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Side-by-side financial comparison of Bitcoin Depot Inc. (BTM) and H2O AMERICA (HTO). Click either name above to swap in a different company.
H2O AMERICA is the larger business by last-quarter revenue ($199.4M vs $162.5M, roughly 1.2× Bitcoin Depot Inc.). H2O AMERICA runs the higher net margin — 8.1% vs 3.4%, a 4.7% gap on every dollar of revenue. On growth, Bitcoin Depot Inc. posted the faster year-over-year revenue change (20.1% vs 1.5%). Over the past eight quarters, H2O AMERICA's revenue compounded faster (15.3% 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.
H2O Wireless is a United States-based prepaid cell phone service, that utilizes the AT&T network. It is a brand of the mobile virtual network operator (MVNO) Locus Telecommunications, a subsidiary of Telrite Holdings, Inc., since 2019. Locus was formerly a subsidiary of KDDI America corporation, starting in 2010. H2O Wireless is primarily advertised as a non-restrictive phone service for customers to bring or buy unlocked smartphones, although AT&T contract/locked phones may be accepted as well.
BTM vs HTO — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $162.5M | $199.4M |
| Net Profit | $5.5M | $16.2M |
| Gross Margin | — | — |
| Operating Margin | 7.3% | 16.6% |
| Net Margin | 3.4% | 8.1% |
| Revenue YoY | 20.1% | 1.5% |
| Net Profit YoY | 690.4% | -29.2% |
| EPS (diluted) | $0.08 | $0.45 |
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 | — | $199.4M | ||
| Q3 25 | $162.5M | $243.5M | ||
| Q2 25 | $172.1M | $197.8M | ||
| Q1 25 | $164.2M | $164.9M | ||
| Q4 24 | — | $196.5M | ||
| Q3 24 | $135.3M | $216.7M | ||
| Q2 24 | $163.1M | $173.1M | ||
| Q1 24 | $138.5M | $150.0M |
| Q4 25 | — | $16.2M | ||
| Q3 25 | $5.5M | $45.1M | ||
| Q2 25 | $6.1M | $24.7M | ||
| Q1 25 | $4.2M | $16.6M | ||
| Q4 24 | — | $22.9M | ||
| Q3 24 | $-939.0K | $38.7M | ||
| Q2 24 | $-2.6M | $20.7M | ||
| Q1 24 | $-1.5M | $11.7M |
| Q4 25 | — | 16.6% | ||
| Q3 25 | 7.3% | 26.5% | ||
| Q2 25 | 9.2% | 22.2% | ||
| Q1 25 | 10.8% | 21.8% | ||
| Q4 24 | — | 22.2% | ||
| Q3 24 | 4.1% | 26.9% | ||
| Q2 24 | 4.7% | 23.4% | ||
| Q1 24 | 0.5% | 18.6% |
| Q4 25 | — | 8.1% | ||
| Q3 25 | 3.4% | 18.5% | ||
| Q2 25 | 3.5% | 12.5% | ||
| Q1 25 | 2.6% | 10.0% | ||
| Q4 24 | — | 11.7% | ||
| Q3 24 | -0.7% | 17.8% | ||
| Q2 24 | -1.6% | 12.0% | ||
| Q1 24 | -1.1% | 7.8% |
| Q4 25 | — | $0.45 | ||
| Q3 25 | $0.08 | $1.27 | ||
| Q2 25 | $0.16 | $0.71 | ||
| Q1 25 | $0.20 | $0.49 | ||
| Q4 24 | — | $0.70 | ||
| Q3 24 | $-0.05 | $1.17 | ||
| Q2 24 | $-0.13 | $0.64 | ||
| Q1 24 | $-0.25 | $0.36 |
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 | $20.7M |
| Total DebtLower is stronger | $67.5M | $1.9B |
| Stockholders' EquityBook value | $21.0M | $1.5B |
| Total Assets | $125.3M | $5.1B |
| Debt / EquityLower = less leverage | 3.21× | 1.23× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $20.7M | ||
| Q3 25 | $59.3M | $11.3M | ||
| Q2 25 | $48.0M | $19.8M | ||
| Q1 25 | $35.0M | $23.7M | ||
| Q4 24 | — | $11.1M | ||
| Q3 24 | $32.2M | $4.0M | ||
| Q2 24 | $43.9M | $22.8M | ||
| Q1 24 | $42.2M | $4.5M |
| Q4 25 | — | $1.9B | ||
| Q3 25 | $67.5M | — | ||
| Q2 25 | $66.5M | — | ||
| Q1 25 | $56.2M | — | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | $44.5M | — | ||
| Q2 24 | $41.2M | — | ||
| Q1 24 | $37.6M | — |
| Q4 25 | — | $1.5B | ||
| Q3 25 | $21.0M | $1.5B | ||
| Q2 25 | $4.7M | $1.5B | ||
| Q1 25 | $-4.6M | $1.4B | ||
| Q4 24 | — | $1.4B | ||
| Q3 24 | $-7.9M | $1.3B | ||
| Q2 24 | $4.4M | $1.3B | ||
| Q1 24 | $5.0M | $1.2B |
| Q4 25 | — | $5.1B | ||
| Q3 25 | $125.3M | $5.0B | ||
| Q2 25 | $109.1M | $4.8B | ||
| Q1 25 | $89.7M | $4.7B | ||
| Q4 24 | — | $4.7B | ||
| Q3 24 | $87.4M | $4.6B | ||
| Q2 24 | $97.5M | $4.4B | ||
| Q1 24 | $90.1M | $4.4B |
| Q4 25 | — | 1.23× | ||
| Q3 25 | 3.21× | — | ||
| Q2 25 | 14.18× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.26× | ||
| 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 | $63.5M |
| Free Cash FlowOCF − Capex | $2.5M | — |
| FCF MarginFCF / Revenue | 1.6% | — |
| Capex IntensityCapex / Revenue | 2.5% | — |
| Cash ConversionOCF / Net Profit | 1.20× | 3.92× |
| TTM Free Cash FlowTrailing 4 quarters | $27.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $63.5M | ||
| Q3 25 | $6.6M | $77.3M | ||
| Q2 25 | $10.2M | $60.8M | ||
| Q1 25 | $16.3M | $43.2M | ||
| Q4 24 | — | $41.5M | ||
| Q3 24 | $5.8M | $53.5M | ||
| Q2 24 | $10.1M | $49.3M | ||
| Q1 24 | $1.3M | $51.2M |
| Q4 25 | — | — | ||
| Q3 25 | $2.5M | — | ||
| Q2 25 | $9.8M | — | ||
| Q1 25 | $15.9M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $-1.0M | — | ||
| Q2 24 | $7.6M | — | ||
| Q1 24 | $789.0K | — |
| Q4 25 | — | — | ||
| Q3 25 | 1.6% | — | ||
| Q2 25 | 5.7% | — | ||
| Q1 25 | 9.7% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -0.8% | — | ||
| Q2 24 | 4.7% | — | ||
| Q1 24 | 0.6% | — |
| Q4 25 | — | — | ||
| Q3 25 | 2.5% | — | ||
| Q2 25 | 0.2% | — | ||
| Q1 25 | 0.2% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 5.0% | — | ||
| Q2 24 | 1.5% | — | ||
| Q1 24 | 0.4% | — |
| Q4 25 | — | 3.92× | ||
| Q3 25 | 1.20× | 1.71× | ||
| Q2 25 | 1.67× | 2.47× | ||
| Q1 25 | 3.88× | 2.61× | ||
| Q4 24 | — | 1.81× | ||
| Q3 24 | — | 1.39× | ||
| Q2 24 | — | 2.38× | ||
| Q1 24 | — | 4.38× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BTM
Segment breakdown not available.
HTO
| Water Utility Services | $191.0M | 96% |
| Other | $8.4M | 4% |
