Revenue growth has shifted into a severe decline, with the most recent quarter showing a 77.3% year-over-year contraction and gross margins falling to a negative 1.2% in 2026Q1.
| Sales/Revenue | 1.52B | 2.34B | 3.49B | 780.14M | 56.22M | 37.25M | 28.5M | -864K |
| Revenue Growth % | -58.96% | -33.09% | 347.39% | 1287.55% | 50.92% | 30.74% | 3398.03% | - |
| Cost of Goods Sold | 1.04B | 2.31B | 3.4B | 718.51M | 1.66M | 0 | 58.63M | 31.64M |
| COGS % of Revenue | - | 98.85% | 97.51% | 92.1% | 2.95% | - | 205.77% | -3662.38% |
| Gross Profit | 483.45M | 26.85M | 87.01M | 61.63M | 54.57M | 37.25M | -30.14M | -32.51M |
| Gross Margin % | 31.75% | 1.15% | 2.49% | 7.9% | 97.05% | 100% | -105.77% | 3762.38% |
| Gross Profit Growth % | - | -69.14% | 41.2% | 12.93% | 46.47% | 223.61% | 7.29% | - |
| Operating Expenses | 607.96M | 168.57M | 179.93M | 289.51M | 2.07B | 201.4M | 48.98M | 3.95M |
| OpEx % of Revenue | - | 7.22% | 5.16% | 37.11% | 3687.89% | 540.6% | 171.89% | -456.94% |
| Selling, General & Admin | 81.24M | 122.56M | 144.24M | 166.65M | 203.03M | 168.54M | 8.22M | 2.62M |
| SG&A % of Revenue | - | 5.25% | 4.13% | 21.36% | 361.1% | 452.4% | 28.84% | -302.89% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 900K | 0 |
| R&D % of Revenue | - | - | - | - | - | - | 3.16% | - |
| Other Operating Expenses | -46K | 46M | 35.69M | 122.87M | 1.87B | 32.86M | 39.86M | 0 |
| Operating Income | -124.51M | -141.71M | -92.92M | -227.89M | -2.02B | -164.14M | -79.12M | -35.95M |
| Operating Margin % | -8.18% | -6.07% | -2.66% | -29.21% | -3590.84% | -440.6% | -277.66% | 4160.65% |
| Operating Income Growth % | - | -52.52% | 59.23% | 88.71% | -1129.97% | -107.46% | -120.09% | - |
| EBITDA | -124.06M | -141.11M | -92.57M | -213.96M | -1.99B | -149.62M | -72.05M | -35.86M |
| EBITDA Margin % | -8.15% | -6.04% | -2.65% | -27.43% | -3545.75% | -401.63% | -252.84% | 4150.58% |
| EBITDA Growth % | -56.85% | -52.43% | 56.73% | 89.27% | -1232.39% | -107.68% | -100.9% | - |
| D&A (Non-Cash Add-back) | 453K | 607K | 343K | 13.93M | 25.35M | 14.52M | 7.07M | 87K |
| EBIT | -130.47M | -141.71M | -83.7M | -128.22M | -177.32M | -149.27M | -50.45M | -35.95M |
| Net Interest Income | 455K | 0 | 4.32M | 4.34M | 1.88M | -236K | 0 | 3.28M |
| Interest Income | 508K | 0 | 4.32M | 4.34M | 1.88M | 11K | 0 | 3.28M |
| Interest Expense | 53K | 0 | 0 | 0 | 0 | 247K | 0 | 0 |
| Other Income/Expense | -7.55M | 44.01M | -10.36M | 2.52M | 17.66M | -78.3M | -95K | 3.5M |
| Pretax Income | -132.06M | -97.71M | -103.28M | -225.37M | -2B | -242.44M | -79.21M | -33.17M |
| Pretax Margin % | -8.67% | -4.18% | -2.96% | -28.89% | -3559.43% | -650.77% | -277.99% | 3839.7% |
| Income Tax | -103K | -49K | 170K | 444K | -11.32M | 11.95M | 391K | -199K |
| Effective Tax Rate % | 0.08% | 0.05% | -0.16% | -0.2% | 0.57% | -4.93% | -0.49% | 0.6% |
| Net Income | -126.57M | -107.21M | -46.66M | -74.85M | -578.11M | -133.55M | -79.61M | -32.98M |
| Net Margin % | -8.31% | -4.59% | -1.34% | -9.59% | -1028.22% | -358.49% | -279.36% | 3816.67% |
| Net Income Growth % | -311.13% | -129.78% | 37.67% | 87.05% | -332.87% | -67.77% | -141.4% | - |
| Net Income (Continuing) | -131.96M | -97.66M | -103.45M | -225.81M | -1.99B | -254.38M | -79.61M | -32.98M |
| Discontinued Operations | -2M | -34.57M | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 28.96M | 87.43M | 239.81M | 1.83B | 0 | 0 |
| EPS (Diluted) | -9.46 | -15.71 | -7.97 | -21.01 | -203.08 | -4.24 | -3.07 | -0.06 |
| EPS Growth % | -134.62% | -97.11% | 62.07% | 89.65% | -4689.62% | -38.11% | -5324.03% | - |
| EPS (Basic) | - | -15.71 | -7.97 | -21.01 | -203.08 | -4.24 | -3.07 | -0.06 |
| Diluted Shares Outstanding | 13.38M | 6.83M | 5.86M | 3.56M | 2.85M | 57.16M | 25.92M | 582.5M |
| Basic Shares Outstanding | 13.38M | 6.83M | 5.86M | 3.56M | 2.85M | 57.16M | 25.92M | 582.5M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Liquidity and solvency constraints
As reported in recent financial filings, Bakkt's revenue growth has shifted into a severe decline, with the most recent quarter showing a 77.3% year-over-year contraction, highlighting the volatility inherent in its crypto-transactional business model and the potential erosion of its core institutional volume base.
The rapid deceleration from previous growth periods suggests that the company's reliance on high-volume crypto trading is highly sensitive to market sentiment and platform activity. Investors should monitor whether this trend reflects a permanent loss of market share or a strategic pivot away from low-margin retail volume.
According to the company's income statement data, gross margins have fluctuated wildly from a peak of 97.5% in 2025Q1 to a negative 1.2% in 2026Q1, illustrating the extreme sensitivity of the firm's profitability to the accounting treatment of crypto asset costs.
The inconsistency in gross margins suggests that the company lacks a stable pricing power mechanism, as the cost of revenue is inextricably linked to the underlying asset prices. This instability makes it difficult to forecast sustainable unit economics without a fundamental shift toward fee-based loyalty services.
Based on the provided quarterly figures, Bakkt has failed to demonstrate positive operating leverage, as operating losses persist despite significant fluctuations in top-line revenue, indicating that fixed costs remain disproportionately high relative to the company's current ability to generate scalable, recurring gross profit.
The persistence of operating losses suggests that the company's infrastructure and compliance overhead are not yet optimized for its current transaction volume. Without a meaningful reduction in SG&A or a significant expansion in high-margin revenue streams, the path to operational break-even appears increasingly narrow.
Financial statements indicate that the company's reliance on transactional revenue, coupled with a recent shift to negative gross margins, warrants investigation into whether the current business model can survive without further dilutive capital raises or significant support from its institutional parent, Intercontinental Exchange.
Short-term observers may point to the rapid depletion of cash and the inability to maintain positive operating income as evidence of a terminal decline in the B2B2C strategy. The lack of consistent profitability suggests that the company may be struggling to find a sustainable niche in a crowded fintech landscape.
Quick answers to the most common questions about buying BKKT stock.
For fiscal year 2025, Bakkt Holdings, Inc. (BKKT) reported total revenue of $2.34B.
Bakkt Holdings, Inc. (BKKT) reported a net loss of $107.2M for the fiscal year ending 2025.
Bakkt Holdings, Inc. (BKKT) reported an operating income of $-141.7M, resulting in an operating profit margin of -6.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Bakkt Holdings, Inc. (BKKT) generated $26.9M in gross profit for the year, representing a gross profit margin of 1.1%. This demonstrates the company's core pricing power and production efficiency.