Bitcoin Depot Inc. Earnings Per Share Disclosure
(18) Net Loss per Share
The Series A Preferred Stock have similar economic rights to the Class A common stock and management considers them to be in substance common shares for earnings per share (“EPS”) purposes. As a result, the weighted average Series A Preferred Stock outstanding during the period was included in the calculation of weighted average common stock outstanding. No other classes of shares with economic rights were outstanding during the period, and therefore, EPS was not presented for such classes. The Public and Private Warrants were considered in diluted EPS under the treasury stock method, if dilutive. The Class E common stock represents earnout arrangements that are contingently issuable into Class A common stock, and are only considered in the calculation of EPS once the stock price milestones have been achieved. The non-controlling interest was considered in diluted EPS under the if-converted method, if dilutive.
The stock compensation expense related to Class A shares has been attributed entirely to Bitcoin Depot Inc. for purposes of the net loss per share calculation within the Consolidated Statements of Income.
The computation of income per share and weighted average common stock outstanding is presented for the years ended December 31, 2025 and 2024 as follows:
|
Year Ended December 31, |
|
|||||
|
2025 |
|
|
2024 |
|
||
Numerator: |
|
|
|
|
|
||
Net loss attributable to common stockholders - basic and diluted |
$ |
(6,182 |
) |
|
$ |
(11,652 |
) |
Denominator: |
|
|
|
|
|
||
Weighted average common and preferred stock outstanding - basic and diluted * |
|
7,147,534 |
|
|
|
2,769,234 |
|
Net loss per share - Bitcoin Depot Inc. * |
$ |
(0.86 |
) |
|
$ |
(4.21 |
) |
* All share and per-share amounts have been retroactively adjusted to reflect the Company’s Reverse Stock Split that became effective on February 23, 2026. See Note 2(r) for further discussion of the calculation of weighted-average common shares outstanding.
The following securities were not included in the computation of diluted shares outstanding because the effect would be anti-dilutive or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the period:
Class of Security |
Number of Shares as of December 31, * |
|
|||||
|
2025 |
|
|
2024 |
|
||
PubCo Warrants - Public and Private |
|
6,264,107 |
|
|
|
6,264,107 |
|
PubCo Class E Common Stock - Earnouts Units |
|
— |
|
|
|
153,680 |
|
BT OpCo Exchangeable Non-Controlling Interest(1) (2) |
|
— |
|
|
|
6,299,003 |
|
BT OpCo Earnouts Units(1) |
|
2,142,857 |
|
|
|
2,142,857 |
|
2023 Incentive Plan RSU awards |
|
413,881 |
|
|
|
232,098 |
|
* All share and per-share amounts have been retroactively adjusted to reflect the Company’s Reverse Stock Split that became effective on February 23, 2026.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 18, 2026 | Showing above |
| 2024 | Mar 24, 2025 | |
| 2023 | Apr 15, 2024 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.