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BKKT (Bakkt Holdings, Inc.) Stock Financials & Earnings | Market Cap Arena
BKKT
Bakkt Holdings, Inc.
Mkt Cap
$153M
Technology
·
Software - Infrastructure
·
🇺🇸 United States
·
NYSE
Revenue (TTM)
$3.9B
Net Income (TTM)
-$41M
EPS (TTM)
-$6.17
Free Cash Flow (TTM)
-$115M
Gross Margin
41.9%
Op. Margin
-1.9%
Net Margin
-1.1%
FCF Margin
-3.0%
P/S Ratio (TTM)
0.0x
P/E Ratio (TTM)
—
YoY Rev Growth
+102.0%
Employees
—
Earnings Reports
▶
Q3 2025
Browse All Reports
Next: Q4 2025 · Mar 18
Quarterly
FY
Revenue & Profitability
Revenue
Gross Profit
Operating Income
Quarter
Revenue
Gross Profit
Op. Income
Q4 22
$16M
-$23M
-$332M
Q1 23
$13M
$13M
-$45M
Q2 23
$348M
$16M
-$51M
Q3 23
$205M
$15M
-$53M
Q4 23
$215M
$18M
-$78M
Q1 24
$855M
$23M
-$32M
Q2 24
$510M
$18M
-$22M
Q3 24
$328M
$16M
-$27M
Q4 24
$1.8B
$31M
-$12M
Q1 25
$1.1B
$1.0B
-$19M
Q2 25
$578M
$551M
-$18M
Q3 25
$402M
-$16M
-$25M
marketcaparena.com
Valuation
P/S Ratio
P/E Ratio
Quarter
P/S
P/E
Q4 22
2.7x
—
Q1 23
2.7x
—
Q2 23
0.4x
—
Q3 23
0.3x
—
Q4 23
0.2x
—
Q1 24
0.1x
—
Q2 24
0.1x
—
Q3 24
0.1x
—
Q4 24
0.0x
—
Q1 25
0.0x
—
Q2 25
0.0x
—
Q3 25
0.0x
—
marketcaparena.com
Operating Cash Flow
Operating Cash Flow
Free Cash Flow
Quarter
Operating CF
Free CF
Q4 22
-$24M
-$32M
Q1 23
-$47M
-$51M
Q2 23
-$31M
-$34M
Q3 23
$25M
$23M
Q4 23
-$7M
-$8M
Q1 24
$38M
$37M
Q2 24
-$66M
-$66M
Q3 24
-$25M
-$23M
Q4 24
$31M
$31M
Q1 25
-$101M
-$101M
Q2 25
$5M
$5M
Q3 25
-$47M
-$50M
marketcaparena.com
Capital Expenditures
CapEx
Quarter
CapEx
Q4 22
$8M
Q1 23
$4M
Q2 23
$2M
Q3 23
$2M
Q4 23
$2M
Q1 24
$2M
Q2 24
$463K
Q3 24
$2M
Q4 24
$308K
Q1 25
$130K
Q2 25
$19K
Q3 25
$3M
marketcaparena.com
OpEx vs Revenue Growth (YoY)
Revenue Growth
OpEx Growth
Quarter
Revenue Growth
OpEx Growth
Q4 22
+16.4%
+150.9%
Q1 23
+5.5%
-3.9%
Q2 23
+2376.9%
+592.4%
Q3 23
+1449.8%
-84.0%
Q4 23
+1248.5%
-15.8%
Q1 24
+6364.8%
+1410.9%
Q2 24
+46.7%
+33.4%
Q3 24
+60.4%
+38.1%
Q4 24
+737.9%
+517.4%
Q1 25
+25.8%
+23.4%
Q2 25
+13.3%
+12.1%
Q3 25
+22.5%
+20.1%
marketcaparena.com
Stock-Based Compensation
SBC ($)
% of Revenue
Quarter
SBC ($)
% of Revenue
Q4 22
$0
0.0%
Q1 23
$8M
59.9%
Q2 23
$4M
1.3%
Q3 23
$3M
1.6%
Q4 23
$1M
0.5%
Q1 24
$8M
0.9%
Q2 24
$2M
0.5%
Q3 24
$3M
0.8%
Q4 24
$3M
0.2%
Q1 25
$3M
0.3%
Q2 25
$0
0.0%
Q3 25
$0
0.0%
marketcaparena.com
OpEx Breakdown
R&D
G&A
S&M
Quarter
R&D
G&A
S&M
Q4 22
$2M
—
$9M
Q1 23
—
$49M
—
Q2 23
—
$42M
—
Q3 23
—
$40M
—
Q4 23
—
$36M
—
Q1 24
—
$42M
—
Q2 24
—
$35M
—
Q3 24
—
$39M
—
Q4 24
—
$28M
—
Q1 25
—
$30M
—
Q2 25
—
$31M
—
Q3 25
—
$21M
—
marketcaparena.com
Rule of 40
Rule of 40
Quarter
Rev Growth %
EBITDA Margin %
Rule of 40
Q4 22
16.4%
-209.0%
-192.6
Q1 23
5.5%
-282.6%
-277.1
Q2 23
2376.9%
-8.6%
2368.2
Q3 23
1449.8%
-12.8%
1437.0
Q4 23
1248.5%
-9.6%
1238.8
Q1 24
6364.8%
-3.0%
6361.8
Q2 24
46.7%
-4.1%
42.6
Q3 24
60.4%
-8.0%
52.4
Q4 24
737.9%
-0.6%
737.3
Q1 25
25.8%
-1.7%
24.1
Q2 25
13.3%
-5.2%
8.2
Q3 25
22.5%
-4.9%
17.6
marketcaparena.com
Revenue Segments
Subscription And Service Revenue
Transaction Revenue, Net
Quarter
Subscription And Service Revenue
Transaction Revenue, Net
Q4 22
$8M
$8M
Q1 23
$6M
$7M
Q1 24
$7M
$848M
Q2 24
$6M
$504M
Q3 24
$6M
$322M
Q4 24
$4M
$1.8B
Q1 25
$4M
$1.1B
Q2 25
$4M
$574M
Q3 25
$15K
$402M
marketcaparena.com
War Chest
Cash & Equivalents
Short-Term Investments
Quarter
Cash
Short-term Investments
Total
Q4 22
$98M
$141M
$239M
Q1 23
$51M
$67M
$118M
Q2 23
$85M
$15M
$99M
Q3 23
$68M
$23M
$91M
Q4 23
$85M
$17M
$102M
Q1 24
$101M
$18M
$119M
Q2 24
$47M
$13M
$61M
Q3 24
$29M
$7M
$36M
Q4 24
$39M
$0
$39M
Q1 25
$23M
$0
$23M
Q2 25
$43M
$0
$43M
Q3 25
$58M
$5M
$63M
marketcaparena.com
Shares Outstanding
Shares Outstanding
Quarter
Shares (Diluted)
QoQ Change
Q4 22
3M
+3.3%
Q1 23
3M
+3.5%
Q2 23
4M
+9.7%
Q3 23
4M
+1.7%
Q4 23
4M
+0.8%
Q1 24
4M
+19.4%
Q2 24
6M
+40.2%
Q3 24
6M
+3.2%
Q4 24
7M
+2.2%
Q1 25
7M
+0.0%
Q2 25
7M
+5.0%
Q3 25
7M
+0.0%
marketcaparena.com
Revenue Per Employee
Revenue / Employee
Year
Revenue/Employee
Employees
FY 19
—
—
FY 20
$9M
3
FY 21
$49K
765
FY 22
$54K
1K
FY 23
$1M
747
FY 24
$6M
559
marketcaparena.com