BKKT-WT · Bakkt Holdings, Inc.

Bakkt's Q1 2026 results reflect significantly lower trading volumes, with total revenue declining 77.1% to $243.6 million from $1,065.8 million in the prior-year quarter. The substantial majority of revenue was offset by $242.0 million in crypto costs and execution, clearing, and brokerage fees, down in line with volumes. Controllable operating expenses excluding these fees remained stable at $18.5 million versus $18.9 million last year, with compensation and benefits dropping to $6.6 million on lower headcount, offset by higher professional services at $7.7 million tied to the DTR acquisition and other initiatives. This resulted in a GAAP net loss of $11.7 million, compared to net income of $7.7 million in Q1 2025 which benefited from a $32.2 million non-cash warrant liability gain; the current period had a $4.7 million gain. Adjusted EBITDA loss widened to $13.7 million from $11.7 million, driven by a $1.8 million drop in crypto services net of costs and a $0.2 million equity investment loss. Balance sheet remains solid with $82.6 million in cash and equivalents as of March 31, 2026, bolstered by $66.8 million net cash from financing, and no long-term debt. Post-quarter, Bakkt closed its all-stock DTR acquisition on April 30, integrating AI and stablecoin tech, and appointed Daniel Ishag as CCO to drive commercial growth across Markets and Agent segments. A new MoU with Zoth aims to expand into Global South payments targeting $1 billion annualized TPV. CEO Akshay Naheta emphasized execution on three growth engines—Bakkt Markets, Agent, and Global—leveraging regulatory licenses amid stablecoin opportunities, with focus shifting to commercial acceleration for long-term profitability.