Bakkt, Inc.
For the period ended Mar 31, 2026. Filed May 11, 2026.
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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, 2026 · Filed May 11, 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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Consolidated Statements of Cash Flows
(in thousands)
| Three Months EndedMarch 31, 2026 | Three Months EndedMarch 31, 2025 | |
|---|---|---|
| Cash flows from operating activities: | ||
| Net (loss) income | $(11,650) | $16,239 |
| Adjustments to reconcile net (loss) income to net cash used in operating activities: | ||
| Depreciation and amortization | 66 | 220 |
| Non-cash lease expense | — | 266 |
| Share-based compensation expense | 2,805 | 3,343 |
| Gain on lease assignment | — | (1,755) |
| Gain from change in fair value of warrant liability | (4,700) | (32,247) |
| Loss on equity method investment | 221 | — |
| Change in fair value of derivative asset | 517 | — |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | 1,500 | (3,593) |
| Prepaid insurance | 1,082 | 1,435 |
| Accounts payable and accrued liabilities | (2,123) | (1,810) |
| Unsettled crypto trades | (1,850) | — |
| Due to related party | — | (150) |
| Deferred revenue | (769) | (362) |
| Operating lease liabilities | (471) | (1,803) |
| Customer funds payable | 2,731 | (76,563) |
| Assets and liabilities of businesses held for sale | — | (3,457) |
| Other assets and liabilities | 548 | (1,044) |
| Net cash used in operating activities | (12,093) | (101,281) |
| Cash flows from investing activities: | ||
| Capitalized internal-use software development costs and other capital expenditures | (728) | (130) |
| Cash received from partial settlement of derivative arrangement | 2,677 | — |
| Purchase of investments | (14) | — |
| Net cash used in investing activities | 1,935 | (130) |
| Cash flows from financing activities: | ||
| Proceeds from the exercise of warrants | — | 1 |
| Withholding tax payments on net share settlements on equity awards | (280) | (906) |
| Proceeds from Equity offerings | 69,602 | — |
| Cash paid for Equity offerings | (2,541) | — |
| Proceeds from borrowings on revolving credit facility | — | 5,000 |
| Net cash provided by financing activities | 66,781 | 4,095 |
| Effect of exchange rate changes | 94 | 29 |
| Net increase (decrease) in cash, cash equivalents, restricted cash, customer funds and deposits | 56,717 | (97,287) |
| Cash, cash equivalents, restricted cash, customer funds and deposits at the beginning of the period | 44,902 | 153,746 |
| Cash, cash equivalents, restricted cash, customer funds and deposits at the end of the period | $101,619 | $56,459 |
| Reconciliation of cash, cash equivalents, restricted cash, customer funds and deposits to consolidated balance sheets: | ||
| Cash and cash equivalents | $79,984 | $23,010 |
| Restricted cash | 2,576 | 19,754 |
| Customer funds | 17,393 | 12,003 |
| Deposits (Note 6) | 1,666 | 1,692 |
| Total cash, cash equivalents, restricted cash, customer funds and deposits | $101,619 | $56,459 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.