Summary by Futu AI
On March 25, 2024, Bakkt Holdings, Inc. released its financial results for the fourth quarter and the full year ended December 31, 2023. The company reported a significant increase in total revenues, reaching $214.5 million for the quarter and $780.1 million for the full year, largely driven by the acquisition of Bakkt Crypto. Despite the revenue growth, the company faced substantial operating expenses, resulting in an operating loss of $78.5 million for the quarter and $227.9 million for the year. The net loss also decreased year-over-year to $78.7 million for the quarter and $225.8 million for the year. Adjusted EBITDA loss improved by 38% for the quarter and 22% for the year. Bakkt also highlighted the completion of initial closings of $42.4 million in registered direct offerings to enhance liquidity and balance sheet strength. The company launched Collaborative Custody and plans to introduce institutional trading services in Q3 2024. Bakkt's outlook for 2024 anticipates significant revenue growth and a reduction in operating cash flow usage by approximately 70%. The earnings conference call was held on the same day as the announcement.