Research Reports

Key takeaways

Operating loss improved 8.6% to -$16.9M from -$18.5M as costs declined in line with reduced crypto trading volume.

Net loss of -$11.7M compared to $7.7M profit last year, driven by unfavorable shift from prior period warrant liability gains.

Diluted EPS declined to -$0.41 from $1.13, reflecting the swing to net loss on higher share count.

Operating cash use fell sharply to -$12.1M from -$101.3M, excluding prior Webull customer funds outflows.

Primary cash uses remain compensation, software development for technology platforms, and related operating costs.

Full analysis

Bakkt Holdings, Inc. reported Q1 2026 results reflecting operational challenges from decreased crypto trading volume, primarily due to the loss of Webull and Public as clients, which drove narrower operating losses through cost discipline while non-operating items pressured net results.

Net income swung to a -$11.7 million loss from $7.7 million profit year-over-year, a -251.1% change, with diluted EPS falling to -$0.41 from $1.13 (-136.3%). The deterioration reflects volatility in non-operating items, particularly less favorable warrant liability fair value changes compared to the prior period's gains that had boosted profitability. Investors should note this as a non-cash swing rather than core operations deterioration, though it underscores earnings unpredictability tied to market-driven adjustments.

BKKT-WT · Bakkt Holdings, Inc.

Summary

Key takeaways

Full analysis