Bakkt Q1 2022 Earnings Report
Key Takeaways
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.
Net revenue increased by 54% year-over-year to $12.5 million.
Digital asset conversion volume increased 91% year-over-year, driven by loyalty redemption growth.
Operating expenses increased by 67% year-over-year to $61.0 million, primarily due to increased noncash compensation expense.
The company enrolled four banks on its platform.
Bakkt
Bakkt
Forward Guidance
Bakkt is focused on expanding its platform partnerships, launching scalable products, and making continued platform enhancements.