Bakkt Holdings Inc
For the period ended Sep 30, 2024. Filed Nov 14, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 14, 2024
BKKT$4.17-10.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows
(in thousands)
| Nine Months EndedSeptember 30, 2024 | Nine Months EndedSeptember 30, 2023 | |
|---|---|---|
| Cash flows from operating activities: | ||
| Net loss | $(63,078) | $(147,119) |
| Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ||
| Depreciation and amortization | 281 | 10,843 |
| Non-cash lease expense | 989 | 2,298 |
| Share-based compensation expense | 13,049 | 14,284 |
| Unit-based compensation expense | — | 1,300 |
| Forfeiture and cancellation of common units | — | (13) |
| Impairment of long-lived assets | 889 | 56 |
| Goodwill and intangible assets impairments | — | 23,325 |
| Loss on disposal of assets | — | 70 |
| (Gain) loss from change in fair value of warrant liability | (13,916) | 857 |
| Other | 2 | 19 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | 3,679 | 3,607 |
| Prepaid insurance | 7,430 | 10,772 |
| Deposits with clearing house | — | 14,991 |
| Accounts payable and accrued liabilities | (13,636) | (14,243) |
| Unsettled crypto trades | (43) | — |
| Due to related party | (570) | 602 |
| Deferred revenue | (2,877) | 136 |
| Operating lease liabilities | (2,619) | (2,088) |
| Customer funds payable | 18,625 | 27,632 |
| Other assets and liabilities | (810) | (1,220) |
| Net cash used in operating activities | (52,605) | (53,891) |
| Cash flows from investing activities: | ||
| Capitalized internal-use software development costs and other capital expenditures | (2,779) | (7,905) |
| Purchase of available-for-sale securities | (25,986) | (44,599) |
| Proceeds from the settlement of available-for-sale securities | 36,660 | 163,165 |
| Acquisition of Bumped Financial, LLC | — | (631) |
| Acquisition of Apex Crypto LLC, net of cash acquired | — | (44,320) |
| Net cash provided by investing activities | 7,895 | 65,710 |
| Cash flows from financing activities: | ||
| Proceeds from Concurrent Offerings, net of issuance costs | 46,505 | — |
| Proceeds from the exercise of warrants | 3 | — |
| Repurchase and retirement of Class A Common Stock | (2,430) | (2,502) |
| Net cash provided by (used in) financing activities | 44,078 | (2,502) |
| Effect of exchange rate changes | (373) | (36) |
| Net (decrease) increase in cash, cash equivalents, restricted cash, customer funds and deposits | (1,005) | 9,281 |
| Cash, cash equivalents, restricted cash, customer funds and deposits at the beginning of the period | 118,498 | 115,423 |
| Cash, cash equivalents, restricted cash, customer funds and deposits at the end of the period | $117,493 | $124,704 |
| Supplemental disclosure of cash flow information: | ||
| Non-cash operating lease right-of-use asset acquired | $— | $3,783 |
| Supplemental disclosure of non-cash investing and financing activity: | ||
| Capitalized internal-use software development costs and other capital expenditures included in accounts payable and accrued liabilities | $— | $548 |
| Reconciliation of cash, cash equivalents, restricted cash, customer funds and deposits to consolidated balance sheets: | ||
| Cash and cash equivalents | $28,984 | $68,219 |
| Restricted cash | 35,306 | 28,262 |
| Customer funds | 51,550 | 28,223 |
| Deposits (Note 6) | 1,653 | — |
| Total cash, cash equivalents, restricted cash and customer funds | $117,493 | $124,704 |
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