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Side-by-side financial comparison of Bitcoin Depot Inc. (BTM) and NOODLES & Co (NDLS). Click either name above to swap in a different company.
Bitcoin Depot Inc. is the larger business by last-quarter revenue ($162.5M vs $122.1M, roughly 1.3× NOODLES & Co). Bitcoin Depot Inc. runs the higher net margin — 3.4% vs -7.5%, a 10.9% gap on every dollar of revenue. On growth, Bitcoin Depot Inc. posted the faster year-over-year revenue change (20.1% vs -4.1%). Bitcoin Depot Inc. produced more free cash flow last quarter ($2.5M vs $-2.8M). Over the past eight quarters, NOODLES & Co's revenue compounded faster (-1.2% 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.
Noodles & Company is an American fast-casual restaurant that offers international and American noodle dishes in addition to soups and salads. Noodles & Company was founded in 1995 by Aaron Kennedy and is headquartered in Broomfield, Colorado. The company went public in 2013 and recorded a $457 million revenue in 2017. In mid-2022, there were 458 Noodles & Company locations across 31 states.
BTM vs NDLS — Head-to-Head
Income Statement — Q3 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $162.5M | $122.1M |
| Net Profit | $5.5M | $-9.2M |
| Gross Margin | — | — |
| Operating Margin | 7.3% | -5.2% |
| Net Margin | 3.4% | -7.5% |
| Revenue YoY | 20.1% | -4.1% |
| Net Profit YoY | 690.4% | 32.8% |
| EPS (diluted) | $0.08 | $-0.20 |
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.
| Q3 25 | $162.5M | $122.1M | ||
| Q2 25 | $172.1M | $123.8M | ||
| Q1 25 | $164.2M | — | ||
| Q4 24 | — | $122.8M | ||
| Q3 24 | $135.3M | $127.4M | ||
| Q2 24 | $163.1M | $121.4M | ||
| Q1 24 | $138.5M | $124.3M | ||
| Q4 23 | $148.4M | $127.9M |
| Q3 25 | $5.5M | $-9.2M | ||
| Q2 25 | $6.1M | $-9.1M | ||
| Q1 25 | $4.2M | — | ||
| Q4 24 | — | $-6.8M | ||
| Q3 24 | $-939.0K | $-13.6M | ||
| Q2 24 | $-2.6M | $-6.1M | ||
| Q1 24 | $-1.5M | $-6.1M | ||
| Q4 23 | $-8.3M | $700.0K |
| Q3 25 | 7.3% | -5.2% | ||
| Q2 25 | 9.2% | -5.2% | ||
| Q1 25 | 10.8% | — | ||
| Q4 24 | — | -3.9% | ||
| Q3 24 | 4.1% | -9.0% | ||
| Q2 24 | 4.7% | -3.4% | ||
| Q1 24 | 0.5% | -3.7% | ||
| Q4 23 | 2.6% | 1.6% |
| Q3 25 | 3.4% | -7.5% | ||
| Q2 25 | 3.5% | -7.3% | ||
| Q1 25 | 2.6% | — | ||
| Q4 24 | — | -5.5% | ||
| Q3 24 | -0.7% | -10.7% | ||
| Q2 24 | -1.6% | -5.1% | ||
| Q1 24 | -1.1% | -4.9% | ||
| Q4 23 | -5.6% | 0.5% |
| Q3 25 | $0.08 | $-0.20 | ||
| Q2 25 | $0.16 | $-0.20 | ||
| Q1 25 | $0.20 | — | ||
| Q4 24 | — | $-0.15 | ||
| Q3 24 | $-0.05 | $-0.30 | ||
| Q2 24 | $-0.13 | $-0.14 | ||
| Q1 24 | $-0.25 | $-1.64 | ||
| Q4 23 | — | $0.02 |
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 | $4.7M |
| Total DebtLower is stronger | $67.5M | — |
| Stockholders' EquityBook value | $21.0M | $-38.9M |
| Total Assets | $125.3M | $280.6M |
| Debt / EquityLower = less leverage | 3.21× | — |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | $59.3M | $4.7M | ||
| Q2 25 | $48.0M | $1.4M | ||
| Q1 25 | $35.0M | — | ||
| Q4 24 | — | $3.3M | ||
| Q3 24 | $32.2M | $1.8M | ||
| Q2 24 | $43.9M | $1.3M | ||
| Q1 24 | $42.2M | $3.0M | ||
| Q4 23 | $29.8M | $2.5M |
| 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 23 | $22.5M | — |
| Q3 25 | $21.0M | $-38.9M | ||
| Q2 25 | $4.7M | $-13.9M | ||
| Q1 25 | $-4.6M | — | ||
| Q4 24 | — | $3.7M | ||
| Q3 24 | $-7.9M | $9.6M | ||
| Q2 24 | $4.4M | $21.9M | ||
| Q1 24 | $5.0M | $27.2M | ||
| Q4 23 | — | $32.5M |
| Q3 25 | $125.3M | $280.6M | ||
| Q2 25 | $109.1M | $319.4M | ||
| Q1 25 | $89.7M | — | ||
| Q4 24 | — | $340.5M | ||
| Q3 24 | $87.4M | $346.3M | ||
| Q2 24 | $97.5M | $360.4M | ||
| Q1 24 | $90.1M | $368.1M | ||
| Q4 23 | $74.3M | $368.8M |
| Q3 25 | 3.21× | — | ||
| Q2 25 | 14.18× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 9.27× | — | ||
| Q1 24 | 7.54× | — | ||
| Q4 23 | — | — |
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 | $4.3M |
| Free Cash FlowOCF − Capex | $2.5M | $-2.8M |
| FCF MarginFCF / Revenue | 1.6% | -2.3% |
| Capex IntensityCapex / Revenue | 2.5% | 5.8% |
| Cash ConversionOCF / Net Profit | 1.20× | — |
| TTM Free Cash FlowTrailing 4 quarters | $27.1M | $-7.5M |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | $6.6M | $4.3M | ||
| Q2 25 | $10.2M | $4.0M | ||
| Q1 25 | $16.3M | — | ||
| Q4 24 | — | $5.8M | ||
| Q3 24 | $5.8M | $4.7M | ||
| Q2 24 | $10.1M | $7.0M | ||
| Q1 24 | $1.3M | $164.0K | ||
| Q4 23 | $7.5M | $16.9M |
| Q3 25 | $2.5M | $-2.8M | ||
| Q2 25 | $9.8M | $1.1M | ||
| Q1 25 | $15.9M | — | ||
| Q4 24 | — | $-1.3M | ||
| Q3 24 | $-1.0M | $-4.5M | ||
| Q2 24 | $7.6M | $-1.6M | ||
| Q1 24 | $789.0K | $-15.2M | ||
| Q4 23 | — | $4.1M |
| Q3 25 | 1.6% | -2.3% | ||
| Q2 25 | 5.7% | 0.9% | ||
| Q1 25 | 9.7% | — | ||
| Q4 24 | — | -1.1% | ||
| Q3 24 | -0.8% | -3.5% | ||
| Q2 24 | 4.7% | -1.4% | ||
| Q1 24 | 0.6% | -12.2% | ||
| Q4 23 | — | 3.2% |
| Q3 25 | 2.5% | 5.8% | ||
| Q2 25 | 0.2% | 2.4% | ||
| Q1 25 | 0.2% | — | ||
| Q4 24 | — | 5.8% | ||
| Q3 24 | 5.0% | 7.2% | ||
| Q2 24 | 1.5% | 7.1% | ||
| Q1 24 | 0.4% | 12.3% | ||
| Q4 23 | — | 10.0% |
| Q3 25 | 1.20× | — | ||
| Q2 25 | 1.67× | — | ||
| Q1 25 | 3.88× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | 24.21× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BTM
Segment breakdown not available.
NDLS
| Food And Beverage | $119.6M | 98% |
| Franchise | $2.5M | 2% |
