Bakkt, Inc.
For the period ended Dec 31, 2025. Filed Mar 19, 2026.
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FY2025 · Filed Mar 19, 2026
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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Item 8. Consolidated Statements of Cash Flows
| Year Ended December 31, 2025 | Year Ended December 31, 2024 | Year EndedDecember 31, 2023 | |
|---|---|---|---|
| Cash flows from operating activities: | |||
| Net loss | $(132,232) | $(103,447) | $(225,812) |
| Adjustments to reconcile net loss to net cash used in operating activities | |||
| Depreciation and amortization | 607 | 343 | 13,932 |
| Change in fair value of contingent consideration liability | — | — | (2,952) |
| Non-cash lease expense | 895 | 1,721 | 3,058 |
| Share-based compensation expense | 71,603 | 15,841 | 15,452 |
| Unit-based compensation expense | — | — | 1,309 |
| Forfeiture and cancellation of common units | — | — | (13) |
| Impairment of long-lived assets | 961 | 889 | 30,265 |
| Loss on sale of businesses | 22,663 | — | — |
| Gain on lease terminations | (8,884) | — | — |
| Goodwill and intangible assets impairments | — | — | 60,499 |
| Loss on disposal of assets | — | — | 75 |
| Loss on extinguishment of convertible debenture | 2,617 | — | — |
| Loss (gain) from change in fair value of warrant liabilities | (30,191) | 17,186 | 1,571 |
| Change in fair value of derivative assets | (13,973) | — | — |
| Loss on Equity Method Investee | 323 | — | — |
| TRA Equity Settlement | 22,983 | — | — |
| Other | 538 | (52) | 19 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | (1,237) | 5,405 | (10,036) |
| Prepaid insurance | 1,223 | 9,077 | 9,773 |
| Deposits with clearinghouse | (2,500) | — | 14,991 |
| Accounts payable and accrued liabilities | (5,139) | (15,618) | (7,985) |
| Due to related party | (2,358) | (870) | 2,062 |
| Deferred revenue | (152) | (3,252) | 396 |
| Operating lease liabilities | (4,135) | (3,636) | (3,029) |
| Customer funds payable | (73,904) | 55,641 | 32,334 |
| Assets and liabilities of businesses held for sale | (3,284) | — | — |
| Other assets and liabilities | 177 | (431) | 3,394 |
| Net cash used in operating activities | (153,399) | (21,203) | (60,697) |
| Cash flows from investing activities: | |||
| Capitalized internal-use software development costs and other capital expenditures | (1,167) | (3,087) | (9,433) |
| Purchase of marketable securities | (55,235) | (17,966) | (61,829) |
| Proceeds from the maturity of marketable securities | 55,000 | 35,187 | 185,765 |
| Proceeds from Sale of Bakkt Trust | 4,518 | — | — |
| Purchase of intangible assets | (2,650) | — | — |
| Purchase of equity method investment | (11,472) | — | — |
| Cash paid for Loyalty divestiture | (20,146) | — | — |
| Cash advance for Loyalty Buyer | (17,591) | — | — |
| Cash proceeds from derivative | 10,621 | — | — |
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| Acquisition of Bumped Financial, LLC | — | — | (631) |
|---|---|---|---|
| Acquisition of Apex Crypto LLC, net of cash acquired | — | — | (47,902) |
| Net cash provided by (used in) investing activities: | (38,122) | 14,134 | 65,970 |
| Cash flows from financing activities: | |||
| Proceeds from Concurrent Offerings, net of issuance costs | — | 46,505 | — |
| Withholding tax payments on net share settlements on equity awards | (3,071) | (2,690) | (2,634) |
| Proceeds from the exercise of warrants | 1 | 3 | — |
| Proceeds from Exercise of exercise of stock options | 384 | — | — |
| Proceeds from Common Stock Issuance, net of issuance cost | 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) | — | — |
| Cash paid for financing fees | (1,530) | — | — |
| Proceeds from issuance of convertible debentures, net of discounts | 23,750 | — | — |
| Net cash provided by (used in) financing activities: | 82,084 | 43,818 | (2,634) |
| Effect of exchange rate changes | 593 | (1,501) | 436 |
| Net increase (decrease) in cash, cash equivalents, deposits, restricted cash and customer funds | (108,844) | 35,248 | 3,075 |
| Cash, cash equivalents, deposits, restricted cash and customer funds at the beginning of the period | 153,746 | 118,498 | 115,423 |
| Cash, cash equivalents, deposits, restricted cash and customer funds at the end of the period | $44,902 | $153,746 | $118,498 |
| Supplemental disclosure of cash flow information: | |||
| Cash paid for income taxes | $— | $— | $239 |
| Supplemental disclosure of non-cash investing and financing activity: | |||
| Non-cash operating lease right-of-use asset acquired | $— | $— | $3,788 |
| Capitalized internal-use software development costs and other capital expenditures included in accounts payable and accrued liabilities | $— | $— | $478 |
| Conversion of Convertible debentures | $17,500 | $— | $— |
| Reconciliation of cash, cash equivalents, deposits, restricted cash and customer funds to consolidated balance sheets: | |||
| Cash and cash equivalents | $26,962 | $39,049 | $52,882 |
| Restricted cash | 575 | 24,889 | 31,838 |
| Customer funds | 14,662 | 88,566 | 32,925 |
| Deposits (See Note 7) | 2,703 | 1,242 | 853 |
| Total cash, cash equivalents, deposits, restricted cash and customer funds | $44,902 | $153,746 | $118,498 |
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