Bakkt Holdings, Inc.
For the period ended Sep 30, 2025. Filed Nov 12, 2025.
View on SEC.govAbout this filing
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, 2025 · Filed Nov 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.
See the whole filing, with its images and exhibitsContents
Consolidated Statements of Cash Flows
(in thousands)
| Nine Months EndedSeptember 30, 2025 | Nine Months EndedSeptember 30, 2024 | |
|---|---|---|
| Cash flows from operating activities: | ||
| Net loss | $(37,069) | $(63,078) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation and amortization | 527 | 281 |
| Non-cash lease expense | 832 | 989 |
| Share-based compensation expense | 17,797 | 13,049 |
| Impairment of long-lived assets | 708 | 889 |
| Loss on sale of Bakkt Trust | 2,301 | — |
| Gain on lease assignment | (1,755) | — |
| Loss (gain) from change in fair value of warrant liability | 13,543 | (13,916) |
| Loss on extinguishment of convertible debenture | 2,617 | — |
| Change in fair value of derivative asset | (43,350) | — |
| Other | 537 | 2 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | (7,321) | 3,679 |
| Prepaid insurance | 12 | 7,430 |
| Accounts payable and accrued liabilities | (3,352) | (13,679) |
| Due to related party | (2,360) | (570) |
| Deferred revenue | (133) | (2,877) |
| Operating lease liabilities | (3,572) | (2,619) |
| Customer funds payable | (77,505) | 18,625 |
| Assets and liabilities of businesses held for sale | (3,476) | — |
| Other assets and liabilities | (1,567) | (810) |
| Net cash used in operating activities | (142,586) | (52,605) |
| Cash flows from investing activities: | ||
| Capitalized internal-use software development costs and other capital expenditures | (703) | (2,779) |
| Purchase of available-for-sale securities | (5,094) | (25,986) |
| Proceeds from the settlement of available-for-sale securities | — | 36,660 |
| Proceeds from Sale of Bakkt Trust | 4,518 | — |
| Purchase of intangible assets | (2,650) | — |
| Purchase of equity method investment | (11,472) | — |
| Net cash (used in) provided by investing activities | (15,401) | 7,895 |
| Cash flows from financing activities: | ||
| Proceeds from Concurrent Offerings, net of issuance costs | — | 46,505 |
| Proceeds from the exercise of warrants | 1 | 3 |
| Withholding tax payments on net share settlements on equity awards | (3,417) | (2,430) |
| Proceeds from Common Stock Issuance, net of issuance costs | 62,961 | — |
| Proceeds from exercise of pre-funded warrants | 7,464 | — |
| Repayment of Convertible Debenture | (7,875) | — |
| Proceeds from borrowings on revolving credit facility | 5,000 | — |
| Repayments on revolving credit facility | (5,000) | — |
| Proceeds from issuance of convertible debentures, net of issuance costs | 22,220 | — |
| Net cash provided by financing activities | 81,354 | 44,078 |
| Effect of exchange rate changes | 592 | (373) |
| Net decrease in cash, cash equivalents, restricted cash, customer funds and deposits | (76,041) | (1,005) |
| 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 | $77,705 | $117,493 |
| Supplemental disclosure of non-cash investing and financing activity: | ||
| Reconciliation of cash, cash equivalents, restricted cash, customer funds and deposits to consolidated balance sheets: | ||
| Cash and cash equivalents | $58,319 | $28,984 |
| Restricted cash | 6,117 | 35,306 |
| Customer funds | 11,061 | 51,550 |
| Deposits (Note 6) | 2,208 | 1,653 |
| Total cash, cash equivalents, restricted cash, customer funds and deposits | $77,705 | $117,493 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.