Bakkt (BKKT) Q3 2026 earnings summary

Executive summary

• Foundational transformation across eight internal pillars is complete; priorities shift to monetization, client activation and profitable growth.

• Network reaches 75+ jurisdictions, connecting clients to regulated infrastructure and local distribution.

• FY26 TTV target is ~$3B, with a new H1’27 target of ~$6B, dependent on client integrations, launches and sustained activity.

Financial highlights

• Q3 revenue was $149.2M, down 62.9% YoY from $402.2M, primarily due to lower crypto trading volume; crypto services revenue is reported gross and substantially offset by crypto costs and execution fees.

• GAAP net income was $14.3M, or $0.31 per diluted share, including a $26.8M non-cash Transchem warrant gain; operating loss narrowed 42.9% YoY to $14.4M.

• Adjusted EBITDA loss improved to $11.8M from $14.8M in Q3’25 on a recast, consistent basis.

• Operating expenses excluding crypto costs and execution, clearing and brokerage fees were $16.1M, down 39.7% YoY; total operating expenses were $163.6M.

• 9M revenue was $562.9M; 9M net income was $83.4M, with a $125.3M non-cash Transchem warrant gain a significant contributor.

Outlook and guidance

• Reaffirmed FY26 TTV target of ~$3B, implying ~$2.4B in Q4, and set an H1’27 target of ~$6B; activations began in October and are expected to increase from November.

• December 2026 MAU target is ~25,000, compared with 9,760 in September; progress depends on partner launches and end-user adoption.

• Monthly Bakkt Engine Reports are planned from December, beginning with November TTV and annualized run-rate volume; ARV is an operating metric, not revenue or a forecast.

• Priorities include scaling TTV, expanding Agent adoption, improving operating economics and converting client activity into revenue.