Bakkt

Q2 FY2026 EarningsQ2 FY26 results presented a massive GAAP beat on net income and EPS, primarily driven by a $98.5M non-cash unrealized gain on Transchem Warrants. Revenue of $170.1M significantly missed the $340.5M consensus (-50.04%), largely due to the loss of key clients (Webull and Public) and broader crypto volume declines. Despite the top-line miss and an operating loss of $19.6M, the company reported a net income of $80.8B vs. an expected $1.4B, with diluted EPS of $1.94 vs. $0.03 expected. Cash position remains sufficient for at least 12 months following recent equity raises.