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Sep 30, 2025
Bakkt Q3 2025 Earnings Report
Bakkt reported Q3 2025 results with revenue growth driven by increased crypto activity, though it recorded a net loss due to warrant liability adjustments.
Key Takeaways
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.
Revenue reached $402.2 million, reflecting increased crypto market activity.
Adjusted EBITDA turned positive at $28.7 million, showing operational improvement.
GAAP net loss was $23.2 million, mainly from non-cash warrant liability revaluation.
Bakkt completed the sale of its Loyalty business and maintained a debt-free balance sheet.
Revenue by Segment
Forward Guidance
Bakkt aims to complete its transformation and drive global growth in 2026 through its streamlined operations and technology expansion.
Positive Outlook
- Transformation nearing completion with focus on trading, custody, and stablecoin products.
- Positive adjusted EBITDA achieved, indicating operational leverage.
- Capital structure simplified by collapsing Up-C and eliminating long-term debt.
- Increased institutional eligibility and shareholder unification.
- Brand refresh and tech stack enhancement planned to support 2026 acceleration.
Challenges Ahead
- GAAP net loss impacted by non-cash warrant liability adjustments.
- Higher operating expenses due to trading volume-related costs.
- Lack of detailed revenue by geography limits regional performance visibility.
- Sale of Loyalty business reduces segment diversification.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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