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$4.30+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 EndedMarch 31, 2026 | Three Months EndedMarch 31, 2025 | |
|---|---|---|
| Crypto services revenue | $243,593 | $1,065,756 |
| Operating expenses: | ||
| Crypto costs | 239,970 | 1,054,635 |
| Execution, clearing and brokerage fees | 1,980 | 7,693 |
| Compensation and benefits | 6,602 | 7,787 |
| Professional services | 7,745 | 5,170 |
| Technology and communication | 1,787 | 1,956 |
| Selling, general and administrative | 2,362 | 3,496 |
| Depreciation and amortization | 66 | 220 |
| Restructuring expenses | — | 228 |
| Other operating expenses | 5 | 8 |
| Total operating expenses | 260,517 | 1,081,193 |
| Operating loss from continuing operations | (16,924) | (15,437) |
| Interest income, net | 185 | 622 |
| Gain from change in fair value of warrant liability | 4,700 | 32,247 |
| Change in fair value of derivative instrument | (224) | — |
| Other income, net | 846 | 2,005 |
| (Loss) income from continuing operations before income taxes and equity in net earnings of affiliates | (11,417) | 19,437 |
| Income tax expense | (12) | (49) |
| Net (loss) income from continuing operations before equity in net earnings of affiliates | (11,429) | 19,388 |
| Loss from equity method investment | (221) | — |
| Net (loss) income from continuing operations | (11,650) | 19,388 |
| Net loss from discontinued operations, net of tax | — | (3,149) |
| Net (loss) income | (11,650) | 16,239 |
| Less: Net income attributable to noncontrolling interest | — | 8,529 |
| Net (loss) income attributable to Bakkt, Inc. | $(11,650) | $7,710 |
| Net (loss) income per share attributable to Class A Common Stockholders: | ||
| Basic | $(0.41) | $1.18 |
| Diluted | $(0.41) | $1.13 |
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