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Bakkt Holdings | 8-K: Bakkt Reports First Quarter 2024 Results

SEC announcement ·  May 16 04:25
Summary by Futu AI
On May 15, 2024, Bakkt Holdings, Inc. reported its financial results for the first quarter ended March 31, 2024. The company announced a total revenue of $854.6 million, which included a significant increase in gross crypto services revenues following the acquisition of Bakkt Crypto. Notional traded volume for crypto trading surged by 324% quarter-over-quarter. Operating expenses, excluding crypto costs, execution, clearing, and brokerage fees, were down by 16% year-over-year to $48.8 million. The company also reported an improved operating loss of $31.8 million, which is a 30% year-over-year improvement, and a net loss reduction of 53% to $21.3 million. Adjusted EBITDA loss also saw a 44% improvement. Bakkt's CEO highlighted the progress in crypto trading activity and cost restructuring initiatives, which are expected to reduce operating...Show More
On May 15, 2024, Bakkt Holdings, Inc. reported its financial results for the first quarter ended March 31, 2024. The company announced a total revenue of $854.6 million, which included a significant increase in gross crypto services revenues following the acquisition of Bakkt Crypto. Notional traded volume for crypto trading surged by 324% quarter-over-quarter. Operating expenses, excluding crypto costs, execution, clearing, and brokerage fees, were down by 16% year-over-year to $48.8 million. The company also reported an improved operating loss of $31.8 million, which is a 30% year-over-year improvement, and a net loss reduction of 53% to $21.3 million. Adjusted EBITDA loss also saw a 44% improvement. Bakkt's CEO highlighted the progress in crypto trading activity and cost restructuring initiatives, which are expected to reduce operating expenses by $13 million annually. The company is also preparing to launch BakktX, an Electronic Consumer Network for institutional crypto trading. Additionally, Bakkt has formed strategic partnerships with Unchained and Swan Bitcoin to enhance custody and trading efforts. The company has updated its full-year 2024 outlook, expecting revenues between $3,002 million and $4,447 million, and has implemented a reverse stock split of 1-for-25 effective April 29, 2024.

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