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Side-by-side financial comparison of Bitcoin Depot Inc. (BTM) and SPS COMMERCE INC (SPSC). Click either name above to swap in a different company.
SPS COMMERCE INC is the larger business by last-quarter revenue ($192.7M vs $162.5M, roughly 1.2× Bitcoin Depot Inc.). SPS COMMERCE INC runs the higher net margin — 13.4% vs 3.4%, a 10.0% gap on every dollar of revenue. On growth, Bitcoin Depot Inc. posted the faster year-over-year revenue change (20.1% vs 12.7%). SPS COMMERCE INC produced more free cash flow last quarter ($38.2M vs $2.5M). Over the past eight quarters, SPS COMMERCE INC's revenue compounded faster (13.5% 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.
SPS Commerce, Inc. is a technology and application software company based in the United States that provides cloud-based supply chain management software. The company's headquarters are located in Minneapolis, Minnesota, but it also has a US office in New Jersey, and international locations in Amsterdam, Beijing, Breukelen, Hong Kong, Kyiv, Melbourne, Montpellier, Sydney, and Toronto.
BTM vs SPSC — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $162.5M | $192.7M |
| Net Profit | $5.5M | $25.8M |
| Gross Margin | — | 70.4% |
| Operating Margin | 7.3% | 18.0% |
| Net Margin | 3.4% | 13.4% |
| Revenue YoY | 20.1% | 12.7% |
| Net Profit YoY | 690.4% | 47.2% |
| EPS (diluted) | $0.08 | $0.69 |
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 | — | $192.7M | ||
| Q3 25 | $162.5M | $189.9M | ||
| Q2 25 | $172.1M | $187.4M | ||
| Q1 25 | $164.2M | $181.5M | ||
| Q4 24 | — | $170.9M | ||
| Q3 24 | $135.3M | $163.7M | ||
| Q2 24 | $163.1M | $153.6M | ||
| Q1 24 | $138.5M | $149.6M |
| Q4 25 | — | $25.8M | ||
| Q3 25 | $5.5M | $25.6M | ||
| Q2 25 | $6.1M | $19.7M | ||
| Q1 25 | $4.2M | $22.2M | ||
| Q4 24 | — | $17.6M | ||
| Q3 24 | $-939.0K | $23.5M | ||
| Q2 24 | $-2.6M | $18.0M | ||
| Q1 24 | $-1.5M | $18.0M |
| Q4 25 | — | 70.4% | ||
| Q3 25 | — | 69.5% | ||
| Q2 25 | — | 68.1% | ||
| Q1 25 | — | 68.7% | ||
| Q4 24 | — | 67.5% | ||
| Q3 24 | — | 68.5% | ||
| Q2 24 | — | 66.1% | ||
| Q1 24 | — | 65.6% |
| Q4 25 | — | 18.0% | ||
| Q3 25 | 7.3% | 16.4% | ||
| Q2 25 | 9.2% | 14.1% | ||
| Q1 25 | 10.8% | 14.3% | ||
| Q4 24 | — | 14.5% | ||
| Q3 24 | 4.1% | 15.6% | ||
| Q2 24 | 4.7% | 15.1% | ||
| Q1 24 | 0.5% | 10.3% |
| Q4 25 | — | 13.4% | ||
| Q3 25 | 3.4% | 13.5% | ||
| Q2 25 | 3.5% | 10.5% | ||
| Q1 25 | 2.6% | 12.2% | ||
| Q4 24 | — | 10.3% | ||
| Q3 24 | -0.7% | 14.3% | ||
| Q2 24 | -1.6% | 11.7% | ||
| Q1 24 | -1.1% | 12.0% |
| Q4 25 | — | $0.69 | ||
| Q3 25 | $0.08 | $0.67 | ||
| Q2 25 | $0.16 | $0.52 | ||
| Q1 25 | $0.20 | $0.58 | ||
| Q4 24 | — | $0.46 | ||
| Q3 24 | $-0.05 | $0.62 | ||
| Q2 24 | $-0.13 | $0.48 | ||
| Q1 24 | $-0.25 | $0.48 |
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 | $151.4M |
| Total DebtLower is stronger | $67.5M | — |
| Stockholders' EquityBook value | $21.0M | $973.9M |
| Total Assets | $125.3M | $1.2B |
| Debt / EquityLower = less leverage | 3.21× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $151.4M | ||
| Q3 25 | $59.3M | $133.7M | ||
| Q2 25 | $48.0M | $107.6M | ||
| Q1 25 | $35.0M | $94.9M | ||
| Q4 24 | — | $241.0M | ||
| Q3 24 | $32.2M | $205.8M | ||
| Q2 24 | $43.9M | $271.8M | ||
| Q1 24 | $42.2M | $290.8M |
| 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 | — | $973.9M | ||
| Q3 25 | $21.0M | $958.9M | ||
| Q2 25 | $4.7M | $949.8M | ||
| Q1 25 | $-4.6M | $920.9M | ||
| Q4 24 | — | $854.7M | ||
| Q3 24 | $-7.9M | $829.4M | ||
| Q2 24 | $4.4M | $703.4M | ||
| Q1 24 | $5.0M | $683.0M |
| Q4 25 | — | $1.2B | ||
| Q3 25 | $125.3M | $1.2B | ||
| Q2 25 | $109.1M | $1.1B | ||
| Q1 25 | $89.7M | $1.1B | ||
| Q4 24 | — | $1.0B | ||
| Q3 24 | $87.4M | $1.0B | ||
| Q2 24 | $97.5M | $854.5M | ||
| Q1 24 | $90.1M | $839.8M |
| 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 | $45.9M |
| Free Cash FlowOCF − Capex | $2.5M | $38.2M |
| FCF MarginFCF / Revenue | 1.6% | 19.8% |
| Capex IntensityCapex / Revenue | 2.5% | 4.0% |
| Cash ConversionOCF / Net Profit | 1.20× | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | $27.1M | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $45.9M | ||
| Q3 25 | $6.6M | $60.6M | ||
| Q2 25 | $10.2M | $32.3M | ||
| Q1 25 | $16.3M | $40.0M | ||
| Q4 24 | — | $40.6M | ||
| Q3 24 | $5.8M | $53.3M | ||
| Q2 24 | $10.1M | $29.4M | ||
| Q1 24 | $1.3M | $34.1M |
| Q4 25 | — | $38.2M | ||
| Q3 25 | $2.5M | $54.6M | ||
| Q2 25 | $9.8M | $25.7M | ||
| Q1 25 | $15.9M | $33.8M | ||
| Q4 24 | — | $34.3M | ||
| Q3 24 | $-1.0M | $48.1M | ||
| Q2 24 | $7.6M | $24.4M | ||
| Q1 24 | $789.0K | $30.5M |
| Q4 25 | — | 19.8% | ||
| Q3 25 | 1.6% | 28.7% | ||
| Q2 25 | 5.7% | 13.7% | ||
| Q1 25 | 9.7% | 18.6% | ||
| Q4 24 | — | 20.1% | ||
| Q3 24 | -0.8% | 29.4% | ||
| Q2 24 | 4.7% | 15.9% | ||
| Q1 24 | 0.6% | 20.4% |
| Q4 25 | — | 4.0% | ||
| Q3 25 | 2.5% | 3.2% | ||
| Q2 25 | 0.2% | 3.6% | ||
| Q1 25 | 0.2% | 3.4% | ||
| Q4 24 | — | 3.6% | ||
| Q3 24 | 5.0% | 3.2% | ||
| Q2 24 | 1.5% | 3.3% | ||
| Q1 24 | 0.4% | 2.4% |
| Q4 25 | — | 1.78× | ||
| Q3 25 | 1.20× | 2.37× | ||
| Q2 25 | 1.67× | 1.64× | ||
| Q1 25 | 3.88× | 1.80× | ||
| Q4 24 | — | 2.31× | ||
| Q3 24 | — | 2.27× | ||
| Q2 24 | — | 1.63× | ||
| Q1 24 | — | 1.89× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BTM
Segment breakdown not available.
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
