Loading…
Bakkt, Inc. engages in digital building financial infrastructure. The company offers Bakkt Market solutions which enables institutions to launch secure, compliant, and advanced digital asset brokerage, trading and payment capabilities through a plug-and-play platform; Bakkt Agent provides programmable access to Bakkt's financial infrastructure through an intelligent software layer that coordinates onboarding, account creation, funding, and global money movement; and Bakkt Global enables Bakkt to expand its technology and infrastructure into international markets through strategic investments in jurisdiction-specific entities operating in regulated financial markets. It also provides solutions that enable institutional participation in the digital asset economy. The company serves client, such as financial institutions, hedge funds, merchants, retailers, third party partners, and other businesses. It markets its products and services using various business-to-business channels, such as direct marketing, including email marketing and targeted digital advertisements; indirect marketing; and its website, blog, and social media platforms. The company offers its services in the United States, Latin America, Europe, and Asia. The company was formerly known as Bakkt Holdings, Inc. and changed its name to Bakkt, Inc. in January 2026. Bakkt, Inc. was founded in 2018 and is headquartered in New York, New York.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $2.3B | $-141M | $-107M | $-157M | -95.1% | -32.1% | - |
| 2024 | $3.4B | $-73M | $-47M | $-24M | -74.2% | 373.3% | - |
| 2023 | $727M | $-97M | $-75M | $-70M | -55.2% | 1193.0% | - |
| 2022 | $56M | $-152M | $-578M | $-148M | -172.0% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 56.22 | 726.99 | 3,441.06 | 2,335.24 |
| Cost Of Revenue | 1.66 | 718.51 | 3,403.21 | 2,308.39 |
| Gross Profit | 54.57 | 8.48 | 37.85 | 26.85 |
| Operating Expense | 231.89 | 119.41 | 111.37 | 168.57 |
| Operating Income | -177.32 | -110.93 | -73.52 | -141.71 |
| EBITDA | -151.97 | -97 | -73.18 | -141.11 |
| EBIT | -177.32 | -110.93 | -73.52 | -141.71 |
| Pretax Income | -2,001.25 | -153.30 | -94.30 | -97.38 |
| Tax Provision | -11.32 | 0.35 | 0.11 | -0.05 |
| Net Income | -578.11 | -74.85 | -46.66 | -107.21 |
| Net Income Common Stockholders | -578.11 | -74.85 | -46.66 | -107.21 |
| Total Expenses | 233.54 | 837.92 | 3,514.58 | 2,476.96 |
| Selling General And Administration | 203.03 | 99.03 | 86.37 | 122.56 |
| Normalized EBITDA | 1,672.99 | -50.12 | -46.92 | -165.18 |
| Normalized Income | 1,236.53 | 34.34 | -16.88 | -96.70 |
| Basic EPS | -203.08 | -21.01 | -7.97 | 0 |
| Diluted EPS | -203.08 | -21.01 | -7.97 | 0 |
| Tax Effect Of Unusual Items | -10.32 | -9.85 | -5.51 | 0.01 |
| Tax Rate For Calcs | 0.01 | 0.21 | 0.21 | 0 |
| Total Unusual Items | -1,824.96 | -46.88 | -26.25 | 24.07 |
| Total Unusual Items Excluding Goodwill | -1,824.96 | -46.88 | -26.25 | 24.07 |
| Net Income From Continuing Operation Net Minority Interest | -578.11 | -2.69 | -37.62 | -72.64 |
| Reconciled Depreciation | 25.35 | 13.93 | 0.34 | 0.61 |
| Reconciled Cost Of Revenue | 1.66 | 716.91 | 3,403.21 | 2,308.39 |
| Net Interest Income | 1.88 | 4.34 | 4.32 | 0.79 |
| Net Income From Continuing And Discontinued Operation | -578.11 | -74.85 | -46.66 | -107.21 |
| Total Operating Income As Reported | -2,018.91 | -156.24 | -82.59 | -147.84 |
| Diluted Average Shares | 2.85 | 3.56 | 5.86 | 0 |
| Basic Average Shares | 2.85 | 3.56 | 5.86 | 0 |
| Diluted NI Availto Com Stockholders | -578.11 | -74.85 | -46.66 | -107.21 |
| Average Dilution Earnings | 0 | 0 | 0 | 0 |
| Minority Interests | 1,411.83 | 150.96 | 56.79 | 25.02 |
| Net Income Including Noncontrolling Interests | -1,989.93 | -225.81 | -103.45 | -132.23 |
| Net Income Discontinuous Operations | 0 | -72.16 | -9.04 | -34.57 |
| Net Income Continuous Operations | -1,989.93 | -153.65 | -94.41 | -97.66 |
| Earnings From Equity Interest Net Of Tax | 0 | 0 | 0 | -0.32 |
| Other Income Expense | -1,825.81 | -46.70 | -25.10 | 43.54 |
| Other Non Operating Income Expenses | -0.86 | 0.18 | 1.15 | 19.47 |
| Special Income Charges | -1,841.59 | -45.31 | -9.07 | -6.12 |
| Impairment Of Capital Assets | 1,833.58 | 36.76 | 0.74 | 0.73 |
| Restructuring And Mergern Acquisition | 8.01 | 8.55 | 8.32 | 5.39 |
| Gain On Sale Of Security | 16.64 | -1.57 | -17.19 | 30.19 |
| Net Non Operating Interest Income Expense | 1.88 | 4.34 | 4.32 | 0.79 |
| Total Other Finance Cost | -1.88 | -4.34 | -4.32 | -0.79 |
| Other Operating Expenses | 3.51 | 8.04 | 24.65 | 45.40 |
| Depreciation Amortization Depletion Income Statement | 25.35 | 12.33 | 0.34 | 0.61 |
| Depreciation And Amortization In Income Statement | 25.35 | 12.33 | 0.34 | 0.61 |
| General And Administrative Expense | 203.03 | 99.03 | 86.37 | 122.56 |
| Other Gand A | 63.98 | 53.54 | 50.30 | 45.23 |
| Salaries And Wages | 139.05 | 45.49 | 36.07 | 77.34 |
| Operating Revenue | 56.22 | 726.99 | 3,441.06 | 2,335.24 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Bakkt, Inc.this co. | BKKT | $240M | - | 1.78 | -95.1% | -1.84 |
| 8x8, Inc. | EGHT | $254M | - | 1.77 | -22.3% | 14.50 |
| Backblaze, Inc. | BLZE | $251M | - | 2.95 | -30.8% | -48.22 |
| Inseego Corp. | INSG | $240M | - | -56.24 | -20.7% | 43.80 |
| Blaize Holdings, Inc. | BZAI | $234M | - | 5.97 | -530.5% |
| -2.12 |
| M-tron Industries, Inc. | MPTI | $233M | 24.96 | 3.42 | 13.4% | 18.05 |
| Commerce.com, Inc. | CMRC | $230M | - | 5.79 | -49.1% | 28.41 |
| Turtle Beach Corporation | TBCH | $223M | 14.60 | 1.68 | 12.2% | 8.87 |
| Nerdy Inc. | NRDY | $218M | - | 5.75 | -138.0% | -1.79 |
| Peer Median | - | 19.78 | 3.18 | -26.5% | 11.68 | |