Athena Bitcoin Global

ABIT

Financial - Capital Markets · Financial Services

Price

$0.00

+0.00 (+3.45%)

Market Cap

$12.3M

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Share count rising — dilution

+1.1% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 4.05B (2021) → 4.10B (2025)

Athena Bitcoin Global operates a network of Bitcoin ATMs, which are physical kiosks that let everyday people buy and sell Bitcoin using cash. The company's main customers are individuals who want a simple, in-person way to access cryptocurrency without using an online exchange. Athena focuses on placing its machines in convenience stores, gas stations, and other high-traffic retail locations across the Americas.

The company earns money by charging a fee on each transaction processed through its ATMs, which means revenue depends on how many machines it operates and how much volume those machines handle. Athena has a notable presence in Latin America, particularly El Salvador, where Bitcoin became legal tender in 2021, giving the company an early foothold in an emerging market. The thin gross margin of roughly 9.5% and near-zero operating margin highlight the main risk: this is a low-margin, cash-heavy business that is highly sensitive to swings in Bitcoin trading volume and regulatory changes around cryptocurrency kiosks.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-48.8% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-116.7% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$2M/ year

↑ Rising (+15% vs prior year)

0.7% of revenue

Below sector average (7%)

R&D investment increasing — building for the future

Insider Activity

90.3%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$15M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Athena Bitcoin Global's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

5.9%

Thin — 5.9% gross margin

Operating Margin

-0.8%

Losing money on operations — -0.8%

ROCE

-0.7%

Weak — -0.7% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

-28.0%

Shrinking sales (-28.0% YoY)

EPS YoY

-229.4%

Earnings shrinking (-229.4% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

4.4%

Thin free cash flow (4.4%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

1.88

Elevated debt (1.88)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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