Bakkt, Inc.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $2.3B | $3.4B | $727.0M | $56.2M | — |
| Operating expenses | $2.5B | $3.5B | $883.2M | $2.1B | — |
| Operating income | -$147.8M | -$82.6M | -$156.2M | -$2.0B | — |
| Pretax income | -$97.4M | -$94.3M | -$153.3M | -$2.0B | — |
| Income tax expense | -$49,000 | $110,000 | $355,000 | -$11.3M | — |
| Net income | -$107.2M | -$46.7M | -$74.9M | -$578.1M | — |
| Balance Sheet | |||||
| Cash and equivalents | $27.0M | $39.0M | $52.9M | $98.3M | $391.4M |
| Current assets | $72.2M | $183.8M | $181.1M | $326.5M | $463.5M |
| Total assets | $162.8M | $269.4M | $265.3M | $455.5M | $2.4B |
| Current liabilities | $33.0M | $137.7M | $100.5M | $92.1M | $73.6M |
| Total liabilities | $50.0M | $206.5M | $129.6M | $119.4M | $120.1M |
| Stockholders' equity | $112.8M | $33.9M | $48.3M | $96.3M | $468.4M |
| Cash Flow Statement | |||||
| Cash from operations | -$153.4M | -$21.2M | -$60.7M | -$117.6M | — |
| Depreciation and amortization | $607,000 | $343,000 | $13.9M | $25.4M | — |
| Stock-based compensation | $71.6M | $15.8M | $15.5M | $31.6M | — |
| Capital expenditure | $0 | $3.1M | $9.4M | $30.5M | — |
| Free cash flow | -$153.4M | -$24.3M | -$70.1M | -$148.1M | — |
| Share repurchases | — | $2.7M | $2.6M | $2.6M | — |
| Impairments | $961,000 | $0 | $0 | $1.5B | — |
Shares outstanding 44.6M · Free float 16.4%
Annual filing data through FY ended December 31, 2025; float as of July 15, 2026.