Bitcoin Depot Inc.(BTM), a subsidiary of GSR II Meteora Acquisition Corp., has released its unaudited condensed financial statements for the first quarter of 2023, revealing a net income of $325,823. The company's revenue remains stable, with total assets amounting to $328,853,551. Let's dive into the details of their financial performance.**
Unaudited Condensed Financial Statements
The unaudited condensed balance sheets for Bitcoin Depot Inc., as of March 31, 2023, and December 31, 2022, showcase the company's current assets and investments held in the Trust Account. While cash decreased from $477,195 to $75,352, prepaid expenses reduced from $500,417 to $452,625 during this period, resulting in total current assets of $527,977 compared to $977,612.
Investments held in the Trust Account increased from $325,436,230 to $328,325,574, contributing to the total assets reaching $328,853,551, up from $326,413,842 at the end of 2022.
Unaudited Condensed Statements of Operations
Bitcoin Depot Inc.'s unaudited condensed statements of operations for the three months ended March 31, 2023, and March 31, 2022, highlight the company's financial performance during this period.
General and administrative expenses surged to $2,075,298 in 2023 compared to $162,637 in 2022, while franchise tax expenses remained steady at $50,000. This resulted in a loss from operations of $2,125,298 in 2023, contrasting with a loss of $212,450 in 2022.
However, other income improved significantly, with a net gain of $3,089,394 in 2023, compared to a loss of $226,760 in 2022, partially offsetting the loss from operations. The income tax expense in 2023 amounted to $638,273, while there was no income tax expense recorded in 2022. The company reported a net income of $325,823 for the first quarter of 2023, compared to a net loss of $439,210 for the same period in 2022.
Unaudited Condensed Statements of Changes in Stockholders’ Deficit
The unaudited condensed statements of changes in stockholders’ deficit for the three months ended March 31, 2023, and March 31, 2022, provide insights into the changes in the company's equity during the respective periods.
As of March 31, 2023, the total stockholders' deficit was $4,288,047, compared to $2,212,749 as of December 31, 2022. The change can be attributed to various factors, including net income, accretion for Class A common stock to redemption amount, and adjustments to additional paid-in capital.
Unaudited Condensed Statements of Cash Flows
The unaudited condensed statements of cash flows for the three months ended March 31, 2023, and March 31, 2022, outline the company's cash flow activities during these periods.
In the first quarter of 2023, Bitcoin Depot Inc. reported a net cash used in operating activities of $601,893, while the corresponding period in 2022 saw a net cash outflow of $1,088,101. The company also provided additional details about its cash flows from investing and financing activities.
Overall, the financial data indicates Bitcoin Depot Inc.'s ongoing efforts to navigate the cryptocurrency landscape while maintaining steady revenue and managing its expenses. As the company progresses in 2023, stakeholders will be closely monitoring its financial performance and strategic initiatives.