Bitcoin Depot Inc. (NASDAQ: BTM) filed a notification of late filing with the Securities and Exchange Commission on May 12, 2026, stating it cannot submit its quarterly report for the period ended March 31, 2026, within the required timeframe.

The company cited ongoing issues with reconciling cash in transit processes, a material weakness previously disclosed in its annual report. Bitcoin Depot said it requires additional time to complete analysis with third-party experts before finalizing the reported balance as of March 31, 2026.

Management concluded that substantial doubt exists about the company's ability to continue as a going concern due to regulatory challenges and financial performance. State and municipal regulations restricting Bitcoin ATMs, fee caps, and transaction size limits contributed to revenue declines exceeding annual guidance.

The company reported preliminary first-quarter results showing revenue decreased $80.7 million, or 49.2%, compared to the same period in 2025. Net loss reached $9.5 million for the quarter, contrasting with net income of $12.2 million in the prior year period. Gross profit declined 85.5% to $4.5 million from $31.2 million year-over-year.

Operating expenses increased $4.9 million, or 32.3%, primarily due to litigation costs. The company accrued over $20 million in legal judgments during the fourth quarter of 2025 and continues managing ongoing litigation matters.

Cash and cash equivalents decreased to $44.0 million as of March 31, 2026, from $65.6 million at December 31, 2025.

Bitcoin Depot said it is evaluating options with financial and legal advisors to address business challenges, including potential debt restructuring, asset sales, or strategic transactions. The company noted these measures may not be successful.

The preliminary financial results are unaudited and subject to change during completion of the reporting process, according to the filing.