Bakkt, Inc. · NYSE:BKKT
Bakkt — Q3 2025 Earnings Presentation
21 slides from Bakkt's earnings presentation, Nov 10, 2025
Slide 1: Third Quarter 2025 Earnings Presentation
Third Quarter 2025 Earnings Presentation November 10, 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 remarks contain “forward-looking statements” within the meaning of Section 27A of the U.
Slide 3: Bakkt powers the next generation of global finance
Bakkt powers the next generation of global finance What money is How money moves How markets trade Bitcoin is globally recognized as AI Agents and Stablecoins will The inevitable tokenization digital gold and a store of value disrupt retail banking and of Real-World Assets consumer finance technolog
Slide 4: Bakkt's TAM
Bakkt’s TAM Stablecoins & RWA tokenization are the most important growth story arcs in finance From payments to Estimated Growth in programmable money Tokenization Through 20334 Total Stablecoin Market Cap - $308B1 Projected 38% CAGR through 20302 $88T $46T Unadjusted $9T $13T $1.7T PayPal Visa Stab
Slide 5: Q3'25 financial highlights
Q3’25 financial highlights Total Revenue 1 Adj. EBITDA 2 Balance Sheet $402m $29m $64m cash3 +27% YoY +241% YoY $0 debt and... 1. In accordance with GAAP, crypto services revenue and crypto costs and execution, clearing and brokerage fees are presented on a gross basis as the Company is a principal
Slide 6: Bakkt's transformation is in its final stage
Bakkt’s transformation is in its final stage Q1 2025 Q2 2025 Q3 2025 Q4 2025 Dec 2025 Leadership Change Recapitalization Board and Operations Recent and Priorities Phillip Lord $75 Million Capital Raise Board: Lyn Alden Akshay Naheta CEO of Bakkt President International Loyalty sale announced Loyalt
Slide 7: Capital structure simplified, debt-free balance sheet
Capital structure simplified, debt-free balance sheet Up-C Collapse Closed Nov. 3rd One share class Annual cost savings Simpler reporting $26.7M1 Balance Sheet Q3 Cash: $64m2 $100M Capital Raise Debt Free Tax Loss Carry Forwards ~$124M3 1. Represents the amount payable under the Company’s tax receiv
Slide 8: Three strategic engines powering Bakkt forward
Three strategic engines powering Bakkt forward A licensed, regulated, global digital asset infrastructure company driving the generational shift in global finance Bakkt Markets Bakkt Agent1 Bakkt Global Institutional-grade infrastructure Programmable money & Expanding Bakkt’s technology for digital
Slide 9: Bakkt Markets
Bakkt Markets A fully integrated product suite built to power the rapidly growing digital assets market Bakkt Institutional Bakkt f(x) + Institutional-grade infrastructure Plug-and-play solutions + + Regulatory licenses Market making + + Stablecoin on/off ramps Listing + + OTC Trading Liquidity serv
Slide 10: Bakkt Agent
Bakkt Agent1 Digitally native, AI powered, programmable finance Frictionless, regulated, auditable + Programmable money + White-label solution + AI-Native architecture + Multi-platform + Modular infrastructure + TradFi + DeFi Rails 2 1. Certain capabilities and features described under Bakkt Agent a
Slide 11: Bakkt Global
Bakkt Global Leveraging Bakkt’s technology, products and services into new geographies + Replicate: Markets + Agent Bitcoin Japan + Geographic expansion Corporation1 + Enduring moats Bitcoin.co.jp EGM notice filed + Independent governance Transaction documents finalized EGM November 11th + NAV gain
Slide 12: Diverse product revenue model
Diverse product revenue model Bakkt Markets Bakkt Agent1 Bakkt Global Bakkt White Label Management Bakkt f(x) Zaira Investment Institutional Solutions Fees Stablecoin Net Asset Value Market Making Trading Volume Flow of Funds AUM Transaction Volume (“NAV”) + x x x + x OTC Spreads Spread Spread % Fee
Slide 13: Q4'25 milestones
Q4’25 milestones Expect to complete transformation Further cost optimizations Bakkt Markets technology upgrade Brand and website refresh Customer growth for Bakkt Markets Hiring top-tier talent Distribution partnerships for Bakkt Agent Release KPIs for 2026 Expansion of Bakkt Global Announce Investo
Slide 14: Financials
8 Bakit. Financials
Slide 15: 3Q25 financials
3Q25 financials $ in millions (unaudited) Revenue Operating Expenses1 $402.2 $26.4 $26.7 $316.3 3Q24 3Q25 3Q24 3Q25 Adj. Net Income (Loss) from Continuing Operations2,3 Adjusted EBITDA4 $15.7 $28.7 3Q24 3Q25 $(3.8) 3Q24 3Q25 $(21.6) $(20.4) N e t lo s s fro m c o n tin u in g o p e ra tio n s 1. Ope
Slide 16: 3Q25 condensed balance sheet
3Q25 condensed balance sheet $ in thousands (unaudited) 9/30/25 12/31/24 Assets Cash & cash equivalents $58,319 $39,049 Restricted cash 6,117 24,889 • $64.4m of cash & cash Current assets of discontinued operations held for sale 20,879 19,648 equivalents and restricted cash Other current assets 35,1
Slide 17: Appendix
8 Bakit. Appendix
Slide 18: 3Q25 condensed P&L
3Q25 condensed P&L • Total revenues of $402.2m, up 27.1% $ in thousands (unaudited) 3Q25 3Q24 YoY driven from increased market activity Crypto services revenue $402,211 $316,333 Total revenue $402,211 $316,333 • Operating expenses (excluding crypto Crypto costs and execution, clearing and brokerage
Slide 19: Non-GAAP Financial Metrics Disclosure
Non-GAAP Financial Metrics Disclosure This release includes discussions of non-GAAP financial measures such as Adjusted net income (loss) from continuing operations, EBITDA and Adjusted EBITDA, which are financial measures that are not calculated in accordance with GAAP. These non-GAAP measures have
Slide 20: Adjusted net income reconciliation
3Q25 Adjusted net income (loss) from continuing operations reconciliations1 $ in thousands (unaudited) 3Q25 GAAP Net Income (loss) from continuing operations $(21,554) Fair value change in warrant liability (non-cash) 37,187 Interest expense 50 Income tax expense (benefit) (25) Adjusted net income (
Slide 21: Adjusted EBITDA Reconciliation
3Q25 Adjusted EBITDA Reconciliation (non-GAAP) $ in thousands (unaudited) 3Q25 3Q24 Net loss $(23,156) $(6,291) Depreciation and amortization 153 107 Interest expense (income), net 50 (1,014) Income tax expense (benefit) (25) (113) EBITDA (22,978) (7,311) Share-based and unit-based compensation expe