Crypto platform Bakkt's Q3 revenue misses estimates
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
For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact RefinitivNewsSupport@thomsonreuters.com.
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