Volvo's flagship entry into the electric vehicle market.

"Never film the new Ex90 because you will break your cell camera.Lidar lasers burn your camera," Jeguetelli wrote. 

Auto blog The Drive pointed out, "It should be said that the risk here is inherent to lidar technology, and has nothing to do with Volvo's specific implementation on the EX90. In fact, earlier this year, the automaker even issued a warning against directing external cameras at the vehicle's lidar pod for the very reasons discussed."

Volvo's website states:

Lidar light waves can damage external cameras: Do not point a camera directly at the lidar. The lidar, being a laser based system, uses infrared light waves that may cause damage to certain camera devices. This can include smartphones or phones equipped with a camera.

"Would this damage your car's backup camera, if a LIDAR equipped car tailgates you?" one Redditor asked. 

Another person said, "Thank god for Apple Care." 

The ongoing debate in the tech world centers on LiDAR vs. cameras—a big divide in the race toward fully autonomous vehicles, especially when comparing Tesla's camera-only approach to rivals embracing LiDAR.

Elon Musk famously called LiDAR a "crutch," arguing that camera vision powered by advanced AI is sufficient for FSD.

"In my view, it's a crutch that will drive companies to a local maximum that they will find very hard to get out of." Musk said several years ago, adding, "Perhaps I am wrong, and I will look like a fool. But I am quite certain that I am not."

The Counterargument: Tesla's competitors argue that LiDAR provides critical redundancy and reliability, especially for safety-critical applications like robotaxis.

The proliferation of LiDAR sensors on vehicles should come with a public service warning: avoid pointing smartphone cameras at these devices emitting infrared laser beams—they can permanently damage image sensors.

Also, will LiDAR risk burning camera sensors on Tesla vehicles? 

https://www.zerohedge.com/technology/watch-volvo-ex90s-lidar-laser-allegedly-burns-smartphones-camera

Dem Sees Calls for Expulsion, Arrest After Allegedly Assaulting ICE Agents by NJ Detention Center

 by Debra Heine via American Greatness,

Homeland Security Secretary Kristi Noem on Tuesday said the three Democrat lawmakers who scuffled with Immigration and Customs Enforcement (ICE) agents in New Jersey last Friday committed felonies.

New Jersey Reps. Bonnie Watson Coleman, Robert Menendez and LaMonica McIver were part of a mob that protested at the Delaney Hall detention center, a privately run facility under contract with ICE that houses non-citizens awaiting immigration proceedings or deportation.

The lefty protesters were demanding that the center be shut down, the New York Post reported.

Newark Mayor Ras Baraka (D) was arrested Friday afternoon and charged with trespassing after entering the facility and refusing to leave.

An ugly scuffle ensued as the lawmakers surrounded Baraka in an apparent attempt to shield the mayor from the ICE agents making the arrest.

“Don’t touch us!” McIver (in red) screamed over and over as officers tried to break through their blockade.

An online video shows the hefty McIver (in red), a member of the House Homeland Security Committee, throwing punches and shoving law enforcement officers as they tried to regain control.

Watson Coleman said the group of lawmakers had already visited the facility and come out to talk to the mayor when they were the ones allegedly assaulted by ICE agents.

“Since DHS has been lying about this, allow me to correct the record. This scuffle, during which an ICE agent physically shoved me, occurred AFTER we had entered the Delaney Hall premises,” she posted on  X, Friday.

“We entered the facility, came BACK OUT to speak to the Mayor, and then ICE agents began shoving us. This is not how we entered the facility. We were escorted in by guards, because we have lawful oversight authority to be there,” she said.

”Tricia McLaughlin, the Department of Homeland Security’s assistant secretary for public affairs, said on CNN Friday that DHS has damning body-cam video of the scuffle that has not yet been released to the public.

“We actually have body camera footage of some of these members of Congress assaulting our ICE enforcement officers, including body slamming a female ICE officer,” McLaughlin said.

“These members of Congress, this mayor and these protesters are not above the law,” McLaughlin noted on “Fox & Friends,” Monday.

Noem hinted that more arrests are being considered during an appearance on Fox News, Tuesday night.

“This wasn’t oversight, this was committing felonies. This was going out and attacking people who stand up for the rule of law. And it was absolutely horrible,” Noem told the host Jesse Waters, noting that the acts of violence were committed in defense of violent criminals— rapists, murderers, and members of foreign terrorist organizations victimizing American communities.

“What are they trying to do? Get these people released back into the country so there can be more Laken Rileys?” she asked. “I just don’t understand what their point is. They’ve completely lost their minds.”

Noem said it was up to the Department of Justice to decide whether to press charges against the Democrat lawmakers.

Rep. Buddy Carter (R-Ga.) introduced a resolution Tuesday to strip the House members of all their committee assignments.

Rep. Marjory Taylor Greene went further Wednesday, saying McIver needs to be expelled.

Greene posted a photo on X showing McIver “couldn’t even look up as video played of her assaulting ICE officers” during a Homeland Security hearing Wednesday.

“She has zero respect for law enforcement or the rule of law, which is especially disgraceful as we honor law enforcement during Police Week,” the congresswoman added. “This isn’t just grounds for censure or removal from committees. LaMonica McIver should be EXPELLED from Congress.”

During the hearing Wednesday, Noem again argued that the Democrat lawmakers were not conducting oversight when they fought with ICE agents.

“What happened on May 9 at Delaney Hall was not oversight. It was a political stunt that put the safety of our law enforcement agents, our staff, and our detainees at risk,” she testified.  “This behavior was lawless, and it was beneath this body. Members of Congress are not above the law and cannot illegally break into detention facilities.”

Rep. Alexandria Ocasio-Cortez (D-N.Y.), meanwhile,  criticized the Trump administration over their handling of the incident, the Hill reported.

“If anyone’s breaking the law in this situation, it’s not members of Congress, it’s the Department of Homeland Security,” she said in an Instagram video posted Sunday.

“It’s people like Tom Homan and Secretary Kristi Noem,” she added.

“You lay a finger on someone, on Rep. Bonnie Watson Coleman … or any of the representatives that were there, you lay a finger on them, we are going to have a problem,” Ocasio-Cortez added. “Because the people who are breaking the law are the people not abiding by it.”

Via Getty, the peaceful January 6 protester known as “the Lectern Guy,” shared his own thoughts on the fracas over the weekend.

“United States Representative LaMonica McIver has still not been arrested after assaulting multiple federal officers on video,” Getty posted on X Sunday. “Within 48 hours of smiling and waving in the Capitol on J6, I was in county jail isolation under 24-hour supervision, charged with 3 crimes, 2 were lies, the other debatable,” he continued.

“They put me in an ankle monitor and told me I was I was a danger to my community. Meanwhile, this animal is still collecting a paycheck from our tax dollars,” Getty added bitterly.

Fox News reported Wednesday that House Judiciary Chairman Jim Jordan (R-Ohio) is opening an investigation into threats facing ICE facilities in the wake of the attack on Delaney Hall Detention Center.

Fox News Digital was told that Jordan is expected to schedule a hearing for next Tuesday, with former ICE and Department of Homeland Security (DHS) officials expected among the witness panel.

Republicans leaders, according to Fox, are still discussing what, if any, consequences could be in store for Reps. Watson Coleman, Menendez and  McIver.

https://www.zerohedge.com/political/dem-lawmaker-facing-calls-expulsion-and-arrest-after-allegedly-assaulting-ice-agents

Buffett's Berkshire Hathaway dumps Citigroup stake, trims Bank of America, Capital One

 Berkshire more than doubles its stake in Constellation Brands, makes no changes to Apple stake in first quarter

Warren Buffett's Berkshire Hathaway Inc. slashed its exposure to big-bank shares in the first quarter, liquidating its position in Citigroup Inc. and trimming positions in Bank of America Corp. and Capital One Financial Corp., according to a regulatory filing on Thursday.

Berkshire sold 14,639,502 Citigroup (C) shares, according to the 13F filing with the Securities and Exchange Commission. The filing said Berkshire sold 48,660,056 shares of Bank of America (BAC), cutting its stake by over 7%; it continued to hold more than 631.5 million shares as of March 31. Berkshire cut its stake in Capital One by 300,000 shares, or around 4%.

Berkshire's biggest buy of the quarter was Constellation Brands Inc. (STZ), acquiring 6,384,676 shares, increasing its holdings by more than 113% to a total of 12,009,000 shares.

Apple Inc. (AAPL) remained Berkshire's single largest holding at 300 million shares, making up around 25% of the company's total equity portfolio. Berkshire had previously significantly cut its Apple stake but made no moves in the first quarter, according to the filing.

Large investors are required to file 13-F forms 45 days after the end of each calendar quarter detailing long positions. They tend to be closely followed for clues to moves by major investors, though the information they provide is dated and not necessarily complete. Filers aren't required to reveal short positions and the positions that are reported may or may not be parts of larger trades.

Buffett earlier this month shocked Berkshire shareholders (BRK.A) (BRK.B), announcing he would step down as chief executive at the end of the year to hand the reins to his designated successor Greg Abel. Buffett will remain chairman of the conglomerate.

https://www.morningstar.com/news/marketwatch/20250515389/warren-buffetts-berkshire-hathaway-dumps-citigroup-stake-trims-bank-of-america-capital-one

S&P 500 Rises as Fed-Cut Bets Sink Treasury Yields

 

Wall Street traders drove stocks higher as bond yields sank after the latest economic data spurred speculation the Federal Reserve will cut interest rates twice this year to prevent a recession.

The S&P 500 rose for a fourth straight day. Despite the gain, caution lurked in the background after a furious rally spurred worries about an overheated market, with the pendulum swinging in favor of defensive dividend-payers that had underperformed in the past month. Meta Platforms Inc. paced losses in big tech on a news report it was delaying the rollout of a flagship AI model. In late hours, Applied Materials Inc. gave a tepid forecast.

https://www.bloomberg.com/news/articles/2025-05-14/stock-market-today-dow-s-p-live-updates

Trump Touts 1.4 Trillion Investment In AI, Tech From UAE In Final Mideast Stop

 After the several massive announcements and deals to come out of Trump's visit to Saudi Arabia and Qatar, developments during the last leg of the US President's Gulf tour in United Arab Emirates actually seem a bit humdrum by comparison. 

But the visuals and spare no expenses official welcome and ceremonial events have certainly been interesting...

Among the more notable statements has been Trump's touting a 1.4 trillion... yes that's trillion... investment in AI and other tech sectors from the Emirates.

The White House had previewed this longtime in the works deal as related to artificial intelligence infrastructure, semiconductors, energy and manufacturing.

Further, Emirates Global Aluminum will "invest in the first new aluminium smelter in the United States in 35 years, which would nearly double US domestic aluminium production."

Getty Images

According to more developments out of the UAE:

• The White House said that Trump and Qatar’s Emir Sheikh Tamim bin Hamad Al Thani signed agreements that would “generate an economic exchange worth at least $1.2 trillion”.
• The agreements are said to include a $96bn deal with Qatar Airways to buy up to 210 Boeing 787 Dreamliner and 777X aeroplanes, and a statement of intent for $38bn in investments at Qatar’s Al Udeid Airbase and other air defence capabilities.
• A meeting is scheduled for later today of US, Turkish and Syrian officials to discuss details of Trump’s announced dropping of sanctions against Syria.
• Trump’s three-country tour of the Gulf state region will conclude in the United Arab Emirates on Thursday.

Amid lots of awards ceremonies, accolades, and a state dinner...

Trump has also been filling in more details of fresh arms deals inked with Qatar. "Yesterday we signed an agreement for Qatar to purchase $42bn-worth of the finest American military hardware including THAAD missile batteries," he said Thursday while speaking to US troops at Al Udeid airbase.

The commander-in-chief further detailed that the deal includes "Pegasus refueling aircraft, Desert Vipers, light armored vehicles, amphibious combat vehicles, the MQ-9B and the Sky Guardian drones."

A rare trip to the country's Grand Mosque...

As for Qatar, the president says he's still ready to accept a donated jet from the tiny oil and gas rich country, a flying palace of a future Air Force One, which Dems have been warning would be a violation of the US Constitution's prohibition on foreign gifts. Certainly he'll come back to Washington awaiting immense controversy and backlash from the corporate media and his political enemies.

https://www.zerohedge.com/geopolitical/trump-touts-14-trillion-investment-ai-other-sectors-uae-final-mideast-stop

Philly Catholic high school teaches students in-demand trade skills

 Some high schools have started offering shop classes again, so students can gain in-demand trade skills for well-paying careers. 

One of those is Father Judge High School, a Catholic high school in Philadelphia, FOX Business correspondent Jeff Flock reported Thursday. 

The school has a welding program for students. Its welding lab contains 32 bays where students can learn skills of the trade, according to Flock.

Steamfitters Local 420, SeaBox, Holtec International, L3 Harris, DCF Fabricators and the Philly Shipyard are among some of those that partner with Father Judge High School on its welding program, according to its website. 

Welding specialist Joe Williams, the instructor for the program, told Flock that demand for welders "is only growing right now." 

He said there is a major shortage of welders globally. 

Students in Father Judge High School’s welding program are getting jobs right out of high school, something Williams said was "attributed to the demand that’s needed."

"The demand is great, the success rate is great and, because of that, these guys are being offered career-driven, high-paid jobs before graduation." 

One junior named Elijah said he had already received a $70,000 job offer. 

Asked how the gig came about, the student told Flock, "Just putting in the time, putting in the work at welding, you know, thanks to Mr. Will giving me the opportunity to be able to do things like this, and I’m grateful for the opportunity to even have something like this."

Flock reported "there’s a need right now" for manufacturing jobs. The industry had 449,000 openings in March, according to data from the Bureau of Labor Statistics.

Williams said the welding program "brings awareness."

"There’s more of a need for welders, blue-collar workers and things like that," he told Flock. "And there are other ways to be successful than just college. College and blue collar is the way to go." 

Flock reported Father Judge High School has the "whole gamut represented here," with the school also having students accepted to top universities. 

Another trade pathway the school currently offers is for automotive skills, according to its website.

https://www.foxbusiness.com/economy/pennsylvania-catholic-high-school-teaches-students-in-demand-trade-skills