Bakkt Reports $8.08 Million Net Profit, Revenue Down 70%

Bakkt achieved a net profit of $8.08 million attributable to the company in the second quarter of 2026, reversing a loss of $14.7 million from the previous year. Revenue for the quarter fell by 70% to $17.01 million, with operational conditions remaining under pressure. The profit primarily stemmed from the revaluation of warrants from Transchem, resulting in a non-cash gain of $98.5 million, along with an additional $1.4 million in other non-cash gains. A filing submitted to the SEC on June 4 indicated that Bakkt paid $9.4 million for 47.5 million Transchem warrants, with an exercise price of 25%. As of June 30, the recorded holdings amounted to $10.79 million, which must be exercised within a maximum of 18 months at a cost of approximately $28.2 million. On the operational side, cryptocurrency costs and related expenses totaled $16.93 million, with continuing operating losses increasing to $19.6 million, and adjusted EBITDA at negative $11.8 million, a larger loss than the previous year. The balance sheet showed that Bakkt had a cash balance of $5.07 million at the end of June, with operational cash consumption of $2.69 million and financing activities generating $6.72 million, primarily from stock issuance.

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