Athena Bitcoin Global's Q3 Revenue Plunges 13%, Net Income Down 87%

Ticker: ABIT · Form: 10-Q · Filed: Nov 13, 2025 · CIK: 1095146

Athena Bitcoin Global 10-Q Filing Summary
FieldDetail
CompanyAthena Bitcoin Global (ABIT)
Form Type10-Q
Filed DateNov 13, 2025
Risk Levelhigh
Pages15
Reading Time18 min
Key Dollar Amounts$0.0001, $1.00
Sentimentbearish

Sentiment: bearish

Topics: Cryptocurrency, Bitcoin ATMs, Financial Performance, Revenue Decline, Net Income Drop, Debt Extinguishment, Operating Expenses

Related Tickers: ABIT

TL;DR

**ABIT is bleeding cash and profits, with a massive debt extinguishment loss; steer clear until they prove they can stabilize.**

AI Summary

Athena Bitcoin Global reported a significant decline in financial performance for the nine months ended September 30, 2025, with revenues decreasing by 13.0% to $192.852 million from $221.737 million in the prior year. Net income plummeted by 87.3% to $1.555 million from $12.207 million, primarily due to a $4.602 million loss on extinguishment of debt and increased operating expenses. Gross profit also fell by 26.9% to $23.122 million. The company experienced a substantial increase in general and administrative expenses, rising to $9.698 million from $7.356 million, and technology and development expenses increased to $1.281 million from $904,000. Cash and cash equivalents, net, decreased to $14.558 million from $17.506 million at December 31, 2024. A key business change includes the Athena Bitcoin Affiliates Program, offering turnkey solutions to independent Bitcoin ATM operators. Risks include the volatile nature of crypto assets and the significant loss on debt extinguishment. The strategic outlook appears challenged by declining revenues and profitability.

Why It Matters

Athena Bitcoin Global's substantial decline in revenue and net income signals significant headwinds for investors, reflecting a challenging crypto market and operational inefficiencies. The 87.3% drop in net income to $1.555 million, coupled with a $4.602 million loss on debt extinguishment, indicates potential financial instability and raises questions about the company's ability to manage its liabilities effectively. For employees, this could mean reduced growth opportunities or job insecurity, while customers might see a slowdown in service expansion or innovation. In a competitive landscape with established financial institutions and other crypto platforms, ABIT's weakening financial position could make it harder to compete for market share and attract new users, potentially impacting its long-term viability.

Risk Assessment

Risk Level: high — The risk level is high due to a significant 87.3% decrease in net income to $1.555 million for the nine months ended September 30, 2025, compared to $12.207 million in the prior year. This is exacerbated by a $4.602 million loss on extinguishment of debt, indicating potential financial distress and an inability to manage liabilities effectively. Furthermore, cash and cash equivalents, net, declined by $2.948 million from December 31, 2024, to September 30, 2025, signaling weakening liquidity.

Analyst Insight

Investors should exercise extreme caution and consider divesting from Athena Bitcoin Global (ABIT) given the sharp decline in profitability and significant debt extinguishment loss. Monitor future filings closely for any signs of revenue stabilization or improved cost management, but for now, the financial health appears precarious.

Financial Highlights

debt To Equity
2.37
revenue
$192.852M
operating Margin
4.99%
total Assets
$77.228M
total Debt
$5.710M
net Income
$1.555M
eps
$0.00040
gross Margin
11.99%
cash Position
$14.558M
revenue Growth
-13.0%

Revenue Breakdown

SegmentRevenueGrowth
Total Revenues$192.852M-13.0%

Key Numbers

  • $192.852M — Revenues (Decreased by 13.0% for the nine months ended September 30, 2025, from $221.737 million in 2024.)
  • $1.555M — Net Income (Plummeted by 87.3% for the nine months ended September 30, 2025, from $12.207 million in 2024.)
  • $4.602M — Loss on extinguishment of debt (Significant non-cash loss incurred for the nine months ended September 30, 2025.)
  • $14.558M — Cash and cash equivalents, net (Decreased from $17.506 million at December 31, 2024, indicating reduced liquidity.)
  • $23.122M — Gross profit (Decreased by 26.9% for the nine months ended September 30, 2025, from $31.629 million in 2024.)
  • $9.698M — General and administrative expenses (Increased from $7.356 million for the nine months ended September 30, 2024.)
  • 4,095,009,545 — Shares of common stock outstanding (As of November 13, 2025.)
  • $77.228M — Total assets (Slightly decreased from $78.033 million at December 31, 2024.)
  • $54.336M — Total liabilities (Decreased from $56.660 million at December 31, 2024, despite debt extinguishment loss.)
  • $2,846 — Restricted cash held for customers (Increased significantly from $122 at December 31, 2024, indicating higher customer deposits.)

Key Players & Entities

  • Athena Bitcoin Global (company) — registrant in 10-Q filing
  • Satoshi Nakamoto (person) — author of Bitcoin white paper
  • CHIVO, Sociedad Anonima de Capital Variable (company) — official Bitcoin service provider of the Government of El Salvador
  • Government of El Salvador (regulator) — politically controls Chivo
  • Bloomberg (company) — publisher of this analysis
  • SEC (regulator) — regulates 10-Q filings
  • Nevada (regulator) — state of incorporation
  • Miami (regulator) — location of principal executive offices
  • U.S. Dollar (dollar_amount) — fiat currency
  • Bitcoin (company) — primary crypto asset

FAQ

What were Athena Bitcoin Global's revenues for the nine months ended September 30, 2025?

Athena Bitcoin Global's revenues for the nine months ended September 30, 2025, were $192.852 million, a decrease from $221.737 million in the same period of 2024.

How did Athena Bitcoin Global's net income change for the nine months ended September 30, 2025?

Athena Bitcoin Global's net income for the nine months ended September 30, 2025, was $1.555 million, a significant decrease from $12.207 million in the prior year, representing an 87.3% decline.

What was the impact of the loss on extinguishment of debt on Athena Bitcoin Global's financials?

Athena Bitcoin Global recorded a $4.602 million loss on extinguishment of debt for the nine months ended September 30, 2025, which significantly contributed to the decline in net income.

What is the Athena Bitcoin Affiliates Program?

The Athena Bitcoin Affiliates Program provides independent Bitcoin ATM operators with a turnkey solution, offering software, compliance support, cash management, and marketing services to streamline operations and maximize profitability.

How much cash and cash equivalents did Athena Bitcoin Global have as of September 30, 2025?

As of September 30, 2025, Athena Bitcoin Global had $14.558 million in cash and cash equivalents, net, which is a decrease from $17.506 million at December 31, 2024.

What are the key risks highlighted in Athena Bitcoin Global's 10-Q?

Key risks include the volatile nature of crypto assets, the significant loss on extinguishment of debt, and the overall decline in financial performance, which could impact the company's ability to manage growth and compete effectively.

How did operating expenses change for Athena Bitcoin Global in the nine months ended September 30, 2025?

Total operating expenses for Athena Bitcoin Global increased to $13.475 million for the nine months ended September 30, 2025, from $10.451 million in the same period of 2024, driven by higher general and administrative, and technology and development costs.

What is Bitcoin (BTC) according to Athena Bitcoin Global's glossary?

Bitcoin (BTC) is described as the first system of global, decentralized, scarce, digital money. It is not considered a currency or money in most jurisdictions where the company operates, with the exception of El Salvador where it is legal tender.

What is the current number of outstanding common shares for Athena Bitcoin Global?

As of November 13, 2025, Athena Bitcoin Global had 4,095,009,545 shares of common stock, par value $0.0001 per share, issued and outstanding.

What is the significance of Chivo for Athena Bitcoin Global's operations?

Chivo, a private company controlled by the Government of El Salvador, is the official Bitcoin service provider for El Salvador, where Bitcoin is legal tender. Athena Bitcoin Global's operations in El Salvador likely interact with the Chivo platform, which facilitates Bitcoin and U.S. Dollar exchanges.

Risk Factors

  • Declining Profitability and Revenue [high — financial]: The company experienced a significant 26.9% decrease in gross profit to $23.122 million and an 87.3% drop in net income to $1.555 million for the nine months ended September 30, 2025. This decline is exacerbated by a substantial $4.602 million loss on extinguishment of debt, impacting overall financial health.
  • Volatility of Crypto Assets [high — market]: As a provider of crypto asset transaction platforms, the company is inherently exposed to the volatile nature of cryptocurrencies. Fluctuations in crypto asset prices can directly impact the value of assets held and the profitability of transactions.
  • Increased Operating Expenses [medium — operational]: General and administrative expenses rose by 31.8% to $9.698 million, and technology and development expenses increased by 41.7% to $1.281 million for the nine months ended September 30, 2025. These increases, coupled with declining revenues, put pressure on margins.
  • Reduced Liquidity [medium — financial]: Cash and cash equivalents, net, decreased by 16.8% to $14.558 million as of September 30, 2025, from $17.506 million at December 31, 2024. This reduction in liquid assets could limit the company's ability to meet short-term obligations or invest in growth opportunities.
  • Evolving Regulatory Landscape [medium — regulatory]: The crypto asset industry is subject to evolving regulatory frameworks globally. Changes in regulations related to cryptocurrency transactions, ATMs, or digital assets could impact the company's operations, compliance costs, and market access.

Industry Context

Athena Bitcoin Global operates in the rapidly evolving cryptocurrency ATM and transaction platform sector. The industry is characterized by increasing adoption of digital assets, but also faces challenges from regulatory scrutiny and intense competition from both established players and new entrants. The trend towards integrated digital finance solutions and the growing demand for accessible crypto services continue to shape the market landscape.

Regulatory Implications

The company operates within a dynamic regulatory environment for crypto assets. Potential changes in regulations concerning cryptocurrency ATMs, anti-money laundering (AML) requirements, and digital asset trading could impose additional compliance burdens and operational restrictions, impacting business models and profitability.

What Investors Should Do

  1. Monitor revenue trends and gross margin performance closely.
  2. Analyze the impact of the debt extinguishment loss and future debt management strategies.
  3. Evaluate the growth and profitability drivers of the Athena Bitcoin Affiliates Program.
  4. Assess the company's liquidity and cash flow generation capabilities.

Key Dates

  • 2025-09-30: Nine months ended September 30, 2025 — Period of significant revenue decline (-13.0%) and net income drop (-87.3%), marked by a large loss on debt extinguishment ($4.602M).
  • 2024-12-31: As of December 31, 2024 — Baseline for comparison of financial position, with cash and cash equivalents at $17.506M and total assets at $78.033M.
  • 2020-01-30: Share Exchange Agreement Closing — Athena Bitcoin, Inc. became a wholly-owned subsidiary of GamePlan, Inc., with Athena treated as the accounting acquirer, marking a significant shift in the company's history and reporting.

Glossary

Loss on extinguishment of debt
A non-cash charge recorded when a company repays or retires debt before its scheduled maturity date, often involving paying a premium or unamortized costs. (A significant $4.602 million loss was recorded in the nine months ended September 30, 2025, substantially impacting net income.)
Restricted cash held for customers
Cash that a company holds on behalf of its customers, which cannot be used for the company's own operating purposes. (Increased significantly from $122 to $2,846 thousand, indicating a rise in customer deposits or funds held in escrow.)
Crypto assets held, net
The net value of cryptocurrencies owned by the company, subject to market fluctuations and accounting adjustments for impairment or unrealized gains/losses. (Increased from $1,241 thousand to $2,208 thousand, reflecting potential growth in holdings or changes in market value.)
Weighted average shares outstanding - Diluted
The number of shares of common stock outstanding, adjusted to include the effect of all dilutive potential common shares (such as stock options or convertible securities). (Used to calculate diluted earnings per share, showing a decrease in diluted shares for the nine months ended September 30, 2025, compared to the prior year, potentially due to fewer dilutive securities outstanding or changes in their impact.)
Accumulated income (deficit)
The cumulative net income or loss of a company since its inception, not distributed as dividends. (Increased from $5,537 thousand to $7,092 thousand, despite the current period's net loss, due to prior periods' profitability.)

Year-Over-Year Comparison

Compared to the nine months ended September 30, 2024, Athena Bitcoin Global has seen a significant deterioration in financial performance. Revenues decreased by 13.0% to $192.852 million, and net income plummeted by 87.3% to $1.555 million, heavily impacted by a $4.602 million loss on extinguishment of debt. Gross profit also fell by 26.9%. Operating expenses, particularly general and administrative costs, have increased, further pressuring profitability. While total assets and liabilities have slightly decreased, liquidity has tightened with cash and cash equivalents down to $14.558 million from $17.506 million.

Filing Stats: 4,531 words · 18 min read · ~15 pages · Grade level 15.1 · Accepted 2025-11-13 16:16:04

Key Financial Figures

  • $0.0001 — 9,545 shares of common stock, par value $0.0001 per share, were issued and outstanding.
  • $1.00 — coin with a price pegged to U.S. Dollar $1.00. Token: A unit of a crypto asset or o

Filing Documents

Financial Statements

Financial Statements 7 Condensed Consolidated Balance Sheets as of September 30, 2025 (Unaudited) and December 31, 2024 7 Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2025 and 2024 (Unaudited) 9 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 2024 (Unaudited) 10 Condensed Consolidated Statements of Stockholders' Equity for the Three and Nine Months Ended September 30, 2025 and 2024 (Unaudited) 12 Notes to Unaudited Condensed Consolidated Financial Statements 13 ITEM 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 40 ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 59 ITEM 4.

Controls and Procedures

Controls and Procedures 59 PART II OTHER INFORMATION ITEM 1. Legal Proceedings. 60 ITEM 1A. Risk Factors. 60 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds. 106 ITEM 3. Defaults Upon Senior Securities. 106 ITEM 4. Mine Safety Disclosures. 106 ITEM 5. Other Information. 106 ITEM 6. Exhibits. 107

Signatures

Signatures 108 2 GLOSSARY OF BITCOIN AND CRYPTO TERMS The following are abbreviations, acronyms and definitions of certain terms used in this document, which are commonly used in our industry: Address : An alphanumeric reference to where crypto assets can be sent or stored. Athena Bitcoin Affiliates Program provides Bitcoin ATM operators with a turnkey solution, offering software, compliance support, cash management, and marketing services to streamline operations and maximize profitability. This turnkey solution is for participating independent Bitcoin ATM operators ("Affiliates") who will be able to leverage the Company's established platform and services to manage their own Bitcoin ATMs more efficiently. See ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations, Business Overview and Recent Events for a description of the Affiliates program. Bitcoin (BTC): The first system of global, decentralized, scarce, digital money as initially introduced in a white paper titled Bitcoin: A Peer-to-Peer Electronic Cash System by Satoshi Nakamoto. Bitcoin, while having several of the primary attributes of money, is not considered a currency or money in the jurisdictions that the Company operates, with the exception of El Salvador where it is considered legal tender. Bitcoin ATM : A kiosk that can be used by a Customer to buy or sell bitcoin or other crypto assets in exchange for Cash. Bitcoin Cash (BCH) : A fork of Bitcoin that seeks to add more transaction capacity to the network in order to be useful for everyday transactions. BCH is based on the original Bitcoin blockchain with some distinct differences. A major one is an increased maximum block size of 32MB, compared to just 1MB on Bitcoin. Increased block size allows BCH to process transactions faster than Bitcoin, with lower fees and an increased per-second transaction capacity. Block : A grouping of Transactions validated by Miners and disseminated by the Networ

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial

Item 1. Financial Athena Bitcoin Global and Subsidiaries Condensed Consolidated Balance Sheets (in thousands, except number of shares) September 30, December 31, 2025 (Unaudited) 2024 (Audited) Assets Current assets: Cash and cash equivalents, net $ 14,558 $ 17,506 Restricted cash held for customers 2,846 122 Crypto assets held, net 2,208 1,241 Accounts receivable, net 3,114 1,339 Prepaid expenses and other current assets 2,151 2,702 Total current assets 24,877 22,910 Property and equipment, net 14,349 16,245 Software development, net 4,295 5,239 Right of use assets – operating leases 33,651 33,613 Other noncurrent assets 56 26 Total assets $ 77,228 $ 78,033 Liabilities and stockholders' equity Current liabilities: Accounts payable and accrued expenses $ 7,637 $ 11,133 Accounts payable, related-party 457 818 Liability for cash held for customers 2,846 122 Operating lease liabilities, current portion 10,753 9,627 Equipment notes payable, current portion – 3,084 Short-term debt 5,710 256 Convertible debt, related-party 3,000 – Other current liabilities 340 376 Total current liabilities $ 30,743 $ 25,416 See accompanying notes to unaudited condensed consolidated

financial statements

financial statements. 7 Athena Bitcoin Global and Subsidiaries Condensed Consolidated Balance Sheets, Continued (in thousands, except number of shares) September 30, December 31, 2025 (Unaudited) 2024 (Audited) Long-term liabilities: Operating lease liabilities, net of current portion $ 22,898 $ 23,986 Equipment notes payable, net of current portion – 3,344 Deferred tax liabilities, net 695 914 Convertible debt, related-party – 3,000 Total long-term liabilities 23,593 31,244 Total liabilities 54,336 56,660 Commitments and contingencies (Note 15) – – Stockholders' equity: Preferred stock, $ 0.001 par value 5,000,000,000 shares authorized; No shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively. – – Common stock, $ 0.001 par value 10,000,000,000 shares authorized; 4,095,009,545 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively. 4,095 4,095 Additional paid in capital 11,982 11,982 Accumulated income 7,092 5,537 Accumulated other comprehensive loss ( 277 ) ( 241 ) Total stockholders' equity 22,892 21,373 Total liabilities and stockholders' equity $ 77,228 $ 78,033 See accompanying notes to unaudited condensed consolidated

financial statements

financial statements. 8 Athena Bitcoin Global and Subsidiaries Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) (in thousands, except number of shares) For the three months ended For the nine months ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Revenues $ 57,414 $ 69,406 $ 192,852 $ 221,737 Cost of revenues 50,205 61,322 169,730 190,108 Gross profit 7,209 8,084 23,122 31,629 Operating expenses: Technology and development 431 376 1,281 904 General and administrative 3,234 2,689 9,698 7,356 Sales and marketing 423 542 1,426 1,424 Other operating expense 254 349 1,070 767 Total operating expenses 4,342 3,956 13,475 10,451 Income from operations 2,867 4,128 9,647 21,178 Interest expense 170 201 702 1,698 Fees on virtual vault services 403 451 1,240 1,557 Loss on extinguishment of debt 4,602 – 4,602 – Other (income) expense 746 ( 3 ) 744 107 Income (loss) before income taxes ( 3,054 ) 3,479 2,359 17,816 Income tax expense (benefit) ( 603 ) 1,224 804 5,609 Net income (loss) $ ( 2,451 ) $ 2,255 $ 1,555 $ 12,207 Basic earnings (loss) per share $ ( 0.00060 ) $ 0.00057 $ 0.00038 $ 0.00307 Diluted earnings (loss) per share $ ( 0.00060 ) $ 0.00052 $ 0.00040 $ 0.00278 Weighted average shares outstanding - Basic 4,095,009,545 3,975,611,408 4,095,009,545 3,975,611,408 Weighted average shares outstanding - Diluted 4,095,009,545 4,456,401,260 4,345,009,545 4,462,165,814 Comprehensive income Net income (loss) $ ( 2,451 ) $ 2,255 $ 1,555 $ 12,207 Foreign currency translation adjustment, net of tax ( 39 ) 2 ( 36 ) ( 17 ) Comprehensive income (loss) $ ( 2,490 ) $ 2,257 $ 1,519 $ 12,190 See accompanying notes to unaudited condensed consolidated

financial statements

financial statements. 9 Athena Bitcoin Global and Subsidiaries Condensed Consolidated Statements of Cash Flows (Unaudited) (in thousands) For the nine months ended September 30, 2025 September 30, 2024 Operating activities Net income $ 1,555 $ 12,207 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 6,869 3,219 Unrealized loss of crypto assets held 107 – Impairment of crypto assets held – 419 Realized loss on crypto assets, net 13 39 Bitcoin payments for expenses 599 6,784 Bitcoin received from independent Bitcoin ATM operators [affiliates program] ( 1,156 ) – Loss on disposal of property and equipment 63 – Non-cash loss on extinguishment of debt 4,602 – Write-off of unamortized imputed interest 681 – Deferred income tax ( 219 ) 581 Changes in operating assets and liabilities: Crypto assets held ( 3,039 ) ( 7,784 ) Accounts receivable ( 1,775 ) ( 485 ) Prepaid expenses and other assets 521 ( 1,368 ) Liability for cash held for customers 2,724 779 Accounts payable and other liabilities ( 3,865 ) 4,024 Net cash provided by operating activities 7,680 18,415 Investing activities Purchases of property and equipment ( 1,130 ) ( 9,346 ) Capitalized software ( 6 ) ( 23 ) Net cash used in investing activities ( 1,136 ) ( 9,369 ) Financing activities Proceeds from debt 353 167 Repayment of debt ( 435 ) ( 4,604 ) Payments in reduction of financing leases – ( 1,115 ) Payments in reduction of equipment notes payable ( 6,650 ) – Proceeds from issuance of stock – 57 Net cash used in financing activities ( 6,732 ) ( 5,495 ) Effect of exchange rate changed on cash and cash equivalents ( 36 ) ( 17 ) Net increase (decrease) in cash and cash equivalents ( 224 ) 3,534 Cash, cash equivalents and restricted cash, beginning of period 17,628 18,360 Cash, cash equivalents and restricted cash,

financial statements

financial statements. 10 Athena Bitcoin Global and Subsidiaries Condensed Consolidated Statements of Cash Flows (Unaudited), Continued (in thousands) For the nine months ended September 30, 2025 September 30, 2024 Cash, cash equivalents, and restricted cash consisted of the following: Cash and cash equivalents $ 14,558 $ 20,860 Restricted cash held for customers 2,846 1,034 Total cash, cash equivalents and restricted cash $ 17,404 $ 21,894 Supplemental disclosure of cash flow information: Cash paid for interest $ 706 $ 217 Cash paid for taxes $ 705 $ 5,958 Leased assets obtained in exchange for operating lease liabilities $ 3,874 $ 7,454 Supplemental schedule of non-cash investing and financing activities: Property and equipment purchased in accounts payable $ 35 $ 3,621 Software development purchased in accounts payable $ – $ 5,314 Short-term debt replacing equipment financing $ 9,000 $ – Bitcoin used to buy property and equipment $ 2,430 $ 181 Bitcoin assets used for interest $ – $ 1,037 Bitcoin and Tether used for other payments $ 83 $ – See accompanying notes to unaudited condensed consolidated

financial statements

financial statements. 11 Athena Bitcoin Global and Subsidiaries Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (in thousands, except number of shares) Common Stock Additional Paid-in Accumulated Income Accumulated Other Comprehensive Shares Amount Capital (Deficit) Loss Total Balance, December 31, 2023 4,094,459,545 $ 4,094 $ 11,926 $ ( 4,747 ) $ ( 255 ) $ 11,018 Net income – – – 6,046 – 6,046 Foreign currency translation adjustment – – – – ( 11 ) ( 11 ) Balance, March 31, 2024 4,094,459,545 $ 4,094 $ 11,926 $ 1,299 $ ( 266 ) $ 17,053 Net income – $ – $ – $ 3,906 $ – $ 3,906 Foreign currency translation adjustment – – – – ( 8 ) ( 8 ) Issuance of stock 550,000 1 56 – – 57 Balance, June 30, 2024 4,095,009,545 $ 4,095 $ 11,982 $ 5,205 $ ( 274 ) $ 21,008 Net income – $ – $ – $ 2,255 $ – $ 2,255 Foreign currency translation adjustment 2 2 Balance, September 30, 2024 4,095,009,545 $ 4,095 $ 11,982 $ 7,460 $ ( 272 ) $ 23,265 Balance, December 31, 2024 4,095,009,545 $ 4,095 $ 11,982 $ 5,537 $ ( 241 ) $ 21,373 Net income – – – 2,624 – 2,624 Foreign currency translation adjustment – – – – 4 4 Balance, March 31, 2025 4,095,009,545 $ 4,095 $ 11,982 $ 8,161 $ ( 237 ) $ 24,001 Net income – $ – $ – $ 1,382 $ – $ 1,382 Foreign currency translation adjustment – – – – ( 1 ) ( 1 ) Balance, June 30, 2025 4,095,009,545 $ 4,095 $ 11,982 $ 9,543 $ ( 238 ) $ 25,382 Net loss – $ – $ – $ ( 2,451 ) $ – $ ( 2,451 ) Foreign currency translation adjustment – – – – ( 39 ) ( 39 ) Balance, September 30, 2025 4,095,009,545 $ 4,095 $ 11,982 $ 7,092 $ ( 277 ) $ 22,892 See accompanying notes to unaudited condensed consolidated

financial statements

financial statements. 12 Athena Bitcoin Global and Subsidiaries Notes to Unaudited Condensed Consolidated Financial For the three and nine months ended September 30, 2025 and September 30, 2024 NOTE 1. NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Business Athena Bitcoin Global, a Nevada corporation, and its wholly-owned subsidiary, Athena Bitcoin, Inc., a Delaware corporation (together referred to as "Athena Global" or the "Company") is a provider of various crypto asset transaction platforms, including the operation of automated teller machines ("ATMs") and personalized services ("Athena Plus") for the purpose of selling and buying crypto assets, white-label operations and payment services. The Company's network of Athena Bitcoin ATMs ("Athena ATMs") is active in thirty-four Company places its machines in convenience stores, shopping centers, and other easily accessible locations. Athena Bitcoin Global was incorporated in the which merger occurred as of December 31, 1991. The Articles of Merger were filed in the state of Nevada pursuant to which the Company was the surviving entity following the merger. On January 14, 2020, GamePlan, Inc. entered into a Share Exchange Agreement (the "Exchange Agreement"), with Athena Bitcoin, Inc., a Delaware corporation ("Athena") founded in 2015, and certain shareholders of Athena. The Exchange Agreement provided for the reorganization of Athena, with and into GamePlan, Inc., resulting in Athena becoming a wholly-owned subsidiary of GamePlan, Inc., upon the closing of the transaction. The agreement was for the exchange of 100% of the outstanding common stock of Athena, for 3,593,644,680 shares of GamePlan, Inc.

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