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Side-by-side financial comparison of Bitcoin Depot Inc. (BTM) and Pangaea Logistics Solutions Ltd. (PANL). Click either name above to swap in a different company.
Pangaea Logistics Solutions Ltd. is the larger business by last-quarter revenue ($183.9M vs $162.5M, roughly 1.1× Bitcoin Depot Inc.). Pangaea Logistics Solutions Ltd. runs the higher net margin — 6.5% vs 3.4%, a 3.1% gap on every dollar of revenue. On growth, Pangaea Logistics Solutions Ltd. posted the faster year-over-year revenue change (24.9% vs 20.1%). Over the past eight quarters, Pangaea Logistics Solutions Ltd.'s revenue compounded faster (32.5% 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.
Pangaea Logistics Solutions Ltd. is a global dry bulk logistics and shipping service provider. It operates a modern fleet of dry bulk vessels to transport a wide range of commodities including grains, minerals, construction materials, and energy-related raw materials, serving industrial, agricultural, and energy sector clients across North America, Europe, and Asia with tailored end-to-end bulk cargo supply chain solutions.
BTM vs PANL — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $162.5M | $183.9M |
| Net Profit | $5.5M | $11.9M |
| Gross Margin | — | — |
| Operating Margin | 7.3% | 9.5% |
| Net Margin | 3.4% | 6.5% |
| Revenue YoY | 20.1% | 24.9% |
| Net Profit YoY | 690.4% | 40.9% |
| EPS (diluted) | $0.08 | $0.18 |
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 | — | $183.9M | ||
| Q3 25 | $162.5M | $168.7M | ||
| Q2 25 | $172.1M | $156.7M | ||
| Q1 25 | $164.2M | $122.8M | ||
| Q4 24 | — | $147.2M | ||
| Q3 24 | $135.3M | $153.1M | ||
| Q2 24 | $163.1M | $131.5M | ||
| Q1 24 | $138.5M | $104.7M |
| Q4 25 | — | $11.9M | ||
| Q3 25 | $5.5M | $12.2M | ||
| Q2 25 | $6.1M | $-2.7M | ||
| Q1 25 | $4.2M | $-2.0M | ||
| Q4 24 | — | $8.4M | ||
| Q3 24 | $-939.0K | $5.1M | ||
| Q2 24 | $-2.6M | $3.7M | ||
| Q1 24 | $-1.5M | $11.7M |
| Q4 25 | — | 9.5% | ||
| Q3 25 | 7.3% | 10.0% | ||
| Q2 25 | 9.2% | 2.3% | ||
| Q1 25 | 10.8% | 2.4% | ||
| Q4 24 | — | 10.1% | ||
| Q3 24 | 4.1% | 9.8% | ||
| Q2 24 | 4.7% | 5.8% | ||
| Q1 24 | 0.5% | 10.5% |
| Q4 25 | — | 6.5% | ||
| Q3 25 | 3.4% | 7.2% | ||
| Q2 25 | 3.5% | -1.8% | ||
| Q1 25 | 2.6% | -1.6% | ||
| Q4 24 | — | 5.7% | ||
| Q3 24 | -0.7% | 3.3% | ||
| Q2 24 | -1.6% | 2.8% | ||
| Q1 24 | -1.1% | 11.1% |
| Q4 25 | — | $0.18 | ||
| Q3 25 | $0.08 | $0.19 | ||
| Q2 25 | $0.16 | $-0.04 | ||
| Q1 25 | $0.20 | $-0.03 | ||
| Q4 24 | — | $0.19 | ||
| Q3 24 | $-0.05 | $0.11 | ||
| Q2 24 | $-0.13 | $0.08 | ||
| Q1 24 | $-0.25 | $0.25 |
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 | $103.1M |
| Total DebtLower is stronger | $67.5M | $249.6M |
| Stockholders' EquityBook value | $21.0M | $429.3M |
| Total Assets | $125.3M | $928.1M |
| Debt / EquityLower = less leverage | 3.21× | 0.58× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $103.1M | ||
| Q3 25 | $59.3M | $94.0M | ||
| Q2 25 | $48.0M | $59.3M | ||
| Q1 25 | $35.0M | $63.9M | ||
| Q4 24 | — | $86.8M | ||
| Q3 24 | $32.2M | $93.1M | ||
| Q2 24 | $43.9M | $77.9M | ||
| Q1 24 | $42.2M | $95.9M |
| Q4 25 | — | $249.6M | ||
| Q3 25 | $67.5M | $256.2M | ||
| Q2 25 | $66.5M | $244.7M | ||
| Q1 25 | $56.2M | $251.0M | ||
| Q4 24 | — | $257.2M | ||
| Q3 24 | $44.5M | $133.6M | ||
| Q2 24 | $41.2M | $90.5M | ||
| Q1 24 | $37.6M | $95.9M |
| Q4 25 | — | $429.3M | ||
| Q3 25 | $21.0M | $420.3M | ||
| Q2 25 | $4.7M | $414.4M | ||
| Q1 25 | $-4.6M | $420.8M | ||
| Q4 24 | — | $427.8M | ||
| Q3 24 | $-7.9M | $332.6M | ||
| Q2 24 | $4.4M | $331.5M | ||
| Q1 24 | $5.0M | $332.0M |
| Q4 25 | — | $928.1M | ||
| Q3 25 | $125.3M | $932.1M | ||
| Q2 25 | $109.1M | $916.0M | ||
| Q1 25 | $89.7M | $918.0M | ||
| Q4 24 | — | $936.5M | ||
| Q3 24 | $87.4M | $749.2M | ||
| Q2 24 | $97.5M | $692.9M | ||
| Q1 24 | $90.1M | $703.3M |
| Q4 25 | — | 0.58× | ||
| Q3 25 | 3.21× | 0.61× | ||
| Q2 25 | 14.18× | 0.59× | ||
| Q1 25 | — | 0.60× | ||
| Q4 24 | — | 0.60× | ||
| Q3 24 | — | 0.40× | ||
| Q2 24 | 9.27× | 0.27× | ||
| Q1 24 | 7.54× | 0.29× |
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 | $15.1M |
| Free Cash FlowOCF − Capex | $2.5M | — |
| FCF MarginFCF / Revenue | 1.6% | — |
| Capex IntensityCapex / Revenue | 2.5% | — |
| Cash ConversionOCF / Net Profit | 1.20× | 1.27× |
| TTM Free Cash FlowTrailing 4 quarters | $27.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $15.1M | ||
| Q3 25 | $6.6M | $28.6M | ||
| Q2 25 | $10.2M | $14.4M | ||
| Q1 25 | $16.3M | $-4.4M | ||
| Q4 24 | — | $19.3M | ||
| Q3 24 | $5.8M | $28.5M | ||
| Q2 24 | $10.1M | $9.0M | ||
| Q1 24 | $1.3M | $9.0M |
| 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 | — | 1.27× | ||
| Q3 25 | 1.20× | 2.34× | ||
| Q2 25 | 1.67× | — | ||
| Q1 25 | 3.88× | — | ||
| Q4 24 | — | 2.29× | ||
| Q3 24 | — | 5.57× | ||
| Q2 24 | — | 2.43× | ||
| Q1 24 | — | 0.77× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BTM
Segment breakdown not available.
PANL
| Voyage | $166.3M | 90% |
| Charter | $13.1M | 7% |
| Terminal Stevedore Revenue | $4.4M | 2% |
