Bakkt Results Presentation Deck
3Q23 Operating expenses
3Q23 results include Apex Crypto, which we acquired on April 1, 2023. In accordance with GAAP,
we are presenting our crypto costs and execution, clearing and brokerage fees on a gross basis
• Total operating expenses of $257.6mm
includes $190.1mm of crypto costs and
execution, clearing and brokerage fees,
related to Apex Crypto acquisition
Includes non-cash intangible assets
impairment of $23.3 mm
• SG&A expenses of $7.4mm decreased 4%
YoY primarily driven by reduced marketing
expenses
●
Compensation and benefits expenses of
$24.6mm were down 35% YoY, primarily
due to lower headcount and non-cash
compensation expense
Other¹ expenses of $12.1mm down 16%
YoY primarily due to lower depreciation
and amortization and acquisition-related
costs
$0.4
$1,608.1
$1,547.7
$14.4
$7.8
$37.8
$73.5
Op. exp.
other than
impairmen
$60.4
$347.9
$274.4
$32.9
$8.4
$31.9
$0.3
EXPENSES ($MM)
$58.7
$17.5
$6.7
$34.1
$0.4
3Q22
4Q22
1Q23
Compensation SG&A ■Crypto costs and execution, clearing and brokerage fees
$398.7
$30.1
$334.0
$7.6
$27.1
2023
Other
$257.6
$23.3
$12.1
Note: All financial data on this slide is unaudited. Bar chart not fit to scale.
¹ Other comprised of Professional services, Technology & communication, Acquisition-related expenses, Depreciation & amortization, Related party expenses, Restructuring expenses, Impairments of long-lived assets, and
Other operating expenses.
$190.1
$7.4
$24.6
3Q23
Goodwill & intangible assets impairments
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