---
schema_version: "secwatch.filing_event.v1"
accession: "0001820302-23-000090"
form_type: "8-K"
ticker: "BKKT"
cik: "0001820302"
company_name: "Bakkt, Inc."
filed_at: "2023-11-14T23:59:59+00:00"
generated_at: "2026-06-08T03:56:39.735617+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001820302-23-000090
- form_type: 8-K
- ticker: BKKT
- cik: 0001820302
- company_name: Bakkt, Inc.
- filed_at: 2023-11-14T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1820302/000182030223000090/0001820302-23-000090-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1820302/000182030223000090/bakkt-20231114.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001820302-23-000090
- JSON: https://secwatch.observer/filing/0001820302-23-000090.json
- Plain text: https://secwatch.observer/filing/0001820302-23-000090.txt

## Key facts
- Earnings Releases
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1820302/000182030223000090/0001820302-23-000090-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.