NYSE : BKKT
Bakkt, Inc. — Financial statements
Technology · Software - Infrastructure · United States
Last price 5.08 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 228.95M
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Financial statements
Bakkt, Inc. (BKKT) reported revenue of 1.12B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 1.12B | 2.34B | 3.44B | 726.99M | 56.22M | 39.44M |
| Revenue | 1.12B | 2.34B | 3.44B | 726.99M | 56.22M | 39.44M |
| Cost of Revenue | 1.23B | 2.44B | 3.49B | 790.43M | 169.27M | 175.10M |
| Gross Profit | -109.89M | -101.48M | -48.17M | -63.44M | -113.04M | -135.67M |
| Selling, General & Admin | 10.59M | 12.67M | 24.38M | 30.89M | 35.41M | 28.83M |
| Other Operating Expenses | 63.00K | 84.00K | 630.00K | 4.27M | 3.51M | 3.88M |
| Operating Expenses | 8.90M | 13.36M | 25.35M | 47.49M | 64.28M | 47.75M |
| Operating Income | -118.80M | -114.84M | -73.52M | -110.93M | -177.32M | -183.42M |
| Interest Expense | -200.00K | -200.00K | -247.00K | |||
| Interest & Investment Income | 1.16M | 991.00K | 4.32M | 4.34M | 1.88M | 11.00K |
| Earnings From Equity Investments | -827.00K | -323.00K | ||||
| Other Non Operating Income (Expenses) | 125.28M | 45.68M | -16.03M | -1.39M | 15.78M | -77.99M |
| EBT Excluding Unusual Items | 6.61M | -68.69M | -85.23M | -107.99M | -159.66M | -261.64M |
| Merger & Restructuring Charges | -5.16M | -5.39M | -8.32M | -8.55M | -8.01M | -26.40M |
| Impairment of Goodwill | -1.39B | |||||
| Gain (Loss) on Sale of Investments | -63.00K | |||||
| Gain (Loss) on Sale of Assets | 1.00K | -2.30M | ||||
| Asset Writedown | -1.98M | -733.00K | -744.00K | -36.76M | -443.68M | -4.79M |
| Other Unusual Items | -20.59M | -20.59M | ||||
| Pretax Income | -21.12M | -97.71M | -94.30M | -153.30M | -2.00B | -292.90M |
| Income Tax Expense | -157.00K | -49.00K | 110.00K | 355.00K | -11.32M | 11.15M |
| Earnings From Continuing Operations | -20.96M | -97.66M | -94.41M | -153.65M | -1.99B | -304.05M |
| Earnings From Discontinued Operations | -28.16M | -34.57M | -9.04M | -72.16M | ||
| Net Income to Company | -49.13M | -132.23M | -103.45M | -225.81M | -1.99B | -304.05M |
| Minority Interest in Earnings | 18.13M | 25.02M | 56.79M | 150.96M | 1.41B | 120.83M |
| Net Income | -31.00M | -107.21M | -46.66M | -74.85M | -578.11M | -183.21M |
| Preferred Dividends & Other Adjustments | -139.22M | |||||
| Net Income to Common | -31.00M | -107.21M | -46.66M | -74.85M | -578.11M | -43.99M |
| Shares Outstanding (Basic) | 26.16M | 12.09M | 5.86M | 3.56M | 2.85M | 2.16M |
| Shares Outstanding (Diluted) | 26.16M | 12.09M | 5.86M | 3.56M | 2.85M | 2.16M |
| EPS (Basic) | -1.18 | -8.87 | -7.97 | -21.01 | -203.08 | -20.36 |
| EPS (Diluted) | -1.18 | -8.87 | -7.97 | -21.01 | -203.08 | -20.36 |
| Free Cash Flow | -87.39M | -154.57M | -24.29M | -70.13M | -148.14M | -149.99M |
| Free Cash Flow Per Share | -3.34 | -12.79 | -4.15 | -19.68 | -52.04 | -69.42 |
| Gross Margin | -9.86% | -4.35% | -1.40% | -8.73% | -201.06% | |
| Operating Margin | -10.65% | -4.92% | -2.14% | -15.26% | -315.38% | -465.09% |
| Profit Margin | -2.78% | -4.59% | -1.36% | -10.30% | -1,028.22% | -111.56% |
| Free Cash Flow Margin | -7.84% | -6.62% | -0.71% | -9.65% | -263.48% | -380.33% |
| EBITDA | -117.95M | -114.83M | -73.38M | -98.60M | -153.67M | -170.74M |
| EBITDA Margin | -10.58% | -4.92% | -2.13% | -13.56% | -273.32% | |
| D&A For EBITDA | 851.00K | 7.00K | 143.00K | 12.33M | 23.65M | 12.68M |
| EBIT | -118.80M | -114.84M | -73.52M | -110.93M | -177.32M | -183.42M |
| EBIT Margin | -10.65% | -4.92% | -2.14% | -15.26% | ||
| Revenue as Reported | 2.34B | 2.34B | 3.44B | 726.99M | 56.22M | |
| Advertising Expenses | 585.00K | 2.47M | 4.53M | 8.80M | 18.80M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 49.98M | 26.96M | 39.05M | 52.88M | 98.33M | 391.36M |
| Short-Term Investments | 1.87M | 2.94M | 1.24M | 18.34M | 147.51M | |
| Cash & Short-Term Investments | 51.85M | 29.90M | 40.29M | 71.22M | 245.84M | 391.36M |
| Accounts Receivable | 4.37M | 4.13M | 5.19M | 24.50M | 16.07M | 16.64M |
| Other Receivables | 5.35M | 5.23M | 1.25M | 4.22M | 2.79M | 1.50M |
| Receivables | 14.86M | 14.42M | 6.44M | 28.73M | 18.86M | 18.14M |
| Prepaid Expenses | 2.22M | 4.96M | 5.99M | 16.36M | 28.88M | 32.21M |
| Restricted Cash | 718.00K | 575.00K | 24.89M | 31.84M | 16.50M | 16.50M |
| Other Current Assets | 27.75M | 22.35M | 106.24M | 32.95M | 16.38M | 5.33M |
| Total Current Assets | 97.40M | 72.20M | 183.84M | 181.09M | 326.46M | 463.55M |
| Property, Plant & Equipment | 2.16M | 1.66M | 10.01M | 11.52M | 39.38M | 17.36M |
| Long-Term Investments | 10.64M | 11.15M | ||||
| Goodwill | 156.69M | 64.66M | 68.00M | 68.00M | 15.85M | 1.53B |
| Other Intangible Assets | 22.86M | 5.55M | 2.90M | 2.90M | 55.83M | 388.47M |
| Other Long-Term Assets | 113.84M | 7.57M | 4.62M | 1.81M | 17.98M | 17.79M |
| Total Assets | 403.60M | 162.79M | 269.38M | 265.31M | 455.50M | 2.41B |
| Accounts Payable | 1.38M | 3.72M | 3.06M | 14.93M | 25.98M | 10.65M |
| Accrued Expenses | 5.70M | 5.99M | 3.32M | 20.41M | 29.46M | 34.10M |
| Current Portion of Leases | 20.00K | 549.00K | 3.79M | 3.64M | 3.01M | 615.00K |
| Current Unearned Revenue | 789.00K | 4.28M | 3.97M | 4.63M | ||
| Other Current Liabilities | 23.92M | 21.99M | 127.55M | 57.26M | 29.70M | 23.62M |
| Total Current Liabilities | 31.02M | 33.03M | 137.72M | 100.52M | 92.13M | 73.60M |
| Long-Term Leases | 43.00K | 16.10M | 23.52M | 23.40M | 10.65M | |
| Long-Term Unearned Revenue | 3.20M | 3.11M | 4.82M | |||
| Long-Term Deferred Tax Liabilities | 11.59M | |||||
| Other Long-Term Liabilities | 18.15M | 16.98M | 52.70M | 2.36M | 785.00K | 19.45M |
| Total Liabilities | 49.21M | 50.01M | 206.52M | 129.60M | 119.43M | 120.11M |
| Common Stock | 4.00K | 3.00K | 2.00K | 1.00K | 27.00K | 27.00K |
| Additional Paid-In Capital | 1.19B | 1.02B | 832.69M | 799.68M | 772.97M | 566.77M |
| Retained Earnings | -835.98M | -905.17M | -797.96M | -751.30M | -676.45M | -98.34M |
| Comprehensive Income & Other | 1.00M | 947.00K | -841.00K | -101.00K | -290.00K | -55.00K |
| Total Common Equity | 354.39M | 112.78M | 33.89M | 48.28M | 96.26M | 468.40M |
| Minority Interest | 28.96M | 87.43M | 239.81M | 1.83B | ||
| Shareholders' Equity | 354.39M | 112.78M | 62.85M | 135.71M | 336.07M | 2.29B |
| Total Liabilities & Equity | 403.60M | 162.79M | 269.38M | 265.31M | 455.50M | 2.41B |
| Total Debt | 63.00K | 549.00K | 19.90M | 27.16M | 26.42M | 11.26M |
| Net Cash (Debt) | 51.79M | 29.35M | 20.39M | 44.06M | 219.42M | 380.10M |
| Net Cash Per Share | 1.98 | 2.43 | 3.48 | 12.36 | 77.08 | 175.91 |
| Filing Date Shares Outstanding | 45.07M | 30.56M | 6.53M | 5.67M | 3.29M | 2.29M |
| Total Common Shares Outstanding | 45.06M | 25.52M | 6.51M | 3.79M | 3.24M | 2.29M |
| Working Capital | 66.38M | 39.17M | 46.13M | 80.57M | 234.34M | 389.94M |
| Book Value Per Share | 7.86 | 4.42 | 5.21 | 12.73 | 29.74 | 204.85 |
| Tangible Book Value | 174.84M | 42.57M | -37.01M | -22.62M | 24.58M | -1.45B |
| Tangible Book Value Per Share | 3.88 | 1.67 | -5.68 | -5.96 | 7.59 | -632.91 |
| Machinery | 867.00K | 800.00K | 7.04M | 3.01M | ||
| Leasehold Improvements | 251.00K | 276.00K | 10.10M | 277.00K |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -31.00M | -107.21M | -46.66M | -74.85M | -578.11M | -304.05M |
| Depreciation & Amortization | 851.00K | 7.00K | 143.00K | 12.33M | 23.65M | 12.68M |
| Other Amortization | 500.00K | 600.00K | 200.00K | 1.70M | 4.00M | |
| Loss (Gain) From Sale of Assets | 20.36M | 22.66M | 75.00K | 3.83M | ||
| Asset Writedown & Restructuring Costs | 1.98M | 733.00K | 744.00K | 36.76M | 1.83B | 4.79M |
| Loss (Gain) From Sale of Investments | 63.00K | |||||
| Loss (Gain) on Equity Investments | 827.00K | 323.00K | ||||
| Stock-Based Compensation | 66.62M | 71.60M | 15.84M | 16.76M | 32.11M | 79.79M |
| Other Operating Activities | -122.15M | -51.03M | -37.93M | -149.28M | -1.44B | 92.49M |
| Change in Accounts Receivable | -3.26M | -1.24M | 5.41M | -10.04M | -7.16M | -7.73M |
| Change in Accounts Payable | -13.76M | -5.14M | -15.62M | -7.99M | 744.00K | 3.56M |
| Change in Unearned Revenue | -362.00K | -152.00K | -3.25M | 396.00K | -2.36M | 1.06M |
| Change in Other Net Operating Assets | -5.22M | -84.78M | 59.78M | 59.52M | 11.69M | -20.96M |
| Operating Cash Flow | -84.38M | -153.40M | -21.20M | -60.70M | -117.60M | -134.30M |
| Capital Expenditures | -3.00M | -1.17M | -3.09M | -9.43M | -30.54M | -15.69M |
| Sale of Property, Plant & Equipment | 8.00K | |||||
| Cash Acquisitions | -3.70M | -48.53M | 30.84M | |||
| Divestitures | 4.52M | |||||
| Sale (Purchase) of Intangibles | -2.65M | -2.65M | ||||
| Investment in Securities | -11.72M | -11.71M | 17.22M | 123.94M | -141.42M | 1.76M |
| Other Investing Activities | -33.85M | -27.12M | ||||
| Investing Cash Flow | -54.93M | -38.12M | 14.13M | 65.97M | -171.96M | 16.92M |
| Short-Term Debt Issued | 5.00M | |||||
| Long-Term Debt Issued | 23.75M | |||||
| Total Debt Issued | 28.75M | |||||
| Short-Term Debt Repaid | -5.00M | |||||
| Long-Term Debt Repaid | -7.88M | -501.00K | ||||
| Total Debt Repaid | -7.88M | -12.88M | -501.00K | |||
| Net Debt Issued (Repaid) | -7.88M | 15.88M | -501.00K | |||
| Issuance of Common Stock | 140.91M | 70.81M | 46.51M | 2.00K | 349.12M | |
| Repurchase of Common Stock | -1.69M | -3.07M | -2.69M | -2.63M | -2.59M | -84.53M |
| Other Financing Activities | -3.30M | -1.53M | -7.26M | |||
| Financing Cash Flow | 128.05M | 82.08M | 43.82M | -2.63M | -2.58M | 256.83M |
| Foreign Exchange Rate Adjustments | -268.00K | 593.00K | -1.50M | 436.00K | -850.00K | -59.00K |
| Net Cash Flow | -11.52M | -108.84M | 35.25M | 3.08M | -292.99M | 139.38M |
| Free Cash Flow | -87.39M | -154.57M | -24.29M | -70.13M | -148.14M | -149.99M |
| Free Cash Flow Margin | -7.84% | -6.62% | -0.71% | -9.65% | -263.48% | -380.33% |
| Free Cash Flow Per Share | -3.34 | -12.79 | -4.15 | -19.68 | -52.04 | -69.42 |
| Levered Free Cash Flow | -33.94M | -9.88M | -30.67M | -72.13M | -76.22M | -28.32M |
| Unlevered Free Cash Flow | -33.81M | -9.76M | -30.67M | -72.13M | -76.22M | -28.16M |
| Cash Income Tax Paid | 239.00K | |||||
| Change in Working Capital | -22.60M | -91.31M | 46.32M | 41.90M | 2.91M | -24.07M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 198.76M | 241.35M | 160.42M | 203.89M | 93.53M | 486.47M |
| Enterprise Value | 146.97M | 202.41M | 199.12M | 282.84M | 319.86M | 462.04M |
| Last Close Price | 4.64 | 10.04 | 24.77 | 55.75 | 29.75 | 212.75 |
| PS Ratio | 0.18 | 0.10 | 0.05 | 0.28 | 1.66 | 12.34 |
| PB Ratio | 0.59 | 2.14 | 2.55 | 1.50 | 0.28 | 0.21 |
| P/TBV Ratio | 1.15 | 5.67 | 3.81 | |||
| EV/Sales Ratio | 0.13 | 0.09 | 0.06 | 0.39 | 5.69 | 11.72 |
| Debt / Equity Ratio | 0.00 | 0.01 | 0.32 | 0.20 | 0.08 | 0.01 |
| Net Debt / Equity Ratio | -0.15 | -0.26 | -0.32 | -0.33 | -0.65 | -0.17 |
| Net Debt / EBITDA Ratio | 0.44 | 0.26 | 0.28 | 0.45 | 1.43 | 2.23 |
| Net Debt / FCF Ratio | 0.59 | 0.19 | 0.84 | 0.63 | 1.48 | 2.53 |
| Asset Turnover | 3.76 | 10.81 | 12.87 | 2.02 | 0.04 | 0.03 |
| Quick Ratio | 1.99 | 1.19 | 0.34 | 0.99 | 2.87 | 5.56 |
| Current Ratio | 3.14 | 2.19 | 1.33 | 1.80 | 3.54 | 6.30 |
| Return on Equity (ROE) | -10.17% | -111.21% | -95.09% | -65.14% | -151.31% | -22.67% |
| Return on Assets (ROA) | -25.01% | -33.22% | -17.19% | -19.24% | -7.72% | -7.95% |
| Return on Capital Employed (ROCE) | -31.90% | -88.50% | -55.80% | -67.30% | -48.80% | -7.80% |
| Earnings Yield | -26.87% | -44.42% | -29.09% | -36.71% | -618.12% | -37.66% |
| FCF Yield | -43.57% | -64.04% | -15.14% | -34.40% | -158.40% | -30.83% |
| Buyback Yield / Dilution | -299.22% | -106.49% | -64.31% | -25.17% | -31.75% | 99.75% |