Bakkt Inc Financials
This page shows Bakkt Inc (BKKT) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Cash consumption and financing dependence now define Bakkt's reported operating model more clearly than revenue data does.
Earnings quality weakened in FY2025: net loss reached-$107.2M while operating cash flow was more negative at-$153.4M . That gap indicates reported expenses and working-capital demands consumed more cash than the accounting loss alone suggests, while the absence of free-cash-flow data limits a complete reinvestment assessment.
The balance sheet was recapitalized or otherwise restructured between FY2023 and FY2025: total liabilities fell from
That improvement did not translate into operating self-funding: FY2025 operating cash flow of
Financial Health Signals
We are recalculating Bakkt Inc's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.
Bakkt Inc passes 1 of 5 computable financial strength tests (4 of the nine could not be computed from available data). No profitability signals pass, all 1 leverage/liquidity signals pass.
Bakkt Inc reported a net loss of $107.2M while operations used $153.4M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Bakkt Inc reported an operating loss of $147.8M against $791K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Bakkt Inc's EBITDA was -$147.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 79.0% from the prior year.
Bakkt Inc reported -$107.2M in net income in fiscal year 2025. This represents a decrease of 129.8% from the prior year.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Bakkt Inc held $27.0M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Bakkt Inc's ROE was -95.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 42.6 percentage points from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
None of these metrics is reported for fiscal year 2025.
BKKT Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | N/A | N/A | N/A | $577.9M-46.2% | $1.1B | N/A | $328.4M |
| SG&A Expenses | $7.0M+5.4% | $6.6M | N/A | $8.1M-20.5% | $10.2M+30.6% | $7.8M | N/A | $9.9M |
| Operating Income | -$19.6M-15.9% | -$16.9M | N/A | -$25.3M-56.7% | -$16.1M-4.4% | -$15.4M | N/A | -$25.1M |
| Interest Expense | $547K+195.7% | $185K | N/A | -$50K+5.7% | -$53K-108.5% | $622K | N/A | $1.0M |
| Income Tax | $5K-58.3% | $12K | N/A | -$25K-132.9% | $76K+55.1% | $49K | N/A | -$113K |
| Net Income | $80.8M+793.9% | -$11.7M | N/A | -$14.9M-1.2% | -$14.7M-291.1% | $7.7M | N/A | -$2.9M |
| EPS (Diluted) | $1.94+573.2% | -$0.41+93.6% | -$6.37-453.9% | -$1.15 | -$2.16-291.2% | $1.13+136.5% | -$3.10-588.9% | -$0.45 |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses.
BKKT Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $403.6M+89.1% | $213.4M+31.1% | $162.8M-37.0% | $258.3M+35.8% | $190.1M+7.8% | $176.3M-34.5% | $269.4M-77.2% | $1.2B |
| Current Assets | $97.4M-22.1% | $125.0M+73.1% | $72.2M-40.1% | $120.5M+9.1% | $110.5M+19.4% | $92.5M-49.7% | $183.8M-83.3% | $1.1B |
| Cash & Equivalents | $50.0M-37.5% | $80.0M+196.7% | $27.0M-53.8% | $58.3M+34.1% | $43.5M+89.0% | $23.0M-41.1% | $39.0M+34.7% | $29.0M |
| Accounts Receivable | $11.3M+18.3% | $9.5M-21.0% | $12.1M-3.9% | $12.6M-46.1% | $23.3M-18.8% | $28.7M+273.4% | $7.7M-71.3% | $26.8M |
| Goodwill | $156.7M+142.3% | $64.7M0.0% | $64.7M0.0% | $64.7M0.0% | $64.7M-4.9% | $68.0M0.0% | $68.0M0.0% | $68.0M |
| Total Liabilities | $49.2M+15.8% | $42.5M-15.0% | $50.0M-61.4% | $129.7M-2.0% | $132.3M0.0% | $132.3M-35.9% | $206.5M-80.9% | $1.1B |
| Current Liabilities | $31.0M+2.5% | $30.3M-8.3% | $33.0M-38.6% | $53.8M-42.3% | $93.2M+59.5% | $58.4M-57.6% | $137.7M-86.8% | $1.0B |
| Total Equity | $354.4M+107.4% | $170.9M+51.5% | $112.8M-1.4% | $114.4M+224.1% | $35.3M-19.9% | $44.1M+30.0% | $33.9M-32.8% | $50.5M |
| Retained Earnings | -$836.0M+8.8% | -$916.8M-1.3% | -$905.2M-10.4% | -$819.9M-1.9% | -$805.0M-1.9% | -$790.3M+1.0% | -$798.0M-2.5% | -$778.8M |
Not reported in any period shown, so not listed: Inventory, Long-Term Debt.
BKKT Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$14.8M-22.5% | -$12.1M-11.8% | -$10.8M+76.8% | -$46.7M-971.8% | $5.4M+105.3% | -$101.3M-422.5% | $31.4M+225.3% | -$25.1M |
| Capital Expenditures | N/A | N/A | N/A | N/A | $19K-85.4% | $130K-57.8% | $308K-43.5% | $545K |
| Free Cash Flow | N/A | N/A | N/A | N/A | $5.3M+105.3% | -$101.4M-426.1% | $31.1M+221.4% | -$25.6M |
| Investing Cash Flow | -$14.4M-842.7% | $1.9M+108.5% | -$22.7M-14.9% | -$19.8M-539.4% | $4.5M+3560.8% | -$130K-102.1% | $6.2M+5.7% | $5.9M |
| Financing Cash Flow | $451K-99.3% | $66.8M+9048.1% | $730K-98.8% | $60.1M+250.0% | $17.2M+319.3% | $4.1M+1675.0% | -$260K-132.1% | -$112K |
| Share Buybacks | $49K-82.5% | $280K | N/A | $1.7M+111.5% | $806K-11.0% | $906K+248.5% | $260K+132.1% | $112K |
Not reported in any period shown, so not listed: Dividends Paid.
BKKT Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | N/A | N/A | N/A | N/A | -2.8%-1.4pp | -1.4% | N/A | -7.6% |
| Net Margin | N/A | N/A | N/A | N/A | -2.5%-3.3pp | 0.7% | N/A | -0.9% |
| Return on Equity | 22.8%+29.6pp | -6.8% | N/A | -13.0%+28.7pp | -41.8%-59.3pp | 17.5% | N/A | -5.7% |
| Return on Assets | 20.0%+25.5pp | -5.5% | N/A | -5.8%+2.0pp | -7.8%-12.1pp | 4.4% | N/A | -0.2% |
| Current Ratio | 3.14-1.0x | 4.13+1.9x | 2.19-0.1x | 2.24+1.1x | 1.19-0.4x | 1.58+0.2x | 1.33+0.3x | 1.05 |
| Debt-to-Equity | 0.14-0.1x | 0.25-0.2x | 0.44-0.7x | 1.13-2.6x | 3.75+0.7x | 3.00-3.1x | 6.09-15.3x | 21.41 |
| FCF Margin | N/A | N/A | N/A | N/A | 0.9%+10.3pp | -9.4% | N/A | -7.8% |
Not reported in any period shown, so not listed: Gross Margin.
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Where Bakkt Inc Ranks
Frequently Asked Questions
Is Bakkt Inc profitable?
No, Bakkt Inc (BKKT) reported a net income of -$107.2M in fiscal year 2025.
What is Bakkt Inc's EBITDA?
Bakkt Inc (BKKT) had EBITDA of -$147.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Bakkt Inc's return on equity (ROE)?
Bakkt Inc (BKKT) has a return on equity of -95.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Bakkt Inc's operating cash flow?
Bakkt Inc (BKKT) recorded an outflow of $153.4M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Bakkt Inc's total assets?
Bakkt Inc (BKKT) had $162.8M in total assets as of fiscal year 2025, including both current and long-term assets.
What is Bakkt Inc's current ratio?
Bakkt Inc (BKKT) had a current ratio of 2.19 as of fiscal year 2025, which is generally considered healthy.
What is Bakkt Inc's debt-to-equity ratio?
Bakkt Inc (BKKT) had a debt-to-equity ratio of 0.44 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Bakkt Inc's return on assets (ROA)?
Bakkt Inc (BKKT) had a return on assets of -65.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
How does Bakkt Inc's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Bakkt Inc (BKKT) held $27.2M in cash, cash equivalents and investments, and reported an operating cash outflow of $153.4M over that year. Dividing the one by the other, the reported balance equals about 2 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Bakkt Inc's Piotroski F-Score?
Bakkt Inc (BKKT) has a Piotroski F-Score of 1 out of 5 computable signals; 4 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Bakkt Inc's earnings high quality?
Bakkt Inc (BKKT) reported a net loss of $107.2M while operations used $153.4M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Bakkt Inc cover its interest payments?
Bakkt Inc (BKKT) reported an operating loss of $147.8M against $791K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.