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Side-by-side financial comparison of Bitcoin Depot Inc. (BTM) and Enphase Energy (ENPH). Click either name above to swap in a different company.
Enphase Energy is the larger business by last-quarter revenue ($282.9M vs $162.5M, roughly 1.7× Bitcoin Depot Inc.). Bitcoin Depot Inc. runs the higher net margin — 3.4% vs -2.6%, a 6.0% gap on every dollar of revenue. On growth, Bitcoin Depot Inc. posted the faster year-over-year revenue change (20.1% vs -20.6%). Enphase Energy produced more free cash flow last quarter ($83.0M vs $2.5M). Over the past eight quarters, Enphase Energy's revenue compounded faster (-3.4% 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.
Enphase Energy, Inc. is an American energy technology company headquartered in Fremont, California, that develops and manufactures solar micro-inverters, battery energy storage, and EV charging stations primarily for residential customers. Enphase was established in 2006 and is the first company to successfully commercialize solar micro-inverters, which convert the direct current (DC) power generated by solar panels into grid-compatible alternating current (AC) for use or export.
BTM vs ENPH — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $162.5M | $282.9M |
| Net Profit | $5.5M | $-7.4M |
| Gross Margin | — | 35.5% |
| Operating Margin | 7.3% | 54.0% |
| Net Margin | 3.4% | -2.6% |
| Revenue YoY | 20.1% | -20.6% |
| Net Profit YoY | 690.4% | -124.9% |
| EPS (diluted) | $0.08 | $-0.06 |
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.
| Q1 26 | — | $282.9M | ||
| Q4 25 | — | $343.3M | ||
| Q3 25 | $162.5M | $410.4M | ||
| Q2 25 | $172.1M | $363.2M | ||
| Q1 25 | $164.2M | $356.1M | ||
| Q4 24 | — | $382.7M | ||
| Q3 24 | $135.3M | $380.9M | ||
| Q2 24 | $163.1M | $303.5M |
| Q1 26 | — | $-7.4M | ||
| Q4 25 | — | $38.7M | ||
| Q3 25 | $5.5M | $66.6M | ||
| Q2 25 | $6.1M | $37.1M | ||
| Q1 25 | $4.2M | $29.7M | ||
| Q4 24 | — | $62.2M | ||
| Q3 24 | $-939.0K | $45.8M | ||
| Q2 24 | $-2.6M | $10.8M |
| Q1 26 | — | 35.5% | ||
| Q4 25 | — | 44.3% | ||
| Q3 25 | — | 47.8% | ||
| Q2 25 | — | 46.9% | ||
| Q1 25 | — | 47.2% | ||
| Q4 24 | — | 51.8% | ||
| Q3 24 | — | 46.8% | ||
| Q2 24 | — | 45.2% |
| Q1 26 | — | 54.0% | ||
| Q4 25 | — | 6.5% | ||
| Q3 25 | 7.3% | 16.1% | ||
| Q2 25 | 9.2% | 10.2% | ||
| Q1 25 | 10.8% | 9.0% | ||
| Q4 24 | — | 14.3% | ||
| Q3 24 | 4.1% | 13.1% | ||
| Q2 24 | 4.7% | 0.6% |
| Q1 26 | — | -2.6% | ||
| Q4 25 | — | 11.3% | ||
| Q3 25 | 3.4% | 16.2% | ||
| Q2 25 | 3.5% | 10.2% | ||
| Q1 25 | 2.6% | 8.3% | ||
| Q4 24 | — | 16.2% | ||
| Q3 24 | -0.7% | 12.0% | ||
| Q2 24 | -1.6% | 3.6% |
| Q1 26 | — | $-0.06 | ||
| Q4 25 | — | $0.29 | ||
| Q3 25 | $0.08 | $0.50 | ||
| Q2 25 | $0.16 | $0.28 | ||
| Q1 25 | $0.20 | $0.22 | ||
| Q4 24 | — | $0.46 | ||
| Q3 24 | $-0.05 | $0.33 | ||
| Q2 24 | $-0.13 | $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 | $497.5M |
| Total DebtLower is stronger | $67.5M | — |
| Stockholders' EquityBook value | $21.0M | $1.1B |
| Total Assets | $125.3M | $2.7B |
| Debt / EquityLower = less leverage | 3.21× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $497.5M | ||
| Q4 25 | — | $1.5B | ||
| Q3 25 | $59.3M | $1.5B | ||
| Q2 25 | $48.0M | $1.5B | ||
| Q1 25 | $35.0M | $1.5B | ||
| Q4 24 | — | $1.6B | ||
| Q3 24 | $32.2M | $1.8B | ||
| Q2 24 | $43.9M | $1.6B |
| Q1 26 | — | — | ||
| Q4 25 | — | $1.2B | ||
| Q3 25 | $67.5M | $1.2B | ||
| Q2 25 | $66.5M | $1.2B | ||
| Q1 25 | $56.2M | $1.2B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | $44.5M | $1.3B | ||
| Q2 24 | $41.2M | $1.3B |
| Q1 26 | — | $1.1B | ||
| Q4 25 | — | $1.1B | ||
| Q3 25 | $21.0M | $995.0M | ||
| Q2 25 | $4.7M | $880.6M | ||
| Q1 25 | $-4.6M | $810.7M | ||
| Q4 24 | — | $833.0M | ||
| Q3 24 | $-7.9M | $931.4M | ||
| Q2 24 | $4.4M | $884.5M |
| Q1 26 | — | $2.7B | ||
| Q4 25 | — | $3.5B | ||
| Q3 25 | $125.3M | $3.3B | ||
| Q2 25 | $109.1M | $3.2B | ||
| Q1 25 | $89.7M | $3.1B | ||
| Q4 24 | — | $3.2B | ||
| Q3 24 | $87.4M | $3.3B | ||
| Q2 24 | $97.5M | $3.2B |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.11× | ||
| Q3 25 | 3.21× | 1.21× | ||
| Q2 25 | 14.18× | 1.37× | ||
| Q1 25 | — | 1.48× | ||
| Q4 24 | — | 1.56× | ||
| Q3 24 | — | 1.40× | ||
| Q2 24 | 9.27× | 1.47× |
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 | $102.9M |
| Free Cash FlowOCF − Capex | $2.5M | $83.0M |
| FCF MarginFCF / Revenue | 1.6% | 29.3% |
| Capex IntensityCapex / Revenue | 2.5% | — |
| Cash ConversionOCF / Net Profit | 1.20× | — |
| TTM Free Cash FlowTrailing 4 quarters | $27.1M | $145.1M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $102.9M | ||
| Q4 25 | — | $47.6M | ||
| Q3 25 | $6.6M | $13.9M | ||
| Q2 25 | $10.2M | $26.6M | ||
| Q1 25 | $16.3M | $48.4M | ||
| Q4 24 | — | $167.3M | ||
| Q3 24 | $5.8M | $170.1M | ||
| Q2 24 | $10.1M | $127.1M |
| Q1 26 | — | $83.0M | ||
| Q4 25 | — | $37.8M | ||
| Q3 25 | $2.5M | $5.9M | ||
| Q2 25 | $9.8M | $18.4M | ||
| Q1 25 | $15.9M | $33.8M | ||
| Q4 24 | — | $159.2M | ||
| Q3 24 | $-1.0M | $161.6M | ||
| Q2 24 | $7.6M | $117.4M |
| Q1 26 | — | 29.3% | ||
| Q4 25 | — | 11.0% | ||
| Q3 25 | 1.6% | 1.4% | ||
| Q2 25 | 5.7% | 5.1% | ||
| Q1 25 | 9.7% | 9.5% | ||
| Q4 24 | — | 41.6% | ||
| Q3 24 | -0.8% | 42.4% | ||
| Q2 24 | 4.7% | 38.7% |
| Q1 26 | — | — | ||
| Q4 25 | — | 2.8% | ||
| Q3 25 | 2.5% | 2.0% | ||
| Q2 25 | 0.2% | 2.3% | ||
| Q1 25 | 0.2% | 4.1% | ||
| Q4 24 | — | 2.1% | ||
| Q3 24 | 5.0% | 2.2% | ||
| Q2 24 | 1.5% | 3.2% |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.23× | ||
| Q3 25 | 1.20× | 0.21× | ||
| Q2 25 | 1.67× | 0.72× | ||
| Q1 25 | 3.88× | 1.63× | ||
| Q4 24 | — | 2.69× | ||
| Q3 24 | — | 3.72× | ||
| Q2 24 | — | 11.73× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
