ABITOTCFinance ServicesUS GAAP · USD

Athena Bitcoin Global

Athena Bitcoin Global ylläpitää Bitcoin-automaattiverkostoa ja siihen liittyviä krypto-omaisuuden palveluja, keskittyen vähittäistason käteisestä Bitcoiniin -transaktioihin. Yhtiö tarjoaa myös Athena Plus -OTC-kaupankäyntiä, white-label -automaattipalveluja, Athena Pay -kauppiastilityksen Bitcoin-maksuille sekä muita infrastruktuuriin liittyviä tukipalveluja. Sen ydintoiminta rakentuu kioskeihin sijoittamiselle helposti saavutettaviin vähittäismyyntipisteisiin ja asiakkaiden palvelemiselle, jotka haluavat ostaa tai myydä pieniä määriä Bitcoinia fiat-valuutalla. Athena on laajentunut Yhdysvaltoihin, Puerto Ricoon ja useille Latinalaisen Amerikan markkinoille, ja sen liiketoimintamalli muotoutuu sääntelyn, tapahtumavolyymin ja Bitcoinin hintojen volatiliteetin mukaan.

Liikevaihto235milj. USD
−17,8 %v/v
Liikevoitto (EBIT)1,0milj. USD
−94,7 %v/v
EBIT-marginaali0,4%
−6,3 %-yks.v/v
Nettotulos−6,0milj. USD
−158,7 %v/v
Vapaa kassavirta12,6milj. USD

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2024–2025

0100200300milj. USD2024: 285 milj. USD2024: EBIT 19 milj. USD20242025: 235 milj. USD2025: EBIT 1,0 milj. USD20252351,0
LiikevaihtoLiikevoitto (EBIT)

Liiketoiminta

Osuus liikevaihdosta
Bitcoin ATM transactions65 %

Cash-based kiosks that let customers buy or sell Bitcoin at retail locations.

Athena Plus OTC trading15 %

Personalized trading services for larger or more specialized Bitcoin transactions.

White-label services10 %

Hosted ATM and operational support for third-party or government-branded networks.

Athena Pay5 %

Merchant payment software that creates QR-code Bitcoin payment requests.

Ancillary and affiliate services5 %

Affiliate support, transaction fees, software maintenance, and other non-core revenue.

Tuotteet

Raportoitu · osuus liikevaihdosta
96,5%FY2025100 %
  • Athena AT Ms96,5 %
  • Athena Plus1,8 %
  • White Labeled AT Ms1,2 %
  • Athena Pay Ancillary and Other0,4 %

Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.

Asiakkaat

Athena’s main customers are retail consumers who want to buy Bitcoin in small amounts using cash or other fiat currencies, often through convenient storefront kiosks. The company also serves private clients and trade customers through Athena Plus, which is used for larger or more customized crypto transactions. In addition, it supports independent Bitcoin ATM operators through its affiliates program and provides white-label services to institutional or government-related partners, including operations in El Salvador. Merchant users of Athena Pay represent a smaller but strategic customer group that uses Bitcoin payment functionality for retail checkout. Demand is driven by convenience, access to cash-based crypto on-ramps, and the availability of compliant transaction processing.

Retail Bitcoin ATM users

Individuals buying or selling small amounts of Bitcoin at kiosks because they want cash access, convenience, or limited reliance on traditional banking.

Athena Plus OTC clients

Private and trade clients that use personalized desk services for larger or more tailored Bitcoin transactions.

White-label and institutional partners

Government or partner networks that outsource ATM operations, compliance, and support to Athena.

Independent ATM operators

Affiliates that buy software, compliance, cash management, and marketing support to run their own ATMs more efficiently.

Merchants using Athena Pay

Retailers that use QR-code payment tools to accept Bitcoin from customers at checkout.

Strategia

Athena’s strategy is to expand its Bitcoin ATM fleet while keeping locations in high-traffic, accessible retail sites that maximize transaction activity. The company emphasizes a data-driven site selection process, using proprietary metrics to place ATMs in urban, suburban, and rural locations where demand is likely to be durable. It also aims to broaden its product set through Athena Plus, white-label services, Athena Pay, and the affiliates program so that it is not dependent on one revenue stream. A central strategic theme is compliance and trust: the company highlights AML/BSA controls, KYC procedures, and wallet screening as necessary to operate in a heavily regulated market. International expansion, especially in Latin America, is part of the growth plan but must be balanced against regulatory and political risk.

ATM network expansion and optimizationLyhyt aikaväli

More well-placed kiosks increase transaction access and can improve revenue density if demand is strong.

Product diversification beyond ATMsKeskipitkä aikaväli

Additional services reduce reliance on Bitcoin ATM transaction volume and Bitcoin price cycles.

Compliance and regulatory resilienceLyhyt aikaväli

Crypto kiosks depend on AML/BSA, KYC, and local licensing compliance to remain operational.

International growth in cash-based crypto marketsKeskipitkä aikaväli

Latin American markets can provide demand where cash usage and financial access constraints support kiosk adoption.

Maantiede

Q1/2026

Athena operates primarily in the United States, where it had 2,903 ATMs as of year-end 2025, making the U.S. its core operating base. It also has a meaningful Latin American footprint, with ATMs in El Salvador, Argentina, Colombia, and Mexico, and the company states that it operates in 4 countries in Central and South America. The geographic mix matters because each market has different fiat currencies, regulatory regimes, and customer adoption patterns, which directly affect transaction volume and compliance costs. El Salvador is strategically important because of the company’s white-label and government-related activity, while the Latin American markets provide exposure to cash-based crypto demand outside the U.S. The company continues to expand its network in both the U.S. and globally, but that expansion also increases exposure to local regulatory and political risk.

USA96 %
SV3,3 %
Argentina0,2 %
Colombia0,2 %
Mexico0,2 %

Osuus liikevaihdosta, jonka yhtiö raportoi maantieteellisesti.

Riskit

Athena’s results are highly exposed to Bitcoin price swings and transaction volume volatility, because revenue depends on customers using its kiosks and OTC services. The company also faces meaningful regulatory risk: crypto ATM operators are subject to evolving AML, BSA, KYC, consumer protection, and securities-law scrutiny, and tighter rules could reduce customer activity or raise compliance costs. Operational risks are significant because ATM downtime, software failures, blockchain disruptions, or security breaches involving cash or private keys could directly impair service and damage trust. The company’s debt load and asset security concerns add financial pressure, while international operations in El Salvador and other Latin American markets create exposure to political, legal, and enforcement uncertainty. Competition is intense, with larger and better-capitalized Bitcoin ATM operators and adjacent digital-asset platforms competing for the same retail users.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Dependence on crypto transaction volume and price volatility1Regulatory and compliance tightening2Operational and cybersecurity disruption3Debt burden and liquidity pressure4International political and legal risk5
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Dependence on crypto transaction volume and price volatilityVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Revenue is driven by customer activity at ATMs and OTC desks, which tends to fall when Bitcoin prices or market sentiment weaken.

    Kohdistuu: Core revenue base

  2. Regulatory and compliance tighteningVaikutus: KorkeaTodennäköisyys: Kohtalainen

    The business relies on AML/BSA/KYC processes and could be harmed by stricter federal, state, or foreign rules.

    Kohdistuu: All operating markets

  3. Operational and cybersecurity disruptionVaikutus: KorkeaTodennäköisyys: Kohtalainen

    ATM outages, software failures, blockchain issues, or theft of cash/crypto can directly interrupt transactions and create losses.

    Kohdistuu: ATM fleet and digital infrastructure

  4. Debt burden and liquidity pressureVaikutus: KorkeaTodennäköisyys: Matala

    Secured indebtedness and covenants can constrain capital allocation and increase the risk of financial stress.

    Kohdistuu: Corporate balance sheet

  5. International political and legal riskVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Operations in El Salvador and Latin America are exposed to local policy shifts, enforcement uncertainty, and government-related counterparties.

    Kohdistuu: El Salvador and Latin America

Kirjanpito

Harkinnanvaraiset erät
Revenue recognition across multiple service lines

ATM, OTC, white-label, Athena Pay, and ancillary revenues may be recognized differently, affecting timing and comparability.

Vaikutus: Reported revenue and gross margin

Intangible asset impairment

Management identifies intangible assets as a critical estimate, so valuation assumptions could materially change earnings if impaired.

Vaikutus: Balance sheet carrying values and net income

Volatile ancillary revenue

Ancillary items can include one-time projects and affiliate fees, which may create uneven quarterly results.

Vaikutus: Period-to-period revenue comparability

Julkisesti listattuja yhtiöitä, joilla on samankaltainen liiketoiminta.

Päivitetty: 24.9.2026

Athena Bitcoin Global (OTC) – Finance Services | Analyysi – Clarifo