Bakkt FY2025 revenue $2,335.2M, down 32%; net loss $132.2M; restructures platform

Bakkt, Inc.

GAAP revenue $2,335.2M, down 32.1% YoY driven by lower crypto trading volume.
Net loss from continuing ops $97.7M; total net loss $132.2M including discontinued ops.
Adjusted EBITDA improved 42.9% to negative $32.7M, aided by $24.5M other income.
Raised ~$100M in capital, eliminated long-term debt, collapsed Up-C structure.
Acquired DTR in Jan 2026; divested custody and loyalty businesses; added 3 board members.

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.