Bakkt Q2 revenue falls 70% on digital asset trading slowdown

Bakkt

10/08/2026 21:37

Overview
US digital asset platform's Q2 revenue fell 70% yr/yr due to client transitions and industry softness
Company posted net income, aided by $98.5 mln non-cash gain from Transchem warrant revaluation
Q2 adjusted EBITDA loss widened yr/yr, reflecting lower crypto services revenue and higher operating costs

Outlook
Bakkt expects full-year 2026 TTV of about $2.5 bln, assuming client integrations progress as planned
Company targets Q4 2026 for initial co-branded card programs and Neobank-as-a-Service offerings
Bakkt expects MAUs to reach about 25,000 in December 2026 as partner products launch

Result Drivers
CLIENT TRANSITIONS AND INDUSTRY SOFTNESS - Co said revenue decline was due to previously disclosed client transitions and industry-wide softness in digital asset trading volumes
INTEGRATION COSTS - Higher operating expenses reflected two months of acquired DTR operating costs and professional-services expenses supporting the DTR integration and India strategy
LOWER CRYPTO SERVICES REVENUE - Wider adjusted EBITDA loss was mainly due to a decrease in crypto services revenue net of related costs, higher salaries and contract labor, and a loss from an equity method investment

Company press release: ID:nGNX7pmDd6

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Revenue
Miss
$170.10 mln
$373.27 mln (2 Analysts)
Q2 Net Income
 
$80.80 mln
 
Q2 Adjusted EBITDA
Miss
-$11.80 mln
$7.52 mln (1 Analyst)
Q2 Operating Expenses
 
$189.80 mln
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"
The average consensus recommendation for the blockchain & cryptocurrency peer group is "buy"
Wall Street's median 12-month price target for Bakkt Inc is $20.00, about 165.6% above its August 7 closing price of $7.53

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)