Bakkt Holdings, Inc.

BKKT

BKKTBakkt Holdings, Inc. US flag

New York Stock Exchange

8.92

USD

-0.88

- -

397.94MMarket Cap

Income Statement (USD)

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	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Sales/Revenue/Turnover	28	37	56	727	3,441	2,335
+ Sales & Services Revenue	28	37	56	727	3,441	2,335
- Cost of Revenue	- -	- -	2	719	3,403	2,308
+ Cost of Goods & Services	- -	- -	2	719	3,403	2,308
Gross Profit	- -	- -	55	8	38	27
+ Other Operating Income	-28	-37	- -	- -	- -	- -
- Operating Expenses	79	187	232	119	111	169
+ Selling, General & Admin	67	169	203	99	86	123
+ Research & Development	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	12	18	29	20	25	46
Operating Income (Loss)	-50	-149	-177	-111	-74	-142
- Non-Operating (Income) Loss	29	93	1,824	42	21	-44
+ Interest Expense, Net	- -	- -	- -	- -	- -	- -
+ Interest Expense	- -	- -	- -	- -	- -	- -
- Interest Income	- -	- -	- -	- -	- -	- -
+ Other Non-Op (Income) Loss	29	93	1,824	42	21	-44
Pretax Income	-79	-242	-2,001	-153	-94	-97
- Income Tax Expense (Benefit)	- -	12	-11	- -	- -	- -
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	-80	-254	-1,990	-154	-94	-98
- Net Extraordinary Losses (Gains)	- -	-121	-2,824	-230	-105	-15
+ Discontinued Operations	- -	- -	- -	-72	-9	-35
+ Extraord. & Accounting Changes	- -	-121	-2,824	-158	-96	19
Income (Loss) Incl. MI	-80	-134	834	76	10	-82
- Minority Interest	- -	- -	1,412	151	57	25
Net Income, GAAP	-80	-134	-578	-75	-47	-107
- Preferred Dividends	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	-80	-134	-578	-75	-47	-107
EBIT	-50	-149	-177	-111	-74	-142
EBITDA	-42	-135	-152	-97	-73	-141
EBITDA Margin (%)	-149.09	-361.98	-270.29	-13.34	-2.13	-6.04
EBITA	-50	-149	-177	-111	-74	-142
Gross Margin (%)	100	100	97.05	1.17	1.1	1.15
Operating Margin (%)	-177.07	-400.68	-315.38	-15.26	-2.14	-6.07
Profit Margin (%)	-279.36	-358.49	-1,028.22	-10.3	-1.36	-4.59
Sales per Employee	- -	- -	- -	- -	- -	- -
Dividend per Share	- -	- -	- -	- -	- -	- -
Depreciation Expense	8	14	25	14	- -	1
Basic Weighted Avg Shares	2	2	3	4	6	12
Basic EPS, GAAP	-39.83	-58.41	-203.08	-21.01	-7.96	-8.87
Basic EPS from Cont Ops	-39.83	-111.25	-699.03	-43.12	-16.11	-8.08
Diluted Weighted Avg Shares	2	2	3	4	6	12
Diluted EPS, GAAP	-39.83	-58.41	-203.08	-21.01	-7.96	-8.87
Diluted EPS from Cont Ops	-39.83	-111.25	-699.03	-43.12	-16.11	-8.08

Balance Sheet (USD)

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	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Current Assets	132	464	326	181	184	72
+ Cash, Cash Equivalents & STI	77	391	239	70	39	27
+ Cash & Cash Equivalents	75	391	98	53	39	27
+ ST Investments	2	- -	141	17	- -	- -
+ Accounts & Notes Receiv	10	18	25	30	6	14
+ Accounts Receivable, Net	6	11	25	30	6	4
+ Notes Receivable, Net	- -	- -	- -	- -	- -	5
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	5	7	- -	- -	- -	5
+ Inventories	- -	- -	- -	- -	- -	- -
+ Raw Materials	- -	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -	- -
+ Finished Goods	- -	- -	- -	- -	- -	- -
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -
+ Other ST Assets	44	54	62	81	138	31
+ Misc ST Assets	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	336	1,951	129	84	86	91
+ Property, Plant & Equip, Net	22	17	39	12	10	2
+ Property, Plant & Equip	25	18	41	12	11	2
- Accumulated Depreciation	3	1	2	1	1	- -
+ LT Investments & Receivables	- -	- -	- -	- -	- -	11
+ LT Investments	- -	- -	- -	- -	- -	11
+ LT Receivables	- -	- -	- -	- -	- -	- -
+ Other LT Assets	314	1,933	90	73	76	78
+ Total Intangible Assets	296	1,916	72	71	71	70
+ Goodwill	233	1,527	16	68	68	65
+ Other Intangible Assets	62	388	56	3	3	6
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	18	18	18	2	5	8
Total Assets	468	2,414	456	265	269	163
+ Payables & Accruals	45	65	69	92	105	30
+ Accounts Payable	7	11	26	20	9	6
+ Accrued Taxes	- -	- -	- -	- -	- -	- -
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	38	55	43	72	96	23
+ ST Debt	1	1	3	4	4	1
+ ST Borrowings	- -	- -	- -	- -	- -	- -
+ ST Finance Leases	1	1	3	4	4	1
+ Other ST Liabilities	5	8	21	5	29	3
+ Deferred Revenue	4	5	4	4	- -	1
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	1	3	17	1	29	2
Total Current Liabilities	51	74	92	101	138	33
+ LT Debt	1	11	23	24	16	- -
+ LT Borrowings	- -	- -	- -	- -	- -	- -
+ LT Finance Leases	1	11	23	24	16	- -
+ Other LT Liabilities	6	36	4	6	53	17
+ Accrued Liabilities	4	16	3	3	3	- -
+ Pension Liabilities	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	2	19	1	2	50	17
Total Noncurrent Liabilities	8	47	27	29	69	17
Total Liabilities	59	120	119	130	207	50
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	495	567	773	800	833	1,017
+ Common Stock	495	- -	- -	- -	- -	- -
+ Additional Paid in Capital	- -	567	773	800	833	1,017
- Treasury Stock	- -	- -	- -	- -	- -	- -
+ Retained Earnings	-113	-98	-676	-751	-798	-905
+ Other Equity	- -	- -	- -	- -	-1	1
Equity Before Minority Interest	410	468	96	48	34	113
+ Minority/Non Controlling Interest	- -	1,826	240	87	29	- -
Total Equity	410	2,294	336	136	63	113
Total Liabilities & Equity	468	2,414	456	265	269	163
Shares Outstanding	2	2	3	4	7	26
Number of Employees	- -	- -	- -	- -	- -	- -
Capital Leases - Total	2	11	26	27	20	1
Net Debt	-75	-391	-98	-53	-39	-27
Net Debt to Equity	-18.39	-17.06	-29.26	-38.97	-62.13	-23.91
Tangible Common Equity Ratio	66.08	75.91	68.88	33.34	-4.05	45.99
Current Ratio	2.59	6.3	3.54	1.8	1.33	2.19
Cash Conversion Cycle	- -	- -	-3,914.23	2.16	0.34	-0.41

Cash Flow Statement (USD)

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	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
+ Net Income	-80	-254	-1,990	-226	-103	-132
+ Depreciation & Amortization	8	14	25	14	- -	1
+ Non-Cash Items	30	144	1,844	109	36	70
+ Stock-Based Compensation	12	49	32	17	16	72
+ Deferred Income Taxes	- -	12	-12	- -	- -	- -
+ Asset Impairment Charge	15	1	1,834	91	1	1
+ Other Non-Cash Adj	3	82	-10	2	19	-3
+ Chg in Non-Cash Work Cap	11	-32	3	42	46	-91
+ (Inc) Dec in Accts Receiv	- -	-4	-7	-10	5	-1
+ (Inc) Dec in Inventories	- -	- -	- -	- -	- -	- -
+ (Inc) Dec in Prepaid Assets	10	-11	9	25	9	-1
+ Inc (Dec) in Accts Payable	8	-8	1	26	39	-81
+ Inc (Dec) in Other	-8	-9	-1	1	-7	-7
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	-31	-127	-118	-61	-21	-153
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-21	-16	- -	- -	- -	-3
+ Acq of Fixed Prod Assets	- -	- -	- -	- -	- -	- -
+ Acq of Intangible Assets	-21	-16	- -	- -	- -	-3
+ Cash (Repurchase) of Equity	38	227	-3	-3	47	63
+ Increase in Capital Stock	38	312	- -	- -	47	63
+ Decrease in Capital Stock	- -	-85	-3	-3	- -	- -
+ Net Change in LT Investment	2	- -	-141	124	17	10
+ Dec in LT Investment	2	- -	165	186	35	66
+ Inc in LT Investment	- -	- -	-307	-62	-18	-55
+ Net Cash From Acq & Div	11	33	- -	-49	- -	-7
+ Cash from Divestitures	11	33	- -	- -	- -	5
+ Cash for Acq of Subs	- -	- -	- -	-49	- -	-11
+ Cash for JVs	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	- -	1	-31	-9	-3	-39
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-8	18	-172	66	14	-38
+ Dividends Paid	- -	- -	- -	- -	- -	- -
+ Net Cash From Debt	- -	-1	- -	- -	- -	16
+ Cash From Debt	- -	- -	- -	- -	- -	29
+ Repayments of Debt	- -	-1	- -	- -	- -	-13
+ Other Financing Activities	- -	30	- -	- -	-3	3
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	37	257	-3	-3	44	82
Effect of Foreign Exchange Rates	- -	- -	-1	- -	-2	1
Net Changes in Cash	-1	148	-292	3	37	-109
EBITDA	-42	-135	-152	-97	-73	-141
EBITDA Margin (%)	-149.09	-361.98	-270.29	-13.34	-2.13	-6.04
Free Cash Flow	-52	-143	-118	-61	-21	-156
Net Cash Paid for Acquisitions	-11	-33	- -	49	- -	7
Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -
Free Cash Flow to Equity	- -	-128	-118	-61	-21	-138
Free Cash Flow per Basic Share	-25.77	-62.47	-41.31	-17.03	-3.62	-12.91
Price/Free Cash Flow	-48.57	-4.36	-0.72	-3.27	-6.85	-0.81
Cash Flow to Net Income	0.39	0.95	0.2	0.81	0.45	1.43
Capital Expenditures	-21	-16	- -	- -	- -	-3