Bakkt Results Presentation Deck

FINANCIAL RESULTS/1Q22 ADJUSTED EBITDA 1Q22 Adjusted EBITDA (non-GAAP) Adjusted EBITDA of ($28.9 mm) o Adjusted EBITDA decreased by $12.0 mm, or 71%, YOY primarily due to an increase in net loss o Used $36.1mm of cash as we continued to invest in headcount and technology to drive future growth bakkt $mm's Net loss Depreciation & amortization Interest (income) expense Income tax (benefit) expense EBITDA Acquistion transaction cost Share-based & unit-based compensation expense (Gain) loss from FV of warrant liability Other¹ Adjusted EBITDA Successor 1Q22 $(43.3) 5.9 (0.1) (3.1) $(40.7) 0.5 13.3 (2.4) 0.3 $(28.9) 10/15-12/31 10/1-10/14 $(164.8) $(49.7) 5.4 0.5 (0.0) 0.0 11.8 (0.8) $(147.7) $(49.9) 1.6 45.9 Predecessor 79.4 0.3 $(20.5) 12.7 33.9 0.0 3.6 $0.3 1Q21 $(28.8) 2.8 0.0 0.0 $(26.0) 7.8 ¹ Other comprised of impairment of long-lived assets, International Continental Exchange ("ICE") transition services expense, cancellation of common units and gain on extinguishment of software license liability. Note: Adjusted EBITDA is a non-GAAP financial measure. For more information, please refer to the Notes section in this presentation. 1.3 0.0 0.0 $(16.9) 13

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