Bitcoin Depot Inc. · NASDAQ:BTM
Bitcoin Depot — SPAC Merger (October 2022)
36 slides from Bitcoin Depot's SPAC merger presentation, Oct 5, 2022
Slide 1: Investor Presentation Fall 2022
Investor Presentation Fall 2022
Slide 2: Disclaimer
Disclaimer For the purposes of this notice, this “presentation” will mean and include the slides, any oral presentation of the slides by members of management of GSR II Meteora Acquisition Corp. (“GSRM”) or Lux Vending, LLC d/b/a Bitcoin Depot (the “Company” or “Bitcoin Depot”) or any person on thei
Slide 3: Disclaimer
Disclaimer Forward-Looking Statements: This presentation includes “forward-looking statements” within the meaning of the federal securities laws, including, but not limited to, opinions and projections prepared by the Company’s and GSRM’s management. Forward-looking statements generally relate to fu
Slide 4: Disclaimer
Disclaimer The Company believes these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to the Company’s financial condition and results of operations. The Company believes that the use of these non-
Slide 5: GSRM Team Overview
GSRM Team Overview Gus Garcia Lewis Silberman Anantha Ramamurti Joseph Tonnos Yuya Orime Co-CEO & Director Co-CEO & Director President & Director CFO Senior Vice President ▪ GSR II Meteora Acquisition Corp (“GSRM”) completed its IPO in March 2022 with $321 million cash-in-trust ▪ Highly experienced
Slide 6: What Bitcoin Depot IS and IS NOT
What Bitcoin Depot IS and IS NOT Bitcoin Depot IS… Bitcoin Depot IS NOT… An Easy Way to Convert Cash to Crypto A Crypto Miner or Exchange A Money Services Business / Non-Traditional Financial Services Provider A Provider or Vendor of Tokens, ICOs or NFTs A Practitioner of Robust and Proactive Co
Slide 7: Bitcoin Depot is an Ideal Business Combination for GSRM
Bitcoin Depot is an Ideal Business Combination for GSRM Leader in Growth Industry with Secular and Thematic Tailwinds ✔ Solid Financial Profile With Significant Adjusted EBITDA ✔ Future Growth Opportunities Across Multiple Organic and Inorganic Initiatives ✔ Compelling Public Company Story with Qual
Slide 8: Transaction Overview
Transaction Overview Key Transaction Terms (3) (2) Transaction will result in approximately $170 million of cash (assuming 0% redemption) added to Bitcoin Depot’s balance sheet to go towards funding its business plan. Earn-out of 15 million shares outstanding at close issued to existing Bitcoin (4)
Slide 9: Company Overview
BITCOIN DEPOT Company Overview
Slide 10: Bringing Bitcoin to the Masses
Mission BRINGING BITCOIN to the MASSES
Slide 11: Entrepreneurial and Visionary Management Team
Entrepreneurial and Visionary Management Team Brandon Mintz Scott Buchanan Founder & Chief Executive Officer Chief Operating Officer / Chief Financial Officer Cash to Crypto Sarah Wessel Jason Sacco Mark Smalley Bill Knoll VP of Sales VP of Operations Chief Compliance Officer Head of Product 11
Slide 12: Bitcoin Depot at a Glance
Bitcoin Depot at a Glance Leading BTM (1) operator providing a simple and convenient process to convert cash into cryptocurrency $1.2B 2.3M 25k ~7k 149% $34M Total Transacted Total Transactions Installed Kiosks Same-Kiosk Sales (4) LTM Adjusted Monthly Active Users (3) Volume (2) Completed (2) in No
Slide 13: Get Bitcoin in a Minute
Get Bitcoin in a Minute TM 1 2 3 4 Setup a Bitcoin Wallet Choose Crypto Amount Scan Digital Wallet Receive Crypto Create Un-Hosted Bitcoin Depot Wallet Click “Buy Crypto” and Choose Insert Cash and or Link Other Digital Wallet Scan the QR Code on Kiosk the Amount to Purchase Click “Finish” Mobile Ap
Slide 14: Why Our Users Love Us
Why Our Users Love Us Customers use the Bitcoin Depot mobile app to access several dynamic tools that are key to the cryptocurrency user experience Convenient Locations Simple & Quick Account Set Up Cryptos Available in Minutes Responsive Customer Support Transact Without a Bank Account Intuitive Mo
Slide 15: Why Our Partners Love Us
Why Our Partners Love Us Benefits to Retailers Retailer Distribution Overview Transaction Volume Breakdown Increased Average Predictable Minimum (CY2021: $528M) (2) Customer Spend Rate Monthly Rent 6% 22% Small Kiosk Hands-off: Bitcoin Depot Footprint (2’ x 2’ ft) Manages Entire Process Increased Re
Slide 16: Setting the Bar with our Compliance Practices and Standards
Setting the Bar with our Compliance Practices and Standards Best-in-Class Compliance is a Core Value for Bitcoin Depot Bitcoin Depot's compliance team takes a proactive approach to industry requirements, monitoring and reporting suspicious activities and working closely with law enforcement as requi
Slide 17: Bitcoin Depot Compliance Infrastructure
Bitcoin Depot Compliance Infrastructure People: Experienced Technology: Multi-Layer Communication: Proactive Dialogue Compliance Team Compliance Procedures with Regulatory Agencies Bitcoin Depot’s compliance team Accounts are verified at the time Bitcoin Depot coordinates closely has approximately 1
Slide 18: Investment Highlights
BITCOIN DEPOT Investment Highlights
Slide 19: Investment Highlights
1 2 3 4 5 Investment Highlights 1 Beneficiary of Megatrend: Broadening Adoption of Cryptocurrencies 2 Network of Approx. 7,000 Kiosks for Converting Cash to Digital Currency, with Convenient, High-Performing Locations 3 Attractive Combination of Historical Growth and Current Profitability with Demon
Slide 20: Digital Asset Market Tailwinds
1 2 3 4 5 Digital Asset Market Tailwinds Growth of Global Bitcoin ATM Market (1) Annual Transaction Volume ($bn) by Payment Network (2021) (2) # of BTMs 38,429 $13,505 34,386 +95% CAGR $7,722 14,051 $3,007 6,364 4,106 $1,284 2,076 $504 969 2016 2017 2018 2019 2020 2021 1H 2022 (1) Source: Coinatmrad
Slide 21: Bitcoin Depot has Leading BTM Market Share in North America
1 2 3 4 5 Bitcoin Depot has Leading BTM Market Share in North America Bitcoin Depot currently operates approximately 7,000 kiosks in 47 U.S. states and 9 Canadian provinces – Our kiosks and BDCheckout access points are located in zip codes Top Bitcoin ATM Operators (United States) (1) addressing ove
Slide 22: Robust Retail Partnerships Pave Our Path for Further Growth
1 2 3 4 5 Robust Retail Partnerships Pave Our Path for Further Growth Bitcoin Depot is Circle K’s Exclusive BTM Provider We Partner with Major Retailers (1) Largest Privately Owned Fortune 500 American Gas Station Chain Specialty Retailer Over 1,900 kiosks deployed across U.S. and Canada as of July
Slide 23: Journey from Humble Beginnings to Industry Leader
1 2 3 4 5 Journey from Humble Beginnings to Industry Leader Introduced Announced Exclusive Partnership with By the end of 2019, the Company nearly triples the size of its kiosk network to over 500 Achieved No.1 BTM Operator Bitcoin Depot begins using a sophisticated BTMs across 30 U.S. states crypto
Slide 24: Transaction Volumes Decoupled from Bitcoin Prices
1 2 3 4 5 Transaction Volumes Decoupled from Bitcoin Prices $180 $80 $160 $70 $140 $60 Total Transaction Volume ($mm) $120 Bitcoin Price (1) ($’000) $50 $100 $40 $80 $30 $60 $40 $20 $20 $10 $0 $0 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Total Transaction Volume Bitcoin Price (1) (
Slide 25: Transaction Volume by Kiosk Cohort
1 2 3 4 5 Transaction Volume by Kiosk Cohort Annual Cohort 1H Cohort Initial Year Transaction Volume 2021 Transaction Volume CAGR (1) Initial Year 1H Transaction Volume 1H 2022 Transaction Volume CAGR (1) $89 $193 Transaction Volume ($mm) Transaction Volume ($mm) +73% +164% $52 $84 $73 +26% +134% +4
Slide 26: Cryptocurrencies "At The Register"
1 2 3 4 5 Cryptocurrencies “At The Register” We signed an agreement with an industry leading payment processing provider, allowing customers to purchase crypto at over 8,000 retail locations across 22 states and Puerto Rico (1) Agreements with retailers that have over 18,000 locations (1) Through th
Slide 27: Multiple Future Growth Opportunities
1 2 3 4 5 Multiple Future Growth Opportunities Credit/Debit International Industry Transactions Expansion Consolidation on BTMs Additional Consumer- Buy/Sell Cryptos B2B Software Facing Financial on Traditional and Data Solutions Services Cash ATMs Note: Majority of these initiatives are not include
Slide 28: Financial Summary
Financial Summary ($mm) Actual Estimate CY2020 CY2021 1H 2021 1H 2022 CY2022 Revenue $245 $549 $248 $322 $684 YoY Growth 262% 124% 215% 30% 25% Adjusted Gross Profit (1) $31 $56 $24 $32 $72 % of Revenue 13% 10% 10% 10% 11% Adjusted EBITDA (2) $21 $30 $14 $18 $42 % of Adjusted Gross Profit 68% 53% 60
Slide 29: Transaction Overview
BITCOIN DEPOT Transaction Overview
Slide 30: Transaction Overview
Transaction Overview Key Transaction Terms (3) (2) Transaction will result in approximately $170 million of cash (assuming 0% redemption) added to Bitcoin Depot’s balance sheet to go towards funding its business plan. Earn-out of 15 million shares outstanding at close issued to existing Bitcoin (4)
Slide 31: Compelling Valuation Relative to Public Comparables (CY2022)
Compelling Valuation Relative to Public Comparables (CY2022) EV/EBITDA (CY2022) (2) Revenue Growth (’21 – ’22) EBITDA Margin (CY2022) (2) (1) 15.6x 24.6% 58.0% Mean: 19.2x Mean: (4.6)% Mean: 19.8% (0.5)% 41.3x 13.2% 13.2% 21.2x 21.2x 14.5% 31.4% 15.0x 9.8% 24.2% 15.0x 4.7% 48.5% 10.3x 10.3x 8.4x 0.8
Slide 32: Key Business Takeaways
Key Business Takeaways Mainstreaming of Cryptocurrency and Digital Assets #1 Bitcoin ATM Operator in North America with Approximately 7,000 Kiosks Key Retail Relationships, Highlighted by Circle K Multiple Service Offerings and Geographic Expansion Opportunities Driving Growth Meaningful Revenue Sca
Slide 33: Appendix
BITCOIN DEPOT Appendix
Slide 34: Detail Comparable Statistics
Detail Comparable Statistics ($ in millions, except per share date) Valuation Metrics Operating Metrics Market Enterprise EV /EBITDA Revenue Gross Profit EBITDA Revenue Growth EBITDA Margin (1) (2) Company Name Cap Value 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 Digital Financial S
Slide 35: Reconciliation of Non-GAAP Financials
Reconciliation of Non-GAAP Financials ($mm) Actual CY2020 CY2021 1H 2021 1H 2022 Revenue $ 245 $ 549 $ 248 $ 322 Cost of Revenue (excluding Depreciation & Amortization) (1) (214) (493) (224) (290) Adjusted Gross Profit $ 31 $ 56 $ 24 $ 32 ($mm) Actual CY2020 CY2021 1H 2021 1H 2022 Net Income $ 14 $
Slide 36: Historical Balance Sheet Summary
Historical Balance Sheet Summary ($mm) Actual CY2020 CY2021 1H 2022 Cash and Cash Equivalents $ 41 $ 38 $ 38 Other Current Assets 1 9 3 Total Property & Equipment, net 11 46 37 Other Non-Current Assets 0 16 15 Total Assets $ 53 $ 108 $ 94 Notes Payable, Current Portion $ 1 $ 3 $ 4 Operating Lease Li