Bakkt SPAC Presentation Deck

FINANCIALS PROJECTION SUMMARY PROJECTED FINANCIALS ($ millions) Total Revenue¹ % YoY Growth Transaction-Based Expenses² Total Revenue Less Transaction-Based Expenses % YoY Growth Operating Expenses3 Operating Income Adj. EBITDA4 % of Total Revenue Less Transaction-Based Expenses % YoY Growth Y1E CONFIDENTIAL AND PROPRIETARY $889 (834) $55 ($259) (204) ($169) N/A Y2E $3,030 241% (2,806) $224 309% ($316) (92) ($23) N/A N/A Y3E $4,681 55% (4,325) $357 59% ($331) 25 $111 31% N/A Y4E $5,741 23% (5,302) $439 23% ($314) 125 $221 50% 98% Y5E $6,597 15% (6,082) $515 17% ($320) 196 $285 55% 29% CAGR bakkt Y1E-Y5E 75% 5% Y3E-Y5E 60% Note: The accounting for revenues from cryptocurrency transactions is currently under review and subject to change. There may be decimal differences due to rounding. (1) Transaction revenue is shown net of Starbucks warrant amortization and parent equity amortization, which are contra-revenue items. (2) Includes the asset value of cryptocurrency. (3) Does not reflect anticipated non-cash compensation granted to CEO. (4) Adjustments to EBITDA including parent equity contribution amortization and non-cash compensation. 68

View entire presentation