Bakkt, Inc.
For the period ended Jun 30, 2026. Filed Aug 10, 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.
Jun 30, 2026 · Filed Aug 10, 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)
| Six Months EndedJune 30, 2026 | Six Months EndedJune 30, 2025 | |
|---|---|---|
| Cash flows from operating activities: | ||
| Net (loss) income | $69,191 | $(13,915) |
| Adjustments to reconcile net (loss) income to net cash used in operating activities: | ||
| Depreciation and amortization | 1,118 | 374 |
| Non-cash lease expense | — | 566 |
| Share-based compensation expense | 4,697 | 9,681 |
| Impairment of long-lived assets | 1,246 | — |
| Loss on sale of Bakkt Trust | — | 2,301 |
| Gain on lease assignment | — | (1,755) |
| Gain from change in fair value of warrant liability | (6,116) | (23,644) |
| Loss on equity method investment | 504 | — |
| Change in fair value of Transchem warrant and derivative asset | (97,820) | — |
| Professional fees paid in stock | 1,125 | — |
| Other | 58 | 87 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | (349) | 1,672 |
| Prepaid insurance | 1,824 | 1,904 |
| Deposits with clearing house | — | — |
| Accounts payable and accrued liabilities | (5,029) | 3,592 |
| Unsettled crypto trades | (1,304) | — |
| Due to related party | — | (2,360) |
| Deferred revenue | (745) | (535) |
| Operating lease liabilities | (573) | (2,698) |
| Customer funds payable | 5,920 | (67,230) |
| Assets and liabilities of businesses held for sale | — | (3,476) |
| Other assets and liabilities | (657) | (493) |
| Net cash used in operating activities | (26,910) | (95,929) |
| Cash flows from investing activities: | ||
| Capitalized internal-use software development costs and other capital expenditures | (1,987) | (149) |
| Proceeds from Sale of Bakkt Trust | — | 4,518 |
| Cash received from settlement of derivative arrangement | 2,677 | — |
| Purchase of investments | (14) | — |
| Consideration for the acquisition of DTR | (3,200) | — |
| Consideration for the acquisition of Gyzer | (253) | — |
| Investment in Swan | (250) | — |
| Investment in Transchem warrant | (9,410) | — |
| Net cash (used in) provided by investing activities | (12,437) | 4,369 |
| Cash flows from financing activities: | ||
| Proceeds from the exercise of warrants | — | 1 |
| Withholding tax payments on net share settlements on equity awards | (329) | (1,712) |
| Proceeds from Equity offerings | 69,602 | — |
| Cash paid for Equity offerings | (2,541) | — |
| Exercise of stock options | 500 | — |
| Proceeds from borrowings on revolving credit facility | — | 5,000 |
| Repayments on revolving credit facility | — | (5,000) |
| Cash paid for financing costs | — | (775) |
| Proceeds from issuance of convertible debentures, net of issuance costs | — | 23,750 |
| Net cash provided by financing activities | 67,232 | 21,264 |
| Effect of exchange rate changes | 54 | 915 |
| Net increase (decrease) in cash, cash equivalents, restricted cash, customer funds and deposits | 27,939 | (69,381) |
| 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 | $72,841 | $84,365 |
| Supplemental disclosure of cash flow information: | ||
| Non-cash operating lease right-of-use asset acquired | $82 | $— |
| Supplemental disclosure of non-cash investing and financing activity: | ||
| Non-cash acquisition consideration | 103,661 | — |
| Reconciliation of cash, cash equivalents, restricted cash, customer funds and deposits to consolidated balance sheets: | ||
| Cash and cash equivalents | $49,980 | $43,493 |
| Restricted cash | 718 | 17,965 |
| Customer funds | 20,582 | 21,336 |
| Deposits (Note 7) | 1,561 | 1,571 |
| Total cash, cash equivalents, restricted cash, customer funds and deposits | $72,841 | $84,365 |
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