Bakkt, Inc. (BKKT)
Bakkt, Inc. is building the backbone of next-generation financial infrastructure. The company provides solutions that enable institutional participation in the digital asset economy, spanning Bitcoin, tokenization, stablecoin payments, and AI-driven finance. Bakkt was founded in 2018 and is headquartered in New York, NY.
Sector: Finance Services
Industry: Software - Infrastructure
Bakkt Holdings, Inc.
NYSE:BKKTTechnology · Software - Infrastructure
-3.44%$5.06
AH Close$5.10+0.79%vs close
AH Close$5.10+0.79%vs close
Mkt Cap$228.05M
Float30.37M
O/S45.07M
Inst Own27.6%
Dilution
Delisting Issues Timeline
Financials Summary
Revenue$2.34B
Net Income-$107.21M
Total Assets$162.79M
Free Cash Flow-$153.4M
Debt & Equity
Debt 0%
Equity 100%
Total Debt$549K
Total Equity$112.78M
Shares Outstanding
Short Interest
Split History1 split · 1 reverse
- 1:25Reverse splitApr 29, 202425 shares → 1
Balance Sheet Details
Assets$162.79M
Liabilities$50.01M
Accounts Receivable$12.07M
Accounts Payable$29.54M
Inventory$0
PP&E (Net)$1.66M
Goodwill$64.66M
Intangible Assets$5.55M
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
| Revenue | $2.34B | $3.49B | $780.14M | $56.22M | $37.25M | $28.5M | -$864K |
| YoY Growth | -33.1% | 347.4% | 1287.5% | 50.9% | 30.7% | -3398.0% | - |
| Cost of Revenue | $2.31B | $3.4B | $718.51M | $1.66M | $0 | $58.63M | $31.64M |
| Gross Profit | $26.85M | $87.01M | $61.63M | $54.57M | $37.25M | -$30.14M | -$32.51M |
| Gross Margin | 1.1% | 2.5% | 7.9% | 97.1% | 100.0% | -105.8% | 3762.4% |
| Research and Development | $0 | $0 | $0 | $0 | $0 | $900K | $0 |
| Selling, General, and Administrative | $122.56M | $144.24M | $166.65M | $203.03M | $168.54M | $8.22M | $2.62M |
| Other | $46M | $35.69M | $122.87M | $1.87B | $32.86M | $39.86M | $0 |
| Total Operating Expenses | $168.57M | $179.93M | $289.51M | $2.07B | $201.4M | $48.98M | $3.95M |
| Operating Income (EBIT) | -$141.71M | -$92.92M | -$227.89M | -$2.02B | -$164.14M | -$79.12M | -$35.95M |
| Operating Margin | -6.1% | -2.7% | -29.2% | -3590.8% | -440.6% | -277.7% | 4160.6% |
| Interest Expense | $0 | $0 | $0 | $0 | $247K | $0 | $0 |
| Interest Income | $0 | $4.32M | $4.34M | $1.88M | $11K | $0 | $3.28M |
| Other Income (Expense) | $44.01M | -$10.36M | $2.52M | $17.66M | -$78.3M | -$95K | $3.5M |
| Income Before Tax (EBT) | -$97.71M | -$103.28M | -$225.37M | -$2B | -$242.44M | -$79.21M | -$33.17M |
| Income Tax Expense | -$49K | $170K | $444K | -$11.32M | $11.95M | $391K | -$199K |
| Net Income | -$107.21M | -$46.66M | -$74.85M | -$578.11M | -$133.55M | -$79.61M | -$32.98M |
| Net Income Margin | -4.6% | -1.3% | -9.6% | -1028.2% | -358.5% | -279.4% | 3816.7% |
| Supplementary Data | |||||||
| EPS | -15.71 | -7.97 | -21.01 | -203.08 | -4.24 | -3.07 | -0.06 |
| Diluted EPS | -15.71 | -7.97 | -21.01 | -203.08 | -4.24 | -3.07 | -0.06 |
| Weighted Average OS | 6.83M | 5.86M | 3.56M | 2.85M | 2.29M | 2.00M | 2.00M |
| EBITDA | -$97.1M | -$83.36M | -$114.29M | -$151.97M | -$133.03M | -$42.48M | -$35.86M |
| EBITDA Margin | -4.2% | -2.4% | -14.6% | -270.3% | -357.1% | -149.1% | 4150.6% |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
| Assets | |||||||
| Current Assets | |||||||
| Cash and Cash Equivalents | $27.54M | $39.05M | $52.88M | $98.33M | $391.36M | $75.36M | $76.63M |
| Short-Term Investments | $235K | $0 | $17.4M | $141.06M | $0 | $1.82M | $1.99M |
| Cash and Short-Term Investments | $27.77M | $39.05M | $70.28M | $239.39M | $391.36M | $77.18M | $78.62M |
| Accounts Receivable | $12.07M | $6.44M | $29.66M | $25.31M | $18.14M | $8.1M | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Assets | $29.61M | $131.13M | $766.34M | $32.88M | $21.84M | $41.42M | $19.48M |
| Total Current Assets | $72.2M | $183.84M | $882.64M | $326.46M | $463.55M | $132.06M | $100.08M |
| Long-Term Assets | |||||||
| Property, Plant & Equipment Net | $1.66M | $10.01M | $11.52M | $39.38M | $17.36M | $22.22M | $11.11M |
| Goodwill | $64.66M | $68M | $68M | $15.85M | $1.53B | $233.43M | $16.85M |
| Intangible Assets | $5.55M | $2.9M | $2.9M | $55.83M | $388.47M | $62.2M | $2.09M |
| Long-Term Investments | $14.5M | $0 | $0 | $0 | $0 | $2.71M | $1.19M |
| Deferred Tax Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Assets | $4.22M | $4.62M | $1.81M | $17.98M | $17.79M | $15.75M | $46.36M |
| Total Long-Term Assets | $90.59M | $85.53M | $84.22M | $129.04M | $1.95B | $336.31M | $77.6M |
| Other Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Assets | $162.79M | $269.38M | $966.87M | $455.5M | $2.41B | $468.38M | $177.68M |
| Liabilities | |||||||
| Current Liabilities | |||||||
| Accounts Payable | $29.54M | $9.17M | $14.93M | $25.98M | $10.65M | $7.17M | $1.61M |
| Short-Term Debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Income Tax Payable | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Unearned Revenue | $789K | $0 | $4.28M | $3.97M | $4.63M | $0 | $0 |
| Other Current Liabilities | -$3.84M | $28.74M | $702.62M | $16.6M | $3.1M | $20.15M | $35K |
| Total Current Liabilities | $33.03M | $137.72M | $802.07M | $92.13M | $73.6M | $51.08M | $15.39M |
| Long-Term Liabilities | |||||||
| Long-Term Debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Unearned Revenue | $0 | $2.62M | $3.2M | $3.11M | $4.82M | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $0 | $0 | $0 | $0 | $11.59M | $0 | $0 |
| Other Long-Term Liabilities | $16.98M | $50.08M | $2.36M | $785K | $19.45M | $27.75M | $0 |
| Total Long-Term Liabilities | $16.98M | $68.81M | $29.08M | $27.3M | $46.51M | $28.97M | $0 |
| Other Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $50.01M | $206.52M | $831.15M | $119.43M | $120.11M | $80.05M | $15.39M |
| Stockholders' Equity | |||||||
| Preferred Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Common Stock | $3K | $2K | $28K | $27K | $27K | $495.22M | $184.42M |
| Retained Earnings | -$905.17M | -$797.96M | -$751.3M | -$676.45M | -$98.34M | -$112.5M | -$32.9M |
| Comprehensive Income & Other | $947K | -$841K | -$101K | -$290K | -$55K | $5.62M | $0 |
| Other Stockholders' Equity | $1.02B | $831.85M | $799.55M | $772.68M | $566.71M | $5.62M | $0 |
| Total Equity | $112.78M | $33.89M | $48.28M | $96.26M | $468.4M | $388.33M | $151.52M |
| Minority Interest | $0 | $28.96M | $87.43M | $239.81M | $1.83B | $0 | $0 |
| Total Liabilities and Equity | $162.79M | $240.42M | $879.43M | $215.69M | $588.51M | $468.38M | $166.9M |
| Supplementary Data | |||||||
| Total Debt | $549K | $19.9M | $27.16M | $26.42M | $11.26M | $2.3M | $0 |
| Net Debt | -$26.99M | -$19.15M | -$25.72M | -$71.92M | -$380.1M | -$73.06M | -$76.63M |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
| Operating Activities | |||||||
| Net Income | -$132.23M | -$103.45M | -$74.85M | -$1.99B | -$183.21M | -$79.61M | -$32.98M |
| Depreciation & Amortization | $607K | $343K | $13.93M | $25.35M | $16.24M | $7.97M | $87K |
| Deferred Income Tax | $0 | $0 | $0 | -$11.59M | $11.73M | -$354K | $0 |
| Stock-Based Compensation | $71.6M | $15.84M | $16.76M | $32.11M | $0 | $11.65M | $10.67M |
| Changes in Working Capital: | |||||||
| Accounts Receivable | -$1.24M | $5.41M | -$10.04M | -$7.16M | -$7.73M | -$149K | $0 |
| Inventory | $0 | $0 | $0 | $0 | -$12.88M | $0 | $0 |
| Accounts Payable | -$79.04M | -$15.62M | -$7.99M | $744K | $3.56M | $16.08M | $0 |
| Other Working Capital | -$6.89M | $56.53M | $59.92M | $9.33M | -$7.02M | -$5.16M | -$32.45M |
| Total Working Capital Change | -$87.17M | $46.32M | $41.9M | $2.91M | -$24.07M | $10.77M | -$32.45M |
| Other Non-Cash Items | -$2.07M | $19.74M | -$58.44M | $1.82B | $45.01M | $18.63M | $6.17M |
| Net Cash from Operating | -$149.26M | -$21.2M | -$60.7M | -$117.6M | -$134.3M | -$30.94M | -$48.5M |
| Investing Activities | |||||||
| Capital Expenditures | $0 | -$3.09M | -$9.43M | -$30.54M | -$15.69M | -$20.57M | -$9.18M |
| Acquisitions | $0 | $0 | -$48.53M | $30.54M | $32.6M | $10.65M | -$29.78M |
| Purchases of Investments | -$66.71M | -$17.97M | -$61.83M | -$306.59M | -$1.99M | $0 | $0 |
| Sales of Investments | $55M | $35.19M | $185.76M | $165.18M | $1.99M | $1.99M | $0 |
| Other Investing Activities | -$26.41M | $0 | $0 | -$30.54M | $8K | $0 | -$1.99M |
| Net Cash from Investing | -$38.12M | $14.13M | $65.97M | -$171.96M | $16.92M | -$7.93M | -$40.95M |
| Financing Activities | |||||||
| Debt Repaid | -$14.35M | - | - | - | $501K | $313K | - |
| Common Stock Issuance | $70.81M | $46.51M | $0 | $0 | $312M | $37.8M | $0 |
| Common Stock Repurchases | $0 | $0 | -$2.63M | -$2.59M | -$84.53M | $0 | $0 |
| Dividends Paid | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Financing Activities | -$3.07M | -$2.69M | $0 | $2K | $29.86M | $0 | $0 |
| Net Cash from Financing | $77.95M | $43.82M | -$2.63M | -$2.58M | $256.83M | $37.49M | $0 |
| Forex Effect | $73.04M | -$1.5M | $436K | -$850K | $267.24M | $191K | $0 |
| Net Change in Cash | -$36.4M | $35.25M | $3.08M | -$292.99M | $406.69M | -$1.19M | -$89.44M |
| Supplementary Data | |||||||
| Operating Cash Flow | -$149.26M | -$21.2M | -$60.7M | -$117.6M | -$134.3M | -$30.94M | -$48.5M |
| Capital Expenditure | -$3.82M | -$3.09M | -$9.43M | -$30.54M | -$15.69M | -$20.57M | -$9.18M |
| Free Cash Flow | -$153.4M | -$24.29M | -$70.13M | -$148.14M | -$149.99M | -$51.51M | -$57.68M |
| Cash at Beginning | $63.94M | $118.5M | $115.42M | $408.42M | $1.18M | $93.13M | $182.58M |
| Cash at End | $27.54M | $153.75M | $118.5M | $115.42M | $407.86M | $91.94M | $93.13M |