Bakkt Results Presentation Deck
OUTLOOK / GUIDANCE
Updated guidance for FY 2022
Revenue
o Net revenue expected to grow to $57mm - $62mm o Expect to use $135mm - $140mm of cash in 2022
in 2022, or a -45% - 60% increase compared to
Combined net revenue for 2021
o Prior FY 2022 guidance of $150mm-$170mm
o We used ~$76mm of cash in 1H22
Prior FY 2022 guidance of $60mm-$80mm
o Lower 2H22 cash burn outlook reflects a ~15-20%
reduction from 1H22 level driven by prudent
Updated outlook reflects elongated crypto
decision timelines and summer air travel supply
constraints
expense management while continuing to deliver
on our roadmap
o Assumes macro environment that supports
strong merchandise loyalty redemption volume
in the seasonally strong 4th quarter
Cash burn
bakkt
Strong available liquidity, with ~$315mm of available
cash and other liquid assets¹ on hand
Guidance is subject to market conditions through the remainder of the year
We expect to continue to invest in growing the business, and therefore expect to
recognize quarterly net losses during 2022
Note: Guidance assumes no further significant disruptions from COVID-19 pandemic; potential acquisitions and other significant opportunities are not included in
this guidance. See disclaimers for more information regarding forward-looking statements, which includes all guidance provided herein.
¹ Includes other highly liquid assets such as Treasury bills and notes; excludes restricted cash.
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