Bakkt Reports Third Quarter 2026 Results and Sets First-Half 2027 Total Transacting Volume Target of $6 Billion - Total Transacting Volume of $147.9 million…
Bakkt, Inc. (BKKT) filed an SEC Form 8-K — Results of Operations and Financial Condition. Bakkt Reports Third Quarter 2026 Results and Sets First-Half 2027 Total Transacting Volume Target of $6 Billion - Total Transacting Volume (“TTV”) of $147.9 million in Q3 bringing nine-month TTV to $557.9 million - Company reiterates its $3 billion full-year 2026 TTV target1 - Es
How this was made
The 30-second read
Why it matters
The earnings beat and forward guidance could trigger buying pressure, especially from traders focused on crypto‑related equities.
Market read
First‑report earnings with profit and raised volume targets provide a fresh catalyst for BKKT.
What to watch
Cash burn and lack of long‑term debt may limit ability to sustain aggressive expansion.
Bakkt Q3 2026 revenue fell 62.9% to $149.2 million as TTV reached $147.9 million; GAAP net income of $14.3 million and a $3.0 million Adjusted EBITDA improvement came alongside a new 1H 2027 TTV target of $6 billion
Crypto services revenue fell 62.9% year over year and the company's own TTV run rate implies a steep Q4 ramp to reach its $3 billion full-year target. Operating expenses excluding crypto costs fell 39.7% and the operating loss narrowed, but GAAP net income of $14.3 million was supported by non-operating items, including a $26.8 million Transchem warrant gain. Cash used in operations rose to $17.9 million in the quarter.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenue, Q3 2026GAAP | $149.2M | – | (62.9)% |
| Total revenues (statement of operations, thousands), Q3 2026GAAP | $149.2M | – | – |
| Crypto costs and execution, clearing and brokerage fees, Q3 2026 (presented table line)other | $147.5M | – | (63.2)% |
| Crypto costs, Q3 2026GAAP | $146.4M | – | – |
| Execution, clearing and brokerage fees, Q3 2026GAAP | $1.11M | – | – |
| Operating expenses excluding crypto costs and execution, clearing and brokerage fees, Q3 2026other | $16.1M | – | (39.7)% |
| Compensation and benefits, Q3 2026GAAP | $5.95M | – | – |
| Professional services, Q3 2026GAAP | $3.75M | – | – |
| Technology and communication, Q3 2026GAAP | $1.99M | – | – |
| Selling, general and administrative, Q3 2026GAAP | $2.56M | – | – |
| Depreciation and amortization, Q3 2026GAAP | $1.83M | – | – |
| Restructuring expenses, Q3 2026GAAP | $0 thousand (no charge printed for Q3 2026) | – | – |
| Total operating expenses, Q3 2026GAAP | $163.6M | – | (61.7)% |
| Operating loss from continuing operations, Q3 2026GAAP | −$14.43M | – | narrowed 42.9% |
| Interest income (expense), net, Q3 2026GAAP | $385K | – | – |
| Change in fair value of warrant liability, Q3 2026GAAP | $735K | – | – |
| Change in fair value of Transchem warrant, Q3 2026GAAP | $26.85M | – | – |
| Other income, net, Q3 2026GAAP | $587K | – | – |
| Income tax benefit (expense), Q3 2026GAAP | $341K | – | – |
| Net income (loss) from continuing operations, Q3 2026GAAP | $14.25M | – | – |
| Net income (loss) attributable to Bakkt, Inc., Q3 2026GAAP | $14.3M | – | NM |
| Diluted EPS attributable to Class A common stockholders, Q3 2026GAAP | $0.31 per diluted share | – | – |
| Basic EPS attributable to Class A common stockholders, Q3 2026GAAP | $0.32 per share | – | – |
| EBITDA (non-GAAP), Q3 2026non-GAAP | $15.35M | – | – |
| Adjusted EBITDA (loss) (non-GAAP, recast to exclude other income (expense), net), Q3 2026non-GAAP | −$11.8M | – | $3.0 million improvement on a consistent basis |
| Adjusted EBITDA (loss) (non-GAAP, as previously reported), Q3 2025non-GAAP | $28.7M | – | – |
| Net income (loss), nine months ended September 30, 2026 (consolidated statement of cash flows)GAAP | $83.44M | – | – |
| Net cash used in operating activities, nine months ended September 30, 2026GAAP | −$44.84M | – | – |
| Net cash used in operating activities, Q3 2026GAAP | $17.9M | – | – |
| Total Transacting Volume (TTV), Q3 2026other | $147.9M | – | – |
| Total Transacting Volume (TTV), nine months ended September 30, 2026other | $557.9M | – | – |
| Strategic Asset Value (SAV), as of September 30, 2026other | approximately $145.2 million | – | – |
| Monthly Active Users (MAUs), September 2026other | 9,760 | – | – |
| Cash, cash equivalents and restricted cash, as of September 30, 2026other | $37.3M | – | – |
Full-year 2026 TTV target and first-half 2027 TTV target (company-stated; forward-looking) outlook
- NoteFull-year 2026 TTV: reiterated target of approximately $3 billion (per filing).
- NoteImplied Q4 2026 TTV: approximately $2.4 billion, as stated by the CEO in the filing.
- NoteFirst-half 2027 TTV: new target of approximately $6 billion.
- NoteDecember 2026 MAUs: reiterated expectation of approximately 25,000.
- NoteCross-border trading desk: initial launch targeted for Q4 2026, subject to banking, documentation, technology readiness and applicable approvals.
- NoteMonthly TTV and ARV publication: beginning in December 2026 with November 2026 activity, through the Bakkt Engine Report.
Capital returns
- No dividends or share repurchases are reported in the filing.
- No shares were sold under the Company's at-the-market offering in the quarter, per the filing.
- Nine-month 2026 proceeds from equity offerings: $69,604 thousand (consolidated statement of cash flows); nine-month 2025 comparable line: none printed.
- Nine-month 2026 cash paid for equity offerings: $(2,541) thousand.
What drove it
- Company explanation for lower revenue: total revenue of $149.2 million was down 62.9% from $402.2 million, primarily reflecting lower crypto trading volume, including the loss of clients, per the filing.
- Company explanation for lower operating expenses: reduction reflects lower compensation, professional services and administrative expenses, and the non-recurrence of $5.6 million of restructuring and impairment charges, partially offset by $1.7 million of higher amortization of acquired intangibles, per the filing.
- Company explanation for net income: the filing attributes the $14.3 million net income to the quarter's non-operating items. Operating loss from continuing operations was $14.4 million, and the filing notes the quarter includes a $26.8 million non-cash gain on the Transchem warrants.
- Company explanation for Adjusted EBITDA improvement: the filing says the $3.0 million improvement reflects the lower operating cost base.
- Company explanation for TTV ramp: the filing says institutional and cross-border clients were integrating in Q3, activations began in October, and volume is expected to increase significantly from November.
Concerns
- Revenue fell 62.9% year over year, and the filing attributes this to lower crypto trading volume including the loss of clients.
- Q3 2026 TTV of $147.9 million compares with the approximately $2.4 billion implied Q4 2026 TTV in the company's own target, a step-up the filing says depends on clients activating in November and December.
- Net cash used in operating activities was $17.9 million in the quarter, and cash and restricted cash declined from $50.7 million to $37.3 million.
- Net income in the quarter is supported by non-operating items, including the $26.8 million Transchem warrant gain and $0.7 million warrant liability gain, while operating loss from continuing operations remained at $14.4 million.
- The filing notes that TTV and ARV may vary significantly from month to month and may not be representative of future periods, and that the targets assume integration, banking and regulatory timelines are met.
- Goodwill and intangible assets rose sharply versus December 31, 2025, and the filing references DTR integration risk.
What to watch
- Monthly TTV and ARV for November 2026, the first month the company plans to publish in the Bakkt Engine Report in December 2026.
- Whether Q4 2026 TTV approaches the approximately $2.4 billion implied by the reiterated $3 billion full-year target.
- December 2026 MAU count against the approximately 25,000 expectation.
- Launch of the cross-border trading desk targeted for Q4 2026 and the planned U.S. stablecoin card-as-a-service program with Thredd.
- Quarterly cash usage in operating activities and cash balance, given the $37.3 million cash and restricted cash at September 30, 2026.
- Progress of the 1H 2027 TTV target of approximately $6 billion.
Balance sheet and cash flow
- As of September 30, 2026: cash and cash equivalents $36,572 thousand, restricted cash $749 thousand, customer funds $16,017 thousand (versus $26,962 thousand, $575 thousand, and $14,662 thousand as of December 31, 2025).
- Total assets: $410,266 thousand as of September 30, 2026, versus $162,788 thousand as of December 31, 2025.
- Goodwill: $154,885 thousand as of September 30, 2026, versus $64,658 thousand as of December 31, 2025.
- Transchem Warrants: $134,755 thousand as of September 30, 2026 (none as of December 31, 2025).
- Total liabilities: $40,469 thousand as of September 30, 2026, versus $50,006 thousand as of December 31, 2025.
- Total equity: $369,797 thousand as of September 30, 2026, versus $112,782 thousand as of December 31, 2025.
- The filing states the Company has no long-term debt.
- Nine-month 2026 net cash used in investing activities: $(12,867) thousand, including $(9,410) thousand of investment in Transchem warrants and $(3,200) thousand of consideration for the acquisition of DTR.
- Nine-month 2026 net cash provided by financing activities: $67,283 thousand (versus $81,354 thousand for nine months 2025).
Analysis
Bakkt reported Q3 2026 total revenue of $149.2 million, down 62.9% from $402.2 million in Q3 2025. The company attributes the decline primarily to lower crypto trading volume, including the loss of clients. Crypto services revenue is presented gross, and crypto costs and execution, clearing and brokerage fees of $147.5 million (versus $400.8 million) move with it. Operating expenses excluding these crypto costs were $16.1 million, down 39.7% from $26.7 million, and the filing attributes the reduction to lower compensation, professional services and administrative expenses and the non-recurrence of $5.6 million of restructuring and impairment charges, partly offset by $1.7 million of higher amortization of acquired intangibles.
On a GAAP basis, the operating loss from continuing operations narrowed to $(14,434) thousand from $(25,263) thousand, which the filing describes as a 42.9% narrowing. Net income attributable to Bakkt was $14.3 million, or $0.31 per diluted share, compared with a net loss of $14.9 million, or $(1.15) per share, a year earlier. The quarter includes a $26.8 million non-cash gain on the Transchem warrants and $0.7 million from the change in fair value of the warrant liability, both below operating income. Adjusted EBITDA is now defined to exclude other income (expense), net, and the prior-year period was recast on that basis. On that consistent basis the loss was $(11.8) million versus $(14.8) million, a $3.0 million improvement. The previously reported Q3 2025 Adjusted EBITDA of $28.7 million included a $43.4 million derivative gain and is not comparable.
TTV was $147.9 million in Q3 and $557.9 million for the nine months. Management reiterated a full-year 2026 target of approximately $3 billion and set a first-half 2027 target of approximately $6 billion. The filing states that the full-year target implies approximately $2.4 billion of TTV in Q4 2026, and that clients were integrating in Q3 with activations starting in October. Monthly TTV and ARV will be published from December 2026, which gives investors a way to track progress against these targets between quarterly reports. Strategic Asset Value rose to approximately $145.2 million from $118.6 million at June 30, 2026, and MAUs were 9,760 in September 2026, the first period reported.
On cash, the company used $17.9 million in operations during the quarter and $44.8 million over nine months. Cash and restricted cash fell to $37.3 million from $50.7 million at June 30, 2026. The filing states that no shares were sold under the at-the-market program in the quarter and that the company has no long-term debt. Total assets rose to $410,266 thousand from $162,788 thousand at December 31, 2025, driven by goodwill, intangible assets and the Transchem warrant position, and nine-month financing included $69.6 million of equity offering proceeds.
The balance of the report is a shift in emphasis from revenue to volume. Cost reductions and warrant gains explain the GAAP profit in the quarter, while the business case for 2026 and 2027 depends on the company converting its pipeline into the volume targets it has reiterated. The filing does not provide a prior-period outlook, so no comparison to earlier guidance is made here. Investors should weigh the Q4 TTV implied by the target against the Q3 run rate of $147.9 million, and watch the November monthly figures the company has committed to publish.
Management, verbatim
The measure that matters from here is volume: we are reiterating our target of approximately $3 billion of Total Transacting Volume for 2026, setting a target of approximately $6 billion for the first half of 2027, and we will report what we deliver every month
Akshay Naheta, CEO
Our third-quarter results reflect a lower operating cost base year over year and a balance sheet with no long-term debt
Matt White, CFO
Not in the filing
stated, not guessed- Prior-year Q3 2025 TTV: not printed in the filing.
- Nine-month 2025 total revenue and nine-month 2025 TTV: not printed.
- Prior-quarter (Q2 2026) total revenue, operating expenses and net income: not printed.
- Free cash flow: not printed.
- Q3 2025 net cash used in operating activities: not printed for the quarter.
- Segment or product-line revenue breakdown: not printed (only total crypto services revenue is reported).
- Year-over-year and quarter-over-quarter percentage changes for most line items, including compensation, professional services, technology, SG&A, D&A and the Transchem warrant gain: not printed.
- Prior-year Transchem warrant fair value change: not applicable in the filing (no prior-year value printed).
- Previous outlook: not provided, so vs_prior_guidance is empty.
- Quarter-over-quarter change for TTV, MAUs and Adjusted EBITDA: not printed.
- Guidance on revenue, gross margin, operating expenses and tax rate: not provided by the company.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Bakkt filed an 8‑K reporting Q3 results, net income, and new TTV targets for 2027.
Ticker impact
Q3 2026 earnings released via 8‑K with net income $14.3 M, EPS $0.31 and guidance raising 2027 TTV target to $6 B.
likely upside as investors price in stronger revenue and volume outlook
First‑report earnings with profit and raised guidance suggest improved fundamentals.
Market effects
Improves outlook for crypto‑related service providers and digital‑asset infrastructure sector.
May boost sentiment for US‑listed fintechs with crypto exposure.
Signals growing institutional demand for crypto trading and stablecoin services worldwide.
Counterpoint
If volume growth stalls, the raised targets could be overly optimistic, leading to disappointment.
Key entities
- companyBakkt, Inc.
US‑listed crypto‑services platform reporting Q3 2026 results.
- executiveAkshay Naheta
CEO who provided guidance on total transacting volume.
