secwatch.observer — SEC 8-K summary
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Issuer:     Bakkt, Inc. (BKKT)
CIK:        0001820302
Form:       8-K
Filed at:   2025-11-12T23:59:59+00:00
Accession:  0001628280-25-051201
Event type: earnings
Sentiment:  positive
Materiality: 0.90
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1820302/000162828025051201/0001628280-25-051201-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1820302/000162828025051201/bakkt-20251110.htm
  HTML page:      https://secwatch.observer/filing/0001628280-25-051201

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer