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Side-by-side financial comparison of Bitcoin Depot Inc. (BTM) and IPG PHOTONICS CORP (IPGP). Click either name above to swap in a different company.
IPG PHOTONICS CORP is the larger business by last-quarter revenue ($274.5M vs $162.5M, roughly 1.7× Bitcoin Depot Inc.). IPG PHOTONICS CORP runs the higher net margin — 4.8% vs 3.4%, a 1.4% gap on every dollar of revenue. On growth, Bitcoin Depot Inc. posted the faster year-over-year revenue change (20.1% vs 17.1%). IPG PHOTONICS CORP produced more free cash flow last quarter ($10.9M vs $2.5M). Over the past eight quarters, IPG PHOTONICS CORP's revenue compounded faster (4.4% 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.
IPG Photonics Corporation is a manufacturer of fiber lasers. IPG Photonics developed and commercialized optical fiber lasers, which are used in a variety of applications including materials processing, medical applications and telecommunications. IPG has manufacturing facilities in the United States, Germany, Russia and Italy.
BTM vs IPGP — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $162.5M | $274.5M |
| Net Profit | $5.5M | $13.3M |
| Gross Margin | — | 36.1% |
| Operating Margin | 7.3% | 1.2% |
| Net Margin | 3.4% | 4.8% |
| Revenue YoY | 20.1% | 17.1% |
| Net Profit YoY | 690.4% | 69.8% |
| EPS (diluted) | $0.08 | $0.30 |
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 | — | $274.5M | ||
| Q3 25 | $162.5M | $250.8M | ||
| Q2 25 | $172.1M | $250.7M | ||
| Q1 25 | $164.2M | $227.8M | ||
| Q4 24 | — | $234.3M | ||
| Q3 24 | $135.3M | $233.1M | ||
| Q2 24 | $163.1M | $257.6M | ||
| Q1 24 | $138.5M | $252.0M |
| Q4 25 | — | $13.3M | ||
| Q3 25 | $5.5M | $7.5M | ||
| Q2 25 | $6.1M | $6.6M | ||
| Q1 25 | $4.2M | $3.8M | ||
| Q4 24 | — | $7.8M | ||
| Q3 24 | $-939.0K | $-233.6M | ||
| Q2 24 | $-2.6M | $20.2M | ||
| Q1 24 | $-1.5M | $24.1M |
| Q4 25 | — | 36.1% | ||
| Q3 25 | — | 39.5% | ||
| Q2 25 | — | 37.3% | ||
| Q1 25 | — | 39.4% | ||
| Q4 24 | — | 38.6% | ||
| Q3 24 | — | 23.2% | ||
| Q2 24 | — | 37.3% | ||
| Q1 24 | — | 38.7% |
| Q4 25 | — | 1.2% | ||
| Q3 25 | 7.3% | 3.1% | ||
| Q2 25 | 9.2% | 0.0% | ||
| Q1 25 | 10.8% | 0.8% | ||
| Q4 24 | — | 6.0% | ||
| Q3 24 | 4.1% | -108.7% | ||
| Q2 24 | 4.7% | 4.7% | ||
| Q1 24 | 0.5% | 7.6% |
| Q4 25 | — | 4.8% | ||
| Q3 25 | 3.4% | 3.0% | ||
| Q2 25 | 3.5% | 2.6% | ||
| Q1 25 | 2.6% | 1.6% | ||
| Q4 24 | — | 3.3% | ||
| Q3 24 | -0.7% | -100.2% | ||
| Q2 24 | -1.6% | 7.8% | ||
| Q1 24 | -1.1% | 9.6% |
| Q4 25 | — | $0.30 | ||
| Q3 25 | $0.08 | $0.18 | ||
| Q2 25 | $0.16 | $0.16 | ||
| Q1 25 | $0.20 | $0.09 | ||
| Q4 24 | — | $0.27 | ||
| Q3 24 | $-0.05 | $-5.33 | ||
| Q2 24 | $-0.13 | $0.45 | ||
| Q1 24 | $-0.25 | $0.52 |
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 | $839.3M |
| Total DebtLower is stronger | $67.5M | — |
| Stockholders' EquityBook value | $21.0M | $2.1B |
| Total Assets | $125.3M | $2.4B |
| Debt / EquityLower = less leverage | 3.21× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $839.3M | ||
| Q3 25 | $59.3M | $870.4M | ||
| Q2 25 | $48.0M | $899.6M | ||
| Q1 25 | $35.0M | $926.9M | ||
| Q4 24 | — | $930.2M | ||
| Q3 24 | $32.2M | $1.0B | ||
| Q2 24 | $43.9M | $1.1B | ||
| Q1 24 | $42.2M | $1.1B |
| 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 | — | $2.1B | ||
| Q3 25 | $21.0M | $2.1B | ||
| Q2 25 | $4.7M | $2.1B | ||
| Q1 25 | $-4.6M | $2.1B | ||
| Q4 24 | — | $2.0B | ||
| Q3 24 | $-7.9M | $2.1B | ||
| Q2 24 | $4.4M | $2.3B | ||
| Q1 24 | $5.0M | $2.3B |
| Q4 25 | — | $2.4B | ||
| Q3 25 | $125.3M | $2.4B | ||
| Q2 25 | $109.1M | $2.4B | ||
| Q1 25 | $89.7M | $2.3B | ||
| Q4 24 | — | $2.3B | ||
| Q3 24 | $87.4M | $2.4B | ||
| Q2 24 | $97.5M | $2.5B | ||
| Q1 24 | $90.1M | $2.6B |
| 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 | $28.8M |
| Free Cash FlowOCF − Capex | $2.5M | $10.9M |
| FCF MarginFCF / Revenue | 1.6% | 4.0% |
| Capex IntensityCapex / Revenue | 2.5% | 6.5% |
| Cash ConversionOCF / Net Profit | 1.20× | 2.17× |
| TTM Free Cash FlowTrailing 4 quarters | $27.1M | $-3.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $28.8M | ||
| Q3 25 | $6.6M | $35.3M | ||
| Q2 25 | $10.2M | $-2.2M | ||
| Q1 25 | $16.3M | $13.4M | ||
| Q4 24 | — | $73.8M | ||
| Q3 24 | $5.8M | $66.1M | ||
| Q2 24 | $10.1M | $53.5M | ||
| Q1 24 | $1.3M | $54.6M |
| Q4 25 | — | $10.9M | ||
| Q3 25 | $2.5M | $14.6M | ||
| Q2 25 | $9.8M | $-17.6M | ||
| Q1 25 | $15.9M | $-11.4M | ||
| Q4 24 | — | $50.6M | ||
| Q3 24 | $-1.0M | $43.0M | ||
| Q2 24 | $7.6M | $29.2M | ||
| Q1 24 | $789.0K | $26.5M |
| Q4 25 | — | 4.0% | ||
| Q3 25 | 1.6% | 5.8% | ||
| Q2 25 | 5.7% | -7.0% | ||
| Q1 25 | 9.7% | -5.0% | ||
| Q4 24 | — | 21.6% | ||
| Q3 24 | -0.8% | 18.4% | ||
| Q2 24 | 4.7% | 11.3% | ||
| Q1 24 | 0.6% | 10.5% |
| Q4 25 | — | 6.5% | ||
| Q3 25 | 2.5% | 8.3% | ||
| Q2 25 | 0.2% | 6.1% | ||
| Q1 25 | 0.2% | 10.9% | ||
| Q4 24 | — | 9.9% | ||
| Q3 24 | 5.0% | 9.9% | ||
| Q2 24 | 1.5% | 9.4% | ||
| Q1 24 | 0.4% | 11.1% |
| Q4 25 | — | 2.17× | ||
| Q3 25 | 1.20× | 4.73× | ||
| Q2 25 | 1.67× | -0.34× | ||
| Q1 25 | 3.88× | 3.58× | ||
| Q4 24 | — | 9.44× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 2.65× | ||
| Q1 24 | — | 2.27× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BTM
Segment breakdown not available.
IPGP
| Materials Processing | $232.8M | 85% |
| Laser And Non Laser Systems | $38.8M | 14% |
| Transferred Over Time | $5.3M | 2% |
