Bakkt Q3 net loss improves 87.8% to $6.3M; guides FY24 cash usage up to $96M

Bakkt, Inc.

2024-Q3 EPS reported -$4.87 revenue$1,692,899,000

Total revenues $328.4M (+60.4% YoY); net loss improved 87.8% to $6.3M, benefiting from $20.0M warrant liability gain.
BakktX institutional trading platform tested, client rollout in Q4'24; possible wind-down of Bakkt Trust due to margin compression.
FY24 guidance: loyalty revenue ~$49-50M (lower), gross crypto revenue at lower end of $10-15M, cash usage $84-96M.
November trading volumes surged to $279M in first 12 days, exceeding October's $165M total.
Crypto enabled accounts 6.5M (+6.7% YoY); assets under custody $938.7M (+85.5% YoY); loyalty accounts down 41.6% YoY.

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