Bakkt, Inc. · NYSE:BKKT
Bakkt — Q2 2026 Earnings Presentation
24 slides from Bakkt's earnings presentation, Aug 10, 2026
Slide 1: Q2 2026 Earnings Presentation
Q2 2026 AUGUST 2026 Earnings Presentation $64,679 1.0 BTC
Slide 2: Participants
TEAM Participants SECOND QUARTER 2026 EARNINGS CALL Akshay Naheta Daniel Ishag Karen Alexander Cody Fletcher CHIEF EXECUTIVE OFFICER CHIEF COMMERCIAL OFFICER CHIEF FINANCIAL OFFICER INVESTOR RELATIONS
Slide 3: Important notice
Important notice Unless the context otherwise provides, “we,” “us,” “our,” “Bakkt” and like terms refer to Bakkt , Inc. and its subsidiaries. FORWARD-LOOKING STATEMENTS This presentation and the accompanying remarks contain “forward-looking statements” within the meaning of Section 27A of the U.S. S
Slide 4: Three engines, one flywheel
BAKKT PLATFORM Three engines, one flywheel Building the financial operating system for the AI & token economy How the flywheel turns MARKETS provides the regulated infrastructure 1 24/7 stablecoin settlement & trading capabilities MARKETS customers on AGENT Infrastructure regulated rails Intelligence
Slide 5: Execution is strengthening across the platform
EXECUTION SCORECARD Execution is strengthening across the platform Q2 progress reflects a stronger commercial foundation and greater readiness to activate. FOUNDATION (75+) ACTIVATING (50–74) ▲ Δ VS Q1’26 FOUNDATION FOUNDATION FOUNDATION FOUNDATION Regulatory Infrastructure Technology Financial stre
Slide 6: Regulated infrastructure built to scale
BAKKT MARKETS Regulated infrastructure built to scale One integration connects clients to a growing set of global money-movement and trading capabilities. THE MARKET OPPORTUNITY $320B ATH $1.79T ATH $208T 1 2 stablecoin market cap adjusted on-chain stablecoin volume - June '26 estimated annual cross
Slide 7: Six live offerings. One platform built to activate.
BAKKT MARKETS Six live offerings. One platform built to activate. Commercial readiness is translating into more client activity across Bakkt's regulated rails. 6 $410M $2.5B LIVE OFFERINGS H1'26 TOTAL TRANSACTING VOLUME FY'26 TTV TARGET A broader product set available for activation. Payments includ
Slide 8: The intelligence layer for everyday finance
BAKKT AGENT The intelligence layer for everyday finance Bakkt Agent turns regulated rails into deeper customer relationships and a stronger distribution model for our clients. BUILT TO CONNECT INFRASTRUCTURE, INSIGHT AND ACTION 01 02 03 Regulated rails Financial intelligence Customer action Accounts,
Slide 9: One regulated platform. Three product paths.
BAKKT AGENT One regulated platform. Three product paths. Start with embedded finance. Expand into a full financial relationship. 01 AVAILABLE NOW 02 TARGETED Q4 2026 03 TARGETED Q4 2026 Bakkt Agent Embedded Finance Co-branded card programs Neobank-as-a-Service Embed accounts, payments and internatio
Slide 10: Introducing Neobank-as-a-Service
BAKKT AGENT Introducing Neobank-as-a-Service From neobanks to AI-powered finance, Bakkt Agent provides the building blocks. Your customers… Get paid checking account Save savings + goals Spend cards + rewards Send cross-border transfers Illustrative and representative purposes One branded experience
Slide 11: One client. A compounding relationship.
BAKKT AGENT: COMMERCIAL STRATEGY One client. A compounding relationship. VALUE PER CLIENT 01 MORE PRODUCTS, MORE VOLUME Same client. Same core KYC framework. More products, more flow. Each activation creates additional opportunities for fees and transacting volume on the same integration, with onboa
Slide 12: Bakkt Global
OPPORTUNITY LAYER Bakkt Global Strategic market access for private markets and tokenized global assets. JAPAN INDIA Private-market access SUPPLY & ACCESS Broker-led distribution DEMAND & SCALE Strategic foothold. Stay close to Japan's private-capital and Broker strategy. Advance a broker-led strateg
Slide 13: Bakkt Global
OPPORTUNITY LAYER Bakkt Global $107.9M 3 Strategic Asset Value4 ~11.5x $25.5M 1 ~2.2x $10.6M $11.5M 2 Strategic Asset $9.4M 2 Value4 Aug. ‘25 Illustrative Value Jun. ‘26 Reported Fair Value Bitcoin Japan Corporation Transchem Ltd. TSE-Listed: 8105 BSE-Listed: 500422 1. $25.5M represents the carrying
Slide 14: Three core KPIs
WHAT TO MEASURE Three core KPIs 1 BAKKT MARKETS BAKKT AGENT BAKKT GLOBAL Total Transacting Monthly Active Strategic Asset Volume² Users³ Value⁴ Aggregate notional value of transactions Monthly unique users completing at least one Global positions as carried in the balance processed across the platfo
Slide 15: Financials
Financials
Slide 16: Q2'26 financial foundation
FINANCIALS Q2'26 financial foundation Reported GAAP EPS, commercial activation and financial flexibility. Q2'26 GAAP EPS FINANCIAL FLEXIBILITY $80.8M $1.94 per diluted share GAAP net income $50.7M cash & restricted cash COMMERCIAL ACTIVATION No long-term debt 6 $410M $2.5B Financial flexibility to in
Slide 17: EBITDA + Adjusted EBITDA reconciliation
FINANCIALS EBITDA + Adjusted EBITDA reconciliation Non-GAAP reconciliation retained for comparability and reference. $ in thousands (unaudited) Q2'26 Q2'25 Net income (loss) from continuing operations 80,842 (26,892) Depreciation and amortization 1,052 154 Interest expense (income), net (547) 53 Inc
Slide 18: Powering the future of global finance
Powering the future AUGUST 2026 of global finance $82,003.32 1.0 BTC
Slide 19: Appendix
Appendix
Slide 20: KPI disclosures
APPENDIX KPI disclosures 1. KPIs presented are operating and statistical metrics used by management to evaluate performance and are not financial measures prepared in accordance with GAAP. Definitions and measurement methodologies are set out below and in the Company's Form 10-Q for the period ended
Slide 21: Balance Sheet
APPENDIX: FINANCIALS Balance Sheet As of $ in thousands 6/30/26 (unaudited) As of 12/31/25 Assets Current assets Cash and cash equivalents $49,980 $26,962 Restricted cash 718 575 Customer funds 20,582 14,662 Investments 311 235 Accounts receivable, net 11,276 12,070 Prepaid insurance 924 2,749 Other
Slide 22: Income Statement
APPENDIX: FINANCIALS Income Statement $ in thousands Revenues: Q2ʼ26 Unaudited) Q2ʼ25 Unaudited) Crypto services $170,149 $568,103 Total Revenues 170,149 568,103 Operating expenses: Crypto costs 167,938 561,074 Execution, clearing and brokerage fees 1,318 4,139 Compensation and benefits 6,958 10,1
Slide 23: Cash Flow Statement
6 Months Ended 6 Months Ended APPENDIX: FINANCIALS $ in thousands 6/30/26 6/30/25 Unaudited) Unaudited) Cash flows from operating activities: Cash Flow Statement Net (loss) income Adjustments to reconcile loss to net cash (used in) provided by operating activities: Depreciation and amortization No
Slide 24: Global money movement in 63+ countries and growing.
Global money movement in 63+ countries and growing. Off-ramp from stablecoins to 19 local currencies on demand, not business days USD US Dollar EUR Euro GBP British Pound NGN Nigerian Naira AED UAE Dirham ARS Argentine Peso BRL Brazilian Real GHS Ghanaian Cedi IDR Indonesian Rupiah INR Indian Rupee