Bakkt prelim Q4 rev $298-300M, cash $26-28M; sues for $5M; invests $10M in India warrants

Bakkt, Inc.

2025-FY EPS reported -$8.87 revenue$2,335,243,000

Gross digital asset revenues $298M-$300M; total costs $297M-$299M; gross margin only ~$1M.
Cash, equivalents & restricted cash $26M-$28M at Dec 31, 2025; net operating cash burn $19M-$21M in Q4.
Opco filed suit in Delaware Superior Court for Buyer's failure to return ~$5M Wrong Pockets Cash; also default on ~$5M Notes.
Subscribed to 47.5M warrants in Transchem Ltd. for ~$10M; target identified in Indian stock broking sector.

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