Bakkt Results Presentation Deck
Summary of 2Q23 condensed results
2Q23 results include Apex Crypto, which we acquired on April 1, 2023. In accordance with GAAP, we are
presenting crypto services revenue and crypto costs and execution, clearing and brokerage fees on a gross basis
• Total revenues of $347.6mm reflects significant increase in
gross crypto trading revenue driven by our acquisition of
Apex Crypto
• Total operating expenses of $398.7mm reflects significant
increase in crypto trading expenses driven by our acquisition
of Apex Crypto
●
Operating expenses (excluding crypto costs and
execution, clearing and brokerage fees) of $64.7mm
increased by 13% YoY, primarily due to $17.0mm of
acquisition-related expenses, which were largely non-cash
●
Expenses excluding acquisition-related were down 16%
YoY primarily due to a reduction in compensation and
benefits
• Total shares outstanding of 274.6mm¹
• Class A 91.3mm shares
• Class V 183.3mm shares
• 22.7mm Class V shares exchanged as of June 30, 2023
$mm's
Crypto services
Loyalty services
Total revenues
Crypto costs and execution, clearing and brokerage fees
Operating expenses, excluding crypto costs and execution,
clearing and brokerage fees
Total operating expenses
Operating loss
Interest income, net
Gain (loss) from change in FV of warrant liability
Other (expense) income, net
Loss before income taxes
Income tax (expense) benefit
Net loss
Less: Net loss for noncontrolling interest
Net loss attributable to Bakkt Holdings, Inc.
Weighted average basic shares (mm)
Weighted average diluted shares (mm)
Net loss per basic share
Net loss per diluted share
Note: All financial data on this slide is unaudited.
¹ As of June 30, 2023. Intercontinental Exchange, Inc. ("ICE") owns an aggregate of 64% of shares, consisting of both Class A and Class V.
2Q23
$335.3
12.3
$347.6
334.0
64.7
$398.7
$(51.1)
0.7
0.4
(0.3)
$(50.4)
(0.2)
$(50.5)
(33.7)
$(16.8)
89.8
89.8
$(0.19)
$(0.19)
1Q23
$0.4
12.8
$13.2
0.4
58.3
$58.7
$(45.4)
1.6
(1.0)
(0.0)
$(44.8)
(0.0)
$(44.9)
(30.9)
$(14.0)
81.9
81.9
$(0.17)
$(0.17)
2Q22
$0.7
13.4
$14.0
0.5
57.1
$57.6
$(43.6)
0.2
10.3
0.4
$(32.7)
5.1
$(27.6)
(23.7)
$(3.9)
71.2
71.2
$(0.05)
$(0.05)
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