Bakkt Reports Q3 2025 Revenue of $402.2M, Up 27% YoY, and Adjusted EBITDA of $28.7M

Bakkt, Inc.

2025-Q3 EPS reported -$2.50

GAAP revenue $402.2M, up 27% year-over-year; GAAP net loss $23.2M from warrant liability mark-to-market
Adjusted EBITDA $28.7M, up 241% year-over-year; ended quarter with $64.4M cash and no long-term debt
Completed sale of Loyalty business on October 1, 2025, and closed Up-C collapse on November 3, 2025
Appointed Richard Galvin to Board of Directors; added Mike Alfred and Lyn Alden to strengthen governance
Company now focused on three growth engines: Bakkt Markets, Bakkt Agent, and Bakkt Global

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