Bakkt Holdings Inc
For the period ended Mar 31, 2025. Filed May 12, 2025.
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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.
Mar 31, 2025 · Filed May 12, 2025
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)
| Three Months EndedMarch 31, 2025 | Three Months EndedMarch 31, 2024 | |
|---|---|---|
| Cash flows from operating activities: | ||
| Net income (loss) | $16,239 | $(21,275) |
| Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | ||
| Depreciation and amortization | 220 | 57 |
| Non-cash lease expense | 266 | 622 |
| Share-based compensation expense | 3,343 | 8,013 |
| Forfeiture and cancellation of common units | — | 288 |
| Gain on lease assignment | (1,755) | — |
| Gain from change in fair value of warrant liability | (32,247) | (9,046) |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | (3,593) | (6,288) |
| Prepaid insurance | 1,435 | 3,876 |
| Accounts payable and accrued liabilities | (1,810) | 10,865 |
| Due to related party | (150) | (720) |
| Deferred revenue | (362) | (1,327) |
| Operating lease liabilities | (1,803) | (957) |
| Customer funds payable | (76,563) | 55,240 |
| Assets and liabilities of businesses held for sale | (3,457) | — |
| Other assets and liabilities | (1,044) | (995) |
| Net cash (used in) provided by operating activities | (101,281) | 38,353 |
| Cash flows from investing activities: | ||
| Capitalized internal-use software development costs and other capital expenditures | (130) | (1,771) |
| Purchase of available-for-sale securities | — | (17,996) |
| Proceeds from the settlement of available-for-sale securities | — | 17,463 |
| Net cash used in investing activities | (130) | (2,304) |
| Cash flows from financing activities: | ||
| Proceeds from Concurrent Offerings, net of issuance costs | — | 38,964 |
| Proceeds from the exercise of warrants | 1 | — |
| Withholding tax payments on net share settlements on equity awards | (906) | (2,259) |
| Proceeds from borrowings on revolving credit facility | 5,000 | — |
| Net cash provided by financing activities | 4,095 | 36,705 |
| Effect of exchange rate changes | 29 | (421) |
| Net (decrease) increase in cash, cash equivalents, restricted cash, customer funds and deposits | (97,287) | 72,333 |
| Cash, cash equivalents, restricted cash, customer funds and deposits at the beginning of the period | 153,746 | 118,498 |
| Cash, cash equivalents, restricted cash, customer funds and deposits at the end of the period | $56,459 | $190,831 |
| 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 | $— | $455 |
| Reconciliation of cash, cash equivalents, restricted cash, customer funds and deposits to consolidated balance sheets: | ||
| Cash and cash equivalents | $23,010 | $56,600 |
| Restricted cash | 19,754 | 44,008 |
| Customer funds | 12,003 | 88,165 |
| Deposits (Note 6) | 1,692 | 2,058 |
| Total cash, cash equivalents, restricted cash and customer funds | $56,459 | $190,831 |
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