Bakkt Q2 FY26 returns to profit with GAAP net income of USD 80.8 million; revenue falls 70% to USD 170.1 million vs Q2 FY25
BKKT•Bakkt swings to profit as revenue declines
Bakkt posted GAAP net income of USD 80.8 million, or USD 1.96 a share, swinging from a year-ago loss.
Revenue fell 70% year over year to USD 170.1 million, with crypto costs and execution, clearing and brokerage fees of USD 169.3 million.
Adjusted EBITDA loss (non-GAAP) widened to USD 11.8 million from USD 9.8 million.
Total transacting volume was USD 168.8 million; cash, cash equivalents and restricted cash totaled USD 50.7 million with no long-term debt.
Results included a USD 98.5 million non-cash gain from Transchem warrant fair-value changes; Bakkt targets about USD 2.5 billion full-year 2026 TTV.
