Bakkt Results Presentation Deck
Updated outlook expectations
Revenues
Crypto costs
and ECB
Operating
cash flow
usage
Free cash flow
(non-GAAP)
usage
UPDATED OUTLOOK
●
●
Total revenues of
~$750mm - ~$1,268mm
Gross crypto revenues of
~$697mm - ~$1,215mm
Net loyalty revenues of
~$53mm
~$693mm - ~$1,208mm
~($86mm -~$89mm)
~($99mm -~$102mm)
UPDATED 2023 OUTLOOK
PRIOR OUTLOOK
●
●
●
Total revenues of
~$2,132mm - ~$3,771mm
Gross crypto revenues of
~$2,077mm - ~$3,716mm
Net loyalty revenues of
~$55mm
~$2,069mm - ~$3,702mm
~($78mm -~$84mm)
~($90mm -~$96mm)
COMMENTS
●
●
Crypto revenue impacted by
industrywide volumes, timing of
international activations and lower
activity levels from Webull Pay
customers
Loyalty transaction volumes are
growing at a slower pace following a
strong 2022 post-covid rebound
In line with gross crypto revenues
Lower revenue partially offset by
reductions in operating expenses
PRELIMINARY 2024 OUTLOOK
Note: All financial data on this slide is unaudited. Free cash flow is a non-GAAP financial measure. For more information, please refer to the Notes section in this presentation.
Revenues
Crypto
costs and
ECB
Operating
cash flow
usage
FCF
(non-GAAP)
usage
OUTLOOK
●
●
●
●
Total revenues of
~$3,461mm - ~$9,071mm
Gross crypto revenues of
~$3,406mm - ~$9,015mm
Net loyalty revenues of
~$55mm
~$3,386mm - ~$8,976mm
~($35mm -~$55mm)
~($43mm -~$63mm)
We expect to be approximately breakeven on an adjusted EBITDA basis by the end of 2024 fueled by gross crypto revenue growth
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