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Bakkt (BKKT) investor relations material
Bakkt Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary10 Nov, 2025
Executive summary
Achieved GAAP revenue of $402.2 million in Q3 2025, a 27% year-over-year increase, driven by higher crypto trading activity and market improvements.
Adjusted EBITDA reached $28.7 million, up 241% year-over-year, reflecting operational improvements and cost restructuring.
Completed major transformation, including divestiture of the Loyalty business, simplification of capital structure by collapsing the Up-C structure, and leadership changes.
Ended the quarter with $64.4 million in cash and no long-term debt, following a $100 million capital raise and recapitalization.
Strengthened governance with new board appointments and alignment of capital, talent, and strategy for future growth.
Financial highlights
Q3 2025 GAAP revenue: $402.2 million, up from $316.3 million in Q3 2024.
Adjusted EBITDA: $28.7 million, compared to a loss of $20.4 million in Q3 2024.
Adjusted net income from continuing operations was $15.7 million, up from a loss of $3.8 million in Q3 2024.
Net loss from continuing operations was $21.6 million, primarily due to non-cash warrant liability adjustments.
Operating expenses, excluding crypto costs and non-recurring charges, were flat at $26.7 million; would have declined over 18% year-over-year excluding restructuring charges.
Outlook and guidance
Transformation into a unified digital asset infrastructure platform expected to conclude by end of Q4 2025, with focus shifting to execution and growth in 2026.
Management expects a decline in crypto services revenue in Q4 2025 due to the offboarding of a major client.
KPIs for 2026 to be released after securing key distribution partnerships; Investor Day planned for Q1 2026.
Cash and equivalents, including recent equity raise, expected to fund operations for at least 12 months.
Bakkt Global's shareholder Bitcoin exposure
Bakkt's competitive edge for profitable growth
CLARITY Act's impact on Bakkt's tokenization
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Frequently asked questions
Bakkt Holdings Inc. is a digital asset platform that enables consumers and businesses to buy, sell, store, and spend digital assets, such as cryptocurrencies. The company offers a range of services, including a digital wallet for managing various types of digital currencies, as well as solutions for converting cryptocurrencies into traditional currencies. Bakkt aims to bridge the gap between digital assets and traditional finance, providing tools for both individual consumers and institutional clients. The company is headquartered in Alpharetta, Georgia, and its shares are listed on the NYSE.
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