I would be utterly shocked if there aren't installations of BTCPayServer doing higher volumes. This is such an odd choice for case study. Though I can see many users not wanting to do this type of prose about their business.
Yeah, they are doing less than 1 transaction per week per ATM. There is no way that can be a profitable business accounting for costs of the ATMs and rent.
Most of their ATMs are partner ATMs, meaning it’s just an integration into someone else’s hardware (capex).
Even still, I’m guessing on this volume they’re barely making $500k in annual revenue. Could be a lot less depending on how much they have to share with those partners. Could be a lot more if they’re being extremely shadey with exchange rates or somehow able to gouge on fees.
That is surprisingly low.