Free cash flow remains highly volatile, characterized by a massive $101.4M burn in 2025Q1 and an erratic OCF/NI ratio that reached 3.13 in 2025Q3, reflecting fundamental instability in cash generation.
| Cash from Operations | -60.08M | -149.26M | -21.2M | -60.7M | -117.6M | -134.3M | -30.94M | -48.5M |
| Operating CF Margin % | - | -6.39% | -0.61% | -7.78% | -209.16% | -360.5% | -108.58% | 5612.96% |
| Operating CF Growth % | -11.23% | -603.98% | 65.07% | 48.39% | 12.44% | -334.07% | 36.2% | - |
| Net Income | -126.57M | -132.23M | -103.45M | -74.85M | -1.99B | -183.21M | -79.61M | -32.98M |
| Depreciation & Amortization | 453K | 607K | 343K | 13.93M | 25.35M | 16.24M | 7.97M | 87K |
| Stock-Based Compensation | 0 | 71.6M | 15.84M | 16.76M | 32.11M | 0 | 11.65M | 10.67M |
| Deferred Taxes | 0 | 0 | 0 | 0 | -11.59M | 11.73M | -354K | 0 |
| Other Non-Cash Items | 33.48M | -2.07M | 19.74M | -58.44M | 1.82B | 45.01M | 18.63M | 6.17M |
| Working Capital Changes | 821K | -87.17M | 46.32M | 41.9M | 2.91M | -24.07M | 10.77M | -32.45M |
| Change in Receivables | 3.86M | -1.24M | 5.41M | -10.04M | -7.16M | -7.73M | -149K | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | -12.88M | 0 | 0 |
| Change in Payables | -79.36M | -79.04M | -15.62M | -7.99M | 744K | 3.56M | 16.08M | 0 |
| Cash from Investing | -36.06M | -38.12M | 14.13M | 65.97M | -171.96M | 16.92M | -7.93M | -40.95M |
| Capital Expenditures | -4.42M | 0 | -3.09M | -9.43M | -30.54M | -15.69M | -20.57M | -9.18M |
| CapEx % of Revenue | 0.29% | 0.16% | 0.09% | 1.21% | 54.32% | 42.11% | 72.18% | -1062.62% |
| Acquisitions | -33.22M | 0 | 0 | -48.53M | 30.54M | 32.6M | 10.65M | -29.78M |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 13.3M | -26.41M | 0 | 0 | -30.54M | 8K | 0 | -1.99M |
| Cash from Financing | 140.63M | 77.95M | 43.82M | -2.63M | -2.58M | 256.83M | 37.49M | 0 |
| Debt Issued (Net) | 28.96M | 10.21M | 0 | 0 | 0 | -501K | -313K | 0 |
| Equity Issued (Net) | 136.78M | 70.81M | 46.51M | -2.63M | -2.59M | 227.47M | 37.8M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -1.09M | 0 | 0 | -2.63M | -2.59M | -84.53M | 0 | 0 |
| Other Financing | -25.11M | -3.07M | -2.69M | 0 | 2K | 29.86M | 0 | 0 |
| Net Change in Cash | 39.8M | -36.4M | 35.25M | 3.08M | -292.99M | 406.69M | -1.19M | -89.44M |
| Free Cash Flow | -64.49M | -153.4M | -24.29M | -70.13M | -148.14M | -149.99M | -51.51M | -57.68M |
| FCF Margin % | -4.23% | -6.57% | -0.7% | -8.99% | -263.48% | -402.61% | -180.76% | 6675.58% |
| FCF Growth % | 59.57% | -531.53% | 65.36% | 52.66% | 1.23% | -191.19% | 10.69% | - |
| FCF per Share | -4.82 | -22.47 | -4.15 | -19.68 | -52.04 | -2.62 | -1.99 | -0.10 |
| FCF Conversion (FCF/Net Income) | 0.51x | 1.39x | 0.45x | 0.81x | 0.20x | 1.01x | 0.39x | 1.47x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 239K | 0 | 0 | 0 | 0 |
Liquidity and solvency constraints
As reported in financial statements, the relationship between net income and operating cash flow remains highly erratic, with the OCF/NI ratio swinging from -13.14 in 2025Q1 to 3.13 in 2025Q3, indicating that accounting earnings provide little visibility into the company's actual cash-generating capabilities or operational health.
The extreme volatility in this ratio suggests that non-cash items and massive working capital swings are obscuring the underlying economic reality of the business. Investors should monitor this divergence as it implies that reported net income is not a reliable proxy for the firm's ability to sustain operations through internal cash generation.
Based on the provided quarterly data, free cash flow trajectory is characterized by violent swings, ranging from a positive $31.1M in 2024Q4 to a deep burn of $101.4M in 2025Q1, reflecting a business model that lacks the stability required for consistent, predictable cash flow generation.
The inability to maintain positive free cash flow suggests that the company's current cost structure is fundamentally misaligned with its transactional revenue streams. This inconsistency warrants further investigation into whether the firm can achieve a self-sustaining cash flow profile without recurring external capital injections.
According to recent SEC filings, working capital changes have become the primary determinant of quarterly cash flow, with a massive $87.3M outflow in 2025Q1 followed by a $37.1M inflow in 2024Q4, highlighting the extreme sensitivity of the firm's liquidity to timing differences in crypto-related settlement cycles.
These dramatic fluctuations suggest that the company's cash position is highly vulnerable to the operational mechanics of its crypto-brokerage activities. Such volatility may indicate that the firm is essentially financing its working capital needs through its remaining cash reserves, which creates significant risk during periods of low trading volume.
As indicated by the financial data, capital deployment has shifted toward defensive measures, with recent periods showing minimal share repurchases and significant cash outflows for acquisitions like the $37.7M spent in 2025Q4, which appears to have further strained the company's already limited cash and equivalents position.
The decision to prioritize inorganic growth through acquisitions while operating cash flow remains negative suggests a management strategy that may be overextending the firm's limited resources. Investors should monitor whether these capital outlays provide any tangible improvement in operating margins or if they merely accelerate the depletion of the balance sheet.
Quick answers to the most common questions about buying BKKT stock.
Bakkt Holdings, Inc. (BKKT) generated $-149.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Bakkt Holdings, Inc. (BKKT) reported negative free cash flow of $153.4M in 2025, indicating capital requirements exceeded cash from operations.
Bakkt Holdings, Inc. (BKKT) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.