Bakkt expects full-year 2026 TTV of about $2.5 bln, assuming client integrations progress as planned
Company targets Q4 2026 for initial co-branded card programs and Neobank-as-a-Service offerings
Bakkt expects MAUs to reach about 25,000 in December 2026 as partner products launch
Overview
US digital asset platform's Q2 revenue fell 70% yr/yr due to client transitions and industry softness
Company posted net income, aided by a $98.5 mln non-cash gain from Transchem warrant revaluation
Q2 adjusted EBITDA loss widened yr/yr, reflecting lower crypto services revenue and higher operating costs
Key details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Revenue
Miss
$170.10 mln
$373.27 mln (2 Analysts)
Q2 Net Income
$80.80 mln
Q2 Adjusted EBITDA
Miss
-$11.80 mln
$7.52 mln (1 Analyst)
Q2 Operating Expenses
$189.80 mln
Result Drivers
Client transitions and industry softness - Co said revenue decline was due to previously disclosed client transitions and industry-wide softness in digital asset trading volumes
Integration costs - Higher operating expenses reflected two months of acquired DTR operating costs and professional-services expenses supporting the DTR integration and India strategy
Lower crypto services revenue - Wider adjusted EBITDA loss was mainly due to a decrease in crypto services revenue net of related costs, higher salaries and contract labor, and a loss from an equity method investment
BKKT•
