Bakkt Results Presentation Deck

NOTES Adjusted EBITDA reconciliation - Non-GAAP bakkt Net loss Depreciation and amortization Interest (income) expense Income tax (benefit) expense EBITDA Acquisition-related transaction costs Share-based and unit-based compensation expense Restructuring charges Impairment of long-lived assets (Gain) Loss from change in fair value of warrant liability ICE transition services expense Cancellation of common units Gain on extinguishment of software license liability Adjusted EBITDA 1Q22 $(43.3) 5.9 (0.1) (3.1) $(40.7) 0.5 13.3 0.0 0.0 (2.4) 0.4 (0.1) 0.0 $(28.9) Successor 10/15/21- 12/31/21 $(164.8) 5.4 (0.0) 11.8 $(147.7) 1.6 45.9 0.0 1.2 79.4 0.6 (0.2) (1.3) $(20.5) 10/1/21- 10/14/21 Predecessor $(49.7) 0.5 0.0 (0.8) $(49.9) 12.7 33.9 0.0 3.6 0.0 0.0 0.0 0.0 $0.3 1Q21 $(28.8) 2.8 0.0 0.0 $(26.0) 7.8 1.3 0.0 0.0 0.0 0.0 0.0 0.0 $(16.9) 24

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