EX-2.6 2 d804355dex26.htm EX-2.6 EX-2.6

Exhibit 2.6

The supplemental consolidating data includes separate legal entity data for the Company’s entities, Bitcoin Depot Operating, LLC (“BT OpCo”), BT HoldCo, LLC (“BT HoldCo”), and Bitcoin Depot Inc. (PubCo”). This information is presented to highlight the separate financial statement impacts of the entities.

Management determined that EPS was not presented for periods prior to the Merger as it was not considered to be meaningful. Supplemental consolidating data is as follows (in thousands):

 

     December 31, 2023  
     (unaudited)  
     BT OpCo     BT
HoldCo
     PubCo      Eliminations     Consolidated  

Assets

            

Current:

            

Cash and cash equivalents

   $ 29,011     $ 5      $ 743      $ —      $ 29,759  

Cryptocurrencies

     712       —         —         —        712  

Accounts receivable

     245       —         —         —        245  

Prepaid expenses and other current assets

     6,298       11        245        —        6,554  
  

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Total current assets

     36,266       16        988        —        37,270  

Property and equipment:

            

Furniture and fixtures

     635       —         —         —        635  

Leasehold improvements

     172       —         —         —        172  

Kiosk machines - owned

     24,222       —         —         —        24,222  

Kiosk machines - leased

     20,524       —         —         —        20,524  

Vehicles

     —        —         —         —        —   
  

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Total property and equipment

     45,553       —         —         —        45,553  

Less: accumulated depreciation

     (20,699     —         —         —        (20,699
  

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Total property and equipment, net

     24,854       —         —         —        24,854  

Intangible assets, net

     3,836       —         —         —        3,836  

Goodwill

     8,717       —         —         —        8,717  

Operating lease right-of-use assets, net

     484       —         —         —        484  

Security deposits

     412       —         —         —        412  

Deferred tax asset

     41       —         1,763        —        1,804  

Due from related parties

     7,774       —         —         (7,774     —   

Investment in Subsidiary

     —        20,952        —         (20,952     —   
  

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Total Assets

   $ 82,384     $ 20,968      $ 2,751      $ (28,726   $ 77,377  
  

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 


     December 31, 2023  
     (unaudited)  
     BT OpCo     BT
HoldCo
     PubCo     Eliminations     Consolidated  

Liabilities and Stockholders’ Equity and Member’s Equity

           

Current:

           

Accounts payable

   $ 8,337     $ —       $ —      $ —      $ 8,337  

Accrued expenses

     17,875       —         3,670       —        21,545  

Notes payable

     3,985       —         —        —        3,985  

Income taxes payable

     944       —         1,540       —        2,484  

Deferred revenue

     297       —         —        —        297  

Operating lease liabilities, current portion

     279       —         —        —        279  

Current installments of obligations under finance leases

     6,801       —         —        —        6,801  

Derivative liabilities

     —        —         —        —        —   

Other tax payable

     —        —         2,297       —        2,297  
  

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

Total current liabilities

     38,518       —         7,507       —        46,025  

Long-term liabilities:

           

Note payable, non-current

     17,101       —         —        —        17,101  

Operating lease liabilities, non-current

     319       —         —        —        319  

Obligations under finance leases, non-current

     2,848       —         —        —        2,848  

Deferred income tax, net

     846       —         —        —        846  

Due to related parties

     —        —         7,774       (7,774     —   

Tax receivable agreement liability

     —        —         865       —        865  
  

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

Total Liabilities

     59,632       —         16,146       (7,774     68,004  
  

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

Commitments and Contingencies (Note 22)

           

Stockholders’ Equity and Member’s Equity

           

Series A Preferred Stock, $0.0001 par value; 50,000,000 authorized, 3,125,000
shares issued and outstanding, at December 31, 2023

     —        484        —        (484     —   

Class A common stock, $0.0001 par value; 800,000,000 authorized, 13,671,691
shares issued, and 13,551,047 shares outstanding at December 31, 2023

     —        6,881        1       (6,881     1  

Class B common stock, $0.0001 par value; 20,000,000 authorized,
no shares issued and outstanding at December 31, 2023

     —        —         —        —        —   

Class E common stock, $0.0001 par value; 2,250,000 authorized, 1,075,761
shares issued and outstanding at December 31, 2023

     —        —         —        —        —   

Class M common stock, $0.0001 par value; 300,000,000 authorized,
no shares issued and outstanding at December 31, 2023

     —        —         —        —        —   

Class O common stock, $0.0001 par value; 800,000,000 authorized,
no shares issued and outstanding at December 31, 2023

     —        —         —        —        —   

Class V common stock, $0.0001 par value; 300,000,000 authorized, 44,100,000
shares issued and outstanding at December 31, 2023

     —        —         4       —        4  

Treasury stock

     —        —         (279     —        (279

Stock subscriptions receivable

     —        —         —        —        —   

Additional paid-in capital

     —        4,115        17,326       (4,115     17,326  

Retained earnings (accumulated deficit)

     —        6,685        (30,245     (9,103     (32,663

Equity attributed to Legacy Bitcoin Depot

     20,234       95        —        (20,329     —   

Accumulated other comprehensive loss

     (190     —         (202     189       (203
  

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

Total Stockholders’ Equity and Equity Attributable to Legacy Bitcoin Depot

     20,044       18,260        (13,395     (40,723     (15,814
  

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

Equity attributable to non-controlling interests

     2,708       2,708        —        19,771       25,187  
  

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

Total Stockholders’ Equity and Member’s Equity

     22,752       20,968        (13,395     (20,952     9,373  
  

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

Total Liabilities and Stockholders’ Equity and Member’s Equity

   $ 82,384     $ 20,968      $ 2,751     $ (28,726   $ 77,377  
  

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 


     Year Ended December 31, 2023  
     (unaudited)  
     BT OpCo     BT
HoldCo
    PubCo     Eliminations     Consolidated  

Revenue

   $ 688,967     $ 13,147     $ —      $ (13,147   $ 688,967  

Cost of revenue (excluding depreciation and amortization)

     587,938       —        —        —        587,938  

Operating expenses:

     —        —        —        —        —   

Selling, general, and administrative

     50,112       —        7,658       —        57,770  

Depreciation and amortization

     12,788       —        —        —        12,788  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

     62,900       —        7,658       —        70,558  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income from operations

     38,129       13,147       (7,658     (13,147     30,471  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Other (expense) income:

          

Interest expense

     11,926       —        —        —        11,926  

Other (expense) income

     1,841       —        14,896       —        16,737  

(Loss) on foreign currency transactions

     289       —        —        —        289  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total other (expense) income

     14,056       —        14,896       —        28,952  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) before provision for income taxes and non-
controlling interest

     24,073       13,147       (22,554     (13,147     1,519  

Income tax (expense) benefit

     (139     —        188       —        49  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net (loss) income

     24,212       13,147       (22,742     (13,147     1,470  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income attributable to Legacy Bitcoin Depot unit holders

     12,906       —        —        —        12,906  

Net income (loss) attributable to non-controlling interest
in subsidiary

     (226     —        —        14,892       14,666  

Net (loss) income attributable to Bitcoin Depot Inc.

     11,531       13,147       (22,741     (28,039     (26,102

Other comprehensive income (loss), net of tax

          

Net (loss) income

     24,211       13,147       (22,741     (13,147     1,470  

Foreign currency translation adjustments

     (4     —        —        —        (4
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total comprehensive (loss) income

     24,207       13,147       (22,741     (13,147     1,466  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Comprehensive income attributable to Legacy Bitcoin Depot
unit holders

     12,885       —        —        —        12,885  

Comprehensive income (loss) attributable to non-controlling
interest in subsidiary

     (247     (247     —        15,177       14,683  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Comprehensive (loss) income attributable to Bitcoin Depot Inc.

   $ 11,569     $ 13,394     $ (22,741   $ (28,324   $ (26,102