Bakkt, Inc. BKKT
Unless otherwise noted, in this section or elsewhere in this Form 10-K, (1) the term "Bakkt" refers to Bakkt, Inc., a Delaware corporation and its subsidiaries, and (2) the terms Company," "we," "us," and "our," refer to the ongoing business operations of Bakkt, Inc. and its subsidiaries, whether conducted through Bakkt or a subsidiary of Bakkt.
In this section and elsewhere in this Form 10-K, we use the following terms, which are defined as follows:
•"Client" means businesses with whom we contract to provide services to customers on our platform, and includes financial institutions, hedge funds, merchants, retailers, third party partners, and other businesses (except in the accompanying notes to the consolidated financial statements, where we refer to revenue earned from customers, instead of clients). The term customers is in accordance with the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 606, Revenue from Contracts with Customers.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Revenue | $2.34B | $3.44B | $727.0M | $1.7M | — | $28.5M | — |
| Total operating expenses | $2.48B | $3.52B | $883.2M | $1.99B | — | $107.6M | — |
| Operating income | -$147.8M | -$82.6M | -$156.2M | -$1.99B | — | -$79.1M | — |
| Interest expense | $791.0K | $4.3M | $4.3M | $2.1M | — | $123.0K | — |
| Pre-tax income | -$97.4M | -$94.3M | -$153.3M | -$1.97B | — | -$79.2M | — |
| Income tax | $49.0K | $110.0K | $355.0K | $11.4M | — | $391.0K | — |
| Net income | $132.2M | $103.4M | $225.8M | -$578.1M | — | -$79.6M | — |
| EPS, basic | -8.87 | -7.97 | -21.01 | -203.08 | — | — | — |
| EPS, diluted | -8.87 | -7.97 | -21.01 | -203.08 | — | — | — |
| Shares, diluted (wtd. avg.) | $12.1M | $5.9M | $3.6M | $2.8M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $27.0M | $39.0M | $52.9M | $115.4M | $408.4M | $91.9M | $93.1M |
| Short-term investments | $235.0K | $0 | — | — | — | — | — |
| Receivables | $12.1M | $7.7M | $29.7M | $25.3M | $18.1M | $10.4M | — |
| Total current assets | $72.2M | $183.8M | $181.1M | $326.5M | $463.5M | $132.1M | — |
| Property, plant and equipment | $1.7M | $2.1M | $60.0K | $19.7M | $6.1M | $20.0M | — |
| Goodwill | $64.7M | $68.0M | $68.0M | $15.9M | $1.53B | $233.4M | $16.9M |
| Other intangibles | $5.5M | $2.9M | $2.9M | $55.8M | $388.5M | $62.2M | — |
| Total assets | $162.8M | $269.4M | $265.3M | $455.5M | $2.41B | $468.4M | — |
| Accounts payable | $3.7M | $3.1M | $14.9M | $26.0M | $10.6M | $7.2M | — |
| Short-term debt | — | — | — | — | — | $0 | — |
| Total current liabilities | $33.0M | $137.7M | $100.5M | $92.1M | $73.6M | $51.1M | — |
| Total liabilities | $50.0M | $206.5M | $129.6M | $119.4M | $120.1M | $58.6M | — |
| Retained earnings | -$905.2M | -$798.0M | -$751.3M | -$676.4M | -$98.3M | -$112.5M | — |
| Total equity | $112.8M | $33.9M | $135.7M | $336.1M | $2.29B | $0 | — |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$153.4M | -$21.2M | -$60.7M | -$117.6M | — | -$30.9M | — |
| Depreciation and amortisation | $607.0K | $343.0K | $13.9M | $25.4M | — | $8.0M | — |
| Stock-based compensation | $71.6M | $15.8M | $15.5M | $31.6M | — | $0 | — |
| Capital expenditure | — | $3.1M | $9.4M | $30.5M | — | $20.6M | — |
| Investing cash flow | -$38.1M | $14.1M | $66.0M | -$172.0M | — | -$7.9M | — |
| Financing cash flow | $82.1M | $43.8M | -$2.6M | -$2.6M | — | $37.5M | — |
| Buybacks | — | $2.7M | $2.6M | $2.6M | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-035725.
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