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Mar 31
Bakkt Q1 2025 Earnings Report
Reported financial and operational results for the quarter ended March 31, 2025
Key Takeaways
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.
Net income was $16.2 million, a substantial improvement from a loss of $21.3 million in Q1 2024.
Total revenues increased by 25.8% year-over-year to $1,074.9 million, mainly due to growth in crypto services.
Operating loss improved by 41.8% year-over-year to $18.5 million.
Entered into a cooperation agreement with DTR for access to AI and stablecoin payment infrastructure, with a commercial agreement expected by Q3 2025.
Bakkt
Bakkt
Bakkt Revenue by Segment
Revenue by Segment
Crypto Services Revenue
CapyFin.comLoyalty Services, Net Revenue
CapyFin.com Forward Guidance
Bakkt has suspended providing quarterly guidance due to a thorough and strategic review of priorities and organizational structure, including planned strategic divestitures and the collaboration with DTR.
Positive Outlook
- Planned strategic collaboration with DTR expected to position Bakkt in the stablecoin payments ecosystem.
- Expected commercial agreement with DTR to bring new products like a merchant checkout widget and AI-powered plug-in.
- Strengthened leadership team with key hires to accelerate product roadmap and international expansion.
- Identifying opportunities to drive sharper resource allocation and unlock cost efficiencies.
- Seeing growing interest from global exchanges, decentralized wallet providers, and financial institutions for compliant access to next-generation payment solutions.
Challenges Ahead
- No guarantee that the commercial agreement or planned integration with DTR will be executed on favorable terms, if at all, or on the expected timeline.
- Suspension of quarterly guidance creates uncertainty regarding near-term financial performance.
- Reduced broader market activity negatively impacted transacting accounts and sequential revenue.
- Net loyalty revenues decreased year-over-year and sequentially.
- Impact of strategic divestitures on future performance is not yet fully clear.