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Side-by-side financial comparison of Bitcoin Depot Inc. (BTM) and ThredUp Inc. (TDUP). Click either name above to swap in a different company.
Bitcoin Depot Inc. is the larger business by last-quarter revenue ($162.5M vs $81.7M, roughly 2.0× ThredUp Inc.). Bitcoin Depot Inc. runs the higher net margin — 3.4% vs -7.9%, a 11.3% gap on every dollar of revenue. On growth, Bitcoin Depot Inc. posted the faster year-over-year revenue change (20.1% vs 14.6%). Over the past eight quarters, ThredUp Inc.'s revenue compounded faster (10.6% 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.
ThredUp Inc. is an American company that operates an online resale platform specializing in the sale of second-hand clothing, footwear, and accessories. Founded in 2009 and headquartered in Oakland, California, it has established itself as one of the leading resale fashion marketplaces.
BTM vs TDUP — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $162.5M | $81.7M |
| Net Profit | $5.5M | $-6.5M |
| Gross Margin | — | 79.2% |
| Operating Margin | 7.3% | 12.8% |
| Net Margin | 3.4% | -7.9% |
| Revenue YoY | 20.1% | 14.6% |
| Net Profit YoY | 690.4% | -24.1% |
| 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.
| Q1 26 | — | $81.7M | ||
| Q4 25 | — | $79.7M | ||
| Q3 25 | $162.5M | $82.2M | ||
| Q2 25 | $172.1M | $77.7M | ||
| Q1 25 | $164.2M | $71.3M | ||
| Q4 24 | — | $67.3M | ||
| Q3 24 | $135.3M | $61.5M | ||
| Q2 24 | $163.1M | $66.7M |
| Q1 26 | — | $-6.5M | ||
| Q4 25 | — | $-5.6M | ||
| Q3 25 | $5.5M | $-4.2M | ||
| Q2 25 | $6.1M | $-5.2M | ||
| Q1 25 | $4.2M | $-5.2M | ||
| Q4 24 | — | $-21.7M | ||
| Q3 24 | $-939.0K | $-24.8M | ||
| Q2 24 | $-2.6M | $-14.0M |
| Q1 26 | — | 79.2% | ||
| Q4 25 | — | 79.6% | ||
| Q3 25 | — | 79.4% | ||
| Q2 25 | — | 79.5% | ||
| Q1 25 | — | 79.1% | ||
| Q4 24 | — | 80.4% | ||
| Q3 24 | — | 79.3% | ||
| Q2 24 | — | 78.8% |
| Q1 26 | — | 12.8% | ||
| Q4 25 | — | -8.4% | ||
| Q3 25 | 7.3% | -5.3% | ||
| Q2 25 | 9.2% | -6.8% | ||
| Q1 25 | 10.8% | -7.6% | ||
| Q4 24 | — | -12.1% | ||
| Q3 24 | 4.1% | -17.0% | ||
| Q2 24 | 4.7% | -14.4% |
| Q1 26 | — | -7.9% | ||
| Q4 25 | — | -7.0% | ||
| Q3 25 | 3.4% | -5.2% | ||
| Q2 25 | 3.5% | -6.7% | ||
| Q1 25 | 2.6% | -7.3% | ||
| Q4 24 | — | -32.3% | ||
| Q3 24 | -0.7% | -40.3% | ||
| Q2 24 | -1.6% | -20.9% |
| Q1 26 | — | $-0.05 | ||
| Q4 25 | — | $-0.06 | ||
| Q3 25 | $0.08 | $-0.03 | ||
| Q2 25 | $0.16 | $-0.04 | ||
| Q1 25 | $0.20 | $-0.04 | ||
| Q4 24 | — | $-0.19 | ||
| Q3 24 | $-0.05 | $-0.22 | ||
| Q2 24 | $-0.13 | $-0.13 |
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 | $39.0M |
| Total DebtLower is stronger | $67.5M | $17.7M |
| Stockholders' EquityBook value | $21.0M | $59.4M |
| Total Assets | $125.3M | $172.4M |
| Debt / EquityLower = less leverage | 3.21× | 0.30× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $39.0M | ||
| Q4 25 | — | $38.6M | ||
| Q3 25 | $59.3M | $46.2M | ||
| Q2 25 | $48.0M | $41.0M | ||
| Q1 25 | $35.0M | $41.1M | ||
| Q4 24 | — | $31.9M | ||
| Q3 24 | $32.2M | $43.7M | ||
| Q2 24 | $43.9M | $44.8M |
| Q1 26 | — | $17.7M | ||
| 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 26 | — | $59.4M | ||
| Q4 25 | — | $59.2M | ||
| Q3 25 | $21.0M | $59.1M | ||
| Q2 25 | $4.7M | $60.2M | ||
| Q1 25 | $-4.6M | $56.1M | ||
| Q4 24 | — | $56.3M | ||
| Q3 24 | $-7.9M | $69.3M | ||
| Q2 24 | $4.4M | $86.5M |
| Q1 26 | — | $172.4M | ||
| Q4 25 | — | $167.2M | ||
| Q3 25 | $125.3M | $172.5M | ||
| Q2 25 | $109.1M | $173.6M | ||
| Q1 25 | $89.7M | $172.5M | ||
| Q4 24 | — | $171.2M | ||
| Q3 24 | $87.4M | $214.9M | ||
| Q2 24 | $97.5M | $231.2M |
| Q1 26 | — | 0.30× | ||
| Q4 25 | — | — | ||
| Q3 25 | 3.21× | — | ||
| Q2 25 | 14.18× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 9.27× | — |
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 | $4.8M |
| Free Cash FlowOCF − Capex | $2.5M | — |
| FCF MarginFCF / Revenue | 1.6% | — |
| Capex IntensityCapex / Revenue | 2.5% | — |
| Cash ConversionOCF / Net Profit | 1.20× | — |
| TTM Free Cash FlowTrailing 4 quarters | $27.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $4.8M | ||
| Q4 25 | — | $-1.5M | ||
| Q3 25 | $6.6M | $6.0M | ||
| Q2 25 | $10.2M | $344.0K | ||
| Q1 25 | $16.3M | $5.7M | ||
| Q4 24 | — | $663.0K | ||
| Q3 24 | $5.8M | $3.3M | ||
| Q2 24 | $10.1M | $-5.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $-3.2M | ||
| Q3 25 | $2.5M | $2.4M | ||
| Q2 25 | $9.8M | $-2.9M | ||
| Q1 25 | $15.9M | $3.9M | ||
| Q4 24 | — | $-1.8M | ||
| Q3 24 | $-1.0M | $1.2M | ||
| Q2 24 | $7.6M | $-5.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | -4.0% | ||
| Q3 25 | 1.6% | 2.9% | ||
| Q2 25 | 5.7% | -3.8% | ||
| Q1 25 | 9.7% | 5.5% | ||
| Q4 24 | — | -2.7% | ||
| Q3 24 | -0.8% | 2.0% | ||
| Q2 24 | 4.7% | -8.7% |
| Q1 26 | — | — | ||
| Q4 25 | — | 2.2% | ||
| Q3 25 | 2.5% | 4.4% | ||
| Q2 25 | 0.2% | 4.2% | ||
| Q1 25 | 0.2% | 2.5% | ||
| Q4 24 | — | 3.7% | ||
| Q3 24 | 5.0% | 3.5% | ||
| Q2 24 | 1.5% | 1.3% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 1.20× | — | ||
| Q2 25 | 1.67× | — | ||
| Q1 25 | 3.88× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
