Bakkt Results Presentation Deck
Updated guidance for full year 2023
Gross crypto services revenue netted against crypto costs and execution, clearing and brokerage fees
represents crypto trading's contribution to margin
Revenues
A
Crypto trading
costs
Operating cash flow
usage
Free cash flow
(non-GAAP) usage
UPDATED GUIDANCE
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Total revenues of ~$2,132mm -
~$3,771mm
Gross crypto revenues of
~$2,077mm - ~$3,716mm
Net loyalty revenues of ~$55mm
~$2,069mm - ~$3,702mm
~($78mm) - ~($84mm)
~($90mm) - ~($96mm)
PRIOR GUIDANCE
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Net revenues of $62mm -
$72mm
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N/A
• ($100mm) - ($110mm)
($105mm) - ($115mm)
COMMENTS
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Crypto revenue driven by Apex Crypto, including
international expansion
Loyalty transaction volumes are growing at a
slower pace following a strong 2022 post-covid
rebound
in line with gross crypto revenues
Prudent expense management
2H23 outlook reflects ~70-80% reduction from
1H23 reflecting our focus on prudent expense
management
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