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Jun 30, 2024
Bakkt Q2 2024 Earnings Report
Announced second quarter 2024 results, demonstrating revenue growth and reduced operating expenses.
Key Takeaways
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.
Total revenues reached $509.9 million, including gross crypto revenues and net loyalty revenues.
Operating expenses, excluding crypto costs, decreased by 43.1% year-over-year and 24.6% sequentially.
Crypto enabled accounts grew to 6.4 million, up 6.7% year-over-year.
Notional traded volume increased 26.6% year-over-year to $672 million.
Bakkt
Bakkt
Bakkt Revenue by Segment
Revenue by Segment
Crypto Services Revenue
CapyFin.comLoyalty Services, Net Revenue
CapyFin.com Forward Guidance
Bakkt provided full year 2024 revenue guidance of $2,568 million - $2,827 million, including gross crypto revenues of $2,515 million - $2,770 million and net loyalty revenues of $53 million – $57 million.
Positive Outlook
- Full year 2024 revenues expected to be $2,568 million – $2,827 million.
- Gross crypto revenues expected to be $2,515 million - $2,770 million.
- Net loyalty revenues expected to be $53 million – $57 million.
- Full year 2024 crypto costs expected to be $2,505 million – $2,755 million, in line with gross crypto revenues.
- Full year 2024 total operating expenses excluding certain costs expected to be $157 million – $162 million.
Challenges Ahead
- Full year 2024 net cash used in operating activities expected to be ($72 million) – ($79 million).
- Full year 2024 free cash flow usage expected to be ($79 million) – ($86 million).
- End of year available cash, cash equivalents and available-for-sale securities of $35 million – $42 million.
- Decrease in new crypto trading accounts driven by re-alignment of international strategy.
- Reduction in upper end of expected end of year balance driven by $10mm reduction in net contribution from crypto trading.
Revenue & Expenses
Visualization of income flow from segment revenue to net income