v3.26.1
Segment Reporting
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Reporting
(4) Segment Reporting
The Company operates as a
single
operating segment, with the
Chief Executive Officer
(“CEO”) serving as the CODM. The CODM evaluates performance and allocates resources on a consolidated basis, reviewing financial and operational information for the entire organization rather than assessing discrete product or service lines or geographic locations. The Company concluded that it has a single reportable segment based on the similarity of the Company’s products and services, its common customer base, and the comparable regulatory environment in which it operates.
Revenue is primarily generated through cash paid by customers to purchase Bitcoin from the Company’s kiosks with a minimal amount of revenue generated from other products and services. Refer to Note 6—Revenue for more information on the Company’s revenue generating products and services.
As of and for the year-ended December 31, 2025 and 2024, substantially all of the Company’s revenue was generated in the US, and substantially all of its long-lived assets were located in the US.
As the CODM focuses on overall Company performance, any asset information used for decision-making purposes aligns with the consolidated totals presented in the Consolidated Balance Sheets. See the Consolidated Balance Sheets for additional information on the Company’s asset composition.
The CODM considers multiple measures of profit or loss such as, EBITDA, Adjusted EBITDA, and Net Income, and uses these measures to assess the Company’s overall performance, compare actual results to budgets, and guide decisions on capital investments and other resource allocations. The table below summarizes net income related segment information used by the CODM to evaluate the Company’s performance:
 
    
Year Ended December 31,
  
    
2025
     
2024
  
Revenue
    $ 614,851      $ 573,703  
  
 
 
     
 
 
  
Cost of cryptocurrency sold
(1)
      440,205        424,135  
Armored cash collection
      7,043        8,010  
Wireless connectivity costs
      3,627        2,671  
(Gain) loss on foreign currency transactions
      (124 )       465  
Share-based compensation
      4,866        3,400  
Kiosk shipping and services
      2,902        6,139  
Floorspace leases
      38,688        37,522  
Bank fees
      3,112        2,901  
Payroll costs
      23,267        24,428  
Advertising and marketing costs
      6,496        6,076  
Professional fees
      17,658        9,904  
Operating software costs
      4,368        4,133  
Interest expense, net
      14,413        14,199  
Income tax expense
      2,288        2,138  
Amortization
      1,516        1,516  
Depreciation
      6,154        8,556  
Other segment items
(2)
      33,663        9,696  
  
 
 
     
 
 
  
Net income
    $ 4,709      $ 7,814  
  
 
 
     
 
 
  
 
(1)
Includes
cryptocurrency
impairments
for the years ended December 31, 2024 of $8.7 million.
(2)
Includes an accrual of $18.5 million in respect of a ruling in an arbitration proceeding brought by Coin Cloud, Inc. against our Canadian subsidiary, BitAccess, Inc. in 2025, and insurance and other expenses in 2025 and 2024.