Bakkt Holdings, Inc.
For the period ended Sep 30, 2025. Filed Nov 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.
Sep 30, 2025 · Filed Nov 12, 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 EndedSeptember 30, 2025 | Three Months EndedSeptember 30, 2024 | Nine Months EndedSeptember 30, 2025 | Nine Months EndedSeptember 30, 2024 | |
|---|---|---|---|---|
| Crypto services revenue | $402,211 | $316,333 | $2,036,070 | $1,654,814 |
| Operating expenses: | ||||
| Crypto costs | 396,815 | 312,841 | 2,012,524 | 1,636,514 |
| Execution, clearing and brokerage fees | 3,965 | 2,207 | 15,797 | 11,229 |
| Compensation and benefits | 8,084 | 9,868 | 26,040 | 31,250 |
| Professional services | 7,364 | 5,282 | 16,562 | 12,300 |
| Technology and communication | 2,210 | 2,158 | 5,511 | 7,306 |
| Selling, general and administrative | 3,211 | 7,830 | 9,978 | 19,744 |
| Depreciation and amortization | 153 | 107 | 527 | 281 |
| Related party expenses | — | 150 | — | 450 |
| Impairment of long-lived assets | 480 | 601 | 480 | 744 |
| Restructuring expenses | 5,107 | 425 | 5,335 | 7,492 |
| Other operating expenses | 85 | 1 | 135 | 97 |
| Total operating expenses | 427,474 | 341,470 | 2,092,889 | 1,727,407 |
| Operating income (loss) from continuing operations | (25,263) | (25,137) | (56,819) | (72,593) |
| Interest (expense) income, net | (50) | 1,014 | 518 | 3,215 |
| (Loss) gain from change in fair value of warrant liability | (37,187) | 19,984 | (13,543) | 13,916 |
| Other (expense) income, net | 40,921 | 263 | 40,887 | 910 |
| Loss from continuing operations before income taxes | (21,579) | (3,876) | (28,957) | (54,552) |
| Income tax (expense) benefit | 25 | 113 | (101) | (119) |
| Net loss from continuing operations | (21,554) | (3,763) | (29,058) | (54,671) |
| Net loss from discontinued operations, net of tax | (1,602) | (2,528) | (8,011) | (8,407) |
| Net loss | (23,156) | (6,291) | (37,069) | (63,078) |
| Less: Net loss attributable to noncontrolling interest | (8,238) | (3,398) | (15,127) | (35,598) |
| Net loss attributable to Bakkt Holdings, Inc. | $(14,918) | $(2,893) | $(21,942) | $(27,480) |
| Net loss per share attributable to Class A Common Stockholders: | ||||
| Basic and diluted | $(1.15) | $(0.45) | $(2.50) | $(4.87) |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.