Bakkt Holdings, Inc.
For the period ended Jun 30, 2025. Filed Aug 11, 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.
Jun 30, 2025 · Filed Aug 11, 2025
BKKT$4.30+3.1%Stored close · as of Nov 6, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Operations
(in thousands, except per share data)
| Three Months EndedJune 30, 2025 | Three Months EndedJune 30, 2024 | Six Months EndedJune 30, 2025 | Six Months EndedJune 30, 2024 | |
|---|---|---|---|---|
| Revenues: | ||||
| Crypto services | $568,103 | $497,141 | $1,633,859 | $1,338,481 |
| Loyalty services, net | 9,779 | 12,757 | 18,933 | 25,999 |
| Total revenues | 577,882 | 509,898 | 1,652,792 | 1,364,480 |
| Operating expenses: | ||||
| Crypto costs | 561,074 | 491,701 | 1,615,709 | 1,323,673 |
| Execution, clearing and brokerage fees | 4,139 | 3,392 | 11,832 | 9,022 |
| Compensation and benefits | 20,124 | 22,381 | 37,943 | 46,912 |
| Professional services | 4,069 | 3,639 | 9,261 | 7,274 |
| Technology and communication | 2,901 | 3,651 | 6,469 | 9,423 |
| Selling, general and administrative | 3,590 | 5,516 | 7,419 | 13,326 |
| Depreciation and amortization | 154 | 117 | 374 | 174 |
| Related party expenses | — | 150 | — | 300 |
| Impairment of long-lived assets | — | — | — | 288 |
| Restructuring expenses | — | 926 | 228 | 7,067 |
| Other operating expenses | 320 | 442 | 566 | 875 |
| Total operating expenses | 596,371 | 531,915 | 1,689,801 | 1,418,334 |
| Operating loss | (18,489) | (22,017) | (37,009) | (53,854) |
| Interest income, net | (53) | 1,245 | 568 | 2,201 |
| (Loss) gain from change in fair value of warrant liability | (8,604) | (15,114) | 23,644 | (6,068) |
| Other (expense) income, net | (2,946) | 448 | (1,008) | 1,164 |
| Loss before income taxes | (30,092) | (35,438) | (13,805) | (56,557) |
| Income tax expense | (60) | (74) | (110) | (230) |
| Net loss | (30,152) | (35,512) | (13,915) | (56,787) |
| Less: Net loss attributable to noncontrolling interest | (15,418) | (19,088) | (6,889) | (32,198) |
| Net loss attributable to Bakkt Holdings, Inc. | $(14,734) | $(16,424) | $(7,026) | $(24,589) |
| Net loss per share attributable to Class A Common Stockholders: | ||||
| Basic | $(2.16) | $(2.67) | $(1.05) | $(4.66) |
| Diluted | $(2.16) | $(2.67) | $(1.05) | $(4.66) |
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