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Side-by-side financial comparison of Bitcoin Depot Inc. (BTM) and FTAI Infrastructure Inc. (FIP). Click either name above to swap in a different company.
Bitcoin Depot Inc. is the larger business by last-quarter revenue ($162.5M vs $143.5M, roughly 1.1× FTAI Infrastructure Inc.). Bitcoin Depot Inc. runs the higher net margin — 3.4% vs -68.1%, a 71.5% gap on every dollar of revenue. On growth, FTAI Infrastructure Inc. posted the faster year-over-year revenue change (77.7% vs 20.1%). Bitcoin Depot Inc. produced more free cash flow last quarter ($2.5M vs $-68.6M). Over the past eight quarters, FTAI Infrastructure Inc.'s revenue compounded faster (31.9% 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.
FTAI Infrastructure Inc. owns, operates and invests in high-quality critical infrastructure assets across core sectors including transportation logistics, midstream energy, and power generation. It primarily serves North American markets, focusing on assets with stable long-term cash flows, contracted revenue streams, and strong market positions to deliver sustainable returns for stakeholders.
BTM vs FIP — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $162.5M | $143.5M |
| Net Profit | $5.5M | $-97.7M |
| Gross Margin | — | — |
| Operating Margin | 7.3% | -45.7% |
| Net Margin | 3.4% | -68.1% |
| Revenue YoY | 20.1% | 77.7% |
| Net Profit YoY | 690.4% | 21.6% |
| EPS (diluted) | $0.08 | $-1.04 |
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 | — | $143.5M | ||
| Q3 25 | $162.5M | $140.6M | ||
| Q2 25 | $172.1M | $122.3M | ||
| Q1 25 | $164.2M | $96.2M | ||
| Q4 24 | — | $80.8M | ||
| Q3 24 | $135.3M | $83.3M | ||
| Q2 24 | $163.1M | $84.9M | ||
| Q1 24 | $138.5M | $82.5M |
| Q4 25 | — | $-97.7M | ||
| Q3 25 | $5.5M | $-104.5M | ||
| Q2 25 | $6.1M | $-70.0M | ||
| Q1 25 | $4.2M | $120.2M | ||
| Q4 24 | — | $-124.7M | ||
| Q3 24 | $-939.0K | $-43.0M | ||
| Q2 24 | $-2.6M | $-48.1M | ||
| Q1 24 | $-1.5M | $-50.3M |
| Q4 25 | — | -45.7% | ||
| Q3 25 | 7.3% | -70.8% | ||
| Q2 25 | 9.2% | -56.4% | ||
| Q1 25 | 10.8% | 81.8% | ||
| Q4 24 | — | -152.7% | ||
| Q3 24 | 4.1% | -51.7% | ||
| Q2 24 | 4.7% | -56.4% | ||
| Q1 24 | 0.5% | -58.8% |
| Q4 25 | — | -68.1% | ||
| Q3 25 | 3.4% | -74.4% | ||
| Q2 25 | 3.5% | -57.2% | ||
| Q1 25 | 2.6% | 125.0% | ||
| Q4 24 | — | -154.4% | ||
| Q3 24 | -0.7% | -51.6% | ||
| Q2 24 | -1.6% | -56.7% | ||
| Q1 24 | -1.1% | -60.9% |
| Q4 25 | — | $-1.04 | ||
| Q3 25 | $0.08 | $-1.38 | ||
| Q2 25 | $0.16 | $-0.73 | ||
| Q1 25 | $0.20 | $0.89 | ||
| Q4 24 | — | $-1.21 | ||
| Q3 24 | $-0.05 | $-0.45 | ||
| Q2 24 | $-0.13 | $-0.52 | ||
| Q1 24 | $-0.25 | $-0.54 |
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 | $57.4M |
| Total DebtLower is stronger | $67.5M | $3.8B |
| Stockholders' EquityBook value | $21.0M | $21.3M |
| Total Assets | $125.3M | $5.7B |
| Debt / EquityLower = less leverage | 3.21× | 176.99× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $57.4M | ||
| Q3 25 | $59.3M | $34.7M | ||
| Q2 25 | $48.0M | $33.6M | ||
| Q1 25 | $35.0M | $26.3M | ||
| Q4 24 | — | $27.8M | ||
| Q3 24 | $32.2M | $20.3M | ||
| Q2 24 | $43.9M | $33.1M | ||
| Q1 24 | $42.2M | $23.0M |
| Q4 25 | — | $3.8B | ||
| Q3 25 | $67.5M | $3.7B | ||
| Q2 25 | $66.5M | $3.1B | ||
| Q1 25 | $56.2M | $2.8B | ||
| Q4 24 | — | $1.6B | ||
| Q3 24 | $44.5M | $1.5B | ||
| Q2 24 | $41.2M | $1.6B | ||
| Q1 24 | $37.6M | $1.3B |
| Q4 25 | — | $21.3M | ||
| Q3 25 | $21.0M | $181.1M | ||
| Q2 25 | $4.7M | $375.5M | ||
| Q1 25 | $-4.6M | $476.2M | ||
| Q4 24 | — | $202.7M | ||
| Q3 24 | $-7.9M | $370.8M | ||
| Q2 24 | $4.4M | $394.8M | ||
| Q1 24 | $5.0M | $402.5M |
| Q4 25 | — | $5.7B | ||
| Q3 25 | $125.3M | $5.5B | ||
| Q2 25 | $109.1M | $4.4B | ||
| Q1 25 | $89.7M | $4.1B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | $87.4M | $2.4B | ||
| Q2 24 | $97.5M | $2.5B | ||
| Q1 24 | $90.1M | $2.3B |
| Q4 25 | — | 176.99× | ||
| Q3 25 | 3.21× | 20.59× | ||
| Q2 25 | 14.18× | 8.21× | ||
| Q1 25 | — | 5.79× | ||
| Q4 24 | — | 7.84× | ||
| Q3 24 | — | 4.14× | ||
| Q2 24 | 9.27× | 3.94× | ||
| Q1 24 | 7.54× | 3.34× |
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 | $-2.8M |
| Free Cash FlowOCF − Capex | $2.5M | $-68.6M |
| FCF MarginFCF / Revenue | 1.6% | -47.8% |
| Capex IntensityCapex / Revenue | 2.5% | 45.9% |
| Cash ConversionOCF / Net Profit | 1.20× | — |
| TTM Free Cash FlowTrailing 4 quarters | $27.1M | $-398.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-2.8M | ||
| Q3 25 | $6.6M | $-24.4M | ||
| Q2 25 | $10.2M | $-5.2M | ||
| Q1 25 | $16.3M | $-85.7M | ||
| Q4 24 | — | $-8.1M | ||
| Q3 24 | $5.8M | $14.2M | ||
| Q2 24 | $10.1M | $-17.6M | ||
| Q1 24 | $1.3M | $-3.9M |
| Q4 25 | — | $-68.6M | ||
| Q3 25 | $2.5M | $-90.7M | ||
| Q2 25 | $9.8M | $-87.5M | ||
| Q1 25 | $15.9M | $-151.7M | ||
| Q4 24 | — | $-34.3M | ||
| Q3 24 | $-1.0M | $-11.7M | ||
| Q2 24 | $7.6M | $-32.1M | ||
| Q1 24 | $789.0K | $-16.7M |
| Q4 25 | — | -47.8% | ||
| Q3 25 | 1.6% | -64.5% | ||
| Q2 25 | 5.7% | -71.6% | ||
| Q1 25 | 9.7% | -157.7% | ||
| Q4 24 | — | -42.4% | ||
| Q3 24 | -0.8% | -14.0% | ||
| Q2 24 | 4.7% | -37.9% | ||
| Q1 24 | 0.6% | -20.3% |
| Q4 25 | — | 45.9% | ||
| Q3 25 | 2.5% | 47.2% | ||
| Q2 25 | 0.2% | 67.3% | ||
| Q1 25 | 0.2% | 68.6% | ||
| Q4 24 | — | 32.5% | ||
| Q3 24 | 5.0% | 31.1% | ||
| Q2 24 | 1.5% | 17.2% | ||
| Q1 24 | 0.4% | 15.6% |
| Q4 25 | — | — | ||
| Q3 25 | 1.20× | — | ||
| Q2 25 | 1.67× | — | ||
| Q1 25 | 3.88× | -0.71× | ||
| 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.
FIP
| Power Revenues | $45.9M | 32% |
| Rail Revenue | $44.6M | 31% |
| Service Other | $22.8M | 16% |
| Gas Revenues | $15.3M | 11% |
| Roadside Services Revenues | $11.5M | 8% |
| Rapauno | $1.2M | 1% |
