Bakkt Q2 Revenue Plunges 70%, Core Operations Deep in the Red
BKKT is trading near its 52-week low of $6.75 (8.5% above the low).
Summary
Bakkt's Q2 revenue collapsed 70% year-over-year to $170.1M, missing consensus by over $200M, as client losses and weak crypto trading volumes hammered the top line. The reported $80.8M net income is entirely a non-cash accounting gain from Transchem warrants — core operations posted an adjusted EBITDA loss of $11.8M, far worse than the $7.5M profit analysts expected. This follows a 77% revenue drop in Q1 and the recent 8-K disclosing the acquired DTR business had a going concern warning. Management guided to full-year TTV of ~$2.5B and targets Q4 for co-branded card launches, but with only 25,000 MAUs projected by December, the path to recovery looks narrow. The $300M ATM shelf and 21M share registration by insiders add dilution risk on top of deteriorating fundamentals.
At the time of this announcement, BKKT was trading at $7.32 on NYSE in the Crypto Assets sector, with a market capitalization of approximately $341.3M. The 52-week trading range was $6.75 to $49.79. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Reuters.