$BKKT-WT

Bakkt, Inc.

CIK:0001820302|SEC Filings

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating expenses:
Crypto costs	$ 167,938	$ 561,074	$ 407,908	$ 1,615,709
Execution, clearing and brokerage fees	1,318	4,139	3,298	11,832
Compensation and benefits	6,958	10,169	13,560	17,956
Professional services	7,194	4,028	14,939	9,198
Technology and communication	1,700	1,345	3,487	3,301
Selling, general and administrative	2,330	3,271	4,692	6,767
Depreciation and amortization	1,052	154	1,118	374
Impairment of long-lived assets	1,246	0	1,246	0
Restructuring expenses	0	0	0	228
Other operating expenses	26	44	31	52
Total operating expenses	189,762	584,224	450,279	1,665,417
Operating loss from continuing operations	(19,613)	(16,121)	(36,537)	(31,558)
Interest income (expense), net	547	(53)	732	568
Change in fair value of warrant liability	1,416	(8,604)	6,116	23,644
Change in fair value of Transchem Warrant	98,496	0	98,496	0
Other income (expense), net	284	(2,038)	906	(34)
Income (loss) from continuing operations before income taxes and equity in net earnings of affiliates	81,130	(26,816)	69,713	(7,380)
Income tax expense	(5)	(76)	(18)	(126)
Net income (loss) from continuing operations before equity in net earnings of affiliates	81,125	(26,892)	69,695	(7,506)
Loss from equity method investment	(283)	0	(504)	0
Net income (loss) from continuing operations	80,842	(26,892)	69,191	(7,506)
Net loss from discontinued operations, net of tax	0	(3,260)	0	(6,409)
Net income (loss)	80,842	(30,152)	69,191	(13,915)
Less: Net income (loss) attributable to noncontrolling interest	0	(15,418)	0	(6,889)
Net income (loss) attributable to Bakkt, Inc.	$ 80,842	$ (14,734)	$ 69,191	$ (7,026)
Net income (loss) per share attributable to Class A Common Stockholders:
Basic (in dollars per share)	$ 1.96	$ (2.16)	$ 1.99	$ (1.05)
Diluted (in dollars per share)	$ 1.94	$ (2.16)	$ 1.95	$ (1.05)
Crypto services revenue
Revenue			$ 413,742	$ 1,633,859

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income (loss)	$ 69,191	$ (13,915)
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Depreciation and amortization	1,118	374
Non-cash lease expense	0	566
Share-based compensation expense	4,697	9,681
Impairment of long-lived assets	1,246	0
Loss on sale of Bakkt Trust	0	2,301
Gain on lease assignment	0	(1,755)
Change in fair value of warrant liability	(6,116)	(23,644)
Loss on equity method investment	504	0
Change in fair value of Transchem warrant and derivative asset	(97,820)	0
Professional fees paid in stock	1,125	0
Other	58	87
Changes in operating assets and liabilities:
Accounts receivable	(349)	1,672
Prepaid insurance	1,824	1,904
Deposits with clearing house	0	0
Accounts payable and accrued liabilities	(5,029)	3,592
Unsettled crypto trades	(1,304)	0
Due to related party	0	(2,360)
Deferred revenue	(745)	(535)
Operating lease liabilities	(573)	(2,698)
Customer funds payable	5,920	(67,230)
Assets and liabilities of businesses held for sale	0	(3,476)
Other assets and liabilities	(657)	(493)
Net cash used in operating activities	(26,910)	(95,929)
Cash flows from investing activities:
Capitalized internal-use software development costs and other capital expenditures	(1,987)	(149)
Proceeds from Sale of Bakkt Trust	0	4,518
Cash received from settlement of derivative arrangement	2,677	0
Purchase of investments	(14)	0
Consideration for the acquisition of DTR	(3,200)	0
Consideration for the acquisition of Gyzer	(253)	0
Investment in Swan	(250)	0
Investment in Transchem warrant	(9,410)	0
Net cash (used in) provided by investing activities	(12,437)	4,369
Cash flows from financing activities:
Proceeds from the exercise of warrants	0	1
Withholding tax payments on net share settlements on equity awards	(329)	(1,712)
Proceeds from Equity offerings	69,602	0
Cash paid for Equity offerings	(2,541)	0
Exercise of stock options	500	0
Proceeds from borrowings on revolving credit facility	0	5,000
Repayments on revolving credit facility	0	(5,000)
Cash paid for financing costs	0	(775)
Proceeds from issuance of convertible debentures, net of issuance costs	0	23,750
Net cash provided by financing activities	67,232	21,264
Effect of exchange rate changes	54	915
Net increase (decrease) in cash, cash equivalents, restricted cash, customer funds and deposits	27,939	(69,381)
Cash, cash equivalents, restricted cash, customer funds and deposits at the beginning of the period	44,902	153,746
Cash, cash equivalents, restricted cash, customer funds and deposits at the end of the period	72,841	84,365
Supplemental disclosure of cash flow information:
Non-cash operating lease right-of-use asset acquired	82	0
Supplemental disclosure of non-cash investing and financing activity:
Non-cash acquisition consideration	103,661	0
Reconciliation of cash, cash equivalents, restricted cash, customer funds and deposits to consolidated balance sheets:
Cash and cash equivalents	49,980	43,493
Restricted cash	718	17,965
Customer funds	20,582	21,336
Deposits (Note 7)	1,561	1,571
Total cash, cash equivalents, restricted cash, customer funds and deposits	$ 72,841	$ 84,365

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 49,980	$ 26,962
Restricted cash	718	575
Customer funds	20,582	14,662
Investments	311	235
Accounts receivable, net	11,276	12,070
Prepaid insurance	924	2,749
Other current assets	13,609	14,947
Total current assets	97,400	72,200
Property, equipment and software, net	2,085	1,660
Goodwill	156,690	64,658
Intangible assets	22,862	5,550
Equity method investment	10,645	11,149
Derivative asset	0	3,352
Transchem Warrants	107,906	0
Other assets	6,012	4,219
Total assets	403,600	162,788
Current liabilities:
Accounts payable and accrued liabilities	9,847	14,876
Customer funds payable	20,582	14,662
Deferred revenue, current	0	789
Other current liabilities	591	2,703
Total current liabilities	31,020	33,030
Warrant liability	10,616	16,732
Other noncurrent liabilities	7,574	244
Total liabilities	49,210	50,006
Commitments and contingencies (Note 17)
Common stock, value	4	3
Additional paid-in capital	1,189,365	1,017,004
Accumulated other comprehensive loss	1,001	947
Accumulated deficit	(835,980)	(905,172)
Total equity	354,390	112,782
Total liabilities and equity	$ 403,600	$ 162,788