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Side-by-side financial comparison of Bitcoin Depot Inc. (BTM) and COGENT COMMUNICATIONS HOLDINGS, INC. (CCOI). Click either name above to swap in a different company.
COGENT COMMUNICATIONS HOLDINGS, INC. is the larger business by last-quarter revenue ($240.5M vs $162.5M, roughly 1.5× Bitcoin Depot Inc.). Bitcoin Depot Inc. runs the higher net margin — 3.4% vs -12.8%, a 16.2% gap on every dollar of revenue. On growth, Bitcoin Depot Inc. posted the faster year-over-year revenue change (20.1% vs -4.7%). Bitcoin Depot Inc. produced more free cash flow last quarter ($2.5M vs $-43.0M). Over the past eight quarters, Bitcoin Depot Inc.'s revenue compounded faster (-4.9% CAGR vs -4.9%).
Bitcoin Depot Inc. is one of the largest cryptocurrency ATM operators across North America. It provides retail consumers with accessible in-person kiosks to buy and sell Bitcoin and other leading digital assets, alongside online crypto purchase services via bank transfer. Its self-service kiosks are located in high-traffic retail spaces including grocery stores, gas stations and convenience stores.
Cogent Communications Holdings, Inc. is a multinational internet service provider based in the United States. Cogent's primary services consist of Internet access and data transport, offered on a fiber optic, IP data-only network, along with colocation in data centers.
BTM vs CCOI — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $162.5M | $240.5M |
| Net Profit | $5.5M | $-30.8M |
| Gross Margin | — | 46.6% |
| Operating Margin | 7.3% | -4.7% |
| Net Margin | 3.4% | -12.8% |
| Revenue YoY | 20.1% | -4.7% |
| Net Profit YoY | 690.4% | 28.9% |
| EPS (diluted) | $0.08 | $-0.63 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | — | $240.5M | ||
| Q3 25 | $162.5M | $241.9M | ||
| Q2 25 | $172.1M | $246.2M | ||
| Q1 25 | $164.2M | $247.0M | ||
| Q4 24 | — | $252.3M | ||
| Q3 24 | $135.3M | $257.2M | ||
| Q2 24 | $163.1M | $260.4M | ||
| Q1 24 | $138.5M | $266.2M |
| Q4 25 | — | $-30.8M | ||
| Q3 25 | $5.5M | $-41.5M | ||
| Q2 25 | $6.1M | $-57.8M | ||
| Q1 25 | $4.2M | $-52.0M | ||
| Q4 24 | — | $-43.3M | ||
| Q3 24 | $-939.0K | $-63.1M | ||
| Q2 24 | $-2.6M | $-32.3M | ||
| Q1 24 | $-1.5M | $-65.3M |
| Q4 25 | — | 46.6% | ||
| Q3 25 | — | 45.6% | ||
| Q2 25 | — | 44.2% | ||
| Q1 25 | — | 44.4% | ||
| Q4 24 | — | 38.5% | ||
| Q3 24 | — | 37.2% | ||
| Q2 24 | — | 40.0% | ||
| Q1 24 | — | 36.5% |
| Q4 25 | — | -4.7% | ||
| Q3 25 | 7.3% | -7.5% | ||
| Q2 25 | 9.2% | -12.8% | ||
| Q1 25 | 10.8% | -16.3% | ||
| Q4 24 | — | -13.2% | ||
| Q3 24 | 4.1% | -22.5% | ||
| Q2 24 | 4.7% | -18.1% | ||
| Q1 24 | 0.5% | -22.3% |
| Q4 25 | — | -12.8% | ||
| Q3 25 | 3.4% | -17.2% | ||
| Q2 25 | 3.5% | -23.5% | ||
| Q1 25 | 2.6% | -21.1% | ||
| Q4 24 | — | -17.2% | ||
| Q3 24 | -0.7% | -24.5% | ||
| Q2 24 | -1.6% | -12.4% | ||
| Q1 24 | -1.1% | -24.5% |
| Q4 25 | — | $-0.63 | ||
| Q3 25 | $0.08 | $-0.87 | ||
| Q2 25 | $0.16 | $-1.21 | ||
| Q1 25 | $0.20 | $-1.09 | ||
| Q4 24 | — | $-0.89 | ||
| Q3 24 | $-0.05 | $-1.33 | ||
| Q2 24 | $-0.13 | $-0.68 | ||
| Q1 24 | $-0.25 | $-1.38 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $59.3M | $148.5M |
| Total DebtLower is stronger | $67.5M | $1.7B |
| Stockholders' EquityBook value | $21.0M | $-63.8M |
| Total Assets | $125.3M | $3.1B |
| Debt / EquityLower = less leverage | 3.21× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $148.5M | ||
| Q3 25 | $59.3M | $147.1M | ||
| Q2 25 | $48.0M | $213.7M | ||
| Q1 25 | $35.0M | $153.8M | ||
| Q4 24 | — | $198.5M | ||
| Q3 24 | $32.2M | $279.2M | ||
| Q2 24 | $43.9M | $384.4M | ||
| Q1 24 | $42.2M | $118.4M |
| Q4 25 | — | $1.7B | ||
| Q3 25 | $67.5M | — | ||
| Q2 25 | $66.5M | — | ||
| Q1 25 | $56.2M | — | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | $44.5M | — | ||
| Q2 24 | $41.2M | — | ||
| Q1 24 | $37.6M | — |
| Q4 25 | — | $-63.8M | ||
| Q3 25 | $21.0M | $-39.2M | ||
| Q2 25 | $4.7M | $46.7M | ||
| Q1 25 | $-4.6M | $142.8M | ||
| Q4 24 | — | $222.8M | ||
| Q3 24 | $-7.9M | $323.6M | ||
| Q2 24 | $4.4M | $415.5M | ||
| Q1 24 | $5.0M | $500.6M |
| Q4 25 | — | $3.1B | ||
| Q3 25 | $125.3M | $3.1B | ||
| Q2 25 | $109.1M | $3.3B | ||
| Q1 25 | $89.7M | $3.1B | ||
| Q4 24 | — | $3.2B | ||
| Q3 24 | $87.4M | $3.2B | ||
| Q2 24 | $97.5M | $3.3B | ||
| Q1 24 | $90.1M | $3.1B |
| Q4 25 | — | — | ||
| Q3 25 | 3.21× | — | ||
| Q2 25 | 14.18× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 6.53× | ||
| Q3 24 | — | — | ||
| Q2 24 | 9.27× | — | ||
| Q1 24 | 7.54× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $6.6M | $-6.0M |
| Free Cash FlowOCF − Capex | $2.5M | $-43.0M |
| FCF MarginFCF / Revenue | 1.6% | -17.9% |
| Capex IntensityCapex / Revenue | 2.5% | 15.4% |
| Cash ConversionOCF / Net Profit | 1.20× | — |
| TTM Free Cash FlowTrailing 4 quarters | $27.1M | $-198.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-6.0M | ||
| Q3 25 | $6.6M | $3.1M | ||
| Q2 25 | $10.2M | $-44.0M | ||
| Q1 25 | $16.3M | $36.4M | ||
| Q4 24 | — | $14.5M | ||
| Q3 24 | $5.8M | $-20.2M | ||
| Q2 24 | $10.1M | $-22.2M | ||
| Q1 24 | $1.3M | $19.2M |
| Q4 25 | — | $-43.0M | ||
| Q3 25 | $2.5M | $-33.1M | ||
| Q2 25 | $9.8M | $-100.2M | ||
| Q1 25 | $15.9M | $-21.7M | ||
| Q4 24 | — | $-31.6M | ||
| Q3 24 | $-1.0M | $-79.5M | ||
| Q2 24 | $7.6M | $-70.9M | ||
| Q1 24 | $789.0K | $-21.7M |
| Q4 25 | — | -17.9% | ||
| Q3 25 | 1.6% | -13.7% | ||
| Q2 25 | 5.7% | -40.7% | ||
| Q1 25 | 9.7% | -8.8% | ||
| Q4 24 | — | -12.5% | ||
| Q3 24 | -0.8% | -30.9% | ||
| Q2 24 | 4.7% | -27.2% | ||
| Q1 24 | 0.6% | -8.1% |
| Q4 25 | — | 15.4% | ||
| Q3 25 | 2.5% | 15.0% | ||
| Q2 25 | 0.2% | 22.8% | ||
| Q1 25 | 0.2% | 23.5% | ||
| Q4 24 | — | 18.3% | ||
| Q3 24 | 5.0% | 23.0% | ||
| Q2 24 | 1.5% | 18.7% | ||
| Q1 24 | 0.4% | 15.4% |
| Q4 25 | — | — | ||
| Q3 25 | 1.20× | — | ||
| Q2 25 | 1.67× | — | ||
| Q1 25 | 3.88× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
