secwatch.observer — SEC 8-K summary
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Issuer:     Bakkt, Inc. (BKKT)
CIK:        0001820302
Form:       8-K
Filed at:   2026-03-17T23:59:59+00:00
Accession:  0001628280-26-018400
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1820302/000162828026018400/0001628280-26-018400-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1820302/000162828026018400/bakkt-20260316.htm
  HTML page:      https://secwatch.observer/filing/0001628280-26-018400

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