Bakkt delivered strong revenue growth and positive adjusted EBITDA in Q3 2025, despite a GAAP net loss driven by warrant revaluation. The company finalized the divestiture of its Loyalty business and continued its transformation into a digital asset infrastructure platform.

Bakkt reported a net loss of $30.2 million for Q2 2025, an improvement of 15.1% year-over-year, and an Adjusted EBITDA loss of $12.6 million, improving by 29.9% year-over-year. Total revenues increased by 13.3% year-over-year to $577.9 million, driven by stronger crypto market activity. The company also announced strategic moves including a $75 million capital raise, acquisition of a stake in a Tokyo-listed company for its Bitcoin Treasury Strategy, and the divestiture of its Loyalty business.

Bakkt reported a significant improvement in net income for Q1 2025, reaching $16.2 million compared to a loss in the prior year. Total revenues increased year-over-year, primarily driven by crypto services, although sequential revenue and transacting accounts declined.

In Q4 2024, Bakkt achieved total revenue of $1.80 billion, marking a 737.9% year-over-year increase, primarily fueled by record crypto trading volumes. The company reported a net loss of $40.4 million, a notable improvement from the previous year, and an adjusted EBITDA loss of $6.4 million. Operating losses also narrowed significantly as the company focused on its core crypto services and continued strategic realignment.

Bakkt's Q3 2024 results showed a net loss improvement of 87.8% year-over-year, driven by increased trading volumes and the upcoming rollout of their institutional trading platform, BakktX. Total revenues increased, primarily due to gross crypto services revenues, while operating expenses decreased excluding crypto costs. The company is also investigating a possible wind-down of Bakkt Trust to focus on core business areas.

Bakkt reported total revenues of $509.9 million, driven by growth in crypto services. The company reduced its operating expenses excluding crypto costs by 43.1% year-over-year. Operating loss improved by 56.9% year-over-year to $22.0 million, and net loss improved by 29.7% year-over-year to $35.5 million.

Bakkt reported a significant increase in total revenues to $854.6 million, driven by the acquisition of Bakkt Crypto. The company reduced its operating expenses excluding crypto costs by 16% year-over-year, leading to a 53% improvement in net loss. Bakkt is also progressing with the launch of its Electronic Consumer Network (ECN), BakktX.

Bakkt reported a significant increase in total revenues for Q4 2023, reaching $214.5 million, driven by the acquisition of Bakkt Crypto. The company is focusing on strategic initiatives for 2024, including broadening its client network, expanding its product set, and managing expenses to drive towards profitability.

Bakkt reported a significant increase in total revenues, driven by the acquisition of Apex Crypto, but also experienced a rise in operating expenses, resulting in an increased operating loss. The company is focused on expanding its platform and client network, including new partnerships and international expansion.

Bakkt reported a 4% increase in net revenues, reaching $13.0 million, and a 4% decrease in operating expenses to $58.4 million. The company's net loss increased by 4% to $(44.9) million. Bakkt closed the acquisition of Apex Crypto on April 1, 2023, which is expected to significantly impact future performance.

Bakkt Holdings, Inc. reported a 14% increase in quarterly net revenues, reaching $15.6 million, driven by transaction revenue from the loyalty redemption business. The company's focus on business simplification and expense management led to corporate restructurings expected to reduce headcount by approximately 40% by year-end 2023. Despite a net loss of $323.9 million, the company's available cash, cash equivalents, and available-for-sale securities totaled $239.4 million, providing significant liquidity.

Bakkt reported a 41% year-over-year increase in net revenue, reaching $12.9 million. The company experienced strong customer activity with digital asset conversion volume up 73% year-over-year. Bakkt also announced the acquisition of Apex Crypto to expand client verticals and scale.

Bakkt reported a 60% year-over-year increase in net revenues, reaching $13.6 million, driven by strong transaction revenue growth from loyalty redemption. The company maintained a strong balance sheet with over $315 million in available cash and other highly liquid assets. Updated revenue and cash usage guidance for 2022 reflects the current macroeconomic environment.

Bakkt reported a 54% year-over-year increase in net revenue, reaching $12.5 million, driven by strong transaction revenue growth from loyalty redemption. Digital asset conversion volume increased by 91% year-over-year. The company is focused on expanding its platform partnerships and launching scalable products.

Bakkt reported a 45% increase in combined net revenue (non-GAAP) compared to the prior year quarter, reaching $13.7 million, primarily driven by strong transaction revenue growth from loyalty redemption. The company's available cash exceeds $390 million, providing significant growth capital.