Athena Bitcoin Global (OTC: ABIT) is a cryptocurrency services company that operates a network of Bitcoin ATM kiosks enabling retail customers to buy and sell Bitcoin for cash. Revenue is generated transactionally: customers pay a fee embedded in the exchange rate at each kiosk, and the company earns the spread between the Bitcoin purchase price and the rate charged to the customer. The kiosk network is concentrated in the United States, with international operations in El Salvador and expansion efforts across Latin America. For the year ended December 31, 2025, the company reported revenues of $234.6 million, down 18% from $285.4 million in the year ended December 31, 2024. Gross profit fell 35% year over year to $24.8 million in FY2025 from $38.0 million in FY2024. The company carries significant debt secured by most assets, has equipment notes payable and convertible related-party debt on its balance sheet, and reported a net loss of $6.0 million in FY2025 versus net income of $10.3 million in FY2024.

Revenue model

Transactional. Athena earns revenue on each Bitcoin ATM transaction through a fee-inclusive exchange rate charged to kiosk users. Cost of revenues, which represents the cost of Bitcoin sold, was $209.8 million in FY2025 and $247.4 million in FY2024, indicating the business is primarily a spread-based model on Bitcoin volume.

Products and services

Bitcoin ATM kiosks (one-way and two-way). One-way kiosks allow customers to purchase Bitcoin with cash. Two-way kiosks also allow Bitcoin holders to sell Bitcoin and receive up to $2,000 in cash per transaction, functioning similarly to currency exchange booths. The company also references virtual vault services, which generated $1.6 million in fees in FY2025 and $2.1 million in FY2024.

Customers and end markets

Retail consumers seeking to buy or sell Bitcoin using cash, including underbanked populations and users in markets with limited access to traditional banking. The company identifies the 'global south,' particularly Latin America, as a target end market given high physical currency usage, low median age, and limited legacy banking access. No customer concentration data is disclosed in the filing excerpts.

Value-chain role

Operator and intermediary. Athena owns and operates the kiosk hardware, manages Bitcoin inventory, contracts with armored vehicle companies for cash logistics, and handles the software and connectivity required to execute transactions. Cash collected from kiosks is processed through third-party armored carriers with a 3-to-7 day float before funds are available in bank accounts.

Geographic exposure

Primarily United States, with operations also in El Salvador. The company is actively pursuing expansion in Latin America through additional kiosk deployments and partner discussions, per the FY2025 10-K.

Source: SEC 10-K, filed 2026-03-06

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