Bakkt’s $28.7 million Q3 profit marks 241% jump from last year, shares slide 11%
Bakkt reported a $28.7 million adjusted EBITDA profit, a 241% year-over-year jump, while its shares fell about 11%.Summary
Bakkt (BKKT) announced a significant transformation in its third quarter, offloading its loyalty rewards business to focus on institutional trading, liquidity, regulated custody, and AI services. CEO Akshay Naheta stated the reset is working, evidenced by achieving positive adjusted EBITDA of $28.7 million, a 241% increase year-over-year, alongside $402.2 million in revenue, up 27%. The company eliminated all debt and strengthened liquidity, positioning itself as a focused digital-asset infrastructure company. Despite the strong operational performance and a cleaner balance sheet, Bakkt's Nasdaq-listed shares dropped nearly 12% on the day of the announcement. The firm also reported a net loss of $23.2 million, primarily due to a non-cash loss related to warrant liability marking-to-market following a stock price increase.
(Source：The Block)