0001683168-26-001588
SEC filingAthena Bitcoin Global reported FY 2025 revenues of $234.6M, an 18% decrease from the prior year's $285.4M. The company recorded a net loss of $6.0M, a significant decline from a net income of $10.3M in FY 2024. Gross profit decreased 35% to $24.8M, with gross margin contracting from 13% to 11%. Operating income fell 95% to $1.0M, impacted by a $5.3M loss on debt extinguishment and increased general & administrative expenses. Despite the net loss, operating cash flow remained positive at $12.6M. The company ended the year with $69.5M in total assets, $54.2M in total liabilities, and $15.3M in stockholders' equity, with cash and equivalents of $11.4M.
Athena Bitcoin Global reported FY 2025 revenues of $234.6 million, representing an 18% decrease from the prior year's $285.4 million. The company swung to a net loss of $6.0 million from a net income of $10.3 million in FY 2024. Gross profit declined 35% to $24.8 million, with gross margin contracting from 13.3% to 10.6%. Operating income fell 95% to $1.0 million, significantly impacted by a $5.3 million loss on extinguishment of debt and increased general & administrative expenses. Despite the net loss, the company generated positive operating cash flow of $12.6 million. Comprehensive loss was $6.1 million, including a $29,000 foreign currency translation adjustment.
Revenue declined across all major segments. Athena Bitcoin ATM revenue decreased 18% to $226.5 million (97% of total revenue), driven by a 30% decrease in median transaction size from $150 to $105, despite a 13% increase in transaction volume to 213,683 transactions. The number of Bitcoin ATMs decreased 5% to 2,953. Athena Plus (OTC) revenue declined 13% to $4.3 million (2% of total revenue), with median transaction size decreasing 70% to $12,290 despite transaction volume increasing 175% to 228 transactions. White-label service revenue fell 42% to $2.8 million (1% of total revenue) due to decreased monthly service fees. Geographically, U.S. revenue represented $226.3 million (96.5% of total), El Salvador $8.0 million (3.4%), and other countries $0.3 million (0.1%).
Gross margin contracted from 13.3% to 10.6% primarily due to the decrease in revenue transaction size. Cost of revenues decreased 15% to $209.8 million, with Bitcoin acquisition costs of $173.8 million and Bitcoin ATM operating costs of $14.4 million. Total operating expenses increased 27% to $23.8 million, driven by a 56% increase in general & administrative expenses to $16.4 million (mostly due to litigation fees and employee salaries) and a 15% increase in litigation expense to $3.5 million. Technology and development expenses increased 15% to $1.6 million, while sales and marketing decreased 17% to $1.6 million. The company recorded a $5.3 million loss on extinguishment of debt related to settlement of obligations with Taproot.
Operating activities generated $12.6 million in cash, primarily from depreciation and amortization of $9.5 million, loss on extinguishment of debt of $5.3 million, and changes in working capital. Investing activities used $4.0 million for property and equipment purchases ($1.5 million) and capitalized software ($2.5 million). Financing activities used $11.1 million primarily for debt repayments. The company ended the period with total assets of $69.5 million, including current assets of $24.2 million (cash and equivalents of $11.4 million, restricted cash of $3.8 million, crypto assets of $0.9 million, accounts receivable of $4.1 million). Total liabilities were $54.2 million, with current liabilities of $33.4 million (including accounts payable of $15.9 million, operating lease liabilities of $8.8 million, short-term debt of $4.4 million). Stockholders' equity was $15.3 million with an accumulated deficit of $0.5 million.
The company faces material cash requirements of approximately $33.4 million for 2026 and $20.8 million for 2027-2030, which it expects to meet through ongoing operations. Management notes the company is self-funded and generates sufficient cash to fund global operations. Key risk factors include Bitcoin price volatility, regulatory changes in U.S. and international markets, potential market saturation of Bitcoin ATMs, and ongoing litigation matters. The company continues to focus on geographic expansion, particularly in areas with restricted financial access, and anticipates increased expenses to support growth and public company compliance requirements. No specific revenue or earnings guidance is provided in the filing.