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$4.65+8.1%Stored close · as of Nov 9, 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 EndedSeptember 30, 2026 | Three Months EndedSeptember 30, 2025 | Nine Months EndedSeptember 30, 2026 | Nine Months EndedSeptember 30, 2025 | |
|---|---|---|---|---|
| Crypto services revenue | $149,204 | $402,211 | $562,946 | $2,036,070 |
| Operating expenses: | ||||
| Crypto costs | 146,435 | 396,815 | 554,343 | 2,012,524 |
| Execution, clearing and brokerage fees | 1,111 | 3,965 | 4,409 | 15,797 |
| Compensation and benefits | 5,953 | 8,084 | 19,514 | 26,040 |
| Professional services | 3,754 | 7,364 | 18,692 | 16,562 |
| Technology and communication | 1,993 | 2,210 | 5,481 | 5,511 |
| Selling, general and administrative | 2,560 | 3,211 | 7,253 | 9,978 |
| Depreciation and amortization | 1,826 | 153 | 2,944 | 527 |
| Impairment of long-lived assets | — | 480 | 1,246 | 480 |
| Restructuring expenses | — | 5,107 | — | 5,335 |
| Other operating expenses | 6 | 85 | 36 | 135 |
| Total operating expenses | 163,638 | 427,474 | 613,918 | 2,092,889 |
| Operating loss from continuing operations | (14,434) | (25,263) | (50,972) | (56,819) |
| Interest income (expense), net | 385 | (50) | 1,117 | 518 |
| Change in fair value of warrant liabilities | 735 | (37,187) | 6,851 | (13,543) |
| Change in fair value of Transchem warrants | 26,849 | — | 125,345 | — |
| Other income, net | 587 | 40,921 | 1,493 | 40,887 |
| Income (loss) from continuing operations before income taxes and equity in net earnings of affiliates | 14,122 | (21,579) | 83,834 | (28,957) |
| Income tax benefit (expense) | 341 | 25 | 324 | (101) |
| Net income (loss) from continuing operations before equity in net earnings of affiliates | 14,463 | (21,554) | 84,158 | (29,058) |
| Loss from equity method investment | (212) | — | (715) | — |
| Net income (loss) from continuing operations | 14,251 | (21,554) | 83,443 | (29,058) |
| Net loss from discontinued operations, net of tax | — | (1,602) | — | (8,011) |
| Net income (loss) | 14,251 | (23,156) | 83,443 | (37,069) |
| Less: Net income (loss) attributable to noncontrolling interest | — | (8,238) | — | (15,127) |
| Net income (loss) attributable to Bakkt, Inc. | $14,251 | $(14,918) | $83,443 | $(21,942) |
| Net income (loss) per share attributable to Class A Common Stockholders: | ||||
| Basic | $0.32 | $(1.15) | $2.18 | $(2.50) |
| Diluted | $0.31 | $(1.15) | $2.12 | $(2.50) |
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