Bakkt, Inc. · NYSE:BKKT
Bakkt — Q1 2025 Earnings Presentation
31 slides from Bakkt's earnings presentation, May 12, 2025
Slide 1: First Quarter 2025 Earnings
First Quarter 2025 Earnings May 12, 2025
Slide 2: Important notice
Important notice Unless the context otherwise provides, “we,” “us,” “our,” “Bakkt” and like terms refer to Bakkt Holdings, Inc. and its subsidiaries. FORWARD-LOOKING STATEMENTS This presentation and accompanying oral presentation contain “forward-looking statements” within the meaning of Section 27A
Slide 3: Trading volumes
Trading volumes Q1 volume increased 23% year-over-year, 139% since Q1’23 MONTHLY NOTIONAL CRYPTO TRADED VOLUME ($mm) QUARTERLY NOTIONAL CRYPTO TRADED VOLUME ($mm) 2023 2024 2025 $867 $746 $1,060 $860 $476 $325 $443 $259 $165 Oct '24 Nov '24 Dec '24 Jan '25 Feb '25 Mar '25 Q1 Note: The operating data
Slide 4: Q1’25: Financial and operational update
Q1’25: Financial and operational update Revenue, net 1 $17.8 Financial Update1,2,3 $16.9 • Revenues, net down 25.9% YoY to $12.6mm $12.6 • Opex, excluding crypto costs, down 36.3% YoY • Net income of $16.2mm, improved 176.5% YoY • Adjusted EBITDA loss of $14.5mm, improved 11.0% YoY 1Q24 1Q24 4Q24 4Q
Slide 5: Bakkt’s strategic vision
Bakkt’s strategic vision Upon completing its planned integration with DTR†, Bakkt intends to power how businesses and consumers interact with digital payments. Regulatory tailwinds have created new opportunities in crypto trading, stablecoin-related payments infrastructure and agentic commerce. † Ba
Slide 6: Bakkt and DTR will enable programmable money
Bakkt and DTR will enable programmable money† Majority owned by Intercontinental Exchange (NYSE: ICE, $100B Market Cap) Regulated by NYDFS, Publicly Listed on NYSE ($BKKT) License coverage SOC2 compliant Liquidity across the U.S. regulated tech stack solutions Brokerage Global payments & APIs for ag
Slide 7: Becoming a pure play crypto infrastructure company
Becoming a pure play crypto infrastructure company Bakkt's Foundation Planned DTR Integration † Combined Strength † • Established Crypto Trading platform • Will enable cutting edge technology • Regulated technological innovation with MTL licenses bridging fiat and stablecoins, globally at scale • Ro
Slide 8: Go-to-market
Go-to-market† Commercial Agreement • Estimated to be finalized by Q3 2025 • Cooperation agreement (already signed) includes an option for Integration Bakkt to acquire DTR • DTR<>Bakkt systems o Risk and compliance o USD fiat rails o Payments products Product Launch • Early access premium partners ex
Slide 9: Transforming for a future of programmable finance
Transforming for a future of programmable finance Strategic Divestitures Operational Efficiency Strategic Priorities Bakkt is streamlining its business to Comprehensive cost reduction Emerging as an entrepreneurial, focus on core strengths initiatives are underway more efficient organization • Defin
Slide 10: Strengthened executive leadership team
Strengthened executive leadership team Phillip Lord President, Bakkt International • Significant growth experience across consumer and institutional platforms in Europe, MENA, and Asia • President of Oobit, a leading B2C crypto payments platform • Chairman of Luna PR, leading marketing firm for Cryp
Slide 11: Unlocking a future for programmable finance
Unlocking a future for programmable finance
Slide 12: Leveraging DTR’s strengths
Leveraging DTR’s strengths Intent-Driven • Designed to provide seamless integration with existing Wallet and Messages interfaces • No visible change to current user flow Exchange Integration • Will enable instant FX conversions and settlement • Regulatory-compliant custody and settlement services IO
Slide 13: Stablecoins are a disruption catalyst
Stablecoins are a Disruption Drivers disruption catalyst Consumer demand ● Speed ● Low Costs • $195 trillion1 in cross border payments in ● Trust 2024, projected to be $320 trillion by 2032 Stablecoins deliver ● Instant settlement • Stablecoins have 3% share of payments ● Lower fees tied to validati
Slide 14: Configuring finance with AI and stablecoins
Configuring finance with AI and stablecoins † TradFi Onchain Local Payment Rails AI Agents Fiat Currencies Stablecoins Established Infrastructure APIs 14 † Bakkt’s ability to complete the expected integration of DTR and offer the capabilities described herein are subject to Bakkt and DTR entering in
Slide 15: The Agentic future of payments
The Agentic future of payments † Frictionless, programmable, auditable Agent Triggers • AI initiates transaction Customer Approval • Verification checkpoint Bakkt Rails • Secure processing Global Settlement • Instant completion † Bakkt’s ability to complete the expected integration of DTR and offer
Slide 16: Product roadmap
Product roadmap Note: Bakkt’s ability to complete the expected integration of DTR and offer the capabilities described herein are subject to Bakkt and DTR entering into a definitive commercial agreement.
Slide 17: Bakkt Checkout
BAKKT CHECKOUT † Your Gateway to Payments with Stablecoins • Merchants will be able to accept stablecoin payments with real-time confirmations, lower fees, and instant settlement into fiat in over 46 countries • Will be designed to add crypto as a payment option to their checkout page and readily co
Slide 18: Bakkt Agent
BAKKT AGENT † White-label AI-powered plug-in for global money movement Native Experience Will use existing App interface - no new wallet needed Chat-Based Transfers Will be above to send, receive, convert funds through voice, text, images Global Money Movement Will transfer fiat in over 90+ countrie
Slide 19: Financial results
Financial results
Slide 20: 1Q25 KPIs
1Q25 KPIs • Crypto enabled accounts of 6.8mm have continued to increase steadily QoQ • Transacting accounts, crypto and loyalty redemption, down Q0Q from reduced broader market activity • Notional traded volume down 39.1% QoQ, up 16.6% YoY • Assets under custody of $1,872.6mm down 18.7% QoQ and up 5
Slide 21: 1Q25 revenues
1Q25 revenues Revenue by Product ($MM) Loyalty Crypto $1,797.3 $1,074.9 Crypto revenues $854.6 • Gross revenues of $1,074.9mm up 25.8% YoY driven by $509.9 $1,786.1 $1,065.8 the improved market sentiment across the macro $841.3 $328.4 environment and down 40.2% QoQ due to market-wide $497.1 $316.3 c
Slide 22: 1Q25 operating expenses
1Q25 operating expenses • Total operating expenses of $1,093.4mm ($MM) includes $1,062.3mm of crypto costs and Operating Expenses execution, clearing and brokerage fees, related $1,809.0 to Bakkt Crypto, up 23.3% YoY and down 39.6% $9.6 QoQ $4.7 $15.2 • SG&A expenses of $3.8mm decreased by 51.3% $86
Slide 23: 1Q25 condensed P&L
1Q25 condensed P&L • Total revenues of $1,074.9mm, up 25.8% YoY driven by increased market sentiment, down 40.2% QoQ from the $mm's 1Q25 4Q24 1Q24 Crypto services $1,065.8 $1,786.2 $841.3 market-wide cool down post election Loyalty services 9.2 11.1 13.2 • Total operating expenses of $1,093.4mm, up
Slide 24: 1Q25 condensed balance sheet
1Q25 condensed balance sheet As of 3/31/25 $mm's (unaudited) As of 12/31/24 • $23.0mm of cash and cash equivalents as of Assets Cash & cash equivalents $23.0 $39.0 March 31, 2025, including a $5mm draw on Assets of businesses held for sale 3.5 -- Other current assets 66.0 144.8 the ICE line of credi
Slide 25: 1Q25 adjusted EBITDA (non-GAAP)
1Q25 adjusted EBITDA (non-GAAP) 1Q25 1Q24 • Adjusted EBITDA (non-GAAP) loss of $mm's Net income (loss) $16.3 $(21.3) $(14.5mm) improved 11.0% YoY primarily Depreciation and amortization 0.2 0.1 due to overall decrease in compensation Interest income, net Income tax expense (benefit) (0.6) 0.0 (1.0)
Slide 26: Definitions
NOTES Definitions Crypto-enabled accounts: total crypto accounts open Transacting accounts: unique accounts that perform at least one transaction across crypto buy/sell and loyalty redemption each month. Monthly figures are de-duped for the month. Quarterly figure represents sum of all months in the
Slide 27: Adjusted EBITDA
NOTES Adjusted EBITDA Adjusted EBITDA is a non-GAAP financial measure, which we define as earnings before interest, income taxes, depreciation, amortization, acquisition-related expenses, share-based and unit-based compensation expense, goodwill and intangible assets impairments, restructuring charg
Slide 28: Adjusted EBITDA reconciliation – Non-GAAP
NOTES Adjusted EBITDA reconciliation – Non-GAAP $mm's 1Q25 4Q24 1Q24 Net loss $16.3 $(40.4) $(21.3) Depreciation and amortization 0.2 0.1 0.1 Interest income, net (0.6) (1.1) (1.0) Income tax expense (benefit) 0.0 0.1 0.2 EBITDA $15.9 $(41.3) $(22.0) Acquisition-related expenses — 0.1 — Share-based
Slide 29: Balance sheet
NOTES Balance sheet $mm's As of 3/31/25 As of 12/31/24 Assets Current assets Cash and cash equivalents $23.0 $39.0 Restricted cash 19.8 24.9 Customer funds 12.0 88.6 Accounts receivable, net 28.7 24.6 Prepaid insurance 2.5 4.0 Assets of businesses held for sale 3.5 -- Other current assets 3.0 2.7 To
Slide 30: Statement of operations
NOTES $mm's 1Q25 4Q24 1Q24 Statement of Revenues: Crypto services $1,065.8 $1,786.2 $841.3 operations Loyalty services, net Total revenues 9.2 1,074.9 11.1 1,797.3 $13.2 $854.6 Operating expenses: Crypto costs 1,054.6 1,766.7 832.0 Execution, clearing and brokerage fees 7.7 12.8 5.6 Compensation and
Slide 31: Statement of cash flows
NOTES Statement of $mm's 1Q25 4Q24 1Q24 Cash flows from operating activities: Net income ( loss) $16.2 $(40.4) $(21.3) cash flows Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: Depreciation and amortization 0.2 0.1 0.1 Non-cash lease expense 0.3 0.