Bakkt, Inc. (BKKT) — Fundamental Analysis

Bakkt (BKKT) is a crypto and digital assets platform that has grown its reported revenue at a blistering pace — a 3-year compound annual growth rate of roughly 246% — but the headline number is heavily influenced by the structure of its business (primarily transaction and custodial volumes rather than retained fees), and the company has not yet turned a profit on any measure. Every fiscal year in the data shows negative EBITDA and negative operating and net margins, meaning Bakkt is still burning cash as it scales. The good news is that losses relative to revenue have narrowed dramatically: the operating margin improved from a catastrophic -3,590% in 2022 to roughly -6.3% in 2025, signaling that the business model is becoming more efficient even as absolute losses remain. Liquidity looks adequate — the current ratio rose back above 2.0 in the most recent annual period — and capital expenditures have fallen sharply as a share of revenue. The five- and ten-year CAGR windows are not calculable due to limited filing history. Overall, Bakkt is a high-risk, early-stage digital assets company showing real operational improvement but still a long way from profitability.

Snapshot & Big Picture

Bakkt went public via SPAC in 2021 and operates as an institutional-grade digital asset platform, offering custody, trading, and crypto-as-a-service infrastructure. Its revenue model leans heavily on transaction volumes, which creates large top-line swings tied to crypto market cycles. The table below summarizes annual performance across available fiscal years.

Note: 2021 annual data was not available in the provided filings. The 2022 EBITDA loss of nearly $2 billion reflects large non-cash impairment charges that distorted that year's figures significantly.

Latest Quarter Snapshot

No quarterly data from a 10-Q was available in the data provided for this analysis. The most recently available source filings (listed at the bottom of this post) cover periods ending June 30, 2026 and March 31, 2026, but the underlying quarterly financial data was not returned. For the most current intra-year figures, readers should refer directly to those filings linked in the Source Filings section below. The most recent full-year annual figures (fiscal year ending December 31, 2025) therefore represent the freshest confirmed snapshot available here: $2.34 billion in revenue, an operating margin of -6.3%, and a current ratio of 2.19.

Profitability

Bakkt has not been profitable in any fiscal year covered by the available data, but the multi-year trend in margins tells a meaningful improvement story — with one notable step back in 2025.

• 2022: The operating margin of -3,590% and net margin of -10,282% were driven by massive non-cash goodwill and intangible asset impairments, not purely operating cash burn. Still, the business was deeply unprofitable on an operating basis.
• 2023: Revenue nearly 13x'd to $727M, compressing the operating margin to -21.5% and net margin to -10.3% — a dramatic structural improvement even though absolute losses remained.
• 2024: Revenue surged again to $3.44 billion, and operating margin narrowed to just -2.4% — the closest Bakkt has come to breakeven. EBITDA losses shrank to -$82.2M, the best result in the dataset.
• 2025: Revenue pulled back to $2.34 billion (likely reflecting lower crypto transaction volumes after the 2024 cycle peak), and both the operating margin (-6.3%) and EBITDA loss (-$147.2M) deteriorated from 2024 levels, suggesting the company's profitability is still highly sensitive to volume-driven revenue swings.

Gross margin data was not available in any of the annual filings provided, which limits deeper analysis of unit economics. The absence of this metric is notable and may reflect how Bakkt classifies its cost of revenue relative to transaction volumes.

Financial Health

Bakkt's liquidity, as measured by the current ratio, has generally been adequate throughout the period, though it dipped to a low of 1.33 in 2024 before recovering to 2.19 in 2025. A ratio above 2.0 provides a reasonable short-term buffer.

Debt-to-equity data was not available in any filing except for fiscal year 2020, where it was reported as 0 — suggesting the company carried no debt at that time. For all subsequent years, this ratio was not reported in the data provided, making it difficult to assess leverage trends.

Capital Expenditures have followed a clear and favorable downward trajectory as a share of revenue:

The collapse in capital intensity from over 70% of revenue in 2020 to under 0.1% in 2024 is striking. It indicates that Bakkt's platform infrastructure is now largely built — the company is operating on existing systems rather than continuously reinvesting in hard assets. This is consistent with a software/platform model reaching maturity in its infrastructure buildout. The 2025 CapEx figure was not reported in the data provided. Quarterly CapEx data was also not available.

Growth

The 5-year and 10-year CAGR windows are unavailable because Bakkt's SEC filing history does not extend back far enough to anchor those calculations — the company went public in 2021 and data gaps exist in the years immediately following. The 3-year CAGR of 246% is extraordinary in absolute terms, but investors should interpret it cautiously: the base year (2022) had a very low revenue figure of $56.2M, which mathematically amplifies the growth rate. The more meaningful signal is whether Bakkt can sustain and stabilize revenue at the $2–3 billion range and convert that scale into consistent positive margins — something the 2025 revenue decline from 2024 peaks has yet to confirm.

Source Filings

• 10-Q filed August 10, 2026 — Period ending June 30, 2026
• 10-Q filed May 11, 2026 — Period ending March 31, 2026