Second Quarter 2026
Filed Aug 10, 2026Bakkt Reports Second Quarter 2026 Results
Revenue declined 70.0% year over year and Adjusted EBITDA loss widened, while GAAP net income was driven by a $98.5 million non-cash gain on Transchem warrants and liquidity increased with no long-term debt.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenueGAAP | $170.1 million | – | (70.0)% |
| Crypto costs and execution, clearing and brokerage feesGAAP | $169.3 million | – | (70.1)% |
| Operating expenses, excluding crypto costs and execution, clearing and brokerage feesother | approximately $20.5 million | – | 7.9% |
| Total operating expensesGAAP | $189.8 million | – | (67.5)% |
| Impairment of long-lived assetsGAAP | $1.2 million | – | – |
| Depreciation and amortizationGAAP | $1.1 million | – | – |
| Net income attributable to Bakkt, Inc.GAAP | $80.8 million | – | NM |
| Basic earnings per shareGAAP | $1.96 per basic share | – | – |
| Diluted earnings per shareGAAP | $1.94 per diluted share | – | – |
| Gain from change in fair value of Transchem warrantsGAAP | $98.5 million | – | – |
| Gain from change in fair value of a legacy warrant liabilityGAAP | $1.4 million | – | – |
| Adjusted EBITDA lossnon-GAAP | $11.8 million | – | increase in loss of $2.0 million |
| Transaction-related advisory feesnon-GAAP | $3.6 million | – | – |
| Total Transacting Volumeother | $168.8 million | – | – |
| Total Transacting Volumeother | $410.0 million | – | – |
| Strategic Asset Valueother | approximately $118.5 million | – | – |
| Equity method investment in Bitcoin Japan CorporationGAAP | $10.6 million | – | – |
| Fair value of Transchem warrant positionGAAP | $107.9 million | – | – |
| Cash, cash equivalents and restricted cashGAAP | $50.7 million | – | – |
| Long-term debtGAAP | no long-term debt | – | – |
Full-year 2026 and Q4 2026 outlook
- NoteTTV of approximately $2.5 billion for full-year 2026
- NoteMAUs to reach approximately 25,000 in December 2026
- Noteinitial co-branded card programs and Neobank-as-a-Service offerings targeted for Q4 2026
- NoteA conversational interface on Bakkt Agent Embedded Finance rails is targeted for Q4 2026
What drove it
- Revenue reflected previously disclosed client transitions and industry-wide softness in digital asset trading volumes.
- The substantial majority of total revenue was offset by corresponding crypto costs and execution, clearing and brokerage fees.
- The year-over-year increase in operating expenses excluding crypto costs and execution-related fees primarily reflected two months of acquired DTR operating costs and professional-services expenses supporting the DTR integration and India strategy.
- Adjusted EBITDA change primarily reflected a $2.0 million decrease in crypto services revenue net of crypto costs and execution, clearing and brokerage fees, a $0.7 million increase in salaries and contract labor, and a $0.3 million loss from an equity method investment, partially offset by a $0.9 million reduction in selling, general and administrative expenses.
- Payments activity processed through acquired infrastructure is included in Total Transacting Volume beginning May 1, 2026.
Concerns
- Total revenue was down (70.0)% year over year.
- Adjusted EBITDA loss increased by $2.0 million year over year.
- GAAP net income included a $98.5 million non-cash gain from the change in fair value of Transchem warrants.
- The Transchem warrant position is carried at fair value, with changes recognized in earnings each period.
- Full-year TTV expectations assume client integrations and activations progress through compliance and launch stages, activity ramps in the second half of 2026, and transaction levels remain consistent with recent experience.
- Q4 product targets remain subject to product readiness, client launch timing, partner, bank, network and regulatory requirements, and applicable approvals.
What to watch
- Progress of client integrations and activations through compliance and launch stages during the second half of 2026.
- TTV against the expectation of approximately $2.5 billion for full-year 2026.
- Commercial launches of initial co-branded card programs, Neobank-as-a-Service offerings and the Bakkt Agent conversational interface targeted for Q4 2026.
- Partner onboarding and qualifying end-user activity toward the expectation of approximately 25,000 MAUs in December 2026.
- Future earnings effects from changes in the fair value of the Transchem warrant position.
Balance sheet and cash flow
- Cash, cash equivalents and restricted cash were $50.7 million as of June 30, 2026, compared with $27.5 million at December 31, 2025.
- Bakkt paid approximately $9.4 million, representing 25% of the aggregate Transchem warrant subscription amount.
- The remaining aggregate subscription amount upon full exercise was approximately $28.2 million as of June 30, 2026.
- Sources of liquidity in H1 2026 included approximately $48.1 million of gross proceeds from the February registered direct offering and $21.5 million of proceeds from sales under the Company’s at-the-market offering.
- The Company ended the quarter with no long-term debt.
Analysis
Bakkt reported total revenue of $170.1 million, compared with $568.1 million in Q2 2025, a (70.0)% change that management attributed to previously disclosed client transitions and industry-wide softness in digital asset trading volumes. The revenue base remained heavily pass-through in nature: crypto costs and execution, clearing and brokerage fees were $169.3 million. Total Transacting Volume was $168.8 million in Q2 2026, and the company said payments activity from the acquired infrastructure has been included in TTV beginning May 1, 2026.
Operating expenses were $189.8 million, compared with $584.2 million in Q2 2025. Excluding crypto costs and execution, clearing and brokerage fees, operating expenses were approximately $20.5 million, including a $1.2 million non-cash impairment of long-lived assets and $1.1 million of depreciation and amortization primarily from acquired DTR intangibles. The company identified two months of acquired DTR operating costs and professional-services spending related to DTR integration and the India strategy as primary reasons for the year-over-year increase in this expense measure.
GAAP net income attributable to Bakkt was $80.8 million, or $1.96 per basic and $1.94 per diluted share, compared with a net loss attributable to Bakkt of $14.7 million in Q2 2025. This result included a $98.5 million non-cash gain from the change in fair value of Transchem warrants and a $1.4 million non-cash gain from the change in fair value of a legacy warrant liability. On the non-GAAP measure, Adjusted EBITDA loss was $11.8 million versus $9.8 million in Q2 2025 on a continuing-operations basis. The filing does not provide a prior-quarter financial comparison for these line items.
Liquidity increased to $50.7 million of cash, cash equivalents and restricted cash as of June 30, 2026, compared with $27.5 million at December 31, 2025, and the company reported no long-term debt. H1 liquidity sources included approximately $48.1 million of gross proceeds from the February registered direct offering and $21.5 million from ATM sales. Bakkt also paid approximately $9.4 million for the initial Transchem subscription payment; the Transchem warrant position had a fair value of $107.9 million as of June 30, 2026.
The operating plan centers on commercial activation. Bakkt reported six live commercial offerings and made Bakkt Agent Embedded Finance available for partner integration. Management continues to expect TTV of approximately $2.5 billion for full-year 2026 and expects MAUs to reach approximately 25,000 in December 2026. Initial co-branded card programs, Neobank-as-a-Service offerings and a Bakkt Agent conversational interface are targeted for Q4 2026, subject to stated product, partner, bank, network and regulatory requirements.
Management, verbatim
Bakkt is building a financial operating system for the AI and token economy through three complementary engines: Bakkt Markets, our regulated infrastructure layer; Bakkt Agent, our intelligence layer; and Bakkt Global, our opportunity layer. During the quarter, we made tangible progress across all three.
Akshay Naheta, CEO of Bakkt
Bakkt Agent progressed from architecture to commercial availability for partner integration.
Akshay Naheta, CEO of Bakkt
Over time, Bakkt’s Markets and Agent stack can connect eligible global and private-market assets with scaled local distribution, subject to required approvals and product readiness.
Akshay Naheta, CEO of Bakkt
Not in the filing
stated, not guessed- Gross profit and gross margin were not reported in the provided filing text.
- Segment revenue and segment-level comparisons were not reported in the provided filing text.
- Prior-quarter revenue, operating expenses, net income, EPS and Adjusted EBITDA figures were not reported in the provided filing text.
- Prior-year basic and diluted earnings per share were not reported in the provided filing text.
- Operating cash flow and free cash flow were not reported in the provided filing text.
- Capital return activity, including share repurchases and dividends, was not reported in the provided filing text.
- Forward revenue, gross margin, operating-expense and tax-rate guidance were not reported in the provided filing text.
- A previous-quarter outlook was not provided, so actual results cannot be compared with prior guidance.
- Quarterly MAU results were not reported in the provided filing text.
- A total debt figure other than no long-term debt was not reported in the provided filing text.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.