Bakkt Results Presentation Deck
2023 Operating expenses
2023 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 $398.7mm
includes $334.0mm of crypto costs and
execution, clearing and brokerage fees,
related to Apex Crypto acquisition
• SG&A expenses of $7.6mm decreased
23% YoY primarily driven by a reduction in
marketing expense. Increase of 13% QOQ
due to impact from Apex Crypto
●
●
Compensation and benefits expenses of
$27.1mm were down 21% YoY, primarily
due to lower headcount and share-based
compensation expense
Other¹ expenses of $30.1mm includes
$17.0mm of acquisition-related expenses
of which $10.4mm is a non-cash accrual
related to the contingent stock earnout
per the Apex Crypto purchase agreement
$57.6
$13.1
$9.8
$34.2
$0.4
$0.5
$1,608.1
$1,547.7
$14.4
$7.8
$37.8
EXPENSES ($MM)
$73.5
Op. exp.
other than
impairment
-$60.4
$347.9
$274.4
$32.9
$8.4
$31.9
$0.3
2022
3Q22
4Q22
Compensation SG&A ■Crypto costs and execution, clearing and brokerage fees
$58.7
$17.5
$6.7
$34.1
1Q23
Other
$0.4
$398.7
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.
$30.1
$334.0
$7.6
$27.1
2Q23
Goodwill & intangible assets impairments
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