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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Schedule of Income before Provision for Income Taxes | Income before provision for income taxes consisted of the following (in thousands):
|  | Year ended December 31, |
|  | 2025 |  |  | 2024 |
United States |  | $ | 26,633 |  |  | $ | 11,324 |
Non-U.S. |  |  | (19,636 | ) |  |  | (1,372 | )
Income before provision for income taxes and non-controlling interest |  | $ | 6,997 |  |  | $ | 9,952 |
Schedule of Components of Provision for Income Taxes | Significant components of the provision for income taxes for the years ended December 31, 2025 and 2024 are as follows:
|  | Year Ended December 31, |
|  | 2025 |  |  | 2024 |
Current: |  |  |  |  |  |  |  |
Federal |  | $ | 7,046 |  |  | $ | 2,261 |
State |  |  | 2,001 |  |  |  | 1,443 |
Foreign |  |  | (131 | ) |  |  | 18 |
Total current provision for income taxes |  |  | 8,916 |  |  |  | 3,722 |
Deferred: |  |  |  |  |  |  |  |
Federal |  |  | (5,321 | ) |  |  | (944 | )
State |  |  | (636 | ) |  |  | (326 | )
Foreign |  |  | (671 | ) |  |  | (314 | )
Total deferred provision for income taxes |  |  | (6,628 | ) |  |  | (1,584 | )
Total provision for income taxes |  | $ | 2,288 |  |  | $ | 2,138 |
Schedule of Reconciliation of Income Tax Expense at Statutory U.S. Federal Income Tax Rates | A reconciliation of the provision for income taxes to the amount computed by applying the 21% statutory U.S. federal income tax rate to income before income taxes after the adoption of ASU 2023-09 is as follows:
|  | Year Ended December 31, 2025 |
Tax at U.S. statutory rate |  | $ | 1,469 |  |  |  | 21.00 | %
State taxes, net of federal benefit* |  |  | 864 |  |  |  | 12.35 | %
Foreign tax effects |  |  |  |  |  |  |  |
Canada |  |  |  |  |  |  |  |
Statutory tax rate difference between Canada and United States |  |  | (1,100 | ) |  |  | (15.72 | )%
Change in valuation allowance |  |  | 4,357 |  |  |  | 62.27 | %
Nontaxable or nondeductible Items |  |  | 106 |  |  |  | 1.51 | %
Other |  |  | 18 |  |  |  | 0.25 | %
Australia |  |  |  |  |  |  |  |
Other |  |  | (58 | ) |  |  | (0.83 | )%
Tax credits |  |  |  |  |  |  |  |
Research & development credits |  |  | (213 | ) |  |  | (3.04 | )%
Change in valuation allowances |  |  | (7,871 | ) |  |  | (112.50 | )%
Nontaxable or nondeductible items |  |  |  |  |  |  |  |
Disallowed meals & entertainment |  |  | 116 |  |  |  | 1.66 | %
Lobbying expenses |  |  | 254 |  |  |  | 3.64 | %
Non-controlling interest |  |  | (4,175 | ) |  |  | (59.67 | )%
Posting of deferred balances from merger |  |  | 8,306 |  |  |  | 118.72 | %
Stock compensation |  |  | (88 | ) |  |  | (1.26 | )%
Other |  |  | 112 |  |  |  | 1.61 | %
Changes in unrecognized tax benefits |  |  | 191 |  |  |  | 2.73 | %
Total |  | $ | 2,288 |  |  |  | 32.72 | %
* | During the year ended December 31, 2025, state taxes in Florida, Pennsylvania, Illinois, New Jersey, California, Arizona, and Texas made up the majority of the tax effect in this category.
In 2025, the effective tax rate differs from the statutory U.S. federal rate of 21.0% primarily due to income or loss not being taxed due to the income and loss flowing through to its partners (non-controlling interest), and differences related to foreign operations, posting of valuation allowance in Canada, state taxes, valuation allowance release and posting of deferred balances from the merger BT HoldCo into Bitcoin Depot Inc., and nondeductible items. A reconciliation of the income tax expense at the statutory U.S. federal income tax rates as reflected in financial statements before the adoption of ASU 2023-09 for the year ended December 31, 2024 is as follows:
|  | Year Ended December 31, 2024 |
U.S. federal income tax at statutory rate |  |  | 21.00 | %
State taxes, net of federal benefit |  |  | 0.08 | %
Permanent differences |  |  | 0.84 | %
R&D credits |  |  | (0.60 | )%
Change in valuation allowance |  |  | 45.59 | %
Foreign rate differential |  |  | (0.88 | )%
Return to provision |  |  | 2.94 | %
Stock compensation |  |  | 2.41 | %
Non-controlling interest |  |  | (37.44 | )%
Posting of valuation allowance on partnership step-up |  |  | (9.99 | )%
Other |  |  | (2.48 | )%
Effective tax rate |  |  | 21.47 | %
Schedule Of Components Of Company's Deferred Tax Assets (Liabilities) |
|  | Year Ended December 31, |
|  | 2025 |  |  | 2024 |
Deferred tax assets: |  |  |  |  |  |  |  |
Foreign net operating loss carryforwards |  | $ | 4,846 |  |  | $ | 232 |
Accrued expenses |  |  | 1,075 |  |  |  | — |
Lease liability |  |  | 706 |  |  |  | — |
Stock compensation |  |  | 1,055 |  |  |  | — |
Investment in partnership |  |  | — |  |  |  | 9,410 |
Property and equipment |  |  | — |  |  |  | 103 |
Start up costs |  |  | 636 |  |  |  | 711 |
Deferred issuance costs |  |  | 46 |  |  |  | 54 |
Cryptocurrency safeguarding liability |  |  | — |  |  |  | — |
Profit-sharing agreement liabilities |  |  | 9,410 |  |  |  | 3,404 |
Amortization |  |  | 3,137 |  |  |  | 361 |
Other |  |  | 6 |  |  |  | 1 |
Deferred tax assets before valuation allowance |  |  | 20,917 |  |  |  | 14,276 |
Less: Valuation allowance |  |  | (4,561 | ) |  |  | (9,707 | )
Deferred tax assets net of valuation allowance |  | $ | 16,356 |  |  | $ | 4,569 |
|  | Year Ended December 31, |
|  | 2025 |  |  | 2024 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Fixed Assets |  | $ | (4,856 | ) |  | $ | — |
Right of Use Asset |  |  | (707 | ) |  |  | — |
Intangibles |  |  | (213 | ) |  |  | (615 | )
Deferred tax liabilities |  |  | (5,776 | ) |  |  | (615 | )
Total net deferred tax asset |  | $ | 10,580 |  |  | $ | 3,954 |
Summary of Company's Unrecognized Tax Benefits | The reconciliation below summarizes the Company’s unrecognized tax benefits for the respective periods. These amounts primarily relate to state taxes in Texas.
|  | Year Ended December 31, |
|  | 2025 |  |  | 2024 |
Unrecognized tax benefits beginning of year |  | $ | 988 |  |  | $ | 845 |
Increases for prior period positions |  |  | 296 |  |  |  | 470 |
Decrease due to settlements and payments |  |  | — |  |  |  | (327 | )
Unrecognized tax benefits end of the year |  | $ | 1,284 |  |  | $ | 988 |
Summary of Income Taxes Paid (Net of Refunds) | The following table presents cash paid for taxes (net of refunds) by jurisdiction for the year ended December 31, 2025 (in thousands):
|  | Year Ended December 31, |
|  | 2025 |  |  | 2024 |
U.S. Federal |  | $ | 7,275 |  |  |  |  |
State: |  |  |  |  |  |  |  |
Other |  |  | 2,027 |  |  |  |  |
Foreign: |  |  |  |  |  |  |  |
Other |  |  | 349 |  |  |  |  |
Total cash paid for income taxes (net of refunds) |  | $ | 9,651 |  |  |  |  |
Total cash paid for income taxes (prior to ASU 2023-09) |  |  |  |  |  | $ | 4,243 |

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