Athena Bitcoin Global 2025 10-K: $234.6M Revenue, $(0.00147) EPS

Athena Bitcoin Global reported 2025 revenue of $234.6 million and a basic diluted loss per share of $(0.00147), with revenue down 18% year‑over‑year amid a decline in median transaction size. Gross profit declined to $24.8 million and income from operations fell to $1.0 million, while the company recorded a net loss of $6.0 million impacted by a loss on extinguishment of debt. The results reflect weaker transaction economics despite higher transaction volumes across its ATM network and white‑label operations.

Financial Highlights

• Revenues: $234.6 million (2025), down 18% vs 2024 due to lower median transaction size despite higher transaction volume.
• Gross Profit: $24.8 million (2025), decreased 35% vs 2024; gross margin fell from 13% to 11%.
• Income from operations: $1.0 million (2025), decreased 95% vs 2024 reflecting higher operating expenses.
• Net (loss) income: $(6.0) million (2025) vs $10.3 million (2024), impacted by loss on extinguishment of debt.
• Basic (loss) earnings per share: $(0.00147) (2025) vs $0.00251 (2024); Diluted (loss) EPS: $(0.00147) (2025).

Business Highlights

• Revenue trend and transaction mix: ATM sales revenue declined 18% YoY to $226 million in 2025 driven by a 30% drop in median transaction size, even as transaction counts rose.
• Network and volume: Transactions increased 15% to 213,683 while the number of ATMs decreased 5% to 2,953, indicating higher utilization of a smaller network.
• Brand and white‑label operations: Continued Athena and Chivo white‑label operations in El Salvador and throughout Latin America; white‑label revenue fell 42%.
• Operational efficiency and cash management: Average Bitcoin holdings turned over in approximately two days; increased cash logistics and servicing costs were partly offset by a markup that rose to 24%.

Original SEC Filing: Athena Bitcoin Global [ ABIT ] - 10-K - Mar. 06, 2026