← Bakkt, Inc.
| Annual Trend | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|
| Cash flows from operating activities: | ||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
| Net Income From Continuing Operations | — | — | ($2.0b) | ($225.8m) | ($103.4m) | ($132.2m) | ($160.1m) | |
| Net loss | ($79.6m) | — | ($2.0b) | ($225.8m) | ($103.4m) | ($132.2m) | — | |
| Net Income (Loss) Attributable to Parent | — | — | ($578.1m) |
($74.9m)
+87.05%
|
($46.7m)
+37.67%
|
($107.2m)
-129.78%
|
— | |
| Net Income (Loss) Attributable to Noncontrolling Interest | — | — | ($1.4b) | ($151.0m) | ($56.8m) | ($25.0m) | — | |
| Depreciation, Depletion and Amortization | $8.0m | — | $25.4m | $13.9m | $343k | $607k | $453k | |
| Amortization of Intangible Assets | — | — | $21.8m | $8.8m | — | $0 | — | |
| Capitalized Computer Software, Amortization | — | — | $1.7m | $1.8m | $200k | $600k | — | |
| Depreciation | $8.0m | — | $3.5m | $5.1m | $300k | $600k | $453k | |
| Depreciation Amortization Depletion | — | — | $25.4m | $13.9m | $343k | $607k | $453k | |
| Deferred Income Tax Expense (Benefit) | — | — | ($11.6m) | $0 | $0 | $0 | $0 | |
| Deferred Income Tax | — | $11.7m | ($11.6m) | $0 | $0 | — | $0 | |
| Deferred Tax | — | $11.7m | ($11.6m) | $0 | $0 | — | $0 | |
| Share-based Payment Arrangement, Noncash Expense | — | — | $31.6m | $15.5m | $15.8m | $71.6m | $71.1m | |
| Payment, Tax Withholding, Share-based Payment Arrangement | — | — | — | — | — | $3.1m | — | |
| Share-based Payment Arrangement, Expense | — | — | — | — | — | $71.6m | $71.1m | |
| Share-based compensation expense | $0 | — | $31.6m | $15.5m | $15.8m | $71.6m | $71.1m | |
| Goodwill and Intangible Asset Impairment | — | — | $1.8b | $60.5m | $0 | $0 | — | |
| Goodwill, Impairment Loss | — | — | $1.5b | $0 | $0 | — | $961k | |
| Impairment of Intangible Assets (Excluding Goodwill) | — | — | $310.8m | $60.5m | $0 | $0 | — | |
| Asset Impairment Charge | — | — | $1.8b | $90.8m | $889k | $961k | $961k | |
| Impairment of long-lived assets | $15.3m | — | $11.5m | $30.3m | $889k | $961k | — | |
| Goodwill and intangible assets impairments | — | — | $1.8b | $60.5m | $0 | $0 | — | |
| Income (Loss) from Equity Method Investments | — | — | — | $0 | $0 | ($323k) | — | |
| Other Nonoperating Income (Expense) | — | — | ($856k) | ($245k) | $2.5m | $19.5m | — | |
| Loss on Equity Method Investee | — | — | — | $0 | $0 | $323k | — | |
| Purchase of equity method investment | — | — | — | $0 | $0 | ($11.5m) | — | |
| Changes in operating assets and liabilities: | ||||||||
| Change In Working Capital | — | — | $2.9m | $41.9m | $46.3m | ($91.3m) | ($3.3m) | |
| Increase (Decrease) in Accounts Receivable | — | — | $7.2m | $10.0m | ($5.4m) | $1.2m | $3.9m | |
| Change In Receivables | — | — | ($7.2m) | ($10.0m) | $5.4m | ($1.2m) | $3.9m | |
| Changes In Account Receivables | — | — | ($7.2m) | ($10.0m) | $5.4m | ($1.2m) | $3.9m | |
| Accounts receivable | ($264k) | — | ($7.2m) | ($10.0m) | $5.4m | ($1.2m) | $3.9m | |
| Accounts payable and accrued liabilities | $16.1m | — | $744k | ($8.0m) | ($15.6m) | ($5.1m) | ($5.5m) | |
| Capitalized internal-use software development costs and other capital expenditures included in accounts payable and accrued liabilities | $1.6m | — | $3.9m | $478k | $0 | $0 | — | |
| Debt Securities Available For Sale Excluding Accrued Interest Allowance For Credit Loss Not Previously Recorded | — | — | $0 | $0 | — | — | — | |
| Deferred revenue | ($4.3m) | — | ($2.4m) | $396k | ($3.3m) | ($152k) | — | |
| Gain (Loss) on Disposition of Other Assets | — | — | — | $75k | $0 | $0 | — | |
| Change In Other Current Liabilities | — | — | $4.2m | ($3.0m) | ($3.6m) | ($4.1m) | ($4.7m) | |
| Other | $117k | — | $285k | $19k | ($52k) | $538k | — | |
| Other assets and liabilities | ($2.2m) | — | ($2.4m) | $3.4m | ($431k) | $177k | — | |
| Net Cash Provided by (Used in) Operating Activities | ($342k) | — | ($117.6m) |
($60.7m)
+48.39%
|
($21.2m)
+65.07%
|
($153.4m)
-623.48%
|
($64.2m)
+58.14%
|
|
| Cash flows from investing activities: | ||||||||
| Capital Expenditure | $20.6m | $3.6m | ($30.5m) | ($9.4m) | ($3.1m) | ($3.8m) | ($4.4m) | |
| Purchase of marketable securities | — | — | ($306.6m) | ($61.8m) | ($18.0m) | ($55.2m) | — | |
| Proceeds from the maturity of marketable securities | — | — | $165.2m | $185.8m | $35.2m | $55.0m | — | |
| Cash paid for Loyalty divestiture | — | — | — | $0 | $0 | ($20.1m) | — | |
| Net Cash Provided by (Used in) Investing Activities | ($207.4m) | — | ($172.0m) | $66.0m | $14.1m | ($38.1m) | ($36.1m) | |
| Cash flows from financing activities: | ||||||||
| Gain (Loss) on Extinguishment of Debt | — | — | — | — | — | ($2.6m) | — | |
| Proceeds from borrowings on revolving credit facility | — | — | — | $0 | $0 | $5.0m | — | |
| Issuance Of Debt | — | — | — | $0 | $0 | $28.8m | $23.8m | |
| Long Term Debt Issuance | — | — | — | $0 | $0 | $28.8m | $23.8m | |
| Net Issuance Payments Of Debt | — | — | $0 | $0 | $0 | $15.9m | $10.9m | |
| Net Long Term Debt Issuance | — | — | $0 | $0 | $0 | $15.9m | $10.9m | |
| Long Term Debt Payments | — | — | $0 | $0 | $0 | ($12.9m) | ($12.9m) | |
| Repayment Of Debt | — | — | $0 | $0 | $0 | ($12.9m) | ($12.9m) | |
| Issuance Of Capital Stock | — | — | $0 | $0 | $46.5m | $63.0m | $132.6m | |
| Repurchase Of Capital Stock | — | ($84.5m) | ($2.6m) | ($2.6m) | — | — | ($2.6m) | |
| Proceeds from Issuance of Common Stock | $203.2m | — | $0 | $0 | $46.5m | $63.0m | $132.6m | |
| Common Stock Issuance | $203.2m | — | $0 | $0 | $46.5m | $63.0m | $132.6m | |
| Payments for Repurchase of Common Stock | — | — | $2.6m | $2.6m | $2.7m | — | — | |
| Common Stock Payments | — | ($84.5m) | ($2.6m) | ($2.6m) | — | — | ($2.6m) | |
| Withholding tax payments on net share settlements on equity awards | — | — | ($2.6m) | ($2.6m) | ($2.7m) | ($3.1m) | — | |
| Net Other Financing Charges | — | — | ($2.6m) | ($2.6m) | ($2.7m) | ($4.6m) | ($4.0m) | |
| Net Cash Provided by (Used in) Financing Activities | $208.9m | — | ($2.6m) |
($2.6m)
-1.93%
|
$43.8m
+1763.55%
|
$82.1m
+87.33%
|
$144.8m
+76.37%
|
|
| Net increase (decrease) in cash, cash equivalents, deposits, restricted cash and customer funds | ($1.2m) | — | ($293.0m) | $3.1m | $35.2m | ($108.8m) | — | |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | ($1.2m) | — | ($293.0m) | $3.1m | $35.2m | ($108.8m) | $101.0m | |
| Beginning Cash Position | — | — | $408.4m | $115.4m | $118.5m | $153.7m | $56.5m | |
| Cash, cash equivalents, deposits, restricted cash and customer funds at the beginning of the period | $91.9m | — | $115.4m | $118.5m | $153.7m | $44.9m | — | |
| Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $191k | — | ($850k) | $436k | ($1.5m) | $593k | $658k | |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | ($1.2m) | — | $115.4m | $118.5m | $153.7m | $44.9m | $101.0m | |
| Restricted cash | $16.5m | — | $16.5m | $31.8m | $24.9m | $575k | — | |
| Total cash, cash equivalents, deposits, restricted cash and customer funds | — | — | $115.4m | $118.5m | $153.7m | $44.9m | — | |
| Effect Of Exchange Rate Changes | $191k | — | ($850k) | $436k | ($1.5m) | $593k | $658k | |
| Additional Supplementary Disclosures | ||||||||
| Additional Supplementary Disclosures | ||||||||
| Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | — | — | — | — | — | ($79.2m) | — | |
| Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | — | — | — | — | — | ($97.7m) | — | |
| Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | — | — | — | — | — | ($34.6m) | — | |
| Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | — | — | — | — | — | ($28.0m) | — | |
| Gain (Loss) on Disposition of Assets | — | — | ($3.8m) | ($75k) | $0 | $0 | — | |
| Gain (Loss) on Disposition of Business | — | — | — | — | — | ($22.7m) | — | |
| Income Tax Expense (Benefit) | — | — | ($11.3m) | $444k | $170k | ($49k) | — | |
| Loss on disposition of assets | — | — | — | $75k | $0 | $0 | — | |
| Loss on extinguishment of convertible debenture | — | — | — | $0 | $0 | $2.6m | — | |
| Operating lease liabilities | ($1.2m) | — | $4.2m | ($3.0m) | ($3.6m) | ($4.1m) | — | |
| Additional Financial Items | ||||||||
| Gain (Loss) on Termination of Lease | — | — | — | — | — | $8.9m | — | |
| Goodwill | — | — | $15.9m | $68.0m | $68.0m | $64.7m | $961k | |
| Operating Expenses | — | — | $2.1b | $1.0b | $3.6b | $2.5b | — | |
| Payments of Financing Costs | — | — | — | — | — | $1.5m | — | |
| Proceeds from Stock Options Exercised | — | — | — | $0 | $0 | $384k | — | |
| Unrealized Gain (Loss) on Derivatives | — | — | — | — | — | $14.0m | — | |
| Operating Cash Flow | ($342k) | — | ($117.6m) |
($60.7m)
+48.39%
|
($21.2m)
+65.07%
|
($153.4m)
-623.48%
|
($64.2m)
+58.14%
|
|
| Cash Flow From Continuing Operating Activities | ($342k) | ($83.4m) | ($117.6m) | ($60.7m) | ($21.2m) | ($153.4m) | ($64.2m) | |
| Cash Flow From Continuing Financing Activities | — | — | ($2.6m) | ($2.6m) | $43.8m | $82.1m | $144.8m | |
| Cash Flow From Continuing Investing Activities | — | — | ($172.0m) | $66.0m | $14.1m | ($38.1m) | ($36.1m) | |
| Change In Account Payable | — | — | $744k | ($8.0m) | ($15.6m) | ($5.1m) | ($5.5m) | |
| Change In Other Working Capital | — | — | ($4.8m) | $3.8m | ($3.7m) | ($3.3m) | $1.4m | |
| Change In Payable | — | — | $1.3m | $26.4m | $39.2m | ($81.4m) | ($5.5m) | |
| Change In Prepaid Assets | — | — | $9.4m | $24.8m | $9.1m | ($1.3m) | ($1.6m) | |
| Changes In Cash | — | — | ($292.1m) | $2.6m | $36.7m | ($109.4m) | $44.5m | |
| End Cash Position | — | — | $115.4m | $118.5m | $153.7m | $44.9m | $101.0m | |
| Financing Cash Flow | — | — | ($2.6m) |
($2.6m)
-1.93%
|
$43.8m
+1763.55%
|
$82.1m
+87.33%
|
$144.8m
+76.37%
|
|
| Free Cash Flow | — | — | ($148.1m) | ($70.1m) | ($24.3m) | ($157.2m) | ($68.6m) | |
| Gain Loss On Investment Securities | — | — | ($16.6m) | $1.6m | $17.2m | ($44.2m) | ($16.1m) | |
| Gain Loss On Sale Of Business | — | — | — | $0 | $0 | $23.0m | $23.2m | |
| Investing Cash Flow | — | — | ($172.0m) | $66.0m | $14.1m | ($38.1m) | ($36.1m) | |
| Net Business Purchase And Sale | — | — | $0 | ($48.5m) | $0 | ($7.0m) | ($7.0m) | |
| Net Intangibles Purchase And Sale | — | ($15.7m) | — | $0 | $0 | ($2.6m) | ($2.6m) | |
| Operating Gains Losses | — | — | ($12.8m) | $1.6m | $17.2m | ($18.6m) | $9.7m | |
| Other Non Cash Items | — | — | $2.8m | $112k | $1.7m | $15.5m | — | |
| Proceeds From Stock Option Exercised | — | — | $2k | $0 | $3k | $7.8m | $7.8m | |
| Purchase Of Business | — | — | $0 | ($48.5m) | $0 | ($11.5m) | ($11.5m) | |
| Purchase Of Intangibles | — | ($15.7m) | — | $0 | $0 | ($2.6m) | ($2.6m) | |
| Sale Of Business | — | — | $0 | $0 | $0 | $4.5m | $4.5m | |
| Stock Based Compensation | — | — | $32.1m | $16.8m | $15.8m | $71.6m | $71.1m | |
| Change in fair value of contingent consideration liability | — | — | $0 | ($3.0m) | $0 | $0 | — | |
| Non-cash lease expense | $1.4m | — | $2.7m | $3.1m | $1.7m | $895k | — | |
| Unit-based compensation expense | $11.6m | — | $557k | $1.3m | $0 | $0 | — | |
| Forfeiture and cancellation of common units | — | — | ($185k) | ($13k) | $0 | $0 | — | |
| Loss on sale of businesses | — | — | — | $0 | $0 | $22.7m | — | |
| Gain on lease terminations | — | — | — | $0 | $0 | ($8.9m) | — | |
| Loss (gain) from change in fair value of warrant liabilities | $0 | — | ($16.6m) | $1.6m | $17.2m | ($30.2m) | — | |
| Change in fair value of derivative assets | — | — | — | $0 | $0 | ($14.0m) | — | |
| TRA Equity Settlement | — | — | — | $0 | $0 | $23.0m | — | |
| Prepaid insurance | ($235k) | — | $9.4m | $9.8m | $9.1m | $1.2m | — | |
| Deposits with clearinghouse | $11.0m | — | $1k | $15.0m | $0 | ($2.5m) | — | |
| Due to related party | ($7.9m) | — | $551k | $2.1m | ($870k) | ($2.4m) | — | |
| Customer funds payable | $81k | — | $40k | $32.3m | $55.6m | ($73.9m) | — | |
| Assets and liabilities of businesses held for sale | — | — | — | $0 | $0 | ($3.3m) | — | |
| Proceeds from Sale of Bakkt Trust | $0 | — | $0 | $0 | $0 | $4.5m | — | |
| Purchase of intangible assets | — | — | — | $0 | $0 | ($2.6m) | — | |
| Cash advance for Loyalty Buyer | — | — | — | $0 | $0 | ($17.6m) | — | |
| Cash proceeds from derivative | — | — | — | $0 | $0 | $10.6m | — | |
| Acquisition, net of cash acquired | — | — | $0 | ($48.5m) | $0 | $0 | — | |
| Proceeds from Concurrent Offerings, net of issuance costs | — | — | — | $0 | $46.5m | $0 | — | |
| Proceeds from the exercise of warrants | $0 | — | $2k | $0 | $3k | $7.5m | — | |
| Proceeds from Exercise of exercise of stock options | — | — | — | $0 | $0 | $384k | — | |
| Repayment of Convertible Debenture | — | — | — | $0 | $0 | ($7.9m) | — | |
| Repayments on revolving credit facility | — | — | — | $0 | $0 | ($5.0m) | — | |
| Cash paid for financing fees | — | — | — | $0 | $0 | ($1.5m) | — | |
| Proceeds from issuance of convertible debentures, net of discounts | — | — | — | $0 | $0 | $23.8m | — | |
| Conversion of Convertible debentures | — | — | — | $0 | $0 | $17.5m | — | |
| Customer funds | $82k | — | $591k | $32.9m | $88.6m | $14.7m | — | |
| Deposits (See Note 7) | — | — | $0 | $853k | $1.2m | $2.7m | — | |
| Net Investment Purchase And Sale | — | — | ($141.4m) | $123.9m | $17.2m | $10.4m | $10.4m | |
| Purchase Of Investment | — | — | ($306.6m) | ($61.8m) | ($18.0m) | ($55.2m) | ($55.2m) | |
| Sale Of Investment | — | — | $165.2m | $185.8m | $35.2m | $65.6m | $65.6m | |
| Cash and cash equivalents | $75.4m | — | $98.3m | $52.9m | $39.0m | $27.0m | $56.5m | |
| Supplemental disclosure of cash flow information: | ||||||||
| Change In Cash Supplemental As Reported | — | — | ($293.0m) | $3.1m | $35.2m | ($108.8m) | — | |
| Income Taxes Paid, Net | $0 | — | $0 | $239k | $0 | $0 | — |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.