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Side-by-side financial comparison of Bitcoin Depot Inc. (BTM) and OPAL Fuels Inc. (OPAL). Click either name above to swap in a different company.
Bitcoin Depot Inc. is the larger business by last-quarter revenue ($162.5M vs $88.4M, roughly 1.8× OPAL Fuels Inc.). OPAL Fuels Inc. runs the higher net margin — 18.3% vs 3.4%, a 14.9% gap on every dollar of revenue. On growth, Bitcoin Depot Inc. posted the faster year-over-year revenue change (20.1% vs 18.7%). Bitcoin Depot Inc. produced more free cash flow last quarter ($2.5M vs $-13.4M). Over the past eight quarters, OPAL Fuels Inc.'s revenue compounded faster (17.6% 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.
OPAL Fuels Inc. is a North American energy company focused on producing and distributing low-carbon renewable natural gas (RNG). It captures methane from landfills, dairy operations and other organic waste streams to produce RNG, which is mainly supplied to heavy-duty transportation fleets, commercial logistics operators and public transport entities to help reduce their greenhouse gas emissions.
BTM vs OPAL — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $162.5M | $88.4M |
| Net Profit | $5.5M | $16.2M |
| Gross Margin | — | — |
| Operating Margin | 7.3% | 7.5% |
| Net Margin | 3.4% | 18.3% |
| Revenue YoY | 20.1% | 18.7% |
| Net Profit YoY | 690.4% | 401.5% |
| EPS (diluted) | $0.08 | $0.08 |
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 | — | $88.4M | ||
| Q3 25 | $162.5M | $77.9M | ||
| Q2 25 | $172.1M | $77.4M | ||
| Q1 25 | $164.2M | $83.0M | ||
| Q4 24 | — | $74.5M | ||
| Q3 24 | $135.3M | $82.6M | ||
| Q2 24 | $163.1M | $69.8M | ||
| Q1 24 | $138.5M | $64.0M |
| Q4 25 | — | $16.2M | ||
| Q3 25 | $5.5M | $11.4M | ||
| Q2 25 | $6.1M | $7.6M | ||
| Q1 25 | $4.2M | $1.3M | ||
| Q4 24 | — | $-5.4M | ||
| Q3 24 | $-939.0K | $17.1M | ||
| Q2 24 | $-2.6M | $1.9M | ||
| Q1 24 | $-1.5M | $677.0K |
| Q4 25 | — | 7.5% | ||
| Q3 25 | 7.3% | 4.6% | ||
| Q2 25 | 9.2% | -1.1% | ||
| Q1 25 | 10.8% | -2.3% | ||
| Q4 24 | — | -0.5% | ||
| Q3 24 | 4.1% | 14.9% | ||
| Q2 24 | 4.7% | 8.1% | ||
| Q1 24 | 0.5% | 5.6% |
| Q4 25 | — | 18.3% | ||
| Q3 25 | 3.4% | 14.6% | ||
| Q2 25 | 3.5% | 9.8% | ||
| Q1 25 | 2.6% | 1.5% | ||
| Q4 24 | — | -7.2% | ||
| Q3 24 | -0.7% | 20.7% | ||
| Q2 24 | -1.6% | 2.7% | ||
| Q1 24 | -1.1% | 1.1% |
| Q4 25 | — | $0.08 | ||
| Q3 25 | $0.08 | $0.05 | ||
| Q2 25 | $0.16 | $0.03 | ||
| Q1 25 | $0.20 | $-0.01 | ||
| Q4 24 | — | $-0.05 | ||
| Q3 24 | $-0.05 | $0.09 | ||
| Q2 24 | $-0.13 | $-0.01 | ||
| Q1 24 | $-0.25 | $-0.01 |
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 | $24.4M |
| Total DebtLower is stronger | $67.5M | $361.3M |
| Stockholders' EquityBook value | $21.0M | $-12.9M |
| Total Assets | $125.3M | $959.5M |
| Debt / EquityLower = less leverage | 3.21× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $24.4M | ||
| Q3 25 | $59.3M | $29.9M | ||
| Q2 25 | $48.0M | $29.3M | ||
| Q1 25 | $35.0M | $40.1M | ||
| Q4 24 | — | $24.3M | ||
| Q3 24 | $32.2M | $31.0M | ||
| Q2 24 | $43.9M | $27.6M | ||
| Q1 24 | $42.2M | $34.2M |
| Q4 25 | — | $361.3M | ||
| Q3 25 | $67.5M | $351.2M | ||
| Q2 25 | $66.5M | $331.6M | ||
| Q1 25 | $56.2M | $307.0M | ||
| Q4 24 | — | $307.5M | ||
| Q3 24 | $44.5M | $252.9M | ||
| Q2 24 | $41.2M | $233.3M | ||
| Q1 24 | $37.6M | $208.7M |
| Q4 25 | — | $-12.9M | ||
| Q3 25 | $21.0M | $7.5M | ||
| Q2 25 | $4.7M | $-25.0M | ||
| Q1 25 | $-4.6M | $57.1M | ||
| Q4 24 | — | $-148.4M | ||
| Q3 24 | $-7.9M | $-180.1M | ||
| Q2 24 | $4.4M | $-273.0M | ||
| Q1 24 | $5.0M | $-382.4M |
| Q4 25 | — | $959.5M | ||
| Q3 25 | $125.3M | $916.7M | ||
| Q2 25 | $109.1M | $905.5M | ||
| Q1 25 | $89.7M | $884.9M | ||
| Q4 24 | — | $881.1M | ||
| Q3 24 | $87.4M | $831.1M | ||
| Q2 24 | $97.5M | $782.3M | ||
| Q1 24 | $90.1M | $750.5M |
| Q4 25 | — | — | ||
| Q3 25 | 3.21× | 46.95× | ||
| Q2 25 | 14.18× | — | ||
| Q1 25 | — | 5.38× | ||
| 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 | $-3.5M |
| Free Cash FlowOCF − Capex | $2.5M | $-13.4M |
| FCF MarginFCF / Revenue | 1.6% | -15.1% |
| Capex IntensityCapex / Revenue | 2.5% | 11.1% |
| Cash ConversionOCF / Net Profit | 1.20× | -0.22× |
| TTM Free Cash FlowTrailing 4 quarters | $27.1M | $-34.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-3.5M | ||
| Q3 25 | $6.6M | $18.2M | ||
| Q2 25 | $10.2M | $-7.9M | ||
| Q1 25 | $16.3M | $29.7M | ||
| Q4 24 | — | $-532.0K | ||
| Q3 24 | $5.8M | $17.7M | ||
| Q2 24 | $10.1M | $533.0K | ||
| Q1 24 | $1.3M | $13.7M |
| Q4 25 | — | $-13.4M | ||
| Q3 25 | $2.5M | $-9.3M | ||
| Q2 25 | $9.8M | $-29.7M | ||
| Q1 25 | $15.9M | $18.1M | ||
| Q4 24 | — | $-55.0M | ||
| Q3 24 | $-1.0M | $-5.4M | ||
| Q2 24 | $7.6M | $-22.5M | ||
| Q1 24 | $789.0K | $-13.0M |
| Q4 25 | — | -15.1% | ||
| Q3 25 | 1.6% | -11.9% | ||
| Q2 25 | 5.7% | -38.4% | ||
| Q1 25 | 9.7% | 21.8% | ||
| Q4 24 | — | -73.8% | ||
| Q3 24 | -0.8% | -6.5% | ||
| Q2 24 | 4.7% | -32.2% | ||
| Q1 24 | 0.6% | -20.4% |
| Q4 25 | — | 11.1% | ||
| Q3 25 | 2.5% | 35.3% | ||
| Q2 25 | 0.2% | 28.2% | ||
| Q1 25 | 0.2% | 13.9% | ||
| Q4 24 | — | 73.1% | ||
| Q3 24 | 5.0% | 27.9% | ||
| Q2 24 | 1.5% | 32.9% | ||
| Q1 24 | 0.4% | 41.8% |
| Q4 25 | — | -0.22× | ||
| Q3 25 | 1.20× | 1.60× | ||
| Q2 25 | 1.67× | -1.04× | ||
| Q1 25 | 3.88× | 23.11× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.03× | ||
| Q2 24 | — | 0.28× | ||
| Q1 24 | — | 20.26× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BTM
Segment breakdown not available.
OPAL
| Fuel Station Services Segment | $65.1M | 74% |
| Related Party | $12.1M | 14% |
| Renewable Power Segment | $8.6M | 10% |
| Other | $2.6M | 3% |
