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Side-by-side financial comparison of Bitcoin Depot Inc. (BTM) and FORRESTER RESEARCH, INC. (FORR). Click either name above to swap in a different company.
Bitcoin Depot Inc. is the larger business by last-quarter revenue ($162.5M vs $101.1M, roughly 1.6× FORRESTER RESEARCH, INC.). Bitcoin Depot Inc. runs the higher net margin — 3.4% vs -33.5%, a 36.9% gap on every dollar of revenue. On growth, Bitcoin Depot Inc. posted the faster year-over-year revenue change (20.1% vs -6.5%). Bitcoin Depot Inc. produced more free cash flow last quarter ($2.5M vs $-4.3M). Over the past eight quarters, FORRESTER RESEARCH, INC.'s revenue compounded faster (0.5% 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.
Forrester Research, Inc. is a research and advisory firm working in research, consulting and events. Forrester’s clients include large global business, technology and consumer enterprises. The firm is headquartered in Cambridge, MA.
BTM vs FORR — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $162.5M | $101.1M |
| Net Profit | $5.5M | $-33.9M |
| Gross Margin | — | 56.7% |
| Operating Margin | 7.3% | -36.6% |
| Net Margin | 3.4% | -33.5% |
| Revenue YoY | 20.1% | -6.5% |
| Net Profit YoY | 690.4% | -7941.4% |
| EPS (diluted) | $0.08 | $-1.75 |
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 | — | $101.1M | ||
| Q3 25 | $162.5M | $94.3M | ||
| Q2 25 | $172.1M | $111.7M | ||
| Q1 25 | $164.2M | $89.9M | ||
| Q4 24 | — | $108.0M | ||
| Q3 24 | $135.3M | $102.5M | ||
| Q2 24 | $163.1M | $121.8M | ||
| Q1 24 | $138.5M | $100.1M |
| Q4 25 | — | $-33.9M | ||
| Q3 25 | $5.5M | $-2.1M | ||
| Q2 25 | $6.1M | $3.9M | ||
| Q1 25 | $4.2M | $-87.3M | ||
| Q4 24 | — | $432.0K | ||
| Q3 24 | $-939.0K | $-5.8M | ||
| Q2 24 | $-2.6M | $6.3M | ||
| Q1 24 | $-1.5M | $-6.7M |
| Q4 25 | — | 56.7% | ||
| Q3 25 | — | 60.0% | ||
| Q2 25 | — | 55.5% | ||
| Q1 25 | — | 55.9% | ||
| Q4 24 | — | 58.8% | ||
| Q3 24 | — | 60.5% | ||
| Q2 24 | — | 57.3% | ||
| Q1 24 | — | 54.9% |
| Q4 25 | — | -36.6% | ||
| Q3 25 | 7.3% | 4.7% | ||
| Q2 25 | 9.2% | 6.2% | ||
| Q1 25 | 10.8% | -97.5% | ||
| Q4 24 | — | -0.5% | ||
| Q3 24 | 4.1% | -0.7% | ||
| Q2 24 | 4.7% | 9.3% | ||
| Q1 24 | 0.5% | -9.3% |
| Q4 25 | — | -33.5% | ||
| Q3 25 | 3.4% | -2.3% | ||
| Q2 25 | 3.5% | 3.5% | ||
| Q1 25 | 2.6% | -97.1% | ||
| Q4 24 | — | 0.4% | ||
| Q3 24 | -0.7% | -5.7% | ||
| Q2 24 | -1.6% | 5.2% | ||
| Q1 24 | -1.1% | -6.7% |
| Q4 25 | — | $-1.75 | ||
| Q3 25 | $0.08 | $-0.11 | ||
| Q2 25 | $0.16 | $0.20 | ||
| Q1 25 | $0.20 | $-4.62 | ||
| Q4 24 | — | $0.02 | ||
| Q3 24 | $-0.05 | $-0.30 | ||
| Q2 24 | $-0.13 | $0.33 | ||
| Q1 24 | $-0.25 | $-0.35 |
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 | $63.3M |
| Total DebtLower is stronger | $67.5M | — |
| Stockholders' EquityBook value | $21.0M | $126.5M |
| Total Assets | $125.3M | $404.0M |
| Debt / EquityLower = less leverage | 3.21× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $63.3M | ||
| Q3 25 | $59.3M | $65.1M | ||
| Q2 25 | $48.0M | $67.8M | ||
| Q1 25 | $35.0M | $75.6M | ||
| Q4 24 | — | $56.1M | ||
| Q3 24 | $32.2M | $62.8M | ||
| Q2 24 | $43.9M | $58.9M | ||
| Q1 24 | $42.2M | $61.4M |
| Q4 25 | — | — | ||
| Q3 25 | $67.5M | — | ||
| Q2 25 | $66.5M | — | ||
| Q1 25 | $56.2M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $44.5M | — | ||
| Q2 24 | $41.2M | — | ||
| Q1 24 | $37.6M | — |
| Q4 25 | — | $126.5M | ||
| Q3 25 | $21.0M | $157.7M | ||
| Q2 25 | $4.7M | $159.5M | ||
| Q1 25 | $-4.6M | $147.4M | ||
| Q4 24 | — | $229.5M | ||
| Q3 24 | $-7.9M | $234.3M | ||
| Q2 24 | $4.4M | $237.1M | ||
| Q1 24 | $5.0M | $230.9M |
| Q4 25 | — | $404.0M | ||
| Q3 25 | $125.3M | $414.2M | ||
| Q2 25 | $109.1M | $436.0M | ||
| Q1 25 | $89.7M | $439.8M | ||
| Q4 24 | — | $503.9M | ||
| Q3 24 | $87.4M | $505.3M | ||
| Q2 24 | $97.5M | $524.2M | ||
| Q1 24 | $90.1M | $555.7M |
| Q4 25 | — | — | ||
| Q3 25 | 3.21× | — | ||
| Q2 25 | 14.18× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| 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 | $-3.2M |
| Free Cash FlowOCF − Capex | $2.5M | $-4.3M |
| FCF MarginFCF / Revenue | 1.6% | -4.2% |
| Capex IntensityCapex / Revenue | 2.5% | 1.1% |
| Cash ConversionOCF / Net Profit | 1.20× | — |
| TTM Free Cash FlowTrailing 4 quarters | $27.1M | $18.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-3.2M | ||
| Q3 25 | $6.6M | $1.2M | ||
| Q2 25 | $10.2M | $-3.6M | ||
| Q1 25 | $16.3M | $26.7M | ||
| Q4 24 | — | $-1.8M | ||
| Q3 24 | $5.8M | $264.0K | ||
| Q2 24 | $10.1M | $-2.9M | ||
| Q1 24 | $1.3M | $611.0K |
| Q4 25 | — | $-4.3M | ||
| Q3 25 | $2.5M | $524.0K | ||
| Q2 25 | $9.8M | $-4.2M | ||
| Q1 25 | $15.9M | $26.1M | ||
| Q4 24 | — | $-2.5M | ||
| Q3 24 | $-1.0M | $-223.0K | ||
| Q2 24 | $7.6M | $-3.7M | ||
| Q1 24 | $789.0K | $-815.0K |
| Q4 25 | — | -4.2% | ||
| Q3 25 | 1.6% | 0.6% | ||
| Q2 25 | 5.7% | -3.8% | ||
| Q1 25 | 9.7% | 29.0% | ||
| Q4 24 | — | -2.3% | ||
| Q3 24 | -0.8% | -0.2% | ||
| Q2 24 | 4.7% | -3.1% | ||
| Q1 24 | 0.6% | -0.8% |
| Q4 25 | — | 1.1% | ||
| Q3 25 | 2.5% | 0.7% | ||
| Q2 25 | 0.2% | 0.5% | ||
| Q1 25 | 0.2% | 0.7% | ||
| Q4 24 | — | 0.6% | ||
| Q3 24 | 5.0% | 0.5% | ||
| Q2 24 | 1.5% | 0.7% | ||
| Q1 24 | 0.4% | 1.4% |
| Q4 25 | — | — | ||
| Q3 25 | 1.20× | — | ||
| Q2 25 | 1.67× | -0.93× | ||
| Q1 25 | 3.88× | — | ||
| Q4 24 | — | -4.24× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -0.46× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BTM
Segment breakdown not available.
FORR
| Research Segment | $82.2M | 81% |
| Consulting Segment | $16.2M | 16% |
| Billable Expenses | $1.5M | 2% |
| Professional Services | $1.4M | 1% |
