BTM - Earnings call transcript Q1 2024

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Operator

Good morning, and welcome to Bitcoin Depot First Quarter 2024 Conference Call. My name is Mark, and I will be your conference operator today.

Before this call, Bitcoin Depot issued its financial results for the first quarter ended March 31, 2024, in a press release, a copy of which will be furnished in a report on Form 8-K filed with the SEC and will be available in the Investor Relations section of the company's website.

Joining us on today's call are Bitcoin Depot's CEO, Brandon Mintz; CFO, Glen Leibowitz; and COO, Scott Buchanan.

Following their remarks, we will open the call for questions.

Kovtun Group Alex brief make begin, statement. introductory we from will Gateway a Before

proceed. please Kovtun, Mr.

Alex Kovtun

Great. Good you, First Thank operator. Quarter Bitcoin welcome XXXX Depot's to Conference Call. morning, everyone, and

to our uncertainties. remarks, we're begins today considered and securities be statements may that of involve management Before a making we'd like number some remind formal statements under laws forward-looking everyone risks and

results of which that result, are a the actual many we could factors, control, our caution in there events materially which a differ beyond As of are described to from and cause number those statements. forward-looking

risks, and after made obligation as the to by to are update earnings detailed release more occur Commission. the to reflect For our made, statements except see or undertaking circumstances filings public Exchange uncertainties any with our please forward-looking disclaim statements statements, that and in date forward-looking Securities relating events disclosures required forward-looking or the the and assumptions We law.

recent Exchange non-GAAP as but encourage risks of as and our you applicable metrics. financial our detailed with for business carefully GAAP release We as to filings. will refer identified under you circumstances, our uncertainties and Factors well and earnings We disclosures our not Risk metrics Securities uncertainties the in measures tables read also variable you Commission our consider and reconciliation other to, and filings discuss in and the descriptions disclosures to to including, limited caption the these

and www.sec.gov. by the at visiting Bitcoin You free Securities SEC Depot's Exchange Commission may for filings get website

available made our Depot's being our section available IR the is website. this link Investor Bitcoin made supplemental be highlighting Relations website. on also QX to for will earnings A available would remind a like has been I that and in call performance everyone replay of presentation via recorded

will Brandon Brandon? I over CEO, to Depot's Mintz. the Bitcoin turn call Now

Brandon Mintz

ahead. some conference briefly I'd Thanks, Alex, our like first everyone. XXXX joining discuss Thank us recent our confidence what business and for and developments the quarter call. gives morning, year good across to you in

continue kiosk major During on and to building our quarter, our focus pipeline of partners national a enhance retail the we footprint. growing regional first and to network robust

our is total sales all Our momentum our XXXX. over we of once of end schedule of X,XXX team after X,XXX purchases to delivered. kiosks BTMs size new due kiosk signing goal over by the X,XXX of to kiosks recent installed reaching and of expansion strong for our as XX,XXX purchases will fleet These this the success ahead Much this year-to-date. regional are year in are kiosks is increase over of locations

On in May X, and position relocating Bitcoin Depot were the we into Bitcoin months. has perspective In ATMs Canada. increase last past to kiosk according figures total on gain. XX,XXX continuing between is few market heavily have a profitability excluding BTMs coinatmradar.com, X shown to to roughly These Bitcoin focused which put there underperforming Depot, on new locations, significantly the industry-leading the quarters, U.S. after the share average to per from

BTMs over as immediately, profitability increase time, that grow the typically do we While benefit continues ramp not to the get in up.

installed higher In March this installed less months averaged X in install been XX the year for revenue for have of at roughly XX example, BTMs or for than For the that was of months location. this XX months. average per X than less year, the the since kiosk of XX% to BTMs operation monthly calculation, time than BTMs installed

ramp full X,XXX QX still of of XXXX, potential. up their more have installed less around end of our for kiosks been need and than to X As the year time to

any This the purchased of reach roughly an number all total will installed XXX fleet BTMs accounts delivery Additionally, all by installed. for we in of XX,XXX or transit ordered or maintenance of undergoing they we receive and Between installed sits receive our very once kiosks, over the we kiosks ramp and are time from large the kiosks as the baked will time. course is purchases, kiosks into business growth repair our given orders potential today. newly it of clearly and the there at of XXXX

As part North market our we new our kiosks many expansion, several we demand, across recently purchase announced of and at signed major store Fareway discount, for In which Stores our our deployed while us first states fleet April, meet increased a of ATMs growing significant will X,XXX grocery partnership we agreements, and locations. increased the Bitcoin American industry-leading approximately with spanning enable of to signed XX share. retailer

fund. ATM working our BTMs program additional from with suite look forward added XXX BTM integration partners to and with benefit Depot's expand through in operating and Profit further. strengthened share operations. Bitcoin to BitAccess locations XXXX, program, share expertise also Bitcoin partners in We The other partnerships this Bitcoin software, Depot the program program this software more share in than for investment profit profit premier already and an we has with

efforts capital-efficient forward Bitcoin they Bitcoin support profit of Rico we to internationally, the into share as have its provide we a may Australia. history. Bitcoin what customers. Puerto Puerto remain We our to company's have ATMs and working We this aim location with on ATMs provides Our and to in Rico compared program year and much largest to expansion expanding new for the focused and continue to Australia announced a Bitcoin our partners Depot footprint we recently strategy fleet expansion to new look today, closely supply believe larger both of

adoption we ATM we're ever. across forward to trends and business locations look remains opportunities the crypto our pipeline seeing Bitcoin new deploying as kiosks into to as support remain mass our as Today, of summary, strong world's leading In by encouraged the expansion network.

over and into turn will who outlook. performance the Now financial more in-depth provide I'll Glen? insights our Leibowitz, floor Glen our CFO, business to

Glen Leibowitz

finish and a on and Brandon, results, detailed with a guidance. everyone. morning, discussion quarter we'll Thanks, with good first our of XXXX start I'll review

to year's in passed first last kiosks which year, that for fleet into to in the $XXX.X million decline declined optimize went quarter. of approximately First during relocating along quarter was this quarter January legislation to our California, This of impact the driven revenue effect in by XX% million year-over-year with largely was maximum $XXX.X compared unfavorable profitability. recently

their and in We California engaged changes see that limitations continue to currently state. actively to in in legislature with place are constructive are the operational that

However, our XXXX, in growth detail. to revenue discuss in focus Scott remains drive which will

driven $XX.X quarter the to the the quarter, XX.X% while quarter of decline operating XX.X% decreased in for margin in during XXXX. to for by kiosks, compared in first $XX.X margin compared the XXXX a This revenue million corresponding of Gross quarter beginning XXXX million of was first the was first to XXXX. profit in Gross the fleet are of also of ramp larger first performance. to quarter decline XX% largely which

we to Total life million operating X% farther $XX.X was expenses expenses this sequential for as The services coming over expenses, for a the continue the transaction On company. the will the compared for from declined optimize XXXX. a to and lower year's improvement of first trend expenses anticipate attributable and de-SPAC as move sequential away first basis, public of fourth quarter. quarter professional were $XX.X last quarters XXXX from million operating we quarter

the quarter, income of EBITDA, million $X.X measure, to XXXX. to quarter for X,XXX by first EBITDA adjusted compared million This GAAP Adjusted increased million XXXX $X.X level of XXXX. in net quarter million first of EBITDA of compared quarter XXXX non-GAAP net the was quarter lower for fixed was a was $X.X which for kiosks first largely $XX.X during revenue of over in the of loss the first of the driven costs. quarter adjusted deployment lower the and

deployments a in later EBITDA years. in As are XXXX and improvement, with future not reminder, to they drive expected or do come an revenue these immediate growth but

from in EBITDA divided the Adjusted derived revenue, first was an quarter first the XXXX. X.X% of by compared adjusted XXXX margin, quarter in is margin which X.X% to of EBITDA

to We our $XX.X sheet debt. balance $XX.X and million focus ended with million on in and equivalents approximately the cash quarter and cash in continue

XXX,XXX shares date We to stock announced plan under have the in purchased XXXX. repurchase

we for summary. the revenue formal the But greater the in expect March. similar with follow adjusted we Adjusted this and higher seasonality what kiosks, revenue January kiosks start we to To a as QX and point, and see than my higher described significant combination trend, our revenue QX we've of from quarter. January than financial the and ramp EBITDA remainder improving decision of in Given February California the this summer, That guidance. still than relocation have being of trend completes in the was volumes QX and was XX% EBITDA legislation to business illustrate and QX. for year, to significantly the the combined XXXX, the from spring March it of in made and refrain our variability the previously

discuss Scott? I'll pass Buchanan, COO, it our strategy. Scott over to growth to our

Christopher Buchanan

Glen. focused on on Depot the remain significant make its execution strategy, continues we the for Bitcoin remainder year. Thanks, to of progress and growth

we profitability. enhance First, effectively kiosks kiosk optimize traffic increasing our to expenses relocating to locations, footprint to time reducing continue higher volume by transaction over our while

our and slow over retail note partnership vendor repositioning growth regularly likely optimizing market important committed first improving positioning. footprint footprint, will year in support going signed the to optimize relocated operational deployments. quarter, pricing, we enhancements our efforts kiosk we to on newly During to remain this competitive growth as additional coming kiosks focused customer markups. XXX and It's professional including profitable services quarters the We our drive that our lowering expand are our we costs to share to while forward,

profitability are focused at are the we business for cash positive While we time, guidance ahead. on flow this not providing optimizing and

to customers. our continue expand Second, pursue to licenses for access we additional points

store our with in During BDCheckout expanded we provider. the of through X,XXX today, ongoing our locations. variety are And across processing convenience payment first our partnership quarter, over a program we partners

operate unit and our state. in no state York largest and with would a secure today, coinatmradar.com, strong. to believe operators BTM in the economics according the be growth for kiosk, will existing are opportunity we substantial our New regulators for license dialogue regular in opportunity to we the our be remains to deployment State kiosk With

state. operate the We decision to anticipate a continue in in quarter second to the

we a addition we opportunity significant deployments for In to as also -- are also international growth. see York, New

As to revenue begin and to underway Australia and expansion in we mentioned, we are project, profit. generate excited our these see actively are kiosks

on placing focus program we profit profitability. the and footprint grow additional share our Third, are to

investment investor. announced into partnership we successful another kiosks Following Capital, dollar multimillion institutional the Sopris XXX a for with

In addition XXX the kiosks. kiosks in the the the additional initial to fund option included to has an invest XXX agreement, in

a We to have which additional profitability. opportunities capital-efficient this expansion pipeline of Bitcoin Depot while enhancing provide strategy for year strong its can a continue

growth Puerto explore Rico internationally to in and our recently Australia. continue announced we expansion Lastly, into

market-leading BTMs cryptocurrency as presence of outside offer remains adoption new America competition. form the a us with XX% where into North payment opportunity Our growing approximately globally markets focus North a of within are time will of our America, to We legal low over believe an located. establish of

early, While this new it's strategic of pace have we the summary, positioned internationally. encouraged year. identified are opportunities are execute well goals to deployment the and recent by and In by momentum our we that of remain encouraged we our retail pipeline

happy your take With questions. now that, to we Operator? are

Operator

first Your Mike Instructions] of [Operator Wainwright. from the H.C. Colonnese with question comes line

Michael Colonnese

for transaction the you should average to have relates how First take you're kiosks and should if what pricing, one we Australia it into, me, nuances more America? into really, we in economic provide about perspective, deployed Puerto North relative from the color both expanding think new Rico you around specifically, to an geographies could and sizes consideration regulatory as

Christopher Buchanan

Yes. Thanks, Mike.

pretty a very similar in and same. regulatory pretty is the that's going we're viewing be it, So the unit it's to way the likely From economic what standpoint probably and standpoint, early a Puerto it's it the similar. licensing be U.S. to That's will From on like standpoint, there. deployment looking Rico

the in than market little an better bit And what is little to it's the Australia kiosk. nothing structure different, the degree. given gathered could profitability be untapped little standpoint, we've stronger from a U.S. of we terms -- market bit done slightly unit different. a what than a or economics, per research challenging. to we've super expect that U.S. a indicates And licensing is it a be There's but the bit

Michael Colonnese

this what curious use more sentiment, on great. That's guys is here. one And you

fundamentals So strong. are

the You here? business think the X,XXX XXXX. deploy have What with do to really you and the good your momentum are certainly kiosks missing tracking are investors out in in story of plan

Christopher Buchanan

Yes.

free need just the on show we trending financials continue in we the XXXX. be that even cash continue to to think toward that I to positive and more flow profitability and investors focus

So need focus continue process I us. think And we away on. get from move those that's to to just what the further costs we behind and de-SPAC

should and fleet, to structure continue the to optimize cost continue financials And the so grow as our improve we as well.

Operator

of Capital question comes from McCann NOBLE next Pat the Your line with Markets.

Patrick McCann

I for of Pat couple is questions. had on a This Mike.

margin and a improve more guys when all, are wondering far could that efforts was if more mentioned to -- specifically can details what of few it But you First as you that just on to the levers the you I you comes margins. take would -- give as pull? those

I to And with it, the the is pick maybe while on just frequency which at -- you done I this in touch reducing up the you've but something wanted you're to think past, kiosks can at of Is Or do? give margins improved. cash could is doing? you lower expenses. something Just how you something on you're those that be that some any can color

Christopher Buchanan

not less per reducing you frequency with Pat. armored of like I the that that pay visits always so for costs start deployment tied Thanks, can likely collections pull But that's generate We month. lever going more ATMs the Yes. mentioned. as kiosks, in up armored a of have we we'll additional already that's capital. kiosks, with deploying rapidly of because lever and working cash the first to we're

to a can do working And so that be we better to what's we that's improve we'd margins could fleet we happen capital going that forecast like going so But to stable to balance. a lever something size, more will forward. pull have as

we're things margins going reduce our professional for expenses. on The are other to to specifically focus services improving continuing

accounting spend driving on making we're of touched we're customer growth through also that space, that And customer and professional on side, in focused sure top customer on And a times, that our margin of our costs some continuing right? couple was reducing of legal side, that. but the then a new lifetime marketing, really sure going best the expand optimize acquisition we consulting We're the more growth we've very for spend, expensive on fleet always and line value to marketing all services now just As making and we're optimizing that as here focused it public. possible. stable there side, the the

Patrick McCann

And question when then when then do as do and quarters And locations, comes you lessons back from as, think when it put do pick, know previous of here you look comes going done away you've it you can we to now far future is, picking you deployments great you redeployments kiosks? from where should where how makeup profitable as redeployments, is that? forward what highlighted, you another picking okay, what to that XXXX take the do your we to What to location? take recent for kiosk spots

Christopher Buchanan

Yes. Good question.

competitors sorts at. in of different analysis the not careful don't, well data of and But to we're constantly which overshare data to more we is competitors we our those population same given them that trying from on are be I'll variables, so we look to looking formulas to the improving we making there. and as And deploy, that this for sure place kiosks advantage at to new the the is deploy picking area, gathering And as just look look at and sites when right? do the competitive So which we kiosk we're can remove perform whether and we apply thing. a that locations of part criteria new things ones, locations or we're our we more different not at demographics as all the set strong all

help passes, us So month every additional going data better and getting that's we're year that locations. to place

Patrick McCann

-- regulatory there? look as one milestones? Are don't we to it there to Great. changes are as far we to With as or far comes eyes me out there improve you for it should any question, California, any have things more regard Anything for the are as our legislature things there? -- there Maybe should potentially mind in. squeezing if when the

Christopher Buchanan

not eyes I in mean late California. next it's nothing going your this specific If out until maybe year, to for to have early something change changes, year.

for in really nothing yet. So look quarter to but nothing or two. the next Yes,

Operator

the Securities. from Goetsch next B. line Your with comes of question Harold Riley

Harold Goetsch

of I productivity got question kiosks. on a

or service you were year mentioned than a at kiosks. kiosks think new the in more least I over productive XX%

can is kiosks that? feel quarter second how they operation us of or third help enter you And your for cadence of the of of Can kind pacing give you they kind share us of quarter, with their to fourth model us new mature? so as what productivity -- what quarter, any

Christopher Buchanan

ahead. go Hal, Yes.

I for better first year is after like right. installation up don't that X that quarters ramp number think Brandon do first like from I the in specific throughout year. ramping kiosks one. going would Hal, kiosks much X. ramp period. take percentage I'll a that All from so largely, steadily first hit to year But Brandon, take into they come hear this said, throughout you it. We through yes, the can't significant year what Most as on have you and they grow their pretty kiosks, X. from are

volumes So low head then start growth-wise quarters that you and percentage up they're the in growth and pretty in into picking then QX less X in and X, first you'll see acceleration X. quarter deployed year as

that So too head. there guidance off of you without my I gives specific giving a top that I the numbers don't of bit little hope have

Harold Goetsch

kiosks mistaken, not I'm with last didn't year. number consolidating the really of year a grow So and of last kiosks you year but

machine Help and January or X I much X,XXX was you the of the... more process XXXX, it's think relocated? been had, those entering average us So probably maturity when year it years in though, new count X, you than Or do that age the X perspective? of figure old X a

Christopher Buchanan

Because going new the to site, age relocated, right? we not be really hardware. the at That's a age of look right. Because brand of is

age XXXX. the our lowered really fleet And so all of those relocations throughout

Operator

from Grondahl Northland Securities. comes with line next Mike of Your question the

Mike Grondahl

on uninstalled? March. kiosks I'm end roll of to understand order are at of the forward, or kiosks? the X,XXX-plus, just Scott, kind of total installed you How many what is trying had kiosks the population X,XXX guys

Christopher Buchanan

Yes.

produced the to X,XXX roughly us. have order process being in are shipped still on or of We that

So there. the look kiosks, a We've if kiosks kiosks at little purview got you whole in outstanding XX,XXX over bit for with we've orders are that got installed. that

Mike Grondahl

that X,XXX that are a And it. delivery what's Got rough ordered, schedule?

Christopher Buchanan

Yes.

schedule, So we're then. in kiosks last the like rough And batches getting monthly those in get we'll the them until mid-QX. of delivery

months. be to delivery of next to So will going receive I They get case an you some the we But all. that we'll out, them develop won't monthly sort over have all an there inventory to we're to some for the evenly fairly quickly, number but X that's take don't exact list deployed deploy. on which that X them time

Mike Grondahl

it. and Got X,XXX year-end you're your better that But quick And you on still what of I you've is for by. is think it lack depends and said sticking of kind word, these goal, a kind X,XXX of kind at X,XXX deployed. of fair? how get Is

Christopher Buchanan

a right. finish because number to But new see the X,XXX. That's going we've exceed mean continuing we're X,XXX we've We there we're I we're wait year. which sign yes, got to have to to receive the additional these what at out to don't to going exceed and to retailers. yet pace got

Mike Grondahl

Got from it. are many And how can California? this And left redeployed you in remind how have been year? installed many us California

Christopher Buchanan

our until we're kiosks to favorable our it definitely presence mentioned And year more for like. going has from having we're toward so to have Well, going But what like there clarity call, still roughly additional this any on in to work California looks make us. those we we installed amended deploy as XXX leave last continue more just not quarterly we have there on to legislation there legislation XXXX. to

Mike Grondahl

did you And California? about the of what, right that XXX Is pulled say, number? out were Got it.

Christopher Buchanan

roughly. Yes,

but correct. I I we don't front I that's have exactly -- these me, in think roughly think of

Mike Grondahl

And it year-end, level at let's of back and installs. under think thinking to X,XXX many in If many X,XXX and at end Got will to then your the new installs. months will don't it'd at year the I right are end X,XXX XX it. how -- from year-end? go if X,XXX, high it's X,XXX, it'd change? I you redeployed be X,XXX. at am new roughly going like I started And But X,XXX redeployed XXX under trying be figure California at say, know, plus, if out that many I'm the XXX got be XX you March, a Is months. from how to be right California at, up to how way to about

Brandon Mintz

It's Brandon.

I audio now. is working think my

I my than But think this bit. in a QX, months I about section So hold. older end to as of little around were of we kiosks talked the X,XXX XX

pretty bunch keeps just that without a it for doing of you So math. simple

a year, QX, old, were there X less sometime and on months ever that are X,XXX So a less installed about the year average, ones than cohort. they in than old,

Mike Grondahl

older. you Brandon, said, roughly And Got were it. at XX, X,XXX March Got it.

it. I month it, could about math. Okay. guys repeat you that I were adjusted when EBITDA, can March but seasonality? said that revenue what repeat I then and just easier. got the get you I about you that Yes, of can follow That's think talking about would you be helpful. And if

Christopher Buchanan

Yes.

gave that So March than XX% February. we in the January. kick was into than revenue January spring. And show was March that you and the can EBITDA greater we starting see EBITDA as of the just to to for head then combined for And stat seasonality higher

Mike Grondahl

then. got it. Got right I that

'XX, kind on mentioned free or Scott, like improving updated kind in Okay. of Any that -- can what though look thoughts And of 'XX? cash flow any a you've in then, range loaded. back-end

Christopher Buchanan

improve yet. We see it We way expect executes definitely and of flow talk on want range it but a we be QX 'XX, the about on don't maybe we'll ready give free that we call. then in that guidance cash to next expect earnings to to want to to, the

Mike Grondahl

consumer in out Got are seeing or it. it. there? then Got changes you positively guys behavior negatively any And

Christopher Buchanan

call to out. material Nothing

to transaction seeing behavior. we're continue changes sizes not in But than major any other increase. see that, consumer We

Mike Grondahl

last And it. question Got for it. hey, me. Got then,

they I the installs Just 'XX, on but plan? in your to early, it's are installs, and know the new tracking internal

Christopher Buchanan

Brandon. Go ahead,

Brandon Mintz

halfway are close ones are to higher surprisingly, less year X I about old in even though mentioned Yes, year they kiosks the the over age. ramped than they that to X average of that already were performance, XX% months Even though X a are.

pretty seasonality So strong lift I seeing expected. as a well, it's we're and think going from the

Operator

from of Your the with Michael Capital line Markets. next comes Kupinski NOBLE question

Michael Kupinski

Just these a operator, if wondering a were And from bankrupt many that to brand-new. one. are I you there able buy I and just whether opportunities further some kiosk know quick this were kiosks of at expanding and in that consider that? are not opportunities would still like there like deployment juncture, given or that phase, you're fleet if the a was other you

Brandon Mintz

a that's per did we good think place a on to far I Since every kiosk so get average, question. one we this to XXXX. year purchased Michael, is fantastic consider that what have on deal we price kiosk now single on the yet buying been a thing don't in location we've

So there's to purchase that be ongoing And ongoing more if as storage interest we warehouse. will they we kiosk, a period assume expenses. And for in a payments sitting of to time if that, well. finance with we have the were

buying we it's think Australia There that if we're I for have some we price the for rest more. to for over or U.S. anything for It be have different is a noting, kiosks modifications. I worth minor to the question though, buy normal kiosks for attractive. similar kiosks to we XXXX. requirement point like that power did, is would But out at the a the price of really where of X,XXX that there. at paid, going the would we really, not It's a U.S. what least, don't think see

Australia. will, we we goes it if may that may additional it Australia kiosks well, possible which believe be purchase for So

Michael Kupinski

would Got inventory? I the point, in recall. any you. do have last think like quarter, if anyway, inventory, you kiosks kind And I given number Is right, you XXX you that at right? have in of in had that typically the

Brandon Mintz

always of how fluctuating, now have. especially get is ordered locations many we inventory right these batches on we that when that The we've based kiosks and

sometime or of tell However, kiosks of goes off-line the of we size given purchases, end repair fleet all maybe or up And QX, estimate March total sort at the ] kiosks. any year. once around at receive early XX,XXX in maintenance be you our kiosks undergoing to that all by with we can and of is around what kiosks this these And as transit of [ have we some will in of I XXX time. point

kiosks. to still it year X,XXX those XX,XXX we receive be the mean does everything have close earlier that and we've fleet purchased be because operating past received since clarified in we by we've then just that few to to to And lag installed our month us machine we've the like not over Scott dramatically get everything roughly So could somewhere a XXXX. to time just We ordered, going we've few installed. it's kiosks most the be fleet months, a kiosk since there anticipate increased a install

Operator

Securities. the question next Harold Riley Your Goetsch Instructions] [Operator B. with line comes from

Harold Goetsch

was hoping get on I more you a standpoint? wanted hire -- kick sales I on have more or to one in least XX XXXX or -- to an update will if kind of the hires' what Rolodex plan like retail run their to ask when follow-up direct the event in more. It or quarter. those of their those really revenue baked down force. expenses I know on And half hires, industry the had expectations hired fully back the the in in the productivity are your they from industry. as year will at a of be contacts

Brandon Mintz

salespeople that much to significant of we swings And the ramped people stores, little midpoint up quarter. for the expect higher way more anticipate locations any the see were the in the a part, most baked end the force, already to regarding of we or of through do but amount store But having Regarding a on started with higher maybe sales in of industry that all a the up, pretty QX. basis wouldn't force those the signed locations, couple expenses. cetera, that than down maybe in et so with it's far. X/X relationships forward up grocery probably sales of build ramp-up, expenses There Once chains, more they're convenience monthly year. their these

Harold Goetsch

an industry from taken on role? retail that's has and last salesperson of hiring kind what's one people And that, persona this the of that deployed Okay. services into are the you

Brandon Mintz

calling we of lower-level directly And that Well, there's just ATM we've had them already but them industry, have door-to-door couple and sales that of most on them that that kind as experience of clarify a some have most why already have in experience. are door-to-door calling of the cold well. reps, on brought the locations calling retail outreach Bitcoin and on to that's cold experience and point,

Operator

back Brandon question-and-answer our At this this over session. turn Mintz. the to concludes now time, I'd like call to

Brandon Mintz

Thanks, joining everyone, look our you updates. We to for providing forward call today. future

Operator

Thank for you Depot's us for conference today Bitcoin call. joining

now may You disconnect.

Bitcoin Depot (BTM) 14 May 242024 Q1 Earnings call transcript