Bakkt, Inc. BKKT

Financials SIC 6199 - Finance Services NAICS Finance and Insurance › Securities, Commodity Contracts, and Other Financial Investments and Related Activities › Other Financial Investment Activities derived NYSE

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.

Last close 5.06 2026-10-23
Market cap $228.1M 2026-06-30 share count
52-week range 4.98 - 31.51

Valuation FY2025 figures against the last close

P/S0.1x
P/E—
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS-8.87

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019
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.) 12.1M5.9M3.6M2.8M———

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -2B 0 2B 4B Revenue, FY2020: 28.5M Net income, FY2020: -79.6M Revenue, FY2022: 1.7M Net income, FY2022: -578.1M Revenue, FY2023: 727M Net income, FY2023: 225.8M Revenue, FY2024: 3.4B Net income, FY2024: 103.4M Revenue, FY2025: 2.3B Net income, FY2025: 132.2M FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue — $28.5M — $1.7M $727.0M $3.44B $2.34B
Gross profit — — — — — — —
Net income — -$79.6M — -$578.1M $225.8M $103.4M $132.2M

Recent filings and events

  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Results announced Item 2.02
  • Acquisition or disposal completed A purchase or sale of a significant business or asset has closed. Item 2.01
  • Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
  • Change of control Control of the company has changed hands. Item 5.01
  • Regulation FD disclosure Item 7.01
  • Shareholder vote Item 5.07
  • Other event Item 8.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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