Bakkt | 8-K: FY2026 Q2 Revenue Misses Estimate at USD 170.15 M

Revenue: As of FY2026 Q2, the actual value is USD 170.15 M, missing the estimate of USD 340.54 M.

EPS: As of FY2026 Q2, the actual value is USD 1.94, beating the estimate of USD 0.03.

EBIT: As of FY2026 Q2, the actual value is USD -19.07 M.

Net Income

Bakkt, Inc. reported a net income attributable to Bakkt, Inc. of $80.8 million for Q2 2026, compared to a net loss of - $14.7 million in Q2 2025.

Revenue

Total revenue for Q2 2026 was $170.1 million, a decrease from $568.1 million in Q2 2025.

Operating Expenses

Total operating expenses were $189.8 million in Q2 2026, down from $584.2 million in Q2 2025. Operating expenses, excluding crypto costs and execution, clearing, and brokerage fees, were $20.5 million in Q2 2026, compared to $19.0 million in Q2 2025.

Adjusted EBITDA

Adjusted EBITDA loss was - $11.8 million in Q2 2026, an increase in loss compared to - $9.8 million in Q2 2025.

Cash and Cash Equivalents

Cash, cash equivalents, and restricted cash totaled $50.7 million as of June 30, 2026, up from $27.5 million at December 31, 2025.

Cash Flow from Operating Activities

Net cash used in operating activities for the six months ended June 30, 2026, was - $26,910 thousand.

Capital Expenditures

Capital expenditures, including capitalized internal-use software development costs and other capital expenditures, were - $1,987 thousand for the six months ended June 30, 2026.

Unique Financial Indicators

As of June 30, 2026, the fair value of Transchem warrants was $107.9 million. Bakkt, Inc.’s equity method investment in Bitcoin Japan Corporation was valued at $10.6 million. The Strategic Asset Value (SAV) was approximately $118.5 million as of June 30, 2026.

Operational Metrics

Total Transacting Volume (TTV) was $168.8 million for Q2 2026, bringing the first-half TTV to $410.0 million.

Outlook / Guidance

Bakkt, Inc. anticipates a Total Transacting Volume (TTV) of approximately $2.5 billion for the full-year 2026. Initial co-branded card programs, Neobank-as-a-Service offerings, and a conversational interface on Bakkt Agent rails are targeted for launch in Q4 2026. Management expects Monthly Active Users (MAUs) to reach approximately 25,000 by December 2026.