Bakkt Reports Fourth Quarter and Full Year 2023 Results
Quarterly gross crypto services revenues of $199.4 million and associated crypto costs and execution, clearing and brokerage fees of $197.8 million
Quarterly total revenues of $214.5 million include gross crypto revenues and net loyalty revenues; full year total revenues of $780.1 million
Quarterly total operating expenses of $293.0 million. Quarterly operating expenses excluding crypto costs, execution, clearing and brokerage fees and goodwill, intangible and long-lived assets impairments were $27.8 million, down 55% year-over-year
Recently completed initial closing of $42.4 million of gross proceeds from concurrent registered direct offerings with third-party investors and Intercontinental Exchange (“ICE”) to strengthen liquidity and balance sheet position
Expansion of institutional crypto capabilities with recent launch of Collaborative Custody and expected launch of institutional trading services in Q3 2024
Updated expected full year 2024 outlook. Total revenues for full year 2024 expected to grow significantly year-over-year to $3,292 million - $5,114 million. Operating cash flow usage for full year 2024 expected to decline ~70% year-over-year to $58 million - $72 million
ALPHARETTA, GA – March 25, 2024 – Bakkt Holdings, Inc. (“Bakkt”) (NYSE: BKKT) announced its financial and operational results for the quarter and full year ended December 31, 2023.
“Bakkt has built a robust foundation and we are in a prime position as we enter the next phase of our journey to commercialize our platform and scale our business,” said Andy Main, incoming President and Chief Executive Officer of Bakkt. “Our focus for 2024 is on a set of strategic initiatives that will provide our business with efficient scale, including broadening our client network, expanding our product set and prudently managing expenses. With our newly strengthened balance sheet which helped put us in a position to alleviate the conditions that raised doubt about our ability to continue as a going concern, and improving crypto market conditions, we are excited about the opportunities in 2024 to execute on our key priorities and drive our company towards profitability. It is an honor to become the Chief Executive Officer of Bakkt and have the opportunity to lead the organization at this pivotal moment in the company’s journey.”