Bakkt Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw a streamlined cost base, debt-free balance sheet, and strong liquidity, with strategic investments and partnerships positioning for growth. Regulatory tailwinds and technology integration support expansion, while stablecoin and cross-border payment volumes continue to rise.
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Stockholders approved the issuance of Class A common stock for the DTR acquisition, with the proposal passing and no need for adjournment. Final voting results will be disclosed in a Form 8-K within four business days.
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The meeting was adjourned due to lack of quorum and will reconvene on April 17, 2026. Nearly half of shares have submitted proxies, with 99.1% supporting the issuance proposal. No changes were made to proposals, and previously submitted proxies remain valid.
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The company has restructured its governance, technology, and capital to focus on regulated digital finance, launching three business engines and leveraging key partnerships for global expansion. Fiscal 2025 was a year of transformation, with legacy drags eliminated and strong early returns from international investments.
Fiscal Year 2025
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Reported $402M in GAAP revenue (up 27% YoY) and $29M adjusted EBITDA, with transformation nearly complete and a focus on regulated digital asset infrastructure. Strong liquidity, no debt, and international expansion position the company for profitable growth in 2026.
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Strategic realignment completed, focusing on crypto infrastructure and stablecoin payments, with divestitures and new leadership. Q2 revenue rose 13% year-over-year but fell sequentially; net loss improved. New capital, product launches, and market expansion position the company for growth.
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Shareholders approved increasing authorized Class A shares from 60 million to 560 million and passed the adjournment proposal. No questions were raised, and final voting results will be filed in a Form 8-K.
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The meeting covered six key proposals, all of which passed, including director elections, amendments to the incentive plan and certificate of incorporation, and advisory votes on executive compensation. Shareholders participated in a Q&A, and final results will be filed in a Form 8-K.
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Q1 2025 saw a 40% sequential drop but a 23% year-over-year rise in transaction volume, with net income swinging to $16.2 million. Strategic transformation continues, highlighted by the DTR partnership, divestitures, and new leadership, positioning for growth in stablecoin payments.
Fiscal Year 2024
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Q4 2024 saw record crypto trading volumes and improved profitability, driven by strategic transformation and favorable market conditions. The company is divesting non-core assets, entering the stablecoin payments market, and faces future revenue risk from Webull's contract ending.
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Q3 2024 saw lower net revenue and continued losses, but recent market tailwinds and strategic focus on institutional trading and cost reductions position the company for improved performance. Guidance for 2024 was lowered, with cash expected at $34–$39 million by year-end.
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Q2 2024 saw 9% YoY net revenue growth and significant cost reductions, with improved net loss and adjusted EBITDA. Crypto revenue guidance was lowered due to market trends, but loyalty business remains strong and on track. Institutional crypto demand and regulatory clarity are expected to drive future growth.