---
schema_version: "secwatch.filing_event.v1"
accession: "0001820302-22-000056"
form_type: "8-K"
ticker: "BKKT"
cik: "0001820302"
company_name: "Bakkt, Inc."
filed_at: "2022-11-10T23:59:59+00:00"
generated_at: "2026-06-21T23:37:12.503914+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001820302-22-000056
- form_type: 8-K
- ticker: BKKT
- cik: 0001820302
- company_name: Bakkt, Inc.
- filed_at: 2022-11-10T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1820302/000182030222000056/0001820302-22-000056-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1820302/000182030222000056/bakkt-20221110.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001820302-22-000056
- JSON: https://secwatch.observer/filing/0001820302-22-000056.json
- Plain text: https://secwatch.observer/filing/0001820302-22-000056.txt

## Key facts
- Earnings Releases
  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
  source text: 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%)
  evidence_url: https://www.sec.gov/Archives/edgar/data/1820302/000182030222000056/0001820302-22-000056-index.htm

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