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Side-by-side financial comparison of Bitcoin Depot Inc. (BTM) and Fat Brands, Inc (FAT). Click either name above to swap in a different company.
Bitcoin Depot Inc. is the larger business by last-quarter revenue ($162.5M vs $140.0M, roughly 1.2× Fat Brands, Inc). Bitcoin Depot Inc. runs the higher net margin — 3.4% vs -41.6%, a 45.0% gap on every dollar of revenue. On growth, Bitcoin Depot Inc. posted the faster year-over-year revenue change (20.1% vs -2.3%). Bitcoin Depot Inc. produced more free cash flow last quarter ($2.5M vs $-16.9M). Over the past eight quarters, Bitcoin Depot Inc.'s revenue compounded faster (-4.9% CAGR vs -6.1%).
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.
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
BTM vs FAT — Head-to-Head
Income Statement — Q3 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $162.5M | $140.0M |
| Net Profit | $5.5M | $-58.2M |
| Gross Margin | — | — |
| Operating Margin | 7.3% | -12.4% |
| Net Margin | 3.4% | -41.6% |
| Revenue YoY | 20.1% | -2.3% |
| Net Profit YoY | 690.4% | -30.1% |
| EPS (diluted) | $0.08 | $-3.39 |
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.
| Q3 25 | $162.5M | $140.0M | ||
| Q2 25 | $172.1M | $146.8M | ||
| Q1 25 | $164.2M | $142.0M | ||
| Q4 24 | — | $145.3M | ||
| Q3 24 | $135.3M | $143.4M | ||
| Q2 24 | $163.1M | $152.0M | ||
| Q1 24 | $138.5M | $152.0M | ||
| Q4 23 | $148.4M | $158.6M |
| Q3 25 | $5.5M | $-58.2M | ||
| Q2 25 | $6.1M | $-54.2M | ||
| Q1 25 | $4.2M | $-46.0M | ||
| Q4 24 | — | $-67.4M | ||
| Q3 24 | $-939.0K | $-44.8M | ||
| Q2 24 | $-2.6M | $-39.4M | ||
| Q1 24 | $-1.5M | $-38.3M | ||
| Q4 23 | $-8.3M | $-26.2M |
| Q3 25 | 7.3% | -12.4% | ||
| Q2 25 | 9.2% | -10.6% | ||
| Q1 25 | 10.8% | -6.0% | ||
| Q4 24 | — | -27.1% | ||
| Q3 24 | 4.1% | -6.2% | ||
| Q2 24 | 4.7% | -1.8% | ||
| Q1 24 | 0.5% | -0.9% | ||
| Q4 23 | 2.6% | -2.0% |
| Q3 25 | 3.4% | -41.6% | ||
| Q2 25 | 3.5% | -36.9% | ||
| Q1 25 | 2.6% | -32.4% | ||
| Q4 24 | — | -46.4% | ||
| Q3 24 | -0.7% | -31.2% | ||
| Q2 24 | -1.6% | -25.9% | ||
| Q1 24 | -1.1% | -25.2% | ||
| Q4 23 | -5.6% | -16.5% |
| Q3 25 | $0.08 | $-3.39 | ||
| Q2 25 | $0.16 | $-3.17 | ||
| Q1 25 | $0.20 | $-2.73 | ||
| Q4 24 | — | $-4.06 | ||
| Q3 24 | $-0.05 | $-2.74 | ||
| Q2 24 | $-0.13 | $-2.43 | ||
| Q1 24 | $-0.25 | $-2.37 | ||
| Q4 23 | — | $-1.68 |
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 | — |
| Total DebtLower is stronger | $67.5M | $1.3B |
| Stockholders' EquityBook value | $21.0M | $-585.8M |
| Total Assets | $125.3M | $1.2B |
| Debt / EquityLower = less leverage | 3.21× | — |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | $59.3M | — | ||
| Q2 25 | $48.0M | — | ||
| Q1 25 | $35.0M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $32.2M | — | ||
| Q2 24 | $43.9M | — | ||
| Q1 24 | $42.2M | — | ||
| Q4 23 | $29.8M | — |
| Q3 25 | $67.5M | $1.3B | ||
| Q2 25 | $66.5M | $1.3B | ||
| Q1 25 | $56.2M | $1.3B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | $44.5M | $1.2B | ||
| Q2 24 | $41.2M | $1.2B | ||
| Q1 24 | $37.6M | $1.2B | ||
| Q4 23 | $22.5M | $1.2B |
| Q3 25 | $21.0M | $-585.8M | ||
| Q2 25 | $4.7M | $-536.5M | ||
| Q1 25 | $-4.6M | $-493.9M | ||
| Q4 24 | — | $-455.7M | ||
| Q3 24 | $-7.9M | $-386.1M | ||
| Q2 24 | $4.4M | $-338.6M | ||
| Q1 24 | $5.0M | $-296.8M | ||
| Q4 23 | — | $-255.9M |
| Q3 25 | $125.3M | $1.2B | ||
| Q2 25 | $109.1M | $1.2B | ||
| Q1 25 | $89.7M | $1.3B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | $87.4M | $1.3B | ||
| Q2 24 | $97.5M | $1.4B | ||
| Q1 24 | $90.1M | $1.4B | ||
| Q4 23 | $74.3M | $1.4B |
| Q3 25 | 3.21× | — | ||
| Q2 25 | 14.18× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 9.27× | — | ||
| Q1 24 | 7.54× | — | ||
| Q4 23 | — | — |
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 | $-14.5M |
| Free Cash FlowOCF − Capex | $2.5M | $-16.9M |
| FCF MarginFCF / Revenue | 1.6% | -12.1% |
| Capex IntensityCapex / Revenue | 2.5% | 1.7% |
| Cash ConversionOCF / Net Profit | 1.20× | — |
| TTM Free Cash FlowTrailing 4 quarters | $27.1M | $-75.0M |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | $6.6M | $-14.5M | ||
| Q2 25 | $10.2M | $-26.9M | ||
| Q1 25 | $16.3M | $-13.2M | ||
| Q4 24 | — | $-10.4M | ||
| Q3 24 | $5.8M | $-3.2M | ||
| Q2 24 | $10.1M | $-14.2M | ||
| Q1 24 | $1.3M | $-28.4M | ||
| Q4 23 | $7.5M | $-12.6M |
| Q3 25 | $2.5M | $-16.9M | ||
| Q2 25 | $9.8M | $-29.3M | ||
| Q1 25 | $15.9M | $-17.8M | ||
| Q4 24 | — | $-11.0M | ||
| Q3 24 | $-1.0M | $-11.1M | ||
| Q2 24 | $7.6M | $-24.4M | ||
| Q1 24 | $789.0K | $-32.5M | ||
| Q4 23 | — | $-18.0M |
| Q3 25 | 1.6% | -12.1% | ||
| Q2 25 | 5.7% | -20.0% | ||
| Q1 25 | 9.7% | -12.5% | ||
| Q4 24 | — | -7.6% | ||
| Q3 24 | -0.8% | -7.7% | ||
| Q2 24 | 4.7% | -16.1% | ||
| Q1 24 | 0.6% | -21.4% | ||
| Q4 23 | — | -11.4% |
| Q3 25 | 2.5% | 1.7% | ||
| Q2 25 | 0.2% | 1.6% | ||
| Q1 25 | 0.2% | 3.2% | ||
| Q4 24 | — | 0.4% | ||
| Q3 24 | 5.0% | 5.5% | ||
| Q2 24 | 1.5% | 6.7% | ||
| Q1 24 | 0.4% | 2.7% | ||
| Q4 23 | — | 3.4% |
| Q3 25 | 1.20× | — | ||
| Q2 25 | 1.67× | — | ||
| Q1 25 | 3.88× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BTM
Segment breakdown not available.
FAT
| Restaurant Sales | $96.6M | 69% |
| Royalty | $21.6M | 15% |
| Factory | $9.6M | 7% |
| Advertising | $9.1M | 7% |
| Franchisor | $1.5M | 1% |
| Other | $1.5M | 1% |
