• Q2 revenue was up 13% YoY, beating our estimate by 6%, driven by the company’s online platform and ATM business.
    • At the end of Q2, this company operated 287 crypto ATMs across Canada, up from 266 at the end of Q1. The company’s online platform (launched in Q4-2022) had 6,000 users at the end of Q2, up from 3,800 at the end of Q1. Management aims to launch services in the U.S. this year.
    • EBITDA improved YoY (-$1.34M to -$0.33M), but was 62% lower than our forecast, due to higher than expected G&A expenses.
    • This company’s forward EV/R is 24% lower than comparables. Upcoming catalysts include ramping up of online operations, and improving outlook for non-custodial platforms.
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