Bakkt, Inc. (BKKT): restructuring charge — Bakkt reports FY2022 net loss of $1.99B on $1.82B goodwill impairment; cuts headcount 40%

Bakkt, Inc.

Q4 net revenue $15.6M (+14% YoY); FY net revenue $54.6M (+38% YoY).
FY2022 net loss $1,987.5M includes $1,819.6M non-cash goodwill/intangible impairment. Adj. EBITDA loss $119.7M.
Workforce reduction of ~16% of non-call center staff (49 employees); expects $3.7-4.1M restructuring charge in Q1 2023.
FY2023 guidance: net revenue $62-72M, operating cash flow ($100-110M), free cash flow ($105-115M) – improvements of 15-30% and 25-30% respectively.
Apex Crypto acquisition subject to regulatory approval expected to close H1 2023.

item 2.02 item 2.05 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 the quarter and year ended December 31, 2022 results: revenue $15.6 million.

Period: the quarter and year ended December 31, 2022
Revenue: $15.6 million
Result: reported results

Exact text from the filing

reference in such filing. --- EX-99.1 (EX-99.1) --- exhibit991pressrelease_4 Exhibit 99.1 Bakkt Reports Fourth Quarter and Full Year 2022 Results Quarterly net revenues of $15.6 million, increased 14% year over year; full year net revenues of $54.6 million, increased 38% year over year Strong customer activity with fourth quarter digital asset conversion volume

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Bakkt, Inc. announced a restructuring with charges of approximately $3.7 - $4.1 million (approximately 16% of the Company’s non-call center, full-time workforce (49 employees)).

Type: restructuring
Charge: approximately $3.7 - $4.1 million
Headcount: approximately 16% of the Company’s non-call center, full-time workforce (49 employees)

Exact text from the filing

force were notified of the reduction on March 9, 2023 and will exit the Company in the first quarter of 2023. The Company estimates that it will incur expenses of approximately $3.7 - $4.1 million related to the reduction in force, substantially all of which are related to employee severance and benefits costs and will be recognized in the first quarter of

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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 0001820302-23-000006

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