Bakkt Holdings, Inc. announced its financial and operational results for the third quarter ended September 30, 2024. The company reported total revenues of $328.4 million, marking a 60.4% increase year-over-year from $204.8 million. Net loss significantly improved by 87.8% year-over-year, reaching ($6.3 million) compared to ($51.7 million) in the prior year period.
Operating expenses, excluding crypto costs and execution, clearing and brokerage fees, decreased by 39.7% year-over-year to $40.8 million. The operating loss improved by 48.2% year-over-year to ($27.4 million), reflecting efforts to manage costs. However, Adjusted EBITDA loss worsened by 9.8% year-over-year to ($23.7 million).
Operationally, Bakkt successfully tested its BakktX institutional trading platform, with a rollout planned for the fourth quarter of 2024. The company also disclosed it is investigating a possible wind-down and dissolution of Bakkt Trust due to increased competition and high capital costs, a move expected to lower regulatory capital requirements and allow focus on core crypto business areas.
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