secwatch.observer — SEC 8-K summary
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Issuer:     Bakkt, Inc. (BKKT)
CIK:        0001820302
Form:       8-K
Filed at:   2024-05-15T23:59:59+00:00
Accession:  0001820302-24-000093
Event type: earnings
Sentiment:  neutral
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1820302/000182030224000093/0001820302-24-000093-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1820302/000182030224000093/bakkt-20240515.htm
  HTML page:      https://secwatch.observer/filing/0001820302-24-000093

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer