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Bakkt Holdings Inc. (BKKT-12.59%) Class A has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a total revenue increase to $328.4 million from $204.8 million in the same quarter the previous year, primarily driven by a 65% increase in crypto services revenue.
Operating expenses rose to $355.8 million from $257.6 million in the prior year, mainly due to increased crypto costs, which amounted to $312.8 million compared to $189.4 million in the previous year.
The company reported an operating loss of $27.4 million, an improvement from the $52.9 million loss reported in the same quarter last year.
Net loss for the quarter was $6.3 million, compared to a net loss of $51.7 million in the previous year. After accounting for noncontrolling interests, the net loss attributable to Bakkt Holdings Inc. was $2.9 million.
Bakkt Holdings Inc. reported a gain of $20 million from the change in fair value of warrant liability, compared to a loss of $0.2 million in the same quarter last year.
The company highlighted ongoing efforts to optimize capital allocation and reduce expenses, including a recent reduction in force expected to save approximately $3.4 million over the next 12 months.
Bakkt Holdings Inc. continues to focus on expanding its crypto services, having added nine new crypto assets to its trading platform in September 2024.
The filing also notes the company's secured revolving credit facility with Intercontinental Exchange Holdings, Inc. (ICE-1.42%), providing a $40 million line of credit for working capital and general corporate purposes.
Bakkt Holdings Inc. identified a material weakness in its internal control over financial reporting related to the review of work performed by a third-party valuation specialist, which it is in the process of remediating.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Bakkt Holdings Inc. Class A quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.