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Bakkt (BKKT) Financials

Bakkt logo
$8.61 +0.25 (+2.99%)
Closing price 07/6/2026 03:59 PM Eastern
Extended Trading
$8.50 -0.11 (-1.27%)
As of 05:59 AM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Bakkt

Annual Income Statements for Bakkt

This table shows Bakkt's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2020 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -80 -578 -75 -47 -107
Consolidated Net Income / (Loss)		 -80 -1,990 -226 -103 -132
Net Income / (Loss) Continuing Operations		 -80 -1,990 -154 -94 -98
Total Pre-Tax Income 		-79 -2,001 -153 -94 -97
Total Operating Income		 -79 -2,019 -156 -83 -148
Total Gross Profit		 -15 -83 681 3,405 2,258
Total Revenue		 28 56 727 3,441 2,335
Operating Revenue		 28 56 727 3,441 2,335
Total Cost of Revenue		 43 139 45 36 77
Operating Cost of Revenue		 43 139 45 36 77
Total Operating Expenses		 64 1,936 838 3,488 2,406
Selling, General & Admin Expense		 25 66 54 50 45
Depreciation Expense		 8.16 25 12 0.34 0.61
Other Operating Expenses / (Income)		 3.08 2.83 726 3,428 2,354
Impairment Charge		 15 1,834 37 0.74 0.73
Restructuring Charge		 13 8.01 8.55 8.32 5.39
Total Other Income / (Expense), net		 -0.10 18 2.95 -12 50
Interest Expense		 -0.12 -1.88 -4.34 -4.32 -0.79
Other Income / (Expense), net		 -0.22 16 -1.39 -16 50
Income Tax Expense		 0.39 -11 0.36 0.11 -0.05
Other Gains / (Losses), net		 - - 0.00 0.00 -0.32
Net Income / (Loss) Discontinued Operations		 - - -72 -9.04 -35
Net Income / (Loss) Attributable to Noncontrolling Interest		 0.00 -1,412 -151 -57 -25
Basic Earnings per Share		 $0.00 ($203.08) ($21.01) ($7.97) ($8.87)
Weighted Average Basic Shares Outstanding		 - 272.71M 328.82M 22.87M 30.56M
Diluted Earnings per Share		 $0.00 ($203.08) ($21.01) ($7.97) ($8.87)
Weighted Average Diluted Shares Outstanding		 - 272.71M 328.82M 22.87M 30.56M
Weighted Average Basic & Diluted Shares Outstanding		 - 272.71M 328.82M 22.87M 30.56M

Quarterly Income Statements for Bakkt

This table shows Bakkt's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -17 -27 -8.17 -16 -3.58 -18 7.71 -15 -16 -84 -12
Consolidated Net Income / (Loss)		 -52 -79 -21 -36 -6.29 -40 16 -30 -23 -95 -12
Net Income / (Loss) Continuing Operations		 -52 -6.53 -21 -36 -3.76 -34 19 -30 -22 -62 -12
Total Pre-Tax Income 		-52 -6.58 -21 -35 -3.88 -34 19 -30 -22 -62 -11
Total Operating Income		 -53 -6.85 -32 -22 -25 -3.60 -15 -18 -25 -86 -17
Total Gross Profit		 180 202 830 488 -9.87 2,097 1,058 558 -8.08 651 237
Total Revenue		 205 161 855 510 0.00 2,077 1,066 578 0.00 682 244
Operating Revenue		 205 161 855 510 - - 1,066 578 - - 244
Total Cost of Revenue		 25 -40 25 22 9.87 -21 7.79 20 8.08 31 6.60
Operating Cost of Revenue		 25 -40 25 22 9.87 -21 7.79 20 8.08 31 6.60
Total Operating Expenses		 233 181 862 510 16 2,100 1,073 576 18 736 254
Selling, General & Admin Expense		 15 8.10 18 13 15 4.01 11 11 13 8.73 12
Depreciation Expense		 3.96 1.49 0.06 0.12 0.11 0.06 0.22 0.15 0.15 0.08 0.07
Other Operating Expenses / (Income)		 191 199 838 495 0.15 2,095 1,062 565 0.00 726 242
Restructuring Charge		 -0.74 -13 6.14 0.93 0.43 0.83 0.23 0.00 5.11 0.05 0.00
Total Other Income / (Expense), net		 1.34 0.27 11 -13 21 -30 35 -12 3.68 24 5.51
Interest Expense		 -1.18 -0.84 -0.96 -1.25 -1.01 -1.10 -0.62 0.05 0.05 -0.27 -0.19
Other Income / (Expense), net		 0.17 -0.57 9.76 -15 20 -31 34 -12 3.73 23 5.32
Income Tax Expense		 0.23 -0.05 0.16 0.07 -0.11 -0.01 0.05 0.06 -0.03 -0.13 0.01
Other Gains / (Losses), net		 - - - - - - 0.00 - - - -0.22
Net Income / (Loss) Discontinued Operations		 - - - - -2.53 - -3.15 - -1.60 - 0.00
Net Income / (Loss) Attributable to Noncontrolling Interest		 -34 -52 -13 -19 -3.40 -21 8.53 -15 -8.24 -9.89 0.00
Basic Earnings per Share		 ($4.74) ($0.08) ($1.86) ($2.67) ($0.45) ($0.81) $1.18 ($2.16) ($1.15) ($2.76) ($0.41)
Weighted Average Basic Shares Outstanding		 281.81M 328.82M 20.57M 20.66M 20.81M 22.87M 21.05M 28.69M 31.18M 30.56M 44.61M
Diluted Earnings per Share		 ($4.74) ($0.08) ($1.86) ($2.67) ($0.45) ($0.81) $1.13 ($2.16) ($1.15) ($2.76) ($0.41)
Weighted Average Diluted Shares Outstanding		 281.81M 328.82M 20.57M 20.66M 20.81M 22.87M 21.05M 28.69M 31.18M 30.56M 44.61M
Weighted Average Basic & Diluted Shares Outstanding		 281.81M 328.82M 20.57M 20.66M 20.81M 22.87M 21.05M 28.69M 31.18M 30.56M 44.61M

Annual Cash Flow Statements for Bakkt

This table details how cash moves in and out of Bakkt's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2020 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -1.19 -293 3.08 35 -109
Net Cash From Operating Activities		 -31 -118 -61 -21 -153
Net Cash From Continuing Operating Activities		 -31 -118 -61 -21 -153
Net Income / (Loss) Continuing Operations		 -80 -1,990 -226 -103 -132
Consolidated Net Income / (Loss)		 -80 -1,990 -226 -103 -132
Depreciation Expense		 7.97 25 14 0.34 0.61
Non-Cash Adjustments To Reconcile Net Income		 21 1,856 114 35 81
Changes in Operating Assets and Liabilities, net		 19 -9.24 37 47 -103
Net Cash From Investing Activities		 -7.93 -172 66 14 -38
Net Cash From Continuing Investing Activities		 -7.93 -172 66 14 -38
Purchase of Property, Plant & Equipment		 -21 -31 -9.43 -3.09 -1.17
Acquisitions		 - 0.00 -49 0.00 -14
Purchase of Investments		 - -307 -62 -18 -55
Divestitures		 11 - 0.00 0.00 -16
Sale and/or Maturity of Investments		 1.99 165 186 35 66
Other Investing Activities, net		 - - 0.00 0.00 -18
Net Cash From Financing Activities		 37 -2.58 -2.63 44 82
Net Cash From Continuing Financing Activities		 37 -2.58 -2.63 44 82
Repayment of Debt		 - - 0.00 0.00 -14
Issuance of Debt		 - - 0.00 0.00 29
Issuance of Common Equity		 38 0.00 0.00 47 63
Other Financing Activities, net		 -0.31 0.00 -2.63 -2.69 4.78
Effect of Exchange Rate Changes		 0.19 -0.85 0.44 -1.50 0.59
Cash Income Taxes Paid		 0.00 0.00 0.24 0.00 0.00

Quarterly Cash Flow Statements for Bakkt

This table details how cash moves in and out of Bakkt's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 15 -6.21 72 -54 -19 36 -97 28 -7.25 -32 57
Net Cash From Operating Activities		 25 -6.81 38 -66 -25 31 -101 5.35 -47 -11 -12
Net Cash From Continuing Operating Activities		 25 -6.81 38 -66 -25 31 -101 5.35 -47 -11 -12
Net Income / (Loss) Continuing Operations		 -52 -79 -21 -36 -6.29 -40 16 -30 -23 -95 -12
Consolidated Net Income / (Loss)		 -52 -79 -21 -36 -6.29 -40 16 -30 -23 -95 -12
Depreciation Expense		 3.96 3.09 0.06 0.12 0.11 0.06 0.22 0.15 0.15 0.08 0.07
Non-Cash Adjustments To Reconcile Net Income		 28 71 -0.84 18 -19 34 -31 15 5.99 90 -1.16
Changes in Operating Assets and Liabilities, net		 44 -2.70 60 -49 0.49 37 -87 20 -30 -6.01 0.65
Net Cash From Investing Activities		 -9.41 0.26 -2.30 4.30 5.90 6.24 -0.13 4.50 -20 -23 1.94
Net Cash From Continuing Investing Activities		 -9.41 0.26 -2.30 4.30 5.90 6.24 -0.13 4.50 -20 -23 1.94
Purchase of Property, Plant & Equipment		 -1.86 -1.53 -1.77 -0.46 -0.55 -0.31 -0.13 -0.02 -0.55 -0.46 -0.73
Purchase of Investments		 -18 -17 -18 - -7.99 8.02 0.00 - -5.09 -50 -0.01
Sale and/or Maturity of Investments		 10 23 17 4.76 14 -1.47 0.00 - - 66 2.68
Net Cash From Financing Activities		 - -0.13 37 7.49 -0.11 -0.26 4.10 17 60 0.73 67
Net Cash From Continuing Financing Activities		 - -0.13 37 7.49 -0.11 -0.26 4.10 17 60 0.73 67
Repurchase of Common Equity		 - - -2.26 -0.06 -0.11 -0.26 -0.91 -0.81 -1.71 - -2.82
Issuance of Debt		 - - 0.00 - - - 5.00 24 -1.53 1.53 0.00
Issuance of Common Equity		 - - 39 7.54 - - 0.00 - 63 - 70
Other Financing Activities, net		 - -2.63 0.00 0.00 - - 0.00 - 7.46 -2.69 0.00
Effect of Exchange Rate Changes		 -0.40 0.47 -0.42 -0.20 - -1.13 0.03 0.89 - - 0.09

Annual Balance Sheets for Bakkt

This table presents Bakkt's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 468 2,414 456 265 269 163
Total Current Assets		 132 464 326 181 184 72
Cash & Equivalents		 75 391 98 53 39 27
Restricted Cash		 17 17 17 65 113 15
Short-Term Investments		 1.82 0.00 141 17 0.00 0.24
Accounts Receivable		 10 18 25 30 7.68 12
Prepaid Expenses		 0.73 32 23 13 3.97 2.75
Other Current Assets		 27 4.78 22 3.33 20 15
Plant, Property, & Equipment, net		 20 6.12 20 0.06 2.06 1.66
Total Noncurrent Assets		 316 1,945 109 84 83 89
Long-Term Investments		 - - - - 0.00 11
Goodwill		 233 1,527 16 68 68 65
Intangible Assets		 62 388 56 2.90 2.90 5.55
Other Noncurrent Operating Assets		 21 29 38 13 13 7.57
Total Liabilities & Shareholders' Equity		 468 2,414 456 265 269 163
Total Liabilities		 59 120 119 130 207 50
Total Current Liabilities		 51 74 92 101 138 33
Accounts Payable		 45 65 67 55 14 15
Current Deferred Revenue		 4.28 4.63 3.97 4.28 0.00 0.79
Other Current Liabilities		 2.02 4.27 21 41 95 17
Total Noncurrent Liabilities		 7.52 47 27 29 69 17
Other Noncurrent Operating Liabilities		 3.32 30 24 26 63 17
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 0.00 2,294 336 136 63 113
Total Preferred & Common Equity		 0.00 468 96 48 34 113
Total Common Equity		 388 468 96 48 34 113
Common Stock		 522 567 773 800 833 1,017
Retained Earnings		 -113 -98 -676 -751 -798 -905
Accumulated Other Comprehensive Income / (Loss)		 0.19 -0.06 -0.29 -0.10 -0.84 0.95
Noncontrolling Interest		 0.00 1,826 240 87 29 0.00

Quarterly Balance Sheets for Bakkt

This table presents Bakkt's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 847 1,576 1,243 1,183 176 190 258 213
Total Current Assets		 694 1,490 1,157 1,098 93 110 120 125
Cash & Equivalents		 68 57 47 29 23 43 58 80
Restricted Cash		 56 132 87 87 32 39 17 20
Short-Term Investments		 23 18 13 6.73 - - 5.09 0.25
Accounts Receivable		 22 37 24 27 29 23 13 9.53
Prepaid Expenses		 12 9.17 5.94 5.62 2.54 2.07 3.96 1.67
Other Current Assets		 513 1,237 979 943 6.51 2.29 23 14
Plant, Property, & Equipment, net		 21 1.51 1.93 1.77 1.97 1.84 1.53 2.32
Total Noncurrent Assets		 132 84 84 83 82 78 136 86
Long-Term Investments		 - - - - - - 11 11
Goodwill		 67 68 68 68 68 65 65 65
Intangible Assets		 42 2.90 2.90 2.90 2.90 2.90 5.55 5.55
Other Noncurrent Operating Assets		 24 13 13 12 11 10 55 4.93
Total Liabilities & Shareholders' Equity		 847 1,576 1,243 1,183 176 190 258 213
Total Liabilities		 636 1,445 1,140 1,081 95 132 130 43
Total Current Liabilities		 594 1,398 1,077 1,042 58 93 54 30
Accounts Payable		 49 63 39 42 38 43 18 13
Current Deferred Revenue		 4.37 3.30 2.32 2.01 1.52 1.63 0.79 0.00
Other Current Liabilities		 540 1,328 1,036 998 19 27 14 18
Total Noncurrent Liabilities		 42 46 63 39 36 39 76 12
Other Noncurrent Operating Liabilities		 39 43 60 36 34 37 71 12
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 211 131 103 102 82 58 129 171
Total Preferred & Common Equity		 69 57 48 50 44 35 114 171
Total Common Equity		 69 57 48 50 44 35 114 171
Common Stock		 794 817 824 829 835 841 935 1,087
Retained Earnings		 -725 -759 -776 -779 -790 -805 -820 -917
Accumulated Other Comprehensive Income / (Loss)		 -0.29 -0.32 -0.34 -0.22 -0.83 -0.40 -0.60 1.04
Noncontrolling Interest		 142 74 55 52 38 23 14 0.00

Annual Metrics And Ratios for Bakkt

This table displays calculated financial ratios and metrics derived from Bakkt's official financial filings.

Metric 2020 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 25,921,502.00 271,176,053.00 563,610,314.00 20,811,835.00 31,178,817.00
DEI Adjusted Shares Outstanding		 1,036,860.00 10,847,042.00 22,544,413.00 20,811,835.00 31,178,817.00
DEI Earnings Per Adjusted Shares Outstanding		 -76.78 -53.30 -3.32 -2.24 -3.44
Growth Metrics		 - - - - -
Revenue Growth		 0.00% 0.00% 1,193.02% 373.33% -32.14%
EBITDA Growth		 0.00% 0.00% 92.73% 31.61% 0.72%
EBIT Growth		 0.00% 0.00% 92.13% 37.44% 0.45%
NOPAT Growth		 0.00% 0.00% 92.26% 47.14% -79.01%
Net Income Growth		 0.00% 0.00% 88.65% 54.19% -27.83%
EPS Growth		 0.00% 0.00% 88.65% 62.07% -11.29%
Operating Cash Flow Growth		 0.00% 0.00% 48.39% 65.07% -623.48%
Free Cash Flow Firm Growth		 0.00% 0.00% 0.00% 95.43% -15,578.26%
Invested Capital Growth		 0.00% 0.00% -99.16% -8,407.90% 206.19%
Revenue Q/Q Growth		 0.00% 0.00% 24.90% 125.52% -37.38%
EBITDA Q/Q Growth		 0.00% 0.00% 68.92% -45.18% -38.82%
EBIT Q/Q Growth		 0.00% 0.00% 67.17% -38.77% -38.52%
NOPAT Q/Q Growth		 0.00% 0.00% 67.54% 3.79% -124.44%
Net Income Q/Q Growth		 0.00% 0.00% 52.31% 27.03% -70.76%
EPS Q/Q Growth		 0.00% 0.00% 52.31% -201.89% -566.92%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% 21.77% 64.31% -37.97%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 6.76% -105.76% -69.32%
Invested Capital Q/Q Growth		 0.00% -78.37% -98.95% -170.95% -5.01%
Profitability Metrics		 - - - - -
Gross Margin		 -51.40% -147.31% 93.74% 98.95% 96.69%
EBITDA Margin		 -249.08% -3,517.68% -19.77% -2.86% -4.18%
Operating Margin		 -277.66% -3,590.84% -21.49% -2.40% -6.33%
EBIT Margin		 -278.42% -3,562.77% -21.68% -2.87% -4.20%
Profit (Net Income) Margin		 -279.36% -3,539.30% -31.06% -3.01% -5.66%
Tax Burden Percent		 100.49% 99.43% 147.30% 109.70% 135.78%
Interest Burden Percent		 99.85% 99.91% 97.25% 95.62% 99.19%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 -17.53% -1,775.67% -272.54% 0.00% -5,993.89%
ROIC Less NNEP Spread (ROIC-NNEP)		 -25.19% -1,550.83% -213.06% 0.00% -5,960.50%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 1,183.56% 176.82% 0.00% 5,843.31%
Return on Equity (ROE)		 0.00% -592.11% -95.73% -104.19% -150.58%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% -75.89% 0.00% -368.98%
Operating Return on Assets (OROA)		 -16.94% -139.60% -43.74% -36.89% -45.43%
Return on Assets (ROA)		 -17.00% -138.68% -62.65% -38.69% -61.20%
Return on Common Equity (ROCE)		 0.00% -127.11% -29.33% -43.12% -125.75%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -55 -1,413 -109 -58 -103
NOPAT Margin		 -194.36% -2,513.59% -15.04% -1.68% -4.43%
Net Nonoperating Expense Percent (NNEP)		 7.66% -224.85% -59.48% -35.99% -33.39%
Return On Investment Capital (ROIC_SIMPLE)		 0.00% -420.51% -80.59% -91.98% -91.76%
Cost of Revenue to Revenue		 151.40% 247.31% 6.26% 1.05% 3.31%
SG&A Expenses to Revenue		 86.22% 117.96% 7.42% 1.46% 1.94%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 226.26% 3,443.53% 115.23% 101.35% 103.02%
Earnings before Interest and Taxes (EBIT)		 -79 -2,003 -158 -99 -98
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -71 -1,978 -144 -98 -98
Valuation Ratios		 - - - - -
Price to Book Value (P/BV)		 0.67 3.35 13.02 15.21 2.78
Price to Tangible Book Value (P/TBV)		 2.82 13.13 0.00 0.00 7.35
Price to Revenue (P/Rev)		 9.17 5.74 0.86 0.15 0.13
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.53 3.85 865.60 0.00 4.38
Enterprise Value to Revenue (EV/Rev)		 5.88 5.44 0.80 0.11 0.11
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00
Financial Leverage		 0.00 -0.76 -0.83 -1.28 -0.98
Leverage Ratio		 0.00 1.09 1.53 2.69 2.46
Compound Leverage Factor		 0.00 1.09 1.49 2.57 2.44
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 71.36% 64.42% 46.07% 0.00%
Common Equity to Total Capital		 0.00% 28.64% 35.58% 53.93% 100.00%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00
Altman Z-Score		 2.05 -14.23 0.09 9.12 8.62
Noncontrolling Interest Sharing Ratio		 0.00% 78.53% 69.36% 58.62% 16.49%
Liquidity Ratios		 - - - - -
Current Ratio		 2.59 3.54 1.80 1.33 2.19
Quick Ratio		 1.71 2.87 0.99 0.34 1.19
Cash Flow Metrics		 - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 0.00 -30 -1.39 -218
Operating Cash Flow to CapEx		 -150.42% -385.02% -643.45% -686.85% -13,144.73%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - -
Asset Turnover		 0.06 0.04 2.02 12.87 10.81
Accounts Receivable Turnover		 2.74 2.59 26.45 184.27 236.44
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 1.43 4.35 73.42 3,240.17 1,254.16
Accounts Payable Turnover		 0.96 2.11 0.74 1.04 5.31
Days Sales Outstanding (DSO)		 133.32 141.03 13.80 1.98 1.54
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 378.79 172.58 490.07 352.34 68.76
Cash Conversion Cycle (CCC)		 -245.47 -31.55 -476.27 -350.36 -67.21
Capital & Investment Metrics		 - - - - -
Invested Capital		 316 80 0.67 -56 59
Invested Capital Turnover		 0.09 0.71 18.12 -124.96 1,352.59
Increase / (Decrease) in Invested Capital		 0.00 0.00 -79 -56 115
Enterprise Value (EV)		 168 306 581 392 259
Market Capitalization		 261 323 628 516 313
Book Value per Share		 $14.98 $0.36 $0.17 $1.63 $3.62
Tangible Book Value per Share		 $3.58 $0.09 ($0.08) ($1.78) $1.37
Total Capital		 0.00 336 136 63 113
Total Debt		 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00
Net Debt		 -94 -256 -135 -153 -54
Capital Expenditures (CapEx)		 21 31 9.43 3.09 1.17
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -13 -22 -54 -106 -3.26
Debt-free Net Working Capital (DFNWC)		 81 234 81 46 39
Net Working Capital (NWC)		 81 234 81 46 39
Net Nonoperating Expense (NNE)		 24 577 116 46 29
Net Nonoperating Obligations (NNO)		 316 -256 -135 -119 -54
Total Depreciation and Amortization (D&A)		 8.36 25 14 0.34 0.61
Debt-free, Cash-free Net Working Capital to Revenue		 -44.85% -39.39% -7.49% -3.09% -0.14%
Debt-free Net Working Capital to Revenue		 284.21% 416.79% 11.08% 1.34% 1.68%
Net Working Capital to Revenue		 284.21% 416.79% 11.08% 1.34% 1.68%
Earnings Adjustments		 - - - - -
Adjusted Basic Earnings per Share		 $0.00 ($203.00) ($21.00) ($7.97) ($8.87)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 10.91M 13.15M 22.87M 30.56M
Adjusted Diluted Earnings per Share		 $0.00 ($203.00) ($21.00) ($7.97) ($8.87)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 10.91M 13.15M 22.87M 30.56M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 10.91M 13.15M 22.87M 30.56M
Normalized Net Operating Profit after Tax (NOPAT)		 -35 -124 -78 -51 -99
Normalized NOPAT Margin		 -123.95% -220.77% -10.68% -1.50% -4.25%
Pre Tax Income Margin		 -277.99% -3,559.43% -21.09% -2.74% -4.17%
Debt Service Ratios		 - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% -0.13% 0.00% 0.00% 0.00%

Quarterly Metrics And Ratios for Bakkt

This table displays calculated financial ratios and metrics derived from Bakkt's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 281,740,895.00 563,610,314.00 328,822,356.00 20,567,574.00 20,657,042.00 20,811,835.00 22,868,633.00 21,051,782.00 28,690,978.00 31,178,817.00 30,562,096.00
DEI Adjusted Shares Outstanding		 11,269,636.00 22,544,413.00 13,152,894.00 20,567,574.00 20,657,042.00 20,811,835.00 22,868,633.00 21,051,782.00 28,690,978.00 31,178,817.00 30,562,096.00
DEI Earnings Per Adjusted Shares Outstanding		 -1.54 -1.18 -0.62 -0.80 -0.17 -0.89 0.34 -0.70 -0.55 -2.70 -0.38
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 1,449.79% 881.31% 6,364.80% 46.68% -100.00% 1,186.87% 24.71% 13.33% 0.00% -67.14% -77.14%
EBITDA Growth		 96.93% 98.66% 49.27% 22.59% 90.19% -706.77% 186.45% 18.27% -346.92% -78.16% -160.60%
EBIT Growth		 96.69% 97.75% 52.49% 28.16% 90.72% -371.56% 185.23% 18.11% -340.27% -78.07% -161.66%
NOPAT Growth		 96.69% 97.94% 29.95% 56.90% 52.45% 47.50% 30.91% 16.02% -0.50% -2,280.06% 23.06%
Net Income Growth		 96.75% 75.89% 52.57% 29.69% 87.84% 48.70% 176.33% 15.09% -268.08% -135.73% -171.74%
EPS Growth		 96.75% 75.89% 52.57% 43.07% 90.51% -912.50% 160.75% 19.10% -155.56% -240.74% -136.28%
Operating Cash Flow Growth		 173.47% 71.27% 181.19% -110.89% -201.91% 561.39% -364.08% 108.12% -86.14% -134.43% 88.06%
Free Cash Flow Firm Growth		 120.25% 0.00% -87.66% -90.41% -75.06% -27.28% -154.13% -133.76% -250.86% -424.37% 60.61%
Invested Capital Growth		 -82.69% -99.16% -144.38% -133.65% -132.30% -8,407.90% 137.63% 94.14% 402.91% 206.19% 122.54%
Revenue Q/Q Growth		 -41.09% -21.20% 429.59% -40.33% -100.00% 0.00% -48.68% -45.78% -100.00% 0.00% -64.31%
EBITDA Q/Q Growth		 -3.17% 91.12% -408.85% -66.07% 86.92% -629.86% 154.53% -257.00% 28.47% -190.95% 81.45%
EBIT Q/Q Growth		 -3.20% 85.93% -197.67% -66.17% 86.67% -615.15% 153.80% -259.65% 28.33% -189.25% 81.37%
NOPAT Q/Q Growth		 -3.47% 87.05% -364.91% 30.84% -14.17% 85.70% -511.88% 15.95% -36.64% -238.69% 80.22%
Net Income Q/Q Growth		 -2.45% -52.07% 72.96% -66.92% 82.28% -541.69% 140.23% -285.68% 23.20% -310.96% 87.76%
EPS Q/Q Growth		 -2.45% -52.07% 72.96% -43.55% 83.15% -80.00% 239.51% -291.15% 46.76% -140.00% 85.14%
Operating Cash Flow Q/Q Growth		 178.72% -127.67% 663.52% -271.81% 61.96% 225.28% -422.53% 105.28% -971.77% 76.82% -11.84%
Free Cash Flow Firm Q/Q Growth		 -84.47% -72.27% 183.10% -21.33% -59.62% -19.15% -310.76% 50.94% -80.47% -73.83% 74.41%
Invested Capital Q/Q Growth		 -52.84% -98.95% -10,733.83% 36.30% 54.73% -170.95% 148.16% -109.92% 2,441.13% -5.01% 0.93%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 87.98% 124.99% 97.13% 95.61% 0.00% 101.00% 99.27% 96.52% 0.00% 95.41% 97.29%
EBITDA Margin		 -23.80% -2.68% -2.58% -7.17% 0.00% -1.68% 1.79% -5.17% 0.00% -9.11% -4.74%
Operating Margin		 -25.81% -4.24% -3.73% -4.32% 0.00% -0.17% -1.45% -3.20% 0.00% -12.54% -6.95%
EBIT Margin		 -25.73% -4.60% -2.58% -7.19% 0.00% -1.68% 1.77% -5.20% 0.00% -9.12% -4.76%
Profit (Net Income) Margin		 -25.27% -48.77% -2.49% -6.96% 0.00% -1.94% 1.52% -5.22% 0.00% -13.94% -4.78%
Tax Burden Percent		 100.45% 1,195.94% 100.74% 100.21% 162.31% 119.20% 83.55% 100.20% 107.31% 153.49% 102.04%
Interest Burden Percent		 97.77% 88.73% 95.67% 96.61% 79.26% 96.85% 103.31% 100.18% 100.23% 99.56% 98.41%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.25% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 -48.73% -53.82% -91.47% -116.76% 0.00% 0.00% 0.00% 0.00% 0.00% -11,870.75% -169.95%
ROIC Less NNEP Spread (ROIC-NNEP)		 -42.00% -16.07% -92.07% -102.02% 0.00% 0.00% 0.00% 0.00% 0.00% -11,829.78% -170.19%
Return on Net Nonoperating Assets (RNNOA)		 21.16% 13.33% 72.88% 76.80% 0.00% 0.00% 0.00% 0.00% 0.00% 11,597.21% 111.81%
Return on Equity (ROE)		 -27.57% -40.48% -18.59% -39.95% 0.00% -104.19% -62.07% -75.53% 0.00% -273.54% -58.15%
Cash Return on Invested Capital (CROIC)		 -15.13% -75.89% 0.00% 0.00% 0.00% 0.00% -538.33% 0.00% -207.00% -368.98% -317.39%
Operating Return on Assets (OROA)		 -17.36% -9.27% -4.07% -10.99% 0.00% -21.68% 7.36% -27.06% 0.00% -98.61% -36.98%
Return on Assets (ROA)		 -17.05% -98.37% -3.93% -10.64% 0.00% -25.02% 6.35% -27.16% 0.00% -150.70% -37.14%
Return on Common Equity (ROCE)		 -8.07% -12.40% -6.34% -14.51% 0.00% -43.12% -29.52% -39.12% 0.00% -228.44% -49.51%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -37 -4.79 -22 -15 -18 -2.52 -15 -13 -18 -60 -12
NOPAT Margin		 -18.07% -2.97% -2.61% -3.02% 0.00% -0.12% -1.44% -2.24% 0.00% -8.78% -4.86%
Net Nonoperating Expense Percent (NNEP)		 -6.73% -37.75% 0.60% -14.73% 8.38% -29.85% 24.63% -16.51% -5.80% -40.97% 0.24%
Return On Investment Capital (ROIC_SIMPLE)		 -17.53% -3.53% -17.03% -15.02% -17.25% -4.00% -18.88% -16.15% -13.76% -53.11% -6.93%
Cost of Revenue to Revenue		 12.02% -24.99% 2.87% 4.39% 0.00% -1.00% 0.73% 3.48% 0.00% 4.59% 2.71%
SG&A Expenses to Revenue		 7.46% 5.02% 2.08% 2.60% 0.00% 0.19% 1.00% 1.88% 0.00% 1.28% 4.88%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 113.80% 112.46% 100.85% 99.93% 0.00% 101.14% 100.72% 99.72% 0.00% 107.81% 104.24%
Earnings before Interest and Taxes (EBIT)		 -53 -7.42 -22 -37 -4.89 -35 19 -30 -22 -62 -12
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -49 -4.33 -22 -37 -4.78 -35 19 -30 -21 -62 -12
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 4.75 13.02 2.65 8.14 3.92 15.21 4.50 8.32 8.44 2.78 1.32
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 21.85 7.35 2.23
Price to Revenue (P/Rev)		 0.57 0.86 0.10 0.22 0.13 0.15 0.05 0.08 0.26 0.13 0.15
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 5.09 865.60 0.00 0.00 0.00 0.00 6.74 0.00 14.24 4.38 1.90
Enterprise Value to Revenue (EV/Rev)		 0.56 0.80 0.01 0.17 0.08 0.11 0.05 0.07 0.24 0.11 0.08
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.74 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.14 2.93 5.24 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.39 0.00 0.00 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Financial Leverage		 -0.50 -0.83 -0.79 -0.75 -0.86 -1.28 -1.21 -1.30 -0.82 -0.98 -0.66
Leverage Ratio		 1.98 1.53 4.63 6.25 6.48 2.69 8.25 8.93 6.25 2.46 1.54
Compound Leverage Factor		 1.94 1.36 4.43 6.04 5.14 2.61 8.52 8.95 6.26 2.45 1.52
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 27.84% 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 27.84% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 67.15% 64.42% 56.46% 53.41% 50.51% 46.07% 45.98% 28.12% 11.02% 0.00% 0.00%
Common Equity to Total Capital		 32.85% 35.58% 43.54% 46.59% 49.49% 53.93% 54.02% 44.04% 88.98% 100.00% 100.00%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.42 0.00 0.00 0.00
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.13 0.00 0.00 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.48 0.00 0.00 0.00
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.31 0.00 0.00 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Altman Z-Score		 -0.26 1.96 0.41 0.70 0.52 9.90 16.28 14.61 14.50 9.34 4.60
Noncontrolling Interest Sharing Ratio		 70.73% 69.36% 65.92% 63.69% 0.00% 58.62% 52.44% 48.20% 0.00% 16.49% 14.86%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.17 1.80 1.07 1.07 1.05 1.33 1.58 1.19 2.24 2.19 4.13
Quick Ratio		 0.19 0.99 0.08 0.08 0.06 0.34 0.88 0.72 1.41 1.19 2.97
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 267 74 210 165 67 54 -114 -56 -101 -175 -45
Operating Cash Flow to CapEx		 1,323.02% -445.42% 2,165.61% -14,231.75% -4,599.08% 10,195.45% -77,908.46% 28,168.42% -8,421.84% -2,330.39% -1,661.13%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -1,051.53 -2,011.58 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 100.98 -933.14 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 100.62 -944.22 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.67 2.02 1.58 1.53 1.50 12.87 4.17 5.20 5.18 10.81 7.76
Accounts Receivable Turnover		 26.58 26.45 50.15 76.15 62.94 184.27 110.93 156.23 189.58 236.44 79.17
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 23.33 73.42 145.17 156.44 136.99 3,240.17 2,097.17 1,978.44 2,259.54 1,254.16 704.41
Accounts Payable Turnover		 2.22 0.74 0.64 0.68 0.36 1.04 0.39 0.66 0.85 5.31 3.03
Days Sales Outstanding (DSO)		 13.73 13.80 7.28 4.79 5.80 1.98 3.29 2.34 1.93 1.54 4.61
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 164.74 490.07 570.90 536.16 1,009.59 352.34 946.56 551.95 431.43 68.76 120.49
Cash Conversion Cycle (CCC)		 -151.01 -476.27 -563.62 -531.36 -1,003.80 -350.36 -943.27 -549.61 -429.51 -67.21 -115.88
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 64 0.67 -71 -45 -21 -56 27 -2.66 62 59 60
Invested Capital Turnover		 2.70 18.12 35.08 38.63 70.77 -124.96 -164.13 -155.03 178.67 1,352.59 34.95
Increase / (Decrease) in Invested Capital		 -304 -79 -232 -181 -84 -56 98 43 83 115 33
Enterprise Value (EV)		 324 581 18 296 127 392 181 256 888 259 114
Market Capitalization		 330 628 151 389 198 516 198 294 965 313 225
Book Value per Share		 $0.25 $0.17 $0.17 $2.32 $2.44 $1.63 $1.93 $1.68 $3.99 $3.62 $5.59
Tangible Book Value per Share		 ($0.14) ($0.08) ($0.04) ($1.12) ($0.99) ($1.78) ($1.17) ($1.53) $1.54 $1.37 $3.29
Total Capital		 211 136 131 103 102 63 82 80 129 113 171
Total Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 22 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 -147 -135 -207 -148 -123 -153 -55 -60 -92 -54 -111
Capital Expenditures (CapEx)		 1.86 1.53 1.77 0.46 0.55 0.31 0.13 0.02 0.55 0.46 0.73
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -47 -54 -115 -68 -67 -106 -21 -43 -14 -3.26 -5.48
Debt-free Net Working Capital (DFNWC)		 101 81 92 80 56 46 34 40 67 39 95
Net Working Capital (NWC)		 101 81 92 80 56 46 34 17 67 39 95
Net Nonoperating Expense (NNE)		 15 74 -1.01 20 -11 38 -32 17 5.47 35 -0.20
Net Nonoperating Obligations (NNO)		 -147 -135 -202 -148 -123 -119 -55 -60 -66 -54 -111
Total Depreciation and Amortization (D&A)		 3.96 3.09 0.06 0.12 0.11 0.06 0.22 0.15 0.15 0.08 0.07
Debt-free, Cash-free Net Working Capital to Revenue		 -8.04% -7.49% -7.32% -3.93% -4.37% -3.09% -0.57% -1.16% -0.37% -0.14% -0.36%
Debt-free Net Working Capital to Revenue		 17.28% 11.08% 5.87% 4.62% 3.66% 1.34% 0.93% 1.06% 1.79% 1.68% 6.26%
Net Working Capital to Revenue		 17.28% 11.08% 5.87% 4.62% 3.66% 1.34% 0.93% 0.46% 1.79% 1.68% 6.26%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 ($2.00) ($1.86) ($2.67) ($0.45) ($0.81) $1.18 ($2.16) ($1.15) ($2.76) ($0.41)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 13.15M 20.57M 20.66M 20.81M 22.87M 21.05M 28.69M 31.18M 30.56M 44.61M
Adjusted Diluted Earnings per Share		 $0.00 ($2.00) ($1.86) ($2.67) ($0.45) ($0.81) $1.13 ($2.16) ($1.15) ($2.76) ($0.41)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 13.15M 20.57M 20.66M 20.81M 22.87M 21.05M 28.69M 31.18M 30.56M 44.61M
Adjusted Basic & Diluted Earnings per Share		 $0.00 ($2.00) $0.00 $0.00 $0.00 ($0.81) $0.00 $0.00 $0.00 ($2.76) $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 13.15M 20.57M 20.66M 20.81M 22.87M 21.05M 28.69M 31.18M 30.56M 44.61M
Normalized Net Operating Profit after Tax (NOPAT)		 -21 -4.51 -18 -15 -17 -1.93 -15 -13 -14 -60 -12
Normalized NOPAT Margin		 -10.33% -2.79% -2.08% -2.90% 0.00% -0.09% -1.42% -2.24% 0.00% -8.77% -4.86%
Pre Tax Income Margin		 -25.16% -4.08% -2.47% -6.95% 0.00% -1.63% 1.82% -5.21% 0.00% -9.09% -4.69%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -566.77 -430.58 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -244.19 -353.68 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -567.13 -441.66 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -244.55 -364.76 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 -1.07% 0.00% -2.42% -1.31% -1.81% 0.00% 0.00% -3.44% -4.75% 0.00% 0.00%

Financials Breakdown Chart

Key Financial Trends

Bakkt’s latest quarter shows a company that is still growing revenue, but profitability and cash flow remain highly uneven. In Q1 2026, Bakkt posted $243.6 million in revenue, but it also reported a $11.7 million net loss and negative operating cash flow of $12.1 million. The company ended the quarter with a much stronger cash position than a year ago, but that improvement was driven mainly by financing activity, not by sustainable earnings power.

Top takeaways for investors:

  • Q1 2026 revenue was $243.6 million, showing the business is still generating meaningful top-line activity.
  • Bakkt ended Q1 2026 with $80.0 million in cash and equivalents and $213.4 million in total assets, giving it more liquidity than it had in early 2025.
  • Financing activity added significant cash in Q1 2026, including $69.6 million from common equity issuance, which helped drive a $56.7 million increase in cash and equivalents.
  • Operating expenses were much lower than the prior quarter, with Q1 2026 operating expenses of $253.9 million versus $735.8 million in Q4 2025.
  • Interest expense remained modest in Q1 2026 at just $185,000, so debt service does not appear to be the company’s biggest near-term burden.
  • The balance sheet still includes substantial goodwill and intangible assets, which can be sensitive if future impairments are needed.
  • Share count has risen over time, suggesting prior funding needs have been met partly through dilution.
  • Bakkt remained unprofitable, with a $11.7 million net loss in Q1 2026 and negative EPS of $0.41.
  • Operating cash flow was negative at $12.1 million, indicating the core business still is not consistently self-funding.
  • The company has shown extreme quarter-to-quarter volatility, including a huge loss in Q4 2025 and recurring swings in revenue, expenses, and cash flow.

Revenue trend: Bakkt’s revenue trend has been highly inconsistent. Quarterly revenue was $854.6 million in Q1 2024, $509.9 million in Q2 2024, $204.8 million in Q3 2023, $577.9 million in Q2 2025, and $682.5 million in Q4 2025, before dropping to $243.6 million in Q1 2026. That kind of volatility makes it difficult to argue that Bakkt has established a stable, predictable growth profile.

Profitability trend: The company has not sustained profitability over the period shown. Q1 2025 was a rare profitable quarter at the net-income level, but that did not last: Q2 2025, Q3 2025, Q4 2025, and Q1 2026 were all losses. In Q4 2025, Bakkt reported a particularly large $95.2 million consolidated net loss, followed by another $11.7 million loss in Q1 2026. Operating income has also stayed negative, which suggests the core business is still under pressure.

Cash flow and balance sheet: Cash flow has swung widely, from strong positive operating cash flow in some quarters to significant negative cash flow in others. Q1 2026 operating cash flow was -$12.1 million, while Q1 2025 was much worse at -$101.3 million. On the balance sheet, cash and equivalents improved to $80.0 million in Q1 2026 from $23.0 million in Q1 2025, but that improvement came alongside heavy equity issuance. Total equity also improved to $170.9 million in Q1 2026 from $44.1 million in Q1 2025, though dilution remains an important consideration.

Bottom line: Bakkt has enough liquidity to keep operating for now, and the latest quarter showed some improvement in cash reserves and a much lower loss than the prior quarter. But investors should be careful: the company still lacks consistent profitability, its operating cash flow is unreliable, and recent strength in the balance sheet appears to depend heavily on external financing.

07/07/26 03:39 AM ETAI Generated. May Contain Errors.

Bakkt Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Bakkt's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Bakkt's net income appears to be on a downward trend, with a most recent value of -$132.23 million in 2025, rising from -$79.61 million in 2020. The previous period was -$103.45 million in 2024. See Bakkt's forecast for analyst expectations on what's next for the company.

Bakkt's total operating income in 2025 was -$147.84 million, based on the following breakdown:
  • Total Gross Profit: $2.26 billion
  • Total Operating Expenses: $2.41 billion

Over the last 4 years, Bakkt's total revenue changed from $28.50 million in 2020 to $2.34 billion in 2025, a change of 8,095.3%.

Bakkt's total liabilities were at $50.01 million at the end of 2025, a 75.8% decrease from 2024, and a 14.7% decrease since 2020.

In the past 5 years, Bakkt's cash and equivalents has ranged from $26.96 million in 2025 to $391.36 million in 2021, and is currently $26.96 million as of their latest financial filing in 2025.

Over the last 4 years, Bakkt's book value per share changed from 14.98 in 2020 to 3.62 in 2025, a change of -75.9%.


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Financial statements for NYSE:BKKT last updated on 7/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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