secwatch.observer — SEC 8-K summary
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Issuer:     Bakkt, Inc. (BKKT)
CIK:        0001820302
Form:       8-K
Filed at:   2023-11-14T23:59:59+00:00
Accession:  0001820302-23-000090
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1820302/000182030223000090/0001820302-23-000090-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1820302/000182030223000090/bakkt-20231114.htm
  HTML page:      https://secwatch.observer/filing/0001820302-23-000090

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