Bakkt Q2 revenue $509.9M (+46.7% YoY); net loss improves 29.7% to $35.5M; FY2024 guidance

Bakkt, Inc.

2024-Q2 EPS reported -$4.66 revenue$1,364,480,000

Total revenue $509.9M (gross crypto $495.1M, net loyalty $12.8M); operating loss improved 56.9% to $22.0M.
Operating expenses ex-crypto costs down 43.1% YoY to $36.8M; cost restructuring and headcount reduction cited.
Crypto enabled accounts 6.4M (+6.7% YoY); transacting accounts fell 39.1% to ~719K due to reduced international activity.
Assets under custody $975M (+47.7% YoY); notional traded volume $672M (+26.6% YoY) on higher crypto prices.
FY2024 revenue guidance $2,568M–$2,827M; net cash used in operations ($72M)–($79M); year-end cash $35M–$42M.

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