Bakkt Q3 net revenue $12.9M (+41% YoY) but records $1.55B impairment; acquires Apex Crypto for up to $200M

Bakkt, Inc.

2022-Q3 EPS reported -$7.00 revenue$38,964,000

Net revenue $12.9M (+41% YoY); digital asset conversion volume $182M (+73% YoY); transacting accounts 678K (+21%).
Net loss $1,592.5M vs $28.8M loss a year ago; includes $1,547.7M goodwill impairment.
Adjusted EBITDA $(30.7)M vs $(24.1)M; operating expense ex-impairment $60.0M.
Signed definitive agreement to acquire Apex Crypto for up to $200M ($55M cash + stock/seller notes tied to 2025 targets); expected close H1 2023 subject to regulatory approvals.
Available cash and liquid assets $273.7M provides growth capital.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Bakkt, Inc. reported quarter ended September 30, 2022 results: revenue $12.9, net income $(1,592.5).

Period: quarter ended September 30, 2022
Revenue: $12.9
Net income: $(1,592.5)
Result: reported results

Exact text from the filing

Third Quarter Financial Highlights (unaudited) $mm’s Successor Predecessor Increase/ 3Q22 3Q21 (decrease) Net revenues $12.9 $9.1 41% Goodwill & intangible assets impairments 1,547.7 – NM Operating expenses, excluding impairment 60.0 39.0 54% Total operating expenses 1,607.8 39.0 NM Operating loss $(1,594.9) $(29.9) NM Net loss $(1,592.5) $(28.8) NM Adjusted EBITDA (non-GAAP) $(30.7) $(24.1) (27%)

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8 earnings releases filed in the last 30 days. Browse all earnings releases →

Bakkt, Inc. filing history →

Source: SEC EDGAR

accession 0001820302-22-000056

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