Bakkt, Inc.
For the period ended Sep 30, 2026. Filed Nov 9, 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.
Sep 30, 2026 · Filed Nov 9, 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)
| Nine Months EndedSeptember 30, 2026 | Nine Months EndedSeptember 30, 2025 | |
|---|---|---|
| Cash flows from operating activities: | ||
| Net income (loss) | $83,443 | $(37,069) |
| Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
| Depreciation and amortization | 2,944 | 527 |
| Non-cash lease expense | — | 832 |
| Share-based compensation expense | 5,727 | 17,797 |
| Impairment of long-lived assets | 1,246 | 708 |
| Loss on sale of Bakkt Trust | — | 2,301 |
| Gain on lease assignment | — | (1,755) |
| (Gain) loss from change in fair value of warrant liability | (6,851) | 13,543 |
| Loss on equity method investment | 715 | — |
| Loss on extinguishment of convertible debenture | — | 2,617 |
| Change in fair value of warrants and derivative asset | (124,669) | (43,350) |
| Professional fees paid in stock | 1,125 | — |
| Other | (666) | 537 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | 2,554 | (7,321) |
| Prepaid insurance | (110) | 12 |
| Accounts payable and accrued liabilities | (5,577) | (3,352) |
| Unsettled crypto trades | (1,863) | — |
| Due to related party | — | (2,360) |
| Deferred revenue | (790) | (133) |
| Operating lease liabilities | (552) | (3,572) |
| Customer funds payable | 1,355 | (77,505) |
| Assets and liabilities of businesses held for sale | — | (3,476) |
| Other assets and liabilities | (2,876) | (1,567) |
| Net cash used in operating activities | (44,845) | (142,586) |
| Cash flows from investing activities: | ||
| Capitalized internal-use software development costs and other capital expenditures | (2,292) | (703) |
| Proceeds from sale of Bakkt Trust | — | 4,518 |
| Cash received from settlement of derivative arrangement | 2,677 | — |
| Purchase of equity method investment | — | (11,472) |
| Purchase of investments | (139) | (5,094) |
| Purchase of intangible assets | — | (2,650) |
| Consideration for the acquisition of DTR | (3,200) | — |
| Consideration for the acquisition of Gyzer | (253) | — |
| Investment in Swan | (250) | — |
| Investment in Transchem warrants | (9,410) | — |
| Net cash used in investing activities | (12,867) | (15,401) |
| Cash flows from financing activities: | ||
| Proceeds from the exercise of warrants | — | 1 |
| Proceeds from exercise of pre-funded warrants | — | 7,464 |
| Withholding tax payments on net share settlements on equity awards | (280) | (3,417) |
|---|---|---|
| Proceeds from Common Stock issuance, net of issuance costs | — | 62,961 |
| Proceeds from Equity offerings | 69,604 | — |
| 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) |
| Repayment of convertible debenture | — | (7,875) |
| Proceeds from issuance of convertible debentures, net of issuance costs | — | 22,220 |
| Net cash provided by financing activities | 67,283 | 81,354 |
| Effect of exchange rate changes | 185 | 592 |
| Net increase (decrease) in cash, cash equivalents, restricted cash, customer funds and deposits | 9,756 | (76,041) |
| 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 | $54,658 | $77,705 |
| 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 | $36,572 | $58,319 |
| Restricted cash | 749 | 6,117 |
| Customer funds | 16,017 | 11,061 |
| Deposits (Note 7) | 1,320 | 2,208 |
| Total cash, cash equivalents, restricted cash, customer funds and deposits | $54,658 | $77,705 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.