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Side-by-side financial comparison of Bitcoin Depot Inc. (BTM) and Vericel Corp (VCEL). Click either name above to swap in a different company.
Bitcoin Depot Inc. is the larger business by last-quarter revenue ($162.5M vs $92.9M, roughly 1.7× Vericel Corp). Vericel Corp runs the higher net margin — 25.0% vs 3.4%, a 21.6% gap on every dollar of revenue. On growth, Vericel Corp posted the faster year-over-year revenue change (23.3% vs 20.1%). Vericel Corp produced more free cash flow last quarter ($12.8M vs $2.5M). Over the past eight quarters, Vericel Corp's revenue compounded faster (34.6% 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.
Vericel Corporation is a publicly traded American biopharmaceutical company which was known prior to October 2014 as Aastrom Bio. Aastrom Bio was formed in 1989 in Ann Arbor, Michigan.
BTM vs VCEL — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $162.5M | $92.9M |
| Net Profit | $5.5M | $23.2M |
| Gross Margin | — | 78.7% |
| Operating Margin | 7.3% | 24.1% |
| Net Margin | 3.4% | 25.0% |
| Revenue YoY | 20.1% | 23.3% |
| Net Profit YoY | 690.4% | 17.3% |
| EPS (diluted) | $0.08 | $0.46 |
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 | — | $92.9M | ||
| Q3 25 | $162.5M | $67.5M | ||
| Q2 25 | $172.1M | $63.2M | ||
| Q1 25 | $164.2M | $52.6M | ||
| Q4 24 | — | $75.4M | ||
| Q3 24 | $135.3M | $57.9M | ||
| Q2 24 | $163.1M | $52.7M | ||
| Q1 24 | $138.5M | $51.3M |
| Q4 25 | — | $23.2M | ||
| Q3 25 | $5.5M | $5.1M | ||
| Q2 25 | $6.1M | $-553.0K | ||
| Q1 25 | $4.2M | $-11.2M | ||
| Q4 24 | — | $19.8M | ||
| Q3 24 | $-939.0K | $-901.0K | ||
| Q2 24 | $-2.6M | $-4.7M | ||
| Q1 24 | $-1.5M | $-3.9M |
| Q4 25 | — | 78.7% | ||
| Q3 25 | — | 73.5% | ||
| Q2 25 | — | 73.7% | ||
| Q1 25 | — | 69.0% | ||
| Q4 24 | — | 77.6% | ||
| Q3 24 | — | 71.9% | ||
| Q2 24 | — | 69.5% | ||
| Q1 24 | — | 68.9% |
| Q4 25 | — | 24.1% | ||
| Q3 25 | 7.3% | 5.1% | ||
| Q2 25 | 9.2% | -3.2% | ||
| Q1 25 | 10.8% | -24.3% | ||
| Q4 24 | — | 24.5% | ||
| Q3 24 | 4.1% | -4.3% | ||
| Q2 24 | 4.7% | -11.5% | ||
| Q1 24 | 0.5% | -10.7% |
| Q4 25 | — | 25.0% | ||
| Q3 25 | 3.4% | 7.5% | ||
| Q2 25 | 3.5% | -0.9% | ||
| Q1 25 | 2.6% | -21.4% | ||
| Q4 24 | — | 26.3% | ||
| Q3 24 | -0.7% | -1.6% | ||
| Q2 24 | -1.6% | -8.9% | ||
| Q1 24 | -1.1% | -7.5% |
| Q4 25 | — | $0.46 | ||
| Q3 25 | $0.08 | $0.10 | ||
| Q2 25 | $0.16 | $-0.01 | ||
| Q1 25 | $0.20 | $-0.23 | ||
| Q4 24 | — | $0.40 | ||
| Q3 24 | $-0.05 | $-0.02 | ||
| Q2 24 | $-0.13 | $-0.10 | ||
| Q1 24 | $-0.25 | $-0.08 |
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 | $137.5M |
| Total DebtLower is stronger | $67.5M | — |
| Stockholders' EquityBook value | $21.0M | $354.6M |
| Total Assets | $125.3M | $488.0M |
| Debt / EquityLower = less leverage | 3.21× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $137.5M | ||
| Q3 25 | $59.3M | $135.4M | ||
| Q2 25 | $48.0M | $116.9M | ||
| Q1 25 | $35.0M | $112.9M | ||
| Q4 24 | — | $116.2M | ||
| Q3 24 | $32.2M | $101.7M | ||
| Q2 24 | $43.9M | $102.5M | ||
| Q1 24 | $42.2M | $110.6M |
| 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 | — | $354.6M | ||
| Q3 25 | $21.0M | $321.9M | ||
| Q2 25 | $4.7M | $306.8M | ||
| Q1 25 | $-4.6M | $295.5M | ||
| Q4 24 | — | $292.0M | ||
| Q3 24 | $-7.9M | $257.5M | ||
| Q2 24 | $4.4M | $243.0M | ||
| Q1 24 | $5.0M | $233.9M |
| Q4 25 | — | $488.0M | ||
| Q3 25 | $125.3M | $453.3M | ||
| Q2 25 | $109.1M | $435.6M | ||
| Q1 25 | $89.7M | $424.6M | ||
| Q4 24 | — | $432.7M | ||
| Q3 24 | $87.4M | $390.4M | ||
| Q2 24 | $97.5M | $376.8M | ||
| Q1 24 | $90.1M | $356.7M |
| 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 | $15.0M |
| Free Cash FlowOCF − Capex | $2.5M | $12.8M |
| FCF MarginFCF / Revenue | 1.6% | 13.8% |
| Capex IntensityCapex / Revenue | 2.5% | 2.4% |
| Cash ConversionOCF / Net Profit | 1.20× | 0.65× |
| TTM Free Cash FlowTrailing 4 quarters | $27.1M | $24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $15.0M | ||
| Q3 25 | $6.6M | $22.1M | ||
| Q2 25 | $10.2M | $8.2M | ||
| Q1 25 | $16.3M | $6.6M | ||
| Q4 24 | — | $22.2M | ||
| Q3 24 | $5.8M | $10.2M | ||
| Q2 24 | $10.1M | $18.5M | ||
| Q1 24 | $1.3M | $7.2M |
| Q4 25 | — | $12.8M | ||
| Q3 25 | $2.5M | $19.5M | ||
| Q2 25 | $9.8M | $81.0K | ||
| Q1 25 | $15.9M | $-7.6M | ||
| Q4 24 | — | $8.5M | ||
| Q3 24 | $-1.0M | $-9.2M | ||
| Q2 24 | $7.6M | $1.8M | ||
| Q1 24 | $789.0K | $-6.8M |
| Q4 25 | — | 13.8% | ||
| Q3 25 | 1.6% | 28.8% | ||
| Q2 25 | 5.7% | 0.1% | ||
| Q1 25 | 9.7% | -14.5% | ||
| Q4 24 | — | 11.2% | ||
| Q3 24 | -0.8% | -15.9% | ||
| Q2 24 | 4.7% | 3.4% | ||
| Q1 24 | 0.6% | -13.3% |
| Q4 25 | — | 2.4% | ||
| Q3 25 | 2.5% | 3.9% | ||
| Q2 25 | 0.2% | 12.9% | ||
| Q1 25 | 0.2% | 27.0% | ||
| Q4 24 | — | 18.3% | ||
| Q3 24 | 5.0% | 33.5% | ||
| Q2 24 | 1.5% | 31.8% | ||
| Q1 24 | 0.4% | 27.3% |
| Q4 25 | — | 0.65× | ||
| Q3 25 | 1.20× | 4.35× | ||
| Q2 25 | 1.67× | — | ||
| Q1 25 | 3.88× | — | ||
| Q4 24 | — | 1.12× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BTM
Segment breakdown not available.
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
