Bitcoin Depot (BTM) 10-Q 2024 Q1 Quarterly report

Exhibit 2.6

The supplemental consolidating data includes separate legal entity data for the Company's entities, Bitcoin Depot Operating, LLC (“BT OpCo”), BT HoldCo, LLC (“BT HoldCo”), and Bitcoin Depot Inc. (PubCo"). This information is presented to highlight the separate financial statement impacts of the entities.

Management determined that EPS was not presented for periods prior to the Merger as it was not considered to be meaningful. Supplemental consolidating data is as follows (in thousands):

	March 31, 2024
	(unaudited)
	BT OpCo			BT HoldCo		PubCo		Eliminations			Consolidated
Assets
Current:
Cash and cash equivalents	$	41,359		$	14	$	778	$	—		$	42,151
Cryptocurrencies		441			—		—		—			441
Accounts receivable		348			—		—		—			348
Prepaid expenses and other current assets		8,436			109		221		—			8,766
Total current assets		50,584			123		999		—			51,706
Property and equipment:
Furniture and fixtures		635			—		—		—			635
Leasehold improvements		172			—		—		—			172
Kiosk machines - owned		24,667			—		—		—			24,667
Kiosk machines - leased		20,499			—		—		—			20,499
Total property and equipment		45,973			—		—		—			45,973
Less: accumulated depreciation		(23,228	)									(23,228	)
Total property and equipment, net		22,745			—		—		—			22,745
Intangible assets, net		3,502			—		—		—			3,502
Goodwill		8,717			—		—		—			8,717
Operating lease right-of-use assets, net		1,019			—		—		—			1,019
Security deposits		577			—		—		—			577
Deferred tax asset		42			—		1,762		—			1,804
Due from related parties		9,358			—		—		(9,358	)		—
Investment in Subsidiary		—			16,077		—		(16,077	)		—
Total Assets	$	96,544		$	16,200	$	2,761	$	(25,435	)	$	90,070

	March 31, 2024
	(unaudited)
	BT OpCo			BT HoldCo			PubCo			Eliminations			Consolidated
Liabilities and Stockholders’ Equity
Current:
Accounts payable	$	10,576		$	—		$	—		$	—		$	10,576
Accrued expenses		16,804			—			2,065			—			18,869
Notes payable		3,437			—			—			—			3,437
Income taxes payable		969			—			1,576			—			2,545
Deferred revenue		912			—			—			—			912
Operating lease liabilities, current portion		454			—			—			—			454
Current installments of obligations under finance leases		5,459			—			—			—			5,459
Other tax payable		—			—			2,299			—			2,299
Total current liabilities		38,611			—			5,940			—			44,551
Long-term liabilities:
Note payable, non-current		35,863			—			—			—			35,863
Operating lease liabilities, non-current		666			—			—			—			666
Obligations under finance leases, non-current		2,293			—			—			—			2,293
Deferred income tax, net		851			—			—			—			851
Due to related parties		—			—			9,357			(9,357	)		—
Tax receivable agreement liability		—			—			865			—			865
Total Liabilities		78,284			—			16,162			(9,357	)		85,089
Commitments and Contingencies (Note 22)
Stockholders’ Equity
Series A Preferred Stock, $0.0001 par value; 50,000,000 authorized, 3,125,000 shares issued and outstanding, at December 31, 2023		—			484			—			(484	)		—
Class A common stock, $0.0001 par value; 800,000,000 authorized, 13,671,691 shares issued, and 13,551,047 shares outstanding at December 31, 2023		—			6,881			1			(6,881	)		1
Class B common stock, $0.0001 par value; 20,000,000 authorized, no shares issued and outstanding at December 31, 2023		—			—			—			—			—
Class E common stock, $0.0001 par value; 2,250,000 authorized, 1,075,761 shares issued and outstanding at December 31, 2023		—			—			—			—			—
Class M common stock, $0.0001 par value; 300,000,000 authorized, no shares issued and outstanding at December 31, 2023		—			—			—			—			—
Class O common stock, $0.0001 par value; 800,000,000 authorized, no shares issued and outstanding at December 31, 2023		—			—			—			—			—
Class V common stock, $0.0001 par value; 300,000,000 authorized, 44,100,000 shares issued and outstanding at December 31, 2023		—			—			4			—			4
Treasury stock		—			—			(437	)		—			(437	)
Stock subscriptions receivable		—			—			—			—			—
Additional paid-in capital		—			4,115			18,215			(4,115	)		18,215
Retained earnings (accumulated deficit)		—			1,775			(30,981	)		(4,995	)		(34,201	)
Equity attributed to Bitcoin Depot Inc.		15,717			(4	)		—			(15,713	)		—
Accumulated other comprehensive loss		(177	)		—			(203	)		181			(199	)
Total Stockholders’ Equity and Equity Attributable to Bitcoin Depot Inc.		15,540			13,251			(13,401	)		(32,007	)		(16,617	)
Equity attributable to non-controlling interests		2,720			2,949			—			15,929			21,598
Total Stockholders’ Equity		18,260			16,200			(13,401	)		(16,078	)		4,981
Total Liabilities and Stockholders’ Equity	$	96,544		$	16,200		$	2,761		$	(25,435	)	$	90,070

	Three Months Ended March 31, 2024
	(unaudited)
	BT OpCo			BT HoldCo			PubCo			Eliminations			Consolidated
Revenue	$	138,539		$	—		$	—		$	—		$	138,539
Cost of revenue (excluding depreciation and amortization)		121,287			—			—			—			121,287
Operating expenses:		—			—			—			—			—
Selling, general, and administrative		12,907			—			699			—			13,606
Depreciation and amortization		2,947			—			—			—			2,947
Total operating expenses		15,854			—			699			—			16,553
Income from operations		1,398			—			(699	)		—			699
Other (expense) income:
Interest expense		4,944			—			—			—			4,944
Other (expense) income		(6	)		(3,496	)		—			3,496			(6	)
(Loss) on foreign currency transactions		127			—			—			—			127
Total other (expense) income		5,065			(3,496	)		—			3,496			5,065
Income (loss) before provision for income taxes and non-controlling interest		(3,667	)		3,496			(699	)		(3,496	)		(4,366	)
Income tax (expense) benefit		(174	)		—			36			—			(138	)
Net (loss) income		(3,493	)		3,496			(735	)		(3,496	)		(4,228	)
Net income (loss) attributable to non-controlling interest in subsidiary		4			—			—			(2,694	)		(2,690	)
Net (loss) income attributable to Bitcoin Depot Inc.		(3,497	)		(3,496	)		(735	)		6,190			(1,538	)
Other comprehensive income (loss), net of tax
Net (loss) income		(3,493	)		(3,496	)		(735	)		3,496			(4,228	)
Foreign currency translation adjustments		13			—			—			—			13
Total comprehensive (loss) income		(3,480	)		(3,496	)		(735	)		3,496			(4,215	)
Comprehensive income (loss) attributable to non-controlling interest in subsidiary		4			4			—			(2,685	)		(2,677	)
Comprehensive (loss) income attributable to Bitcoin Depot Inc.	$	(3,484	)	$	(3,500	)	$	(735	)	$	6,181		$	(1,538	)