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Jun 30, 2023
Bakkt Q2 2023 Earnings Report
Reported financial and operational results, including the acquisition of Apex Crypto and expansion of client base.
Key Takeaways
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.
Closed Apex Crypto acquisition and rebranded it to Bakkt Crypto Solutions.
Expanded client base with seven new clients, including in Latin America.
Launched a new app for Webull in approximately 40 days.
Formed new collaborations with Plaid and Fireblocks.
Bakkt
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Bakkt Revenue by Segment
Forward Guidance
Bakkt updated its full year 2023 guidance to reflect the impact from the acquisition of Apex Crypto and the current market environment.
Positive Outlook
- Full year 2023 revenues expected to be ~$2,132 million - ~$3,771 million; includes gross crypto revenues of ~$2,077 million - ~$3,716 million and net loyalty revenues of ~$55 million.
- Full year 2023 crypto costs expected to be ~$2,069 million - ~$3,702 million, in line with gross crypto revenues.
- Full year 2023 net cash used in operating activities expected to be ~($78 million) – ~($84 million). Prior full year 2023 guidance of ($100 million) - ($110 million).
- Full year 2023 free cash flow (non-GAAP) expected to be ~($90 million) - ~($96 million). Prior full year 2023 guidance of ($105 million) - ($115 million).
- Second half 2023 free cash flow (non-GAAP) usage outlook reflects a ~70-80% reduction from first half 2023 level reflecting our focus on prudent expense management.