Bitcoin Depot names David Gray as new CFO

Bitcoin Depot Inc. (NASDAQ:BTM), a finance 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 today. This follows the transition plan previously announced by the company. According to InvestingPro data, the company currently trades at a low revenue multiple, suggesting potential value opportunity despite recent challenges.

Gray, 56, brings extensive financial expertise to Bitcoin Depot, having most recently served as CFO of Aviat Networks (NASDAQ:AVNW) until May 2024. His prior experience includes various corporate finance and treasury roles at Superior Essex, where he held the position of CFO and Treasurer since 2017. A Penn State University graduate with a BS in Accounting, Gray is also a Certified Public Accountant (CPA) and Certified Management Accountant (CMA).

The appointment comes as the acting CFO, Scott Buchanan, steps down from his interim role today but will continue as the company’s Principal Financial (NASDAQ:PFG) Officer until March 31, 2025, after which Gray will assume full CFO responsibilities.

Bitcoin Depot’s agreement with Gray includes an annual base salary of $300,000, with a target annual bonus of $100,000, half of which is contingent on the company’s performance and the remainder at the discretion of the company. Additionally, Gray is set to receive restricted stock units valued at approximately $200,000, aligning with the company’s standard equity award practices for senior executives. With the company’s market capitalization at $82 million and current share price of $1.48, InvestingPro’s analysis indicates the stock is currently undervalued based on its Fair Value model. Gray will also be entitled to paid time off, business expense reimbursement, and participation in health, dental, and vision benefits akin to those provided to similarly situated executives at Bitcoin Depot.

The company’s announcement confirms there are no familial or disclosable financial transactions between Gray and other company executives or directors. This leadership change comes amid Bitcoin Depot’s ongoing efforts to strengthen its executive team and follows its transition from GSR II Meteora Acquisition Corp. and GLA II Meteora Acquisition Corp. in previous years. Investors should note that Bitcoin Depot will report its next earnings on March 26, 2025. For comprehensive analysis and additional insights, access the detailed Pro Research Report available on InvestingPro, which covers over 1,400 US stocks including BTM.

This news is based on a press release statement filed with the SEC.

In other recent news, Bitcoin Depot has reported a decline in revenue for the fourth quarter of 2024, with earnings decreasing to $136.8 million from $148.4 million in the same quarter the previous year. Despite this drop, the company achieved a significant 18% increase in adjusted gross profit, reaching $25.4 million, and a 34% rise in adjusted EBITDA to $12 million. Additionally, Bitcoin Depot has appointed David Gray as its new Chief Financial Officer to guide the company’s financial strategy and corporate development. Gray brings over two decades of financial leadership experience, including roles at Aviat Networks and other major corporations. The company also announced plans to pay down $9 million of its term loan in 2025 and is focusing on international expansion, particularly in Australia. Analyst firms like Northland Securities have engaged with Bitcoin Depot, discussing the company’s growth strategy and regulatory environment. These developments come as Bitcoin Depot continues to navigate the evolving cryptocurrency landscape and aims to strengthen its market position.

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