secwatch.observer — SEC 8-K summary
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Issuer:     Bakkt, Inc. (BKKT)
CIK:        0001820302
Form:       8-K
Filed at:   2022-11-10T23:59:59+00:00
Accession:  0001820302-22-000056
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1820302/000182030222000056/0001820302-22-000056-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1820302/000182030222000056/bakkt-20221110.htm
  HTML page:      https://secwatch.observer/filing/0001820302-22-000056

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