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Side-by-side financial comparison of Bitcoin Depot Inc. (BTM) and Wheels Up Experience Inc. (UP). Click either name above to swap in a different company.
Wheels Up Experience Inc. is the larger business by last-quarter revenue ($183.8M vs $162.5M, roughly 1.1× Bitcoin Depot Inc.). Bitcoin Depot Inc. runs the higher net margin — 3.4% vs -15.7%, a 19.1% gap on every dollar of revenue. On growth, Bitcoin Depot Inc. posted the faster year-over-year revenue change (20.1% vs -10.2%). Bitcoin Depot Inc. produced more free cash flow last quarter ($2.5M vs $-58.3M). Over the past eight quarters, Wheels Up Experience Inc.'s revenue compounded faster (-3.4% 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.
Wheels Up is a provider of "on demand" private aviation in the United States and one of the largest private aviation companies in the world. It was founded in 2013 by Kenny Dichter, using a membership/on-demand business model. Wheels Up members can book private aircraft from the company fleet and third-party operators using a mobile application.
BTM vs UP — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $162.5M | $183.8M |
| Net Profit | $5.5M | $-28.9M |
| Gross Margin | — | 14.3% |
| Operating Margin | 7.3% | -0.9% |
| Net Margin | 3.4% | -15.7% |
| Revenue YoY | 20.1% | -10.2% |
| Net Profit YoY | 690.4% | 67.0% |
| EPS (diluted) | $0.08 | $-0.04 |
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 | — | $183.8M | ||
| Q3 25 | $162.5M | $185.5M | ||
| Q2 25 | $172.1M | $189.6M | ||
| Q1 25 | $164.2M | $177.5M | ||
| Q4 24 | — | $204.8M | ||
| Q3 24 | $135.3M | $193.9M | ||
| Q2 24 | $163.1M | $196.3M | ||
| Q1 24 | $138.5M | $197.1M |
| Q4 25 | — | $-28.9M | ||
| Q3 25 | $5.5M | $-83.7M | ||
| Q2 25 | $6.1M | $-82.3M | ||
| Q1 25 | $4.2M | $-99.3M | ||
| Q4 24 | — | $-87.5M | ||
| Q3 24 | $-939.0K | $-57.7M | ||
| Q2 24 | $-2.6M | $-97.0M | ||
| Q1 24 | $-1.5M | $-97.4M |
| Q4 25 | — | 14.3% | ||
| Q3 25 | — | 6.8% | ||
| Q2 25 | — | 8.3% | ||
| Q1 25 | — | 10.8% | ||
| Q4 24 | — | 13.9% | ||
| Q3 24 | — | 13.9% | ||
| Q2 24 | — | 2.3% | ||
| Q1 24 | — | -0.6% |
| Q4 25 | — | -0.9% | ||
| Q3 25 | 7.3% | -33.1% | ||
| Q2 25 | 9.2% | -31.4% | ||
| Q1 25 | 10.8% | -45.5% | ||
| Q4 24 | — | -26.0% | ||
| Q3 24 | 4.1% | -21.6% | ||
| Q2 24 | 4.7% | -40.3% | ||
| Q1 24 | 0.5% | -42.9% |
| Q4 25 | — | -15.7% | ||
| Q3 25 | 3.4% | -45.1% | ||
| Q2 25 | 3.5% | -43.4% | ||
| Q1 25 | 2.6% | -55.9% | ||
| Q4 24 | — | -42.7% | ||
| Q3 24 | -0.7% | -29.8% | ||
| Q2 24 | -1.6% | -49.4% | ||
| Q1 24 | -1.1% | -49.4% |
| Q4 25 | — | $-0.04 | ||
| Q3 25 | $0.08 | $-0.12 | ||
| Q2 25 | $0.16 | $-0.12 | ||
| Q1 25 | $0.20 | $-0.14 | ||
| Q4 24 | — | $-0.13 | ||
| Q3 24 | $-0.05 | $-0.08 | ||
| Q2 24 | $-0.13 | $-0.14 | ||
| Q1 24 | $-0.25 | $-0.14 |
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 | $133.9M |
| Total DebtLower is stronger | $67.5M | $671.3M |
| Stockholders' EquityBook value | $21.0M | $-392.1M |
| Total Assets | $125.3M | $968.8M |
| Debt / EquityLower = less leverage | 3.21× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $133.9M | ||
| Q3 25 | $59.3M | $125.3M | ||
| Q2 25 | $48.0M | $107.0M | ||
| Q1 25 | $35.0M | $171.8M | ||
| Q4 24 | — | $216.4M | ||
| Q3 24 | $32.2M | $115.9M | ||
| Q2 24 | $43.9M | $141.5M | ||
| Q1 24 | $42.2M | $180.9M |
| Q4 25 | — | $671.3M | ||
| Q3 25 | $67.5M | $766.5M | ||
| Q2 25 | $66.5M | $770.5M | ||
| Q1 25 | $56.2M | $765.8M | ||
| Q4 24 | — | $761.3M | ||
| Q3 24 | $44.5M | $596.9M | ||
| Q2 24 | $41.2M | $597.4M | ||
| Q1 24 | $37.6M | $603.2M |
| Q4 25 | — | $-392.1M | ||
| Q3 25 | $21.0M | $-374.5M | ||
| Q2 25 | $4.7M | $-347.8M | ||
| Q1 25 | $-4.6M | $-288.1M | ||
| Q4 24 | — | $-202.1M | ||
| Q3 24 | $-7.9M | $-117.7M | ||
| Q2 24 | $4.4M | $-72.2M | ||
| Q1 24 | $5.0M | $936.0K |
| Q4 25 | — | $968.8M | ||
| Q3 25 | $125.3M | $973.0M | ||
| Q2 25 | $109.1M | $1.0B | ||
| Q1 25 | $89.7M | $1.1B | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | $87.4M | $1.0B | ||
| Q2 24 | $97.5M | $1.1B | ||
| Q1 24 | $90.1M | $1.2B |
| Q4 25 | — | — | ||
| Q3 25 | 3.21× | — | ||
| Q2 25 | 14.18× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 9.27× | — | ||
| Q1 24 | 7.54× | 644.43× |
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 | $-18.4M |
| Free Cash FlowOCF − Capex | $2.5M | $-58.3M |
| FCF MarginFCF / Revenue | 1.6% | -31.7% |
| Capex IntensityCapex / Revenue | 2.5% | 21.7% |
| Cash ConversionOCF / Net Profit | 1.20× | — |
| TTM Free Cash FlowTrailing 4 quarters | $27.1M | $-259.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-18.4M | ||
| Q3 25 | $6.6M | $-37.1M | ||
| Q2 25 | $10.2M | $-62.9M | ||
| Q1 25 | $16.3M | $-47.9M | ||
| Q4 24 | — | $37.9M | ||
| Q3 24 | $5.8M | $-16.9M | ||
| Q2 24 | $10.1M | $-25.2M | ||
| Q1 24 | $1.3M | $-73.8M |
| Q4 25 | — | $-58.3M | ||
| Q3 25 | $2.5M | $-60.4M | ||
| Q2 25 | $9.8M | $-78.6M | ||
| Q1 25 | $15.9M | $-62.6M | ||
| Q4 24 | — | $-70.2M | ||
| Q3 24 | $-1.0M | $-21.9M | ||
| Q2 24 | $7.6M | $-30.8M | ||
| Q1 24 | $789.0K | $-77.8M |
| Q4 25 | — | -31.7% | ||
| Q3 25 | 1.6% | -32.6% | ||
| Q2 25 | 5.7% | -41.5% | ||
| Q1 25 | 9.7% | -35.3% | ||
| Q4 24 | — | -34.3% | ||
| Q3 24 | -0.8% | -11.3% | ||
| Q2 24 | 4.7% | -15.7% | ||
| Q1 24 | 0.6% | -39.5% |
| Q4 25 | — | 21.7% | ||
| Q3 25 | 2.5% | 12.5% | ||
| Q2 25 | 0.2% | 8.3% | ||
| Q1 25 | 0.2% | 8.3% | ||
| Q4 24 | — | 52.8% | ||
| Q3 24 | 5.0% | 2.6% | ||
| Q2 24 | 1.5% | 2.9% | ||
| Q1 24 | 0.4% | 2.0% |
| Q4 25 | — | — | ||
| Q3 25 | 1.20× | — | ||
| Q2 25 | 1.67× | — | ||
| Q1 25 | 3.88× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
