Bakkt I (BKKT) Q4 2025 earnings summary

Executive summary

• 2025 marked a major strategic transformation, with a focus on rebuilding, simplifying operations, and repositioning for digital financial infrastructure.

• Exited non-core businesses, eliminated debt, and strengthened governance with new board members.

• Launched a unified platform with three engines: Bakkt Markets, Bakkt Agent, and Bakkt Global, and completed a corporate rebrand.

Financial highlights

• GAAP revenue for 2025 was $2,335.2 million, down 32.1% year-over-year due to lower crypto trading volume.

• Total operating expenses were $2,483.1 million, down 29.5% year-over-year, mainly from reduced crypto costs and brokerage fees.

• GAAP net loss from continuing operations was $97.7 million, impacted by increased share-based compensation and TRA settlement expenses.

• GAAP net loss was $132.2 million, including a $34.6 million loss from discontinued operations (Loyalty business sale).

• Adjusted EBITDA was negative $32.7 million, a 42.9% year-over-year improvement, driven by higher other income and lower SG&A expenses.

Outlook and guidance

• 2026 focus is on scaling the three platform engines, expanding adoption, and building durable infrastructure revenue.

• Bakkt Markets to prioritize stablecoin on/off-ramp infrastructure for institutional clients.

• Bakkt Agent to roll out programmable financial services and payment rails.

• Bakkt Global to drive international expansion, with early investments in Japan and India expected to grow in value.