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Earnings Call Summary | Bakkt Holdings(BKKT.US) Q1 2024 Earnings Conference

Futu News ·  May 16 11:09  · Conference Call

The following is a summary of the Bakkt Holdings, Inc. (BKKT) Q1 2024 Earnings Call Transcript:

Financial Performance:

  • Bakkt reported Q1 2024 net revenue of $17 million, up approximately 33% from Q1 of the previous year, mainly due to robust crypto trading activity.

  • A significant increase of 94% was seen in the notional crypto volume compared to the same period last year.

  • The company managed to reduce their operating expenses by 16% compared to Q1 of the previous year due to cost restructuring initiatives.

  • Bakkt reported a decrease in net loss by 53% year-on-year and a decrease in the adjusted EBITDA loss by approximately 44% year on year.

  • The company's assets under custody saw a considerable rise of 76% year on year to $1.23 billion, primarily driven by higher coin prices.

Business Progress:

  • Bakkt declared their strategic goals for the upcoming year, which includes expanding their client base, launching new product solutions, and managing expenses more effectively.

  • The company made improvements in their trading and custody platform, which has attracted both institutional and retail clients.

  • Bakkt has plans for the launch of its Electronics Communication Network, aiming to significantly expand its client base.

  • Post restructuring plans including workforce reduction and resources optimization have led to an estimated annual cash savings of $13 million.

  • Bakkt is planning to launch BakktX, a foreign exchange style ECN designed mainly for institutional investors, which is expected to open new market opportunities for the company.

  • Bakkt is focusing strategically on exploiting market opportunities by improving client experience, diversifying products, and managing expenses more effectively.

More details: Bakkt Holdings IR

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.

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