Bakkt, Inc. · NYSE:BKKT
Bakkt — Q1 2026 Earnings Presentation
22 slides from Bakkt's earnings presentation, May 11, 2026
Slide 1: Q1 2026 Earnings Presentation
Q1 2026 May 2026 Earnings Presentation $82,003.32 1.0 BTC
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 remarks contain “forward-looking statements” within the meaning of Section 27A of the U.
Slide 3: Stablecoins, inevitable
TAM Stablecoins, inevitable Legacy rails 1 $200T $300T ● SWIFT ● ACH ● Fedwire Stablecoin infrastructure is ● Brick & Mortar Banks expected to cannibalize legacy payment rails over Application & payments layer the next decade 2 Bakkt Agent $6T $6T ● APIs (on Bakkt foundation) ● EU licenses - cross-b
Slide 4: Stablecoins: the field is taking shape
Early innings Stablecoins: the field is taking shape MARKET MACROS 4-6 PEERS 1-3 M&A 2025 settlement volume Cross-border payments +72% YoY FY26E — 2030E $33T $67T $44T $19T 2024 2025 2025 2030E Standalone Stablecoin market cap ATH at $320B $320B $290B $200B $140B $130B 2022 2023 2024 2025 Q1’26 1-3
Slide 5: Where Bakkt stands today
Internal Scorecard Where Bakkt stands today Foundation (≥75) In progress (50–74) Active focus (<50) Regulatory Infrastructure Financial Strength Technology Pan-U.S. MTLs · NY BitLicense · DTR payments rails & settlement Debt-free · Ample liquidity · Modular stack · Agent platform FinCEN · EU VASP en
Slide 6: The three engines
Who we are The three engines To market, faster. Frictionless. Intelligent. Auditable. International expansion. Value creation. Bakkt Markets Bakkt Agent Bakkt Global Institutional-grade Programmable money & AI Expanding technology and infrastructure for digital assets powered finance services to new
Slide 7: Bakkt Markets update
Execution Bakkt Markets update CLIENTS TECHNOLOGY UPGRADE - 2026 ROLLOUT 200 available Social and copy assets trading Advanced Improved trading engine interface SALES LEADERSHIP Daniel Ishag Chief Commercial Officer
Slide 8: Zoth: cross-border stablecoin partnership
Bakkt Markets Zoth: cross-border stablecoin partnership THE PARTNER THE REGULATED LAYER LIVE & ACTIVATING CORRIDORS Largest U.S. outbound USA → South Asia remittance corridor High-volume Privacy-first stablecoin solutions for the Agentic ZOTH operates as an authorized USA → Philippines, Nigeria corr
Slide 9: Bakkt Agent core pillars
Finance is evolving Bakkt Agent core pillars Technology Efficiency Modular tech stack, Low cost-to-serve, volume built to scale without linear headcount Programmability Distribution Products built for the world of Existing networks of hundreds programmable finance of millions of users1 1 References
Slide 10: Partnership-led distribution accelerates growth
Distribution + Efficiency Partnership-led distribution accelerates growth 01 02 03 The engine: Bakkt The catalyst: Partners The value-add: Utility Regulated railes: livenses, custody, settlement Concentrated markets, embedded distribution at scale Daily-use surfaces that drive volume back through Ba
Slide 11: Bakkt Global update
Japan + India Bakkt Global update $31.7M1 $44.3M3 2.8x 3x 4.7x $11.5M $9.5M2 Aug. ‘25 Illustrative Value Mar. ‘26 Illustrative Value Bitcoin Japan Corporation Warrant Subscription - Transchem Ltd. TSE-Listed: 8105 BSE-Listed: 500422 1 TSE:8105 closing share price of ¥155/share at ¥158.76/USD × 16,
Slide 12: Three core KPIs going forward
What to measure 1 Three core KPIs going forward Bakkt Markets Bakkt Agent Bakkt Global Total Monthly Strategic Transacting Active Asset Volume2 Users3 Value4 $241M Q1’26 $2.5B YE’26E TBD at Launch ~$76M Q1’26 1, 2, 3, 4 - KPIs presented are operating and statistical metrics used by management to eva
Slide 13: Financials
Financials
Slide 14: Q1'26 results — a different company
Financials Q1’26 results — a different company Cost base — Loyalty divestiture impact Capital position Controllable operating expense excludes crypto costs and execution, clearing & brokerage fees. $ in thousands. CASH & RESTRICTED CASH Q1 2025 Less: Loyalty Q1 2025 Q1 2026 $82.6M As Reported (Disc.
Slide 15: Powering the future of global finance
Powering the future May 2026 of global finance $82,003.32 1.0 BTC
Slide 16: Appendix
Appendix
Slide 17: KPI disclosures
Financials KPI disclosures 1. KPIs presented are forward looking and reflect management's strategic framework for evaluating business performance going forward. These metrics are operating and statistical metrics used by management to evaluate performance and are not financial measures prepared in a
Slide 18: FY25 Condensed Balance Sheet
Financials FY25 Condensed Balance Sheet $ in thousands (unaudited) March 31, 2026 December 31, 2025 Assets Cash & cash equivalents 79,984 26,962 Restricted Cash 2,576 575 Assets of businesses held for sale — — Other current assets 32,903 44,663 Total current assets 124,995 72,200 Goodwill 64,658 64,
Slide 19: FY25 Condensed P&L
Financials FY25 Condensed P&L $ in thousands, except for share information (unaudited) Q1ʼ26 Q1ʼ25 Crypto services revenue 243,593 1,065,756 Total Revenue Crypto costs and execution, clearing and brokerage fees 241,950 1,062,328 Operating expenses, excluding crypto costs and execution, clearing 18,5
Slide 20: Non-GAAP Financial Metrics Disclosure
Financials Non-GAAP Financial Metrics Disclosure This release includes discussions of non-GAAP financial measures such as EBITDA and Adjusted EBITDA, which are financial measures that are not calculated in accordance with generally accepted accounting principles in the United States of America (“GAA
Slide 21: Q1'26 EBITDA + Adjusted EBITDA Reconciliation (non-GAAP)
Financials Q1’26 EBITDA + Adjusted EBITDA Reconciliation (non-GAAP) $ in thousands (unaudited) Q1ʼ26 Q1ʼ25 Net loss 11,650 19,388 Depreciation and amortization 66 220 Interest expense (income), net 185 622 Income tax expense (benefit) 12 49 EBITDA 11,757 19,035 Share-based and unit-based com
Slide 22: Diverse revenue model
Appendix Diverse revenue model Bakkt Markets Bakkt Agent¹ Bakkt Global Bakkt Institutional Bakkt f(x) APIs White Label Solutions Investment Management Fees Stablecoin Net Asset Market Making Trading Volume Flow of Funds AUM Transaction Volume Value ("NAV") + × × × + × OTC Spreads Spread Spread % Fee