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Side-by-side financial comparison of Bitcoin Depot Inc. (BTM) and Shoals Technologies Group, Inc. (SHLS). Click either name above to swap in a different company.
Bitcoin Depot Inc. is the larger business by last-quarter revenue ($162.5M vs $148.3M, roughly 1.1× Shoals Technologies Group, Inc.). Shoals Technologies Group, Inc. runs the higher net margin — 5.5% vs 3.4%, a 2.1% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs 20.1%). Bitcoin Depot Inc. produced more free cash flow last quarter ($2.5M vs $-11.3M). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% 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.
Shoals Technologies Group is a leading provider of electrical balance of systems solutions for renewable energy and e-mobility. It supplies connectivity components for solar projects, energy storage systems and EV charging infrastructure, serving clients across North America, Europe and Asia-Pacific.
BTM vs SHLS — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $162.5M | $148.3M |
| Net Profit | $5.5M | $8.1M |
| Gross Margin | — | 31.6% |
| Operating Margin | 7.3% | 11.7% |
| Net Margin | 3.4% | 5.5% |
| Revenue YoY | 20.1% | 38.6% |
| Net Profit YoY | 690.4% | 3.9% |
| EPS (diluted) | $0.08 | $0.05 |
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 | — | $148.3M | ||
| Q3 25 | $162.5M | $135.8M | ||
| Q2 25 | $172.1M | $110.8M | ||
| Q1 25 | $164.2M | $80.4M | ||
| Q4 24 | — | $107.0M | ||
| Q3 24 | $135.3M | $102.2M | ||
| Q2 24 | $163.1M | $99.2M | ||
| Q1 24 | $138.5M | $90.8M |
| Q4 25 | — | $8.1M | ||
| Q3 25 | $5.5M | $11.9M | ||
| Q2 25 | $6.1M | $13.9M | ||
| Q1 25 | $4.2M | $-282.0K | ||
| Q4 24 | — | $7.8M | ||
| Q3 24 | $-939.0K | $-267.0K | ||
| Q2 24 | $-2.6M | $11.8M | ||
| Q1 24 | $-1.5M | $4.8M |
| Q4 25 | — | 31.6% | ||
| Q3 25 | — | 37.0% | ||
| Q2 25 | — | 37.2% | ||
| Q1 25 | — | 35.0% | ||
| Q4 24 | — | 37.6% | ||
| Q3 24 | — | 24.8% | ||
| Q2 24 | — | 40.3% | ||
| Q1 24 | — | 40.2% |
| Q4 25 | — | 11.7% | ||
| Q3 25 | 7.3% | 13.7% | ||
| Q2 25 | 9.2% | 14.4% | ||
| Q1 25 | 10.8% | 5.4% | ||
| Q4 24 | — | 15.4% | ||
| Q3 24 | 4.1% | 4.4% | ||
| Q2 24 | 4.7% | 18.7% | ||
| Q1 24 | 0.5% | 12.8% |
| Q4 25 | — | 5.5% | ||
| Q3 25 | 3.4% | 8.7% | ||
| Q2 25 | 3.5% | 12.5% | ||
| Q1 25 | 2.6% | -0.4% | ||
| Q4 24 | — | 7.3% | ||
| Q3 24 | -0.7% | -0.3% | ||
| Q2 24 | -1.6% | 11.9% | ||
| Q1 24 | -1.1% | 5.3% |
| Q4 25 | — | $0.05 | ||
| Q3 25 | $0.08 | $0.07 | ||
| Q2 25 | $0.16 | $0.08 | ||
| Q1 25 | $0.20 | $0.00 | ||
| Q4 24 | — | $0.04 | ||
| Q3 24 | $-0.05 | $0.00 | ||
| Q2 24 | $-0.13 | $0.07 | ||
| Q1 24 | $-0.25 | $0.03 |
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 | $7.3M |
| Total DebtLower is stronger | $67.5M | — |
| Stockholders' EquityBook value | $21.0M | $600.0M |
| Total Assets | $125.3M | $904.1M |
| Debt / EquityLower = less leverage | 3.21× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $7.3M | ||
| Q3 25 | $59.3M | $8.6M | ||
| Q2 25 | $48.0M | $4.7M | ||
| Q1 25 | $35.0M | $35.6M | ||
| Q4 24 | — | $23.5M | ||
| Q3 24 | $32.2M | $11.1M | ||
| Q2 24 | $43.9M | $3.2M | ||
| Q1 24 | $42.2M | $15.2M |
| Q4 25 | — | — | ||
| Q3 25 | $67.5M | — | ||
| Q2 25 | $66.5M | — | ||
| Q1 25 | $56.2M | $141.8M | ||
| Q4 24 | — | $141.8M | ||
| Q3 24 | $44.5M | $141.8M | ||
| Q2 24 | $41.2M | $146.8M | ||
| Q1 24 | $37.6M | $168.8M |
| Q4 25 | — | $600.0M | ||
| Q3 25 | $21.0M | $589.6M | ||
| Q2 25 | $4.7M | $575.4M | ||
| Q1 25 | $-4.6M | $558.9M | ||
| Q4 24 | — | $556.8M | ||
| Q3 24 | $-7.9M | $545.2M | ||
| Q2 24 | $4.4M | $544.6M | ||
| Q1 24 | $5.0M | $554.0M |
| Q4 25 | — | $904.1M | ||
| Q3 25 | $125.3M | $851.8M | ||
| Q2 25 | $109.1M | $795.0M | ||
| Q1 25 | $89.7M | $788.4M | ||
| Q4 24 | — | $793.1M | ||
| Q3 24 | $87.4M | $801.3M | ||
| Q2 24 | $97.5M | $788.4M | ||
| Q1 24 | $90.1M | $825.3M |
| Q4 25 | — | — | ||
| Q3 25 | 3.21× | — | ||
| Q2 25 | 14.18× | — | ||
| Q1 25 | — | 0.25× | ||
| Q4 24 | — | 0.25× | ||
| Q3 24 | — | 0.26× | ||
| Q2 24 | 9.27× | 0.27× | ||
| Q1 24 | 7.54× | 0.30× |
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 | $-4.1M |
| Free Cash FlowOCF − Capex | $2.5M | $-11.3M |
| FCF MarginFCF / Revenue | 1.6% | -7.6% |
| Capex IntensityCapex / Revenue | 2.5% | 4.8% |
| Cash ConversionOCF / Net Profit | 1.20× | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | $27.1M | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-4.1M | ||
| Q3 25 | $6.6M | $19.4M | ||
| Q2 25 | $10.2M | $-13.8M | ||
| Q1 25 | $16.3M | $15.6M | ||
| Q4 24 | — | $14.0M | ||
| Q3 24 | $5.8M | $15.7M | ||
| Q2 24 | $10.1M | $37.8M | ||
| Q1 24 | $1.3M | $12.9M |
| Q4 25 | — | $-11.3M | ||
| Q3 25 | $2.5M | $9.0M | ||
| Q2 25 | $9.8M | $-26.0M | ||
| Q1 25 | $15.9M | $12.3M | ||
| Q4 24 | — | $12.5M | ||
| Q3 24 | $-1.0M | $13.3M | ||
| Q2 24 | $7.6M | $35.8M | ||
| Q1 24 | $789.0K | $10.4M |
| Q4 25 | — | -7.6% | ||
| Q3 25 | 1.6% | 6.6% | ||
| Q2 25 | 5.7% | -23.5% | ||
| Q1 25 | 9.7% | 15.4% | ||
| Q4 24 | — | 11.6% | ||
| Q3 24 | -0.8% | 13.0% | ||
| Q2 24 | 4.7% | 36.1% | ||
| Q1 24 | 0.6% | 11.4% |
| Q4 25 | — | 4.8% | ||
| Q3 25 | 2.5% | 7.7% | ||
| Q2 25 | 0.2% | 11.0% | ||
| Q1 25 | 0.2% | 4.0% | ||
| Q4 24 | — | 1.4% | ||
| Q3 24 | 5.0% | 2.3% | ||
| Q2 24 | 1.5% | 2.0% | ||
| Q1 24 | 0.4% | 2.7% |
| Q4 25 | — | -0.50× | ||
| Q3 25 | 1.20× | 1.63× | ||
| Q2 25 | 1.67× | -1.00× | ||
| Q1 25 | 3.88× | — | ||
| Q4 24 | — | 1.79× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 3.21× | ||
| Q1 24 | — | 2.69× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BTM
Segment breakdown not available.
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
