---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-25-051201"
form_type: "8-K"
ticker: "BKKT"
cik: "0001820302"
company_name: "Bakkt, Inc."
filed_at: "2025-11-12T23:59:59+00:00"
generated_at: "2026-05-16T21:26:40.443521+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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

## SEC filing metadata
- accession: 0001628280-25-051201
- form_type: 8-K
- ticker: BKKT
- cik: 0001820302
- company_name: Bakkt, Inc.
- filed_at: 2025-11-12T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1820302/000162828025051201/0001628280-25-051201-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1820302/000162828025051201/bakkt-20251110.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-25-051201
- JSON: https://secwatch.observer/filing/0001628280-25-051201.json
- Plain text: https://secwatch.observer/filing/0001628280-25-051201.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.