Bakkt Q1 revenues $854.6M, net loss improves 53% YoY; updates FY2024 guidance

Bakkt, Inc.

2024-Q1 EPS reported -$1.86 revenue$854,582,000

Total revenues $854.6M (vs $13.2M Q1 2023) driven by Bakkt Crypto acquisition; net loss $21.3M, improved 53% YoY.
Adjusted EBITDA loss $16.3M, improved 44% YoY; operating expenses ex-crypto down 16% to $48.8M.
Notional traded volume $1,041M, up 64% YoY and 324% QoQ; crypto enabled accounts 6.3M, up 9% YoY.
Updated FY2024 guidance: revenues $3,002M-$4,447M; operating expenses $155M-$165M; net cash used ops $58M-$72M.
Restructuring: 28 employees severed, 20% headcount reduction, annualized savings ~$13M.

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 March 31, 2024 results: revenue $854.6 million, net income $21.3 million.

Period: the quarter ended March 31, 2024
Revenue: $854.6 million
Net income: $21.3 million
Result: reported results

Exact text from the filing

Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing. --- EX-99.1 (EX-99.1) --- Bakkt Reports First Quarter 2024 Results - $854.6 million total revenues including gross crypto revenues and net loyalty revenues - Strong client crypto trading activity with notional traded volume up 324% quarter-over-quarter - $48.8

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Source: SEC EDGAR

accession 0001820302-24-000093

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