Bakkt Results Presentation Deck

FINANCIAL RESULTS / OPERATING EXPENSE Operating expense o Total expense of $61.0mm up $24.5mm, or 67%, YOY o Compensation expense of $35.1mm up $19.9mm, or 130%, YoY o Noncash compensation expense of $13.3mm increased $12.0mm YoY o SG&A¹ of $9.4mm increased $3.3mm, or 54%, YOY primarily due to continued investments in the business to drive future growth o Other expense of $16.5mm increased $1.3mm, or 8%, YOY bakkt $36.6 $15.2 $6.1 $15.2 1Q21 Predecessor $39.8 $10.9 $9.0 $19.9 Expense ($mm) 2Q21 $39.0 $12.3 $4.4 $22.2 3Q21 Compensation $52.6 $18.0 $0.8 $33.9 4Q21 predecessor SG&A Selling, general and administrative expense. Note: 4Q21 Predecessor expense comprised of $33.9mm in Compensation, $0.8mm in SG&A and $18.0mm in Other. 4Q21 Successor expense comprised of $62.2mm in Compensation, $8.5mm in SG&A and $15.3mm in Other. Successor $86.0 $15.3 $8.5 $62.2 4Q21 SUCCessor Other $61.0 $16.5 $9.4 $35.1 1Q22 15

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