10-Q · May 11, 2026
Bakkt, Inc. reported a significant decline in Q1 revenue to $243.6 million, down 77.1% from $1.1 billion in Q1 2025, leading to a net loss of $11.7 million compared to a profit of $19.4 million in the prior-year…
Earnings analysis · 10-Q
BKKT earnings analysis
Filed August 10, 2026 · Our reading of the company's report
The latest report
Bakkt delivered a substantial GAAP EPS beat at $1.94 versus $0.07 expected, but the result was heavily supported by a $98.5 million non-cash warrant gain and contrasted with an $11.8 million adjusted EBITDA loss.…
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Bakkt delivered a substantial GAAP EPS beat at $1.94 versus $0.07 expected, but the result was heavily supported by a $98.5 million non-cash warrant gain and contrasted with an $11.8 million adjusted EBITDA loss. Revenue fell to $170.1 million from $578 million a year earlier and missed the $340.5 million estimate by approximately 50%. Management maintained its approximately $2.5 billion 2026 transaction-volume and approximately 25,000 December 2026 MAU outlook, but litigation exposure includes a potential $19 million counterclaim and an active appeal.
Reported figures
- Earnings per share
- $1.94
What stood out
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GAAP EPS beat aided by non-cash gain
GAAP EPS was $1.94 versus a $0.07 consensus estimate and improved from a $2.16 loss in Q2 2025. The reported result included a $98.5 million non-cash gain on Transchem warrants, limiting the quality of the earnings beat.
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Revenue fell sharply and missed estimates
Revenue was $170.1 million, down approximately 70.6% from $578 million in Q2 2025 and approximately 30.3% from $244 million in Q1 2026. Revenue also missed the $340.5 million consensus estimate by approximately 50%.
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Transaction volume outlook maintained
Transaction volume reached $410.0 million during the quarter, while management maintained its approximately $2.5 billion 2026 transaction-volume expectation.
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Product launches remain targeted for Q4
Management continues to target approximately 25,000 MAUs in December 2026, with initial co-branded card and Neobank-as-a-Service offerings targeted for Q4 2026.
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No material control weaknesses reported
The Company stated that its disclosure controls and procedures were effective at a reasonable assurance level as of June 30, 2026, and reported no changes that materially affected internal control over financial reporting during the quarter.
What to watch
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Underlying losses and earnings quality
Adjusted EBITDA loss widened to $11.8 million despite reported GAAP EPS of $1.94, indicating that underlying operating performance remained loss-making and the earnings result was materially affected by the $98.5 million non-cash warrant gain.
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Appeal creates litigation exposure
The Company is seeking approximately $10 million plus attorneys’ fees from Roman, while Roman has asserted counterclaims totaling up to $19 million. Roman filed an appeal on August 6, 2026, and briefing is underway.
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Severe revenue contraction
Revenue declined approximately 70.6% year over year, from $578 million to $170.1 million, and missed consensus by approximately 50%, highlighting significant top-line volatility.
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Litigation could affect financial condition
The 10-Q states that an unfavorable litigation resolution could materially affect future business, results of operations, or financial condition, while the maximum stated Roman counterclaims total $19 million.
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No formal risk-factor update
No material changes were reported to the risk factors from the December 31, 2025 Form 10-K or March 31, 2026 Form 10-Q; however, the pending appeal and claims of up to $19 million remain active legal exposures.
Management's outlook
Management maintained expectations for approximately $2.5 billion of 2026 transaction volume and approximately 25,000 December 2026 MAUs. Initial co-branded card and Neobank-as-a-Service offerings remain targeted for Q4 2026, subject to product, partner and regulatory requirements.
Earlier filings 1
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.