secwatch.observer — SEC 8-K summary
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Issuer:     Bakkt, Inc. (BKKT)
CIK:        0001820302
Form:       8-K
Filed at:   2023-05-11T23:59:59+00:00
Accession:  0001820302-23-000056
Event type: earnings
Sentiment:  neutral
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Bakkt Q1 net revenues $13M (+4% YoY); Apex Crypto acquisition closed April 1
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- Q1 net revenues $13.0M, up 4% YoY; operating expenses $58.4M, down 4% YoY.
- Net loss $44.9M vs $43.3M in Q1 2022; adjusted EBITDA loss $28.9M flat YoY.
- Apex Crypto acquisition closed April 1, adding ~5.8M crypto-enabled accounts.
- Full year 2023 Apex Crypto gross revenue outlook $1,874M-$2,384M; expects free cash flow breakeven for remainder of 2023 excluding deal costs.
- Transacting accounts ~690,000 (+2% YoY); digital asset conversion volume $193M (+6% YoY).

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1820302/000182030223000056/0001820302-23-000056-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1820302/000182030223000056/bakkt-20230511.htm
  HTML page:      https://secwatch.observer/filing/0001820302-23-000056

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