Bakkt Posts $80.8M Q2 Profit; Revenue Plunges 70%

Bakkt reported $80.8 million in net income for the quarter ended June 30, 2026, reversing a $14.7 million loss a year earlier. Revenue for the quarter fell 70% to $170.1 million. The company recorded a $98.5 million non‑cash gain from revaluing warrants tied to Transchem, which was the largest single item boosting reported results.

A separate legacy warrant liability produced a $1.4 million non‑cash gain. Combined, those fair‑value accounting marks were the main contributors to a pre‑tax result of $81.1 million before an equity‑method loss. Removing the Transchem and legacy warrant marks from that subtotal yields an illustrative pre‑tax loss of about $18.8 million; the Transchem gain is unrealized and will be remeasured through earnings in future periods.

Bakkt paid $9.4 million, equal to 25% of the subscription price, for 47.5 million Transchem warrants allotted in June. The Transchem position was carried at $107.9 million on June 30. If Bakkt fully exercises the warrants within 18 months it would need approximately $28.2 million more. The company stated its aggregate Strategic Asset Value, which includes the Transchem position, does not represent market or liquidation value.

Operationally, Bakkt’s crypto‑services business weakened. Revenue declined to $170.1 million from $568.1 million a year earlier, a change the company attributed to client transitions and softer digital‑asset trading volumes. Because much of Bakkt’s crypto‑services activity is recognized on a gross basis, the headline revenue figure does not equal the economics the company retains.

Crypto costs and execution, clearing and brokerage fees totaled $169.3 million for the quarter, leaving a calculated residual of about $0.9 million before other operating expenses. Operating loss from continuing operations widened to $19.6 million from $16.1 million a year earlier. Adjusted EBITDA, a non‑GAAP measure, showed an $11.8 million loss compared with a $9.8 million loss in the prior year. Management attributed the change to weaker net crypto‑services economics, higher salaries and contract labor and a new equity‑method loss, partly offset by lower selling, general and administrative costs.

Bakkt ended June with $50.7 million of cash, cash equivalents and restricted cash and reported no long‑term debt. First‑half operations consumed $26.9 million of cash, while financing activities provided $67.2 million, driven mainly by equity offerings.

The Transchem warrant gain recorded in the quarter is unrealized and will be subject to future remeasurement through earnings.