Bakkt Q3 net loss $51.7M, revenue $204.8M; updates 2023 guidance, provides 2024 outlook

Bakkt, Inc.

2023-Q3 EPS reported -$0.55 revenue$565,622,000

Revenue of $204.8M (up from $13.2M YoY, driven by Apex Crypto acquisition); net loss $51.7M vs $1.59B loss last year.
Adjusted EBITDA loss $21.6M, down 30% YoY; notional traded volume $366.1M (-45% YoY); assets under custody $505.7M (-28%).
Full-year 2023 revenue guidance narrowed to ~$750M-$1,268M; net cash used in ops expected at ~$86M-$89M (wider than prior).
Preliminary 2024 revenue guidance $3.46B-$9.07B; expects breakeven adjusted EBITDA by end of 2024.
International expansion to nine new markets by year-end including UK, Hong Kong, Singapore, Australia, Spain.

item 2.02 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 ended September 30, 2023 results: revenue $204.8 million, net income $(51.7) million (net loss).

Period: the quarter ended September 30, 2023
Revenue: $204.8 million
Net income: $(51.7) million (net loss)
Result: reported results

Exact text from the filing

Quarter 2023 Results Gross crypto services revenues of $191.8 million and associated crypto costs and execution, clearing and brokerage fees of $190.1 million Total revenues of $204.8 million include gross crypto revenues and net loyalty revenues Total operating expenses of $257.6 million includes crypto costs and execution, clearing and brokerage fees and goodwill

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Source: SEC EDGAR

accession 0001820302-23-000090

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