Bitcoin Depot Inc. (NASDAQ:BTM), a financial services company specializing in crypto assets with annual revenue of $573.7 million, has appointed David M. Gray as its new Chief Financial Officer, effective immediately. This follows the transition plan previously announced by the company. According to Pro Research data, the company currently trades at a low revenue multiple, indicating a potential value opportunity despite recent challenges.
Gray, 56, brings extensive financial expertise to Bitcoin Depot. He most recently served as CFO of Aviat Networks (NASDAQ:AVNW) until May 2024. His previous experience includes various corporate finance and treasury positions at Superior Essex, where he served as CFO and Treasurer since 2017. A Penn State University graduate with a BS in Accounting, he is also a Certified Public Accountant (CPA) and Certified Management Accountant (CMA).
The appointment comes as current CFO Scott Buchanan is stepping down from his interim role today, but will continue to serve as the company’s Principal Financial Officer until March 31, 2025. After that, Gray will assume full CFO responsibilities.
The agreement between Bitcoin Depot and Gray includes an annual base salary of $300,000 with a target bonus of $100,000, half of which is dependent on company performance and the remainder is at the company’s discretion. Additionally, Gray will receive restricted stock units valued at approximately $200,000, which is consistent with the company’s standard executive stock awards. With a market capitalization of $82 million and a current share price of $1.48, Pro Research’s analysis indicates that the stock is currently undervalued based on the fair value model. Gray is also entitled to paid vacation time, reimbursement of business expenses, and participation in health, dental, and vision benefits similar to those provided to other executives at Bitcoin Depot.
The company’s announcement confirms that there are no familial or disclosable financial transactions between Gray and any other officers or directors of the company. This leadership transition comes amid Bitcoin Depot’s ongoing efforts to strengthen its leadership team and follows the transitions of GSR II Meteora Acquisition Corp. and GLA II Meteora Acquisition Corp. in previous years. Investors should note that Bitcoin Depot will next announce its results on March 26, 2025. For comprehensive analysis and additional insights, the detailed Pro Research report, which covers over 1,400 U.S. stocks, including BTM, is available.
This news is based on a press release filed with the SEC.
In other recent news, Bitcoin Depot reported a revenue decline for the fourth quarter of 2024, with revenue falling to $136.8 million from $148.4 million in the prior-year quarter. Despite this decline, the company achieved a significant 18% increase in adjusted gross profit to $25.4 million and a 34% increase in adjusted EBITDA to $12 million. Additionally, Bitcoin Depot has appointed David Gray as its new Chief Financial Officer to lead financial strategy and corporate development.
Gray brings more than two decades of financial leadership experience, including positions at Aviat Networks and other major companies. The company also announced plans to repay $9 million of its term loan in 2025 and is focusing on international expansion, particularly in Australia. Research firms such as Northland Securities have engaged with Bitcoin Depot and discussed the company’s growth strategy and regulatory environment. These developments come as Bitcoin Depot continues to navigate the evolving cryptocurrency landscape and seeks to strengthen its market position.
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