Depot Inc. Switches Auditors: What Does This Mean for Investors?
Depot Inc., a leading finance services company specializing in crypto assets, recently announced a change in its independent registered public accounting firm. The company has dismissed KPMG LLP and appointed Wolf & Company, P.C. as its new auditor. This transition was approved by the company's audit committee.
The reports from KPMG for the fiscal years ending December 31, 2022, and 2023, did not contain any adverse opinion or disclaimer, except for a change in accounting for leases in 2022. However, material weaknesses in internal control over financial reporting were identified during the preparation of the company’s financial statements for these years.
Bitcoin Depot provided KPMG with disclosures and received confirmation of agreement. The decision to switch auditors comes at a time when Bitcoin Depot is not involved in any disagreements with Wolf & Company.
In other news, Bitcoin Depot has shown strong Q2 performance, surpassing its 2024 target for installing Bitcoin ATMs ahead of schedule. The company's revenues and earnings exceeded forecasts, prompting a Buy rating from H.C. Wainwright.
Bitcoin Depot has also expanded its presence in North America and internationally, with plans for a launch in Australia. The company has made strategic financial moves, including investing in Bitcoin and selling additional Bitcoin ATM kiosks.
Overall, this change in auditors and the company's recent performance indicate positive growth and expansion opportunities for Bitcoin Depot. Investors may want to keep an eye on the company's future developments and financial moves to assess potential investment opportunities.