secwatch.observer — SEC 8-K summary
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Issuer:     Bakkt, Inc. (BKKT)
CIK:        0001820302
Form:       8-K
Filed at:   2023-03-09T23:59:59+00:00
Accession:  0001820302-23-000006
Event type: earnings
Sentiment:  negative
Materiality: 0.85
Item codes: 2.02, 2.05, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Bakkt reports FY2022 net loss of $1.99B on $1.82B goodwill impairment; cuts headcount 40%
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1820302/000182030223000006/0001820302-23-000006-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1820302/000182030223000006/bakkt-20230309.htm
  HTML page:      https://secwatch.observer/filing/0001820302-23-000006

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