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Benzinga Bulls And Bears: Apple, Palantir, Walmart, Home Depot — And An Analyst Predicts Dogecoin Will Outperform Bitcoin In 2025 Benzinga
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- Bitcoin Depot reports an 18% annualised growth in its Q2 revenue.
- The Bitcoin ATM operator also updated its full-year guidance today.
- Bitcoin Depot stock is in the green only marginally on Monday.
Bitcoin Depot Inc says its revenue jumped 18% to a record $197.5 million in the second quarter. The stock is still only marginally in the green at writing.
Bitcoin Depot reports a big increase in loss
Shares of the Bitcoin ATM operator are having a hard time this morning primarily because the Georgia-based company lost $6.1 million in its recently concluded quarter, down an alarming 249% versus last year.
Its adjusted EBITDA, though, went up 54% to $19.8 million in Q2. Brandon Mintz – the Chief Executive of Bitcoin Depot said today in the press release:
We’re in position to further strengthen our balance sheet as we execute on our growth strategy … we’re positioned to support mass crypto adoption as the leading Bitcoin ATM network.
Note that the U.S. firm debuted on Nasdaq only last month on July 3rd.
Bitcoin Depot’s guidance for the full year
Bitcoin Depot had $20.5 million worth of total operating expenses in its second quarter – up significantly from $12 million a year ago.
In Q2, the Nasdaq-listed firm partnered with a bunch of notable names including Stinker Stores, Jacksons Food Store, Gas Express, FastLane etc. According to CEO Mintz:
We’ve announced multiple partnerships and expanded our BDCheckout program. We look forward to increasing the number of our Bitcoin access points across North America.
Just days ago, he said the Bitcoin ATM space was ready for consolidation. Bitcoin Depot Inc now forecasts its revenue to grow by 8% to 13% this year on up to 44% increase in adjusted EBITDA.
Valued at about $127.69 million, Bitcoin Depot has more than 6,400 ATM outlets in North America, accounting for 20 percent market share.
After announcing a successful merger with GSR II Meteora Acquisition Corp (NASDAQ: GSRM) on June 30, Bitcoin Depot Inc (NASDAQ: BTM) began trading its shares on July 3. Following the market debut, Bitcoin Depot shares closed the day trading around $3.61, up 11.76 percent from the day’s opening price. The volatility was much wild during the day as Bitcoin value revisited a crucial resistance level around $31k. The combination of the two entities was approved during a special meeting of GSRM stockholders on June 28, 2023.
Exciting News! Bitcoin Depot and GSRM Complete Business Combination
We are thrilled to announce that Bitcoin Depot and GSR II Meteora Acquisition Corp. (NASDAQ: GSRM) have successfully closed their business combination on June 28th!#BitcoinDepot #GSRM #Fintech #cryptonews pic.twitter.com/kB6sEhix8D
— Bitcoin Depot
(@Bitcoin_Depot) July 3, 2023
The new company intends to use its widened resources to increase its market share which currently stands around 20 percent. Moreover, Bitcoin Depot reported about 6,440 ATM kiosk locations in North America as of March 31, 2023. Since its inception back in 2016, Bitcoin Depot has strived to provide liquidity for the top traded digital asset through its checkouts, thus streamlining the payments, spending, and crypto investing space.
“The closing of the transaction and our listing on Nasdaq is an important milestone and an incredibly proud moment for the entire Bitcoin Depot team,” said Brandon Mintz, CEO and Founder of Bitcoin Depot. “Bitcoin Depot is well positioned with the largest market share in North America and the additional capital from this transaction will help support our numerous growth opportunities while advancing our mission to safely, securely, bring Bitcoin to the masses.”
Bitcoin Depot and the Market Outlook
The entrance of Bitcoin Depot to the publicly traded market in the United States further solidifies the cryptocurrency industry and its future growth prospects. However, the recent crypto regulatory scrutiny in the United States was led by the Securities and Exchange Commission (SEC). Already, the SEC has charged several crypto firms including Binance and Coinbase Global Inc. (NASDAQ: COIN) for allegedly listing unregistered securities tokens.
According to Gus Garcia, Co-CEO and Director of GSRM, the combination of the two entities will not only help the growth of individual stakeholders but also the entire cryptocurrency industry.
“We believe Bitcoin Depot is poised to continue its momentum to take advantage of the highly fragmented Bitcoin ATM market both domestically and overseas,” Garcia noted.
Similarly, Lewis Silberman, Co-CEO and Director of GSRM reiterated that Bitcoin Depot is well positioned for profitable days ahead as the industry goes mainstream. Moreover, Bitcoin Depot can now leverage its position as a reputable platform for spending fiat on Bitcoin and vice versa. Meanwhile, Bitcoin Depot customers can rest assured of more convenient ways to invest in the nascent industry through a secure and regulated platform.
David Gokhshtein Fails With Dogecoin (DOGE) at Home Depot U.Today
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The recent plunge caused by the fiscal Q4 2022 financial performance has caused Home Depot to lose almost 2% in its stock price in the last five days.
Multinational home improvement retail corporation Home Depot (NYSE: HD)has released its fiscal Q4 2022 earnings report, revealing that revenue fell short of Wall Street’s estimates. While analysts surveyed by Refinitiv expected revenue to come in at $35.97 billion, the company reported $35.83 billion. Notably, the fiscal Q4 2022 period was the first time Home Depot fell short of revenue expectations in over three years. The last time the company did not meet up with Wall Street’s estimates was in November 2019. Following the release of the quarterly report, the retailer lost a little over 4% in premarket trading.
Home Depot Announces Fiscal Q4 2022 Financial Results
Home Depot recorded $35.8 billion in sales during fiscal Q4 2022, representing a 0.3% addition YoY or a gain of $112 million. In the same period last year, the company realized $35.72 billion in sales. In addition, net earnings were $3.36 billion or $3.30 per diluted share. Meanwhile, it saw $3.35 billion or 3.21 per share in fiscal Q4 2021. This means the retailer’s net income in the recently-concluded quarter jumped 0.3% more than the year-ago period.
Home Depot has managed to survive the windy storm of record inflation levels and a shift in consumer behavior. The decelerating housing market could also potentially impact the company. However, the retailer has consistently exceeded expectations over the past year but fell short in sales estimates. The company’s chair and CEO, Ted Decker, also acknowledged last year’s unpleasant market situation. He commended The Home Depot team’s effort through a “challenging and dynamic environment” in 2022. He continued:
“Our ability to deliver growth on top of the $40 billion of sales growth achieved over the prior two-period, while navigating persistent inflation, ongoing global supply chain disruptions, and a tight labor market, is a testament to investments we have made in the business, as well as our associates’ relentless focus on our customers. I would like to thank our associates and our many parents for their hard work and dedication to our customers.”
The Home Depot said it had experienced more stability in recent months after the high volatility that lasted since 2021. The company expects sales growth and comparable sales growth to be approximately flat in fiscal 2023 compared to fiscal 2022. Also, the company expects the operating margin rate for the current fiscal year to be about 14.5%, representing approximately $1 billion in additional annual compensation for the frontline.
Chief financial officer Richard McPhail explained that Home Depot expects consumer spending to be flat. The CFO said the market experienced a gradual shift in the last two years. McPhail revealed that the retailer saw a shift in goods during the coronavirus pandemic.
The recent plunge caused by the fiscal Q4 2022 financial performance has caused Home Depot to lose almost 2% in its stock price in the last five days.
Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience.
Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.
Coinbase Global Inc. (COIN) reports Q4 2021 earnings after Thursday’s closing bell, with an expected profit of $2.16 per-share on $1.98 billion in revenue. The stock came public at 381 in April 2021 and topped out, ahead of a decline that broke 8-month support at 215 in January. It’s now trading just 30 points above the all-time low at 162.20, ahead of a Biden executive order that lays the groundwork for a government-wide strategy to regulate digital assets. A sell-the-news reaction is likely throughout the crypto universe.
Home Depot Inc. (HD) reports Q4 2021 results on Tuesday, with analysts looking for a profit of $3.18 per-share on $34.85 billion in revenue. If met, earnings-per-share (EPS) will mark a 20% increase compared to the same quarter last year. The stock hit an all-time high at 420.61 in December and sold off, entering a correction that’s now relinquished 16% year-to-date. Price action has been testing 200-day moving average support for the last month, raising the stake ahead of this week’s confessional.
Virgin Galactic Inc. (SPCE) fell apart in October after delaying the first tourist space flight by one year, citing design issues. The decline pierced May support in the mid-teens in December, ahead of continued downside that ended within 70 cents of 2019’s all-time low in January. Ticket sales for the general public went on sale last week, triggering a round of excitement, followed by a deep fade. The stock could take another shot at higher ground after this week’s Q4 2021 release.
Cardano (ADA) has dropped 68% since posting an all-time high at $3.10 in September, undercutting par ($1.00) for the first time in 9 months. This is a critical price level, generating multiple 2021 recovery waves. It tagged support for the first time since July in January, yielding an uptick that booked little upside before sellers in force returned two weeks ago. The crypto hit an all-time low at $0.9146 over the holiday, raising odds that support has now become resistance.
iShares MSCI Emerging Markets Index Fund (EEM) has struggled since February 2021, dropping more than 15%. The selloff has tracked a declining channel, with resistance aligned at the 200-day moving average. The monthly Stochastic oscillator has just crossed into the first buy cycle since 2018, at the same time that Omicron is rapidly receding from the population. This harmonic convergence could signal a strong rally, potentially lifting the fund to an all-time high.
Catch up on the latest price action with our new ETF performance breakdown.
Disclosure: the author held Virgin Galactic in a family account at the time of publication.