Bakkt Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	1,523	2,335	3,441	726.99	56.22	-
Revenue Growth (YoY)	-58.60%	-32.14%	373.33%	1193.02%	-	-
Cost of Revenue	1,506	2,327	3,427	722.28	1.66	-
Gross Profit	16.41	8.42	13.83	4.71	54.57	-
Selling, General & Admin	125.83	115.26	76.9	86.55	185.95	73.74
Depreciation & Amortization Expenses	0.45	0.61	0.34	12.33	25.35	5.42
Other Operating Expenses	14.89	40.39	19.17	62.07	1,862	6.87
Total Operating Expenses	141.18	156.25	96.41	160.95	2,073	86.03
Operating Income	-151.69	-147.84	-82.59	-156.24	-2,019	-74.55
Interest Income	0.36	0.79	4.32	4.34	1.88	0.01
Other Non-Operating Income (Expense)	19.82	49.66	-16.03	-1.39	15.78	-78.54
Total Non-Operating Income (Expense)	20.18	50.45	-11.72	2.95	17.66	-78.53
Pretax Income	-131.52	-97.38	-94.3	-153.3	-2,001	-153.08
Provision for Income Taxes	-0.05	-0.05	0.11	0.36	11.32	-11.75
Net Income	-126.57	-107.21	-46.66	-74.85	-578.11	-44
Minority Interest in Earnings	-33.33	-24.7	-56.79	-150.96	-1,412	-120.83
Earnings From Discontinued Operations	-28.17	-34.57	-9.04	-72.16	-	-
Net Income to Common	-126.57	-107.21	-46.66	-74.85	-578.11	-44
Shares Outstanding (Basic)	18	12	6	4	3	2
Shares Outstanding (Diluted)	18	12	6	4	3	2
Shares Change (YoY)	167.80%	106.49%	64.31%	25.17%	31.03%	304.45%
EPS (Basic)	-10.09	-8.87	-7.97	-21.01	-203.08	-20.25
EPS (Diluted)	-10.09	-8.87	-7.97	-21.01	-203.08	-20.25
Shares Outstanding	30.71	25.52	6.51	3.66	3.14	2.29
Free Cash Flow	-65.98	-154.57	-24.29	-70.13	-148.14	-86.97
Free Cash Flow Per Share	-3.76	-12.78	-4.15	-19.68	-52.04	-40.03
Gross Margin	1.08%	0.36%	0.40%	0.65%	97.05%	-
Operating Margin	-9.96%	-6.33%	-2.40%	-21.49%	-3590.84%	-
Profit Margin	-8.62%	-4.17%	-2.74%	-21.14%	-3579.56%	-
FCF Margin	-4.33%	-6.62%	-0.71%	-9.65%	-263.48%	-
EBITDA	-151.24	-147.23	-82.24	-142.31	-1,994	-69.12
EBITDA Margin	-9.93%	-6.30%	-2.39%	-19.58%	-3545.75%	-
EBIT	-151.69	-147.84	-82.59	-156.24	-2,019	-74.55
EBIT Margin	-9.96%	-6.33%	-2.40%	-21.49%	-3590.84%	-
Effective Tax Rate	0.04%	0.05%	-0.12%	-0.23%	-0.57%	7.68%

Updated May 11, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q