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Sep 30
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.
Bakkt
Bakkt
Bakkt Revenue by Segment
Revenue by Segment
Crypto Services Revenue
CapyFin.com 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.
- Pending regulatory uncertainties around digital assets and stablecoin strategies.