Bakkt, Inc. most recently reported annual revenue of $2.3B, a net loss of $107.0M. Revenue grew at an average annual rate of 142.2% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.
Bakkt, Inc.: Revenue rose from $-1.0M in 2019 to $2.3B in 2025, a change of +233600.0% over 6 years; net profit was positive in 0 of 7 reported years; operating margin moved from 4160.6% to -6.1%, a shift of -4166.7 percentage points; the most recent year shows a net loss of $107.0M.
Income Statement — 7 Years (USD millions)
Metric
2019
2020
2021
2022
2023
2024
2025
Revenue
$-1.0M
$28.0M
$37.0M
$56.0M
$780.0M
$3.5B
$2.3B
Operating Expenses
$35.0M
$108.0M
$201.0M
$2.1B
$1.0B
$3.6B
$2.5B
Operating Profit
$-36.0M
$-79.0M
$-164.0M
$-2.0B
$-228.0M
$-93.0M
$-142.0M
Operating Margin
4160.6%
-277.7%
-440.6%
-3590.8%
-29.2%
-2.7%
-6.1%
Other Income
$4.0M
$0
$-78.0M
$18.0M
$3.0M
$-10.0M
$44.0M
Interest
$0
$0
$0
$0
$0
$0
$0
Depreciation
$0
$7.0M
$15.0M
$25.0M
$14.0M
$0
$1.0M
Profit Before Tax
$-33.0M
$-79.0M
$-242.0M
$-2.0B
$-225.0M
$-103.0M
$-98.0M
Tax
$600,000
$-490,000
$-4.9M
$570,000
$-200,000
$-160,000
$50,000
Net Profit
$-33.0M
$-80.0M
$-134.0M
$-578.0M
$-75.0M
$-47.0M
$-107.0M
EPS
$-0.06
$-3.07
$-4.24
$-203.08
$-21.01
$-7.97
$-15.71
Dividend Payout
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Quarterly Results — Last 12 Quarters (USD millions)
8 duplicate period labels in the source data were collapsed.
Metric
Sep '23
Dec '23
Mar '24
Jun '24
Sep '24
Dec '24
Mar '25
Jun '25
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
$205.0M
$215.0M
$855.0M
$510.0M
$328.0M
$1.8B
$1.1B
$578.0M
$402.0M
$299.0M
$244.0M
$170.0M
Operating Expenses
$258.0M
$293.0M
$886.0M
$532.0M
$356.0M
$1.8B
$1.1B
$596.0M
$427.0M
$363.0M
$261.0M
$190.0M
Operating Profit
$-53.0M
$-78.0M
$-32.0M
$-22.0M
$-27.0M
$-12.0M
$-19.0M
$-18.0M
$-25.0M
$-64.0M
$-17.0M
$-20.0M
Operating Margin
-25.8%
-36.6%
-3.7%
-4.3%
-8.3%
-0.7%
-1.7%
-3.2%
-6.3%
-21.3%
-7.0%
-11.5%
Interest
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Profit Before Tax
$-52.0M
$-79.0M
$-21.0M
$-35.0M
$-6.0M
$-40.0M
$16.0M
$-30.0M
$-22.0M
$-69.0M
$-12.0M
$81.0M
Tax
$-450,000
$-50,000
$-740,000
$-210,000
$1.8M
$-130,000
$300,000
$-200,000
$120,000
$220,000
$-100,000
$10,000
Net Profit
$-17.0M
$-27.0M
$-8.0M
$-16.0M
$-3.0M
$-19.0M
$8.0M
$-15.0M
$-15.0M
$-85.0M
$-12.0M
$81.0M
EPS
$-4.74
$-7.25
$-1.86
$-2.67
$-0.45
$-2.95
$1.13
$-2.16
$-2.19
$-6.37
$-0.87
$1.94
Over the 7 years reported for Bakkt, Inc., cash stood at $28.0M in the latest year, shareholders' equity was $0, current assets covered current liabilities 2.18 times.
Balance Sheet — 7 Years (USD millions)
Metric
2019
2020
2021
2022
2023
2024
2025
Total Assets
$178.0M
$468.0M
$2.4B
$456.0M
$967.0M
$269.0M
$163.0M
Current Assets
$100.0M
$132.0M
$464.0M
$326.0M
$883.0M
$184.0M
$72.0M
Cash
$77.0M
$75.0M
$391.0M
$98.0M
$53.0M
$39.0M
$28.0M
Inventory
$0
$0
$0
$0
$0
$0
$0
Receivables
$0
$8.0M
$18.0M
$25.0M
$30.0M
$6.0M
$12.0M
Fixed Assets
$11.0M
$22.0M
$17.0M
$39.0M
$12.0M
$10.0M
$2.0M
Capital Work in Progress
$0
$0
$0
$0
$0
$0
$0
Investments
$3.0M
$5.0M
$0
$141.0M
$17.0M
$0
$15.0M
Other Assets
$17.0M
$233.0M
$1.5B
$16.0M
$68.0M
$68.0M
$65.0M
Total Liabilities
$15.0M
$80.0M
$120.0M
$119.0M
$831.0M
$207.0M
$50.0M
Current Liabilities
$15.0M
$51.0M
$74.0M
$92.0M
$802.0M
$138.0M
$33.0M
Borrowings
$0
$2.0M
$11.0M
$26.0M
$27.0M
$20.0M
$1.0M
Other Liabilities
$15.0M
$78.0M
$109.0M
$93.0M
$804.0M
$187.0M
$49.0M
Equity
$184.0M
$495.0M
$0
$0
$0
$0
$0
Reserves
$152.0M
$388.0M
$468.0M
$96.0M
$48.0M
$34.0M
$113.0M
For Bakkt, Inc., operating cash flow was positive in 0 of 7 reported years; free cash flow in the latest year was negative at $153.0M; free cash flow was positive in 0 of 7 years; financing activities used $3.0M in the latest year, which covers debt repayment, dividends and buybacks.
Cash Flow Statement — 7 Years (USD millions)
Metric
2019
2020
2021
2022
2023
2024
2025
Operating Cash Flow
$-48.0M
$-31.0M
$-134.0M
$-118.0M
$-61.0M
$-21.0M
$-149.0M
Investing Cash Flow
$-50.0M
$-28.0M
$1.0M
$-203.0M
$57.0M
$11.0M
$-42.0M
Financing Cash Flow
$0
$0
$-55.0M
$-3.0M
$-3.0M
$-3.0M
$-3.0M
Net Cash Flow
$-89.0M
$-1.0M
$407.0M
$-293.0M
$3.0M
$35.0M
$-36.0M
Free Cash Flow
$-58.0M
$-52.0M
$-150.0M
$-148.0M
$-70.0M
$-24.0M
$-153.0M
Valuation & Return Ratios
Metric
Value
PEG Ratio
0.01
EV / EBITDA
-16.82
FCF Yield
-24.84%
Quick Ratio
3.14
Interest Coverage
—
Return 1Y
-68.93%
Return 3Y
-81.82%
Return 5Y
-96.69%
Bakkt, Inc. (BKKT) financials — frequently asked questions
What is Bakkt, Inc.'s annual revenue?
Bakkt, Inc. (BKKT) reported annual revenue of $2.3B in its most recent fiscal year.
What is Bakkt, Inc.'s net profit?
Bakkt, Inc. (BKKT) reported a net loss of $107.0M in its most recent fiscal year.
What is BKKT EV/EBITDA?
Bakkt, Inc.'s enterprise value to EBITDA (EV/EBITDA) ratio is -16.82. A negative value means EBITDA was negative over the period, so the ratio is not a meaningful valuation measure.