Bitcoin Depot Inc. Goodwill & Intangibles Disclosure
(13) Goodwill and Intangible Assets, net
Intangible assets, net were comprised of the following at December 31, 2025 (in thousands, except for weighted-average period):
|
|
Estimated |
|
Cost |
|
|
Accumulated |
|
|
Net |
|
|
Remaining |
|
||||
Tradenames |
|
5 years |
|
$ |
1,233 |
|
|
$ |
(1,102 |
) |
|
$ |
131 |
|
|
|
0.53 |
|
Customer relationships |
|
5 years |
|
|
2,574 |
|
|
|
(2,301 |
) |
|
|
273 |
|
|
|
0.53 |
|
Software applications |
|
5 years |
|
|
3,771 |
|
|
|
(3,371 |
) |
|
|
400 |
|
|
|
0.53 |
|
|
|
|
|
$ |
7,578 |
|
|
$ |
(6,774 |
) |
|
$ |
804 |
|
|
|
|
|
Intangible assets, net were comprised of the following at December 31, 2024 (in thousands, except for weighted-average period):
|
|
Estimated |
|
Cost |
|
|
Accumulated |
|
|
Net |
|
|
Remaining |
|
||||
Tradenames |
|
5 years |
|
$ |
1,233 |
|
|
$ |
(856 |
) |
|
$ |
377 |
|
|
|
1.53 |
|
Customer relationships |
|
5 years |
|
|
2,574 |
|
|
|
(1,786 |
) |
|
|
788 |
|
|
|
1.53 |
|
Software applications |
|
5 years |
|
|
3,771 |
|
|
|
(2,616 |
) |
|
|
1,155 |
|
|
|
1.53 |
|
|
|
|
|
$ |
7,578 |
|
|
$ |
(5,258 |
) |
|
$ |
2,320 |
|
|
|
|
|
Amortization expense related to the intangibles with estimated lives of five years totaled $1.5 million for each of the years ended December 31, 2025 and 2024. Amounts are included in depreciation and amortization in the Consolidated Statements of Income.
Estimated future amortization expense as of December 31, 2025 approximately as follows (in thousands):
|
|
Amount |
|
|
2026 |
|
$ |
804 |
|
Total |
|
$ |
804 |
|
In performing our annual goodwill impairment testing in 2025 we considered relevant events and circumstances that may affect the fair value or carrying amount of our reporting unit. The events and circumstances we considered included macroeconomic conditions, industry conditions, and our financial performance. Based on our qualitative assessment, we concluded that there were no conditions, changes in operations, or results that indicated a triggering event had occurred in 2025. Thus, a quantitative assessment was not required, and we determined that it was more likely than not that the fair value of the reporting unit was greater than its carrying value and there was no evidence of impairment. There was no change in the amount of goodwill for the year ended December 31, 2025 and 2024.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 18, 2026 | Showing above |
| 2024 | Mar 24, 2025 | |
| 2023 | Apr 15, 2024 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.