Supplemental Consolidating Information

EX-2.6 2 btm-ex2_6.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	)