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% | 129.8% |
| 2024 | $3.4B | $-73M | $-47M | $-24M | -137.7% | 373.3% | -37.7% |
| 2023 | $727M | $-97M | $-75M | $-70M | -155.0% | 1193.0% | -87.1% |
| 2022 | $56M | $-152M | $-578M | $-148M | -600.5% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 56.22 | 726.99 | 3,441.06 | 2,335.24 |
| Operating 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 |
| Selling General And Administration | - | 203.02 | 99.03 | 86.37 | 122.56 |
| Total Expenses | - | 233.54 | 837.92 | 3,514.58 | 2,476.96 |
| Operating Income | - | -177.32 | -110.93 | -73.52 | -141.71 |
| Total Operating Income As Reported | - | -2,018.91 | -156.24 | -82.59 | -147.84 |
| EBITDA | - | -151.97 | -97 | -73.18 | -141.11 |
| Normalized EBITDA | - | 1,672.99 | -50.12 | -46.92 | -165.18 |
| EBIT | - | -177.32 | -110.93 | -73.52 | -141.71 |
| Net Interest Income | - | 1.88 | 4.34 | 4.32 | 0.79 |
| Other Non Operating Income Expenses | - | -0.86 | 0.18 | 1.15 | 19.47 |
| Other Income Expense | - | -1,825.81 | -46.70 | -25.10 | 43.54 |
| Net Non Operating Interest Income Expense | - | 1.88 | 4.34 | 4.32 | 0.79 |
| Pretax Income | - | -2,001.25 | -153.30 | -94.30 | -97.38 |
| Tax Provision | - | -11.32 | 0.36 | 0.11 | -0.05 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -10.32 | -9.85 | -5.51 | 0.01 |
| Net Income Continuous Operations | - | -1,989.93 | -153.65 | -94.41 | -97.66 |
| Net Income From Continuing And Discontinued Operation | - | -578.10 | -74.85 | -46.66 | -107.21 |
| Net Income From Continuing Operation Net Minority Interest | - | -578.10 | -2.70 | -37.62 | -72.64 |
| Net Income | - | -578.10 | -74.85 | -46.66 | -107.21 |
| Net Income Common Stockholders | - | -578.10 | -74.85 | -46.66 | -107.21 |
| Net Income Including Noncontrolling Interests | - | -1,989.93 | -225.81 | -103.45 | -132.23 |
| Normalized Income | - | 1,236.53 | 34.34 | -16.88 | -96.70 |
| Diluted NI Availto Com Stockholders | - | -578.10 | -74.85 | -46.66 | -107.21 |
| Basic Average Shares | - | 2.85 | 3.56 | 5.86 | 12.09 |
| Diluted Average Shares | - | 2.85 | 3.56 | 5.86 | 12.09 |
| Reconciled Depreciation | - | 25.35 | 13.93 | 0.34 | 0.61 |
| Reconciled Cost Of Revenue | - | 1.66 | 716.91 | 3,403.21 | 2,308.39 |
| 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 |
| Minority Interests | - | 1,411.83 | 150.96 | 56.79 | 25.02 |
| Net Income Discontinuous Operations | - | - | -72.16 | -9.04 | -34.57 |
| Earnings From Equity Interest Net Of Tax | - | - | 0 | 0 | -0.32 |
| 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 |
| 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 | - | 203.02 | 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 |
| Total Other Finance Cost | - | -1.88 | -4.34 | -4.32 | -0.79 |
| Other Operating Expenses | - | 3.51 | 8.04 | 24.65 | 45.40 |
| Average Dilution Earnings | - | 0 | 0 | 0 | - |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Bakkt, Inc.this co. | BKKT | $410M | - | 3.64 | -95.1% | - |
| Climb Global Solutions, Inc. | CLMB | $426M | 19.95 | 3.65 | 18.3% | 10.20 |
| Blend Labs, Inc. | BLND | $416M | -51.70 | -13.67 | 26.4% | 127.28 |
| TSS, Inc. | TSSI | $407M | 26.90 | 5.31 | 19.7% | 30.37 |
| Alight, Inc. | ALIT | $406M | -0.13 | 0.39 | -296.6% |
| - |
| - |
| - |
| - |
| -0.88 |
| M-tron Industries, Inc. | MPTI | $400M | 47.30 | 6.32 | 13.4% | 33.29 |
| IBEX Limited | IBEX | $399M | 10.83 | 2.97 | 27.4% | 7.00 |
| Yext, Inc. | YEXT | $397M | 10.48 | 2.49 | 23.8% | 5.01 |
| Paysign, Inc. | PAYS | $390M | 51.60 | 8.04 | 15.6% | 23.89 |
| Peer Median | - | 15.39 | 3.31 | 19.0% | 17.05 | |