BKKT (Bakkt Holdings, Inc.) Stock Financials & Earnings | Market Cap Arena

BKKT (Bakkt Holdings, Inc.) Stock Financials & Earnings | Market Cap Arena

BKKTBakkt 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 Margin41.9%

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

Next: Q4 2025 · Mar 18

Revenue & Profitability

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

Valuation

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	—

Operating 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

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

OpEx vs Revenue Growth (YoY)

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%

Stock-Based Compensation

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%

OpEx Breakdown

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	—

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

Revenue Segments

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

War Chest

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

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%

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