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BKKT

Bakkt Holdings, Inc.

BKKT

Bakkt Holdings, Inc. • NYSE
$15.77 ▲ 5.91% (+0.88)
Market Cap $251.28 M
52w High $49.79
52w Low $6.81
Dividend Yield 0%
P/E -2.76
Volume 782.63K
Outstanding Shares 15.93M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $402.211M ▼ $16.835M ▼ $-14.918M ▼ -3.709% ▼ $-2.19 ▼ $-21.426M ▲
Q2-2025 $577.882M ▼ $569.277M ▼ $-14.734M ▼ -2.55% ▼ $-2.16 ▼ $-29.885M ▼
Q1-2025 $1.075B ▼ $1.067B ▲ $7.71M ▲ 0.717% ▲ $1.18 ▲ $-18.072M ▼
Q4-2024 $1.797B ▲ $42.307M ▼ $-19.179M ▼ -1.067% ▼ $-2.95 ▼ $-10.853M ▲
Q3-2024 $328.419M $42.961M $-2.893M -0.881% $-0.45 $-26.25M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $69.53M ▲ $258.262M ▲ $129.698M ▼ $114.394M ▲
Q2-2025 $43.493M ▲ $190.14M ▲ $132.315M ▲ $35.294M ▼
Q1-2025 $23.01M ▼ $176.346M ▼ $94.787M ▼ $44.059M ▲
Q4-2024 $39.049M ▲ $269.377M ▼ $206.524M ▼ $33.894M ▼
Q3-2024 $35.711M $1.183B $1.081B $50.473M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-13.316M ▲ $-46.657M ▼ $-19.77M ▼ $60.09M ▲ $2.978M ▼ $-49.861M ▼
Q2-2025 $-14.734M ▼ $5.352M ▲ $4.499M ▲ $17.169M ▲ $18.694M ▲ $5.333M ▲
Q1-2025 $16.239M ▲ $-101.281M ▼ $-130K ▼ $4.095M ▲ $-97.287M ▼ $-101.411M ▼
Q4-2024 $-40.369M ▼ $31.402M ▲ $6.239M ▲ $-260K ▼ $36.253M ▲ $31.094M ▲
Q3-2024 $-19.401M $-25.065M $5.902M $-112K $-19.028M $-22.831M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Subscription And Service Revenue
Subscription And Service Revenue
 $0 ▲$0 ▲$0 ▲$0 ▲
Transaction Revenue Net
Transaction Revenue Net
 $1.79Bn ▲$1.07Bn ▼$570.00M ▼$400.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Bakkt’s income statement looks like that of an early-stage infrastructure platform that is still scaling. Revenue has grown meaningfully from a very small base, and gross profit has moved from negative to slightly positive, which suggests the underlying business model is becoming more viable. However, the company is still running at an operating loss and burning money to build out its platform and relationships. The extremely large loss in 2022 stands out as an anomaly, likely tied to one‑off items and SPAC‑related accounting rather than the ongoing run rate, because losses have since narrowed. Even so, profitability is not yet in sight, and earnings per share remain deeply negative, reflecting both recurring losses and past dilution, including the reverse stock split.

Balance Sheet

Balance Sheet The balance sheet is lean and relatively small for a listed technology company. Assets and cash have come down from the peak a few years ago, which indicates the business has been drawing on its resources to fund operations. On the positive side, debt levels are very low, so financial leverage risk is limited. On the negative side, shareholder equity is now quite modest, leaving a thinner cushion to absorb future losses. The history suggests the company has relied more on issuing equity than on borrowing, and the reverse split points to earlier pressure on the share price and capitalization.

Cash Flow

Cash Flow Cash flow shows a company still in investment mode. Operating cash flow has been consistently negative, though the gap has gradually narrowed, which is directionally encouraging. Free cash flow is also negative, meaning the business is not yet self‑funding and still depends on external capital or its cash reserves. Capital spending has been fairly light, so most of the cash burn is tied to operating costs rather than heavy physical investment. The key question is whether revenue can scale fast enough to close this cash drain before the balance sheet becomes too tight.

Competitive Edge

Competitive Edge Competitively, Bakkt is trying to occupy a specialized niche: a regulated, behind‑the‑scenes crypto infrastructure provider to banks, fintechs, and other institutions. Its connection to Intercontinental Exchange (the parent of the NYSE) and its regulatory licenses give it credibility and trust in a sector where many players lack both. The B2B model also means Bakkt is not directly battling its customers for end users. However, the broader crypto infrastructure and custody space is crowded, with well-funded competitors and some large institutions choosing to build in‑house. Success will depend on Bakkt’s ability to sign and retain meaningful partners, prove reliability, and navigate crypto regulatory shifts.

Innovation and R&D

Innovation and R&D Innovation is clearly a core focus. Bakkt has built an API‑driven “brokerage‑in‑a‑box” platform that lets banks and fintechs bolt on crypto trading, custody (via partners), and payouts without building all the plumbing themselves. The planned Bakkt Agent product and the partnership with Distributed Technologies Research push the company into AI‑assisted remittances and stablecoin payments, which target large global money‑movement markets. These initiatives could open new revenue streams and deepen customer stickiness if adopted at scale. At the same time, they are unproven, depend on partner uptake, and sit in areas where technology, competition, and regulation are changing quickly, so execution risk is meaningful.

Summary

Overall, Bakkt looks like a small, still‑developing infrastructure player at the intersection of traditional finance and crypto. The story is one of improving but still loss‑making economics, a modest balance sheet with low debt but limited equity cushion, and ongoing cash burn. The main strengths lie in its regulatory posture, affiliation with Intercontinental Exchange, and focus on enabling institutions rather than competing with them directly. The main risks center on scale: the company must convert its technology and partnerships into durable, sizable revenue before its financial flexibility tightens further, all while managing crypto market volatility and regulatory uncertainty.

NEWS

November 10, 2025 · 7:30 AM UTC

Bakkt Reports Third Quarter 2025 Results

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November 4, 2025 · 4:15 PM UTC

Bakkt Completes Capital Structure Simplification and Single-Class Stock Transition

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October 31, 2025 · 4:30 PM UTC

Bakkt and ICE Strengthen Long-Term Alignment Through Board Transition

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October 27, 2025 · 8:30 AM UTC

Bakkt Schedules Conference Call to Discuss Third Quarter 2025 Results

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October 20, 2025 · 8:00 AM UTC

Bakkt Strengthens Board with Appointment of Renowned Macro Strategist Lyn Alden

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