Earnings Releases·Nov 9, 2026, 4:34 PM ET

Bakkt — Third Quarter 2026 Earnings Summary

Total revenue declined 62.9% year-over-year to $149.2 million due to lower crypto trading volume and client losses, though GAAP net income turned positive at $14.3 million compared to a $14.9 million loss in Q3 2025, driven by a $26.8 million non-cash gain on Transchem warrants and a 39.7% reduction in operating expenses.
The company reiterated its full-year 2026 Total Transacting Volume (TTV) target of approximately $3 billion and established a first-half 2027 target of $6 billion, while noting that client activations are expected to increase significantly starting in November 2026.
Strategic initiatives include the launch of the Bakkt Payments Portal for business clients, a new U.S. stablecoin card-as-a-service program with Thredd, and the development of a cross-border trading desk for non-U.S. institutional clients targeting a Q4 2026 launch.
Management reported no long-term debt, a cash balance of $37.3 million as of September 30, 2026, and completed acquisitions of Distributed Technologies Research Global Ltd. (DTR) and Gyzer during the nine-month period.