vs
Side-by-side financial comparison of Bitcoin Depot Inc. (BTM) and JFrog Ltd (FROG). Click either name above to swap in a different company.
Bitcoin Depot Inc. is the larger business by last-quarter revenue ($162.5M vs $145.3M, roughly 1.1× JFrog Ltd). Bitcoin Depot Inc. runs the higher net margin — 3.4% vs -10.5%, a 13.9% gap on every dollar of revenue. On growth, JFrog Ltd posted the faster year-over-year revenue change (25.2% vs 20.1%). JFrog Ltd produced more free cash flow last quarter ($49.9M vs $2.5M). Over the past eight quarters, JFrog Ltd's revenue compounded faster (20.4% 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.
JFrog Ltd is a global DevOps technology provider that delivers end-to-end software release, artifact management, and security solutions. It serves clients across tech, finance, retail, and manufacturing sectors, helping teams streamline development and delivery workflows for cloud, on-premises, and hybrid infrastructure.
BTM vs FROG — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $162.5M | $145.3M |
| Net Profit | $5.5M | $-15.2M |
| Gross Margin | — | 77.9% |
| Operating Margin | 7.3% | -14.7% |
| Net Margin | 3.4% | -10.5% |
| Revenue YoY | 20.1% | 25.2% |
| Net Profit YoY | 690.4% | 34.4% |
| EPS (diluted) | $0.08 | $-0.13 |
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 | — | $145.3M | ||
| Q3 25 | $162.5M | $136.9M | ||
| Q2 25 | $172.1M | $127.2M | ||
| Q1 25 | $164.2M | $122.4M | ||
| Q4 24 | — | $116.1M | ||
| Q3 24 | $135.3M | $109.1M | ||
| Q2 24 | $163.1M | $103.0M | ||
| Q1 24 | $138.5M | $100.3M |
| Q4 25 | — | $-15.2M | ||
| Q3 25 | $5.5M | $-16.4M | ||
| Q2 25 | $6.1M | $-21.7M | ||
| Q1 25 | $4.2M | $-18.5M | ||
| Q4 24 | — | $-23.2M | ||
| Q3 24 | $-939.0K | $-22.9M | ||
| Q2 24 | $-2.6M | $-14.3M | ||
| Q1 24 | $-1.5M | $-8.8M |
| Q4 25 | — | 77.9% | ||
| Q3 25 | — | 77.4% | ||
| Q2 25 | — | 76.3% | ||
| Q1 25 | — | 75.3% | ||
| Q4 24 | — | 75.4% | ||
| Q3 24 | — | 75.0% | ||
| Q2 24 | — | 78.8% | ||
| Q1 24 | — | 79.5% |
| Q4 25 | — | -14.7% | ||
| Q3 25 | 7.3% | -15.8% | ||
| Q2 25 | 9.2% | -20.4% | ||
| Q1 25 | 10.8% | -18.8% | ||
| Q4 24 | — | -21.9% | ||
| Q3 24 | 4.1% | -27.4% | ||
| Q2 24 | 4.7% | -18.6% | ||
| Q1 24 | 0.5% | -16.6% |
| Q4 25 | — | -10.5% | ||
| Q3 25 | 3.4% | -12.0% | ||
| Q2 25 | 3.5% | -17.0% | ||
| Q1 25 | 2.6% | -15.1% | ||
| Q4 24 | — | -20.0% | ||
| Q3 24 | -0.7% | -21.0% | ||
| Q2 24 | -1.6% | -13.9% | ||
| Q1 24 | -1.1% | -8.8% |
| Q4 25 | — | $-0.13 | ||
| Q3 25 | $0.08 | $-0.14 | ||
| Q2 25 | $0.16 | $-0.19 | ||
| Q1 25 | $0.20 | $-0.16 | ||
| Q4 24 | — | $-0.21 | ||
| Q3 24 | $-0.05 | $-0.21 | ||
| Q2 24 | $-0.13 | $-0.13 | ||
| 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 | $704.4M |
| Total DebtLower is stronger | $67.5M | — |
| Stockholders' EquityBook value | $21.0M | $887.4M |
| Total Assets | $125.3M | $1.3B |
| Debt / EquityLower = less leverage | 3.21× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $704.4M | ||
| Q3 25 | $59.3M | $651.1M | ||
| Q2 25 | $48.0M | $611.7M | ||
| Q1 25 | $35.0M | $563.5M | ||
| Q4 24 | — | $522.0M | ||
| Q3 24 | $32.2M | $467.8M | ||
| Q2 24 | $43.9M | $591.3M | ||
| Q1 24 | $42.2M | $579.6M |
| 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 | — | $887.4M | ||
| Q3 25 | $21.0M | $859.4M | ||
| Q2 25 | $4.7M | $826.5M | ||
| Q1 25 | $-4.6M | $800.0M | ||
| Q4 24 | — | $773.5M | ||
| Q3 24 | $-7.9M | $756.2M | ||
| Q2 24 | $4.4M | $721.4M | ||
| Q1 24 | $5.0M | $707.8M |
| Q4 25 | — | $1.3B | ||
| Q3 25 | $125.3M | $1.3B | ||
| Q2 25 | $109.1M | $1.2B | ||
| Q1 25 | $89.7M | $1.2B | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | $87.4M | $1.1B | ||
| Q2 24 | $97.5M | $1.0B | ||
| Q1 24 | $90.1M | $997.1M |
| 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 | $50.7M |
| Free Cash FlowOCF − Capex | $2.5M | $49.9M |
| FCF MarginFCF / Revenue | 1.6% | 34.3% |
| Capex IntensityCapex / Revenue | 2.5% | 0.6% |
| Cash ConversionOCF / Net Profit | 1.20× | — |
| TTM Free Cash FlowTrailing 4 quarters | $27.1M | $142.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $50.7M | ||
| Q3 25 | $6.6M | $30.2M | ||
| Q2 25 | $10.2M | $36.1M | ||
| Q1 25 | $16.3M | $28.8M | ||
| Q4 24 | — | $49.1M | ||
| Q3 24 | $5.8M | $27.6M | ||
| Q2 24 | $10.1M | $16.7M | ||
| Q1 24 | $1.3M | $17.5M |
| Q4 25 | — | $49.9M | ||
| Q3 25 | $2.5M | $28.8M | ||
| Q2 25 | $9.8M | $35.5M | ||
| Q1 25 | $15.9M | $28.1M | ||
| Q4 24 | — | $48.5M | ||
| Q3 24 | $-1.0M | $26.7M | ||
| Q2 24 | $7.6M | $16.0M | ||
| Q1 24 | $789.0K | $16.6M |
| Q4 25 | — | 34.3% | ||
| Q3 25 | 1.6% | 21.0% | ||
| Q2 25 | 5.7% | 27.9% | ||
| Q1 25 | 9.7% | 23.0% | ||
| Q4 24 | — | 41.8% | ||
| Q3 24 | -0.8% | 24.5% | ||
| Q2 24 | 4.7% | 15.5% | ||
| Q1 24 | 0.6% | 16.6% |
| Q4 25 | — | 0.6% | ||
| Q3 25 | 2.5% | 1.0% | ||
| Q2 25 | 0.2% | 0.5% | ||
| Q1 25 | 0.2% | 0.5% | ||
| Q4 24 | — | 0.5% | ||
| Q3 24 | 5.0% | 0.9% | ||
| Q2 24 | 1.5% | 0.7% | ||
| Q1 24 | 0.4% | 0.8% |
| 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.
