Bakkt Results Presentation Deck

NOTES Revenue recognition Illustrative example of revenue and expense recognition Revenues Crypto revenues, gross Loyalty revenues, net Total revenues Operating expenses Crypto costs Execution, clearing and brokerage fees Other operating expenses Total operating expenses Operating income A $100 20 $120 $85 5 10 $100 $20 ● Crypto costs and execution, clearing and brokerage fees drive gross crypto revenue The difference between gross crypto revenue and crypto costs, execution and brokerage fees represent crypto trading's contribution to margin ● Crypto revenue we offer customers the ability to purchase or sell certain crypto on our platform. We collect a fee on each transaction in the form of a spread on the market price of the crypto. We are the principal these customer contracts as we control the crypto prior to its delivery to the customer and are responsible for the delivery of the crypto to the customer. In accordance with GAAP, as a principal in a contract we record revenue for these transactions on a gross basis. Costs associated with these expenses are included in operating expenses as "Clearing, Execution and Brokerage Fees." Loyalty revenue we host, operate and maintain a loyalty redemption platform connecting loyalty programs to ecommerce merchants. Our contracts related to our loyalty redemption platform consist of two performance obligations: (1) access to our SaaS-based redemption platform and customer support services and (2) facilitation of order fulfillment services. We are a principal related to providing access to our redemption platform and recognize revenue related to these transactions on a gross basis. We are the agent in facilitating order fulfillment services on behalf of loyalty program sponsors and recognize revenue related to these transactions on a net basis. - 24

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