Crypto platform Bakkt's Q3 revenue misses estimates

Bakkt

10/11/2025 12:38

Overview

Bakkt Q3 revenue of $402.2 mln missed analyst expectations

Adjusted EBITDA for Q3 beats estimates, rising 241% yr/yr

Company completed sale of Loyalty business, simplifying operations

Outlook

Bakkt expects to complete its transformation in Q4 2025

Company aims to enhance technology stack and expand customer adoption in Q4

Bakkt prepares for Investor Day in Q1 2026 to outline growth phase

Result Drivers

REVENUE GROWTH - Higher crypto market activity drove a 27% increase in GAAP revenue

STRATEGIC TRANSFORMATION - Sale of Loyalty business completed, focusing on core operations

EXPENSES INCREASE - Operating expenses rose due to higher crypto costs and trading volumes

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Revenue
Miss
$402.20 mln
$442.97 mln (2 Analysts)
Q3 EPS
-$1.15
Q3 Net Income
-$23.20 mln
Q3 Adjusted EBITDA
Beat
$28.70 mln
-$15.94 mln (2 Analysts)
Q3 Operating Expenses
$427.50 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 Holdings Inc is $41.00, about 42.3% above its November 7 closing price of $23.66

Press Release: ID:nGNX6fvv2X

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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.)