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Side-by-side financial comparison of Bitcoin Depot Inc. (BTM) and Commerce.com, Inc. (CMRC). Click either name above to swap in a different company.
Bitcoin Depot Inc. is the larger business by last-quarter revenue ($162.5M vs $89.5M, roughly 1.8× Commerce.com, Inc.). Bitcoin Depot Inc. runs the higher net margin — 3.4% vs -9.3%, a 12.8% gap on every dollar of revenue. On growth, Bitcoin Depot Inc. posted the faster year-over-year revenue change (20.1% vs 2.9%). Bitcoin Depot Inc. produced more free cash flow last quarter ($2.5M vs $-2.2M). Over the past eight quarters, Commerce.com, Inc.'s revenue compounded faster (5.5% 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.
SPS Commerce, Inc. is a technology and application software company based in the United States that provides cloud-based supply chain management software. The company's headquarters are located in Minneapolis, Minnesota, but it also has a US office in New Jersey, and international locations in Amsterdam, Beijing, Breukelen, Hong Kong, Kyiv, Melbourne, Montpellier, Sydney, and Toronto.
BTM vs CMRC — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $162.5M | $89.5M |
| Net Profit | $5.5M | $-8.4M |
| Gross Margin | — | 78.3% |
| Operating Margin | 7.3% | -7.4% |
| Net Margin | 3.4% | -9.3% |
| Revenue YoY | 20.1% | 2.9% |
| Net Profit YoY | 690.4% | -250.0% |
| EPS (diluted) | $0.08 | $-0.11 |
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 | — | $89.5M | ||
| Q3 25 | $162.5M | $86.0M | ||
| Q2 25 | $172.1M | $84.4M | ||
| Q1 25 | $164.2M | $82.4M | ||
| Q4 24 | — | $87.0M | ||
| Q3 24 | $135.3M | $83.7M | ||
| Q2 24 | $163.1M | $81.8M | ||
| Q1 24 | $138.5M | $80.4M |
| Q4 25 | — | $-8.4M | ||
| Q3 25 | $5.5M | $-2.2M | ||
| Q2 25 | $6.1M | $-8.4M | ||
| Q1 25 | $4.2M | $-353.0K | ||
| Q4 24 | — | $-2.4M | ||
| Q3 24 | $-939.0K | $-7.0M | ||
| Q2 24 | $-2.6M | $-11.3M | ||
| Q1 24 | $-1.5M | $-6.4M |
| Q4 25 | — | 78.3% | ||
| Q3 25 | — | 78.4% | ||
| Q2 25 | — | 79.0% | ||
| Q1 25 | — | 79.4% | ||
| Q4 24 | — | 77.6% | ||
| Q3 24 | — | 76.3% | ||
| Q2 24 | — | 75.8% | ||
| Q1 24 | — | 77.1% |
| Q4 25 | — | -7.4% | ||
| Q3 25 | 7.3% | -0.5% | ||
| Q2 25 | 9.2% | -8.0% | ||
| Q1 25 | 10.8% | -2.9% | ||
| Q4 24 | — | -0.9% | ||
| Q3 24 | 4.1% | -23.0% | ||
| Q2 24 | 4.7% | -16.5% | ||
| Q1 24 | 0.5% | -10.2% |
| Q4 25 | — | -9.3% | ||
| Q3 25 | 3.4% | -2.6% | ||
| Q2 25 | 3.5% | -9.9% | ||
| Q1 25 | 2.6% | -0.4% | ||
| Q4 24 | — | -2.7% | ||
| Q3 24 | -0.7% | -8.4% | ||
| Q2 24 | -1.6% | -13.8% | ||
| Q1 24 | -1.1% | -8.0% |
| Q4 25 | — | $-0.11 | ||
| Q3 25 | $0.08 | $-0.03 | ||
| Q2 25 | $0.16 | $-0.10 | ||
| Q1 25 | $0.20 | $0.00 | ||
| Q4 24 | — | $-0.03 | ||
| Q3 24 | $-0.05 | $-0.09 | ||
| Q2 24 | $-0.13 | $-0.15 | ||
| Q1 24 | $-0.25 | $-0.08 |
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 | $141.1M |
| Total DebtLower is stronger | $67.5M | $157.0M |
| Stockholders' EquityBook value | $21.0M | $39.4M |
| Total Assets | $125.3M | $308.8M |
| Debt / EquityLower = less leverage | 3.21× | 3.99× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $141.1M | ||
| Q3 25 | $59.3M | $142.0M | ||
| Q2 25 | $48.0M | $134.5M | ||
| Q1 25 | $35.0M | $120.7M | ||
| Q4 24 | — | $178.2M | ||
| Q3 24 | $32.2M | $168.4M | ||
| Q2 24 | $43.9M | $275.8M | ||
| Q1 24 | $42.2M | $265.2M |
| Q4 25 | — | $157.0M | ||
| Q3 25 | $67.5M | $157.3M | ||
| Q2 25 | $66.5M | $157.5M | ||
| Q1 25 | $56.2M | $157.8M | ||
| Q4 24 | — | $216.5M | ||
| Q3 24 | $44.5M | — | ||
| Q2 24 | $41.2M | $340.9M | ||
| Q1 24 | $37.6M | $340.5M |
| Q4 25 | — | $39.4M | ||
| Q3 25 | $21.0M | $42.8M | ||
| Q2 25 | $4.7M | $38.8M | ||
| Q1 25 | $-4.6M | $38.1M | ||
| Q4 24 | — | $33.4M | ||
| Q3 24 | $-7.9M | $29.0M | ||
| Q2 24 | $4.4M | $26.1M | ||
| Q1 24 | $5.0M | $26.9M |
| Q4 25 | — | $308.8M | ||
| Q3 25 | $125.3M | $309.5M | ||
| Q2 25 | $109.1M | $302.5M | ||
| Q1 25 | $89.7M | $286.3M | ||
| Q4 24 | — | $340.3M | ||
| Q3 24 | $87.4M | $335.1M | ||
| Q2 24 | $97.5M | $452.5M | ||
| Q1 24 | $90.1M | $442.5M |
| Q4 25 | — | 3.99× | ||
| Q3 25 | 3.21× | 3.67× | ||
| Q2 25 | 14.18× | 4.06× | ||
| Q1 25 | — | 4.14× | ||
| Q4 24 | — | 6.49× | ||
| Q3 24 | — | — | ||
| Q2 24 | 9.27× | 13.06× | ||
| Q1 24 | 7.54× | 12.65× |
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 | $980.0K |
| Free Cash FlowOCF − Capex | $2.5M | $-2.2M |
| FCF MarginFCF / Revenue | 1.6% | -2.4% |
| Capex IntensityCapex / Revenue | 2.5% | 3.5% |
| Cash ConversionOCF / Net Profit | 1.20× | — |
| TTM Free Cash FlowTrailing 4 quarters | $27.1M | $16.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $980.0K | ||
| Q3 25 | $6.6M | $10.6M | ||
| Q2 25 | $10.2M | $13.6M | ||
| Q1 25 | $16.3M | $401.0K | ||
| Q4 24 | — | $12.4M | ||
| Q3 24 | $5.8M | $5.6M | ||
| Q2 24 | $10.1M | $11.7M | ||
| Q1 24 | $1.3M | $-3.4M |
| Q4 25 | — | $-2.2M | ||
| Q3 25 | $2.5M | $7.6M | ||
| Q2 25 | $9.8M | $11.9M | ||
| Q1 25 | $15.9M | $-424.0K | ||
| Q4 24 | — | $11.6M | ||
| Q3 24 | $-1.0M | $4.5M | ||
| Q2 24 | $7.6M | $10.7M | ||
| Q1 24 | $789.0K | $-4.2M |
| Q4 25 | — | -2.4% | ||
| Q3 25 | 1.6% | 8.8% | ||
| Q2 25 | 5.7% | 14.1% | ||
| Q1 25 | 9.7% | -0.5% | ||
| Q4 24 | — | 13.3% | ||
| Q3 24 | -0.8% | 5.4% | ||
| Q2 24 | 4.7% | 13.0% | ||
| Q1 24 | 0.6% | -5.3% |
| Q4 25 | — | 3.5% | ||
| Q3 25 | 2.5% | 3.4% | ||
| Q2 25 | 0.2% | 2.0% | ||
| Q1 25 | 0.2% | 1.0% | ||
| Q4 24 | — | 0.9% | ||
| Q3 24 | 5.0% | 1.3% | ||
| Q2 24 | 1.5% | 1.3% | ||
| Q1 24 | 0.4% | 1.0% |
| 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.
Revenue Breakdown by Segment
BTM
Segment breakdown not available.
CMRC
| Subscription And Circulation | $65.2M | 73% |
| Partner And Services | $24.4M | 27% |
