Bakkt Results Presentation Deck
FINANCIAL RESULTS/4Q SUMMARY
Summary of 4Q21 consolidated results
Combined net revenue¹ (non-GAAP) of
$13.7mm increased by $4.2mm or 45% over
prior year quarter primarily driven by strong
growth from loyalty redemption
Operating losses of ($50.5mm) and
($74.5mm) for the Predecessor and
Successor, respectively, includes significant
expense related to the business
combination:
Non-cash compensation charge of
$30.6mm for Predecessor and $47.2mm for
Successor
Acquisition-related expense of $12.7mm
for Predecessor and $1.5mm for Successor
Net loss for the Successor includes non-cash
mark-to-market expense of $79.4mm related
to the fair value of warrant liabilities issued
by VIH prior to the business combination
bakkt
$mm's
Net revenue
Expense
Operating loss
Loss from FV of warrant liability
Other income
Interest income (expense), net
Loss before income taxes
Income tax benefit (expense)²
Net loss
Less: Net loss for noncontrolling interest
Loss attributable to Bakkt Holdings, Inc.
Currency translation adjustment, net of tax
Comprehensive loss
Less: Comprehensive income (loss) for
noncontrolling interest
Comprehensive income (loss) attributable to
Bakkt Holdings, Inc.
Basic and diluted shares (mm) ³
Net loss per basic and diluted share ($)
Successor
10/15-12/31 10/1-10/14
$11.5
$2.2
52.6
86.0
($74.5)
(79.4)
($50.5)
0.8
0.0
($153.0)
(0.1)
($153.1)
(120.7)
($32.4)
(0.3)
($153.4)
(120.9)
($32.4)
Predecessor
3Q21
$9.1
39.0
($29.9)
54.0
($0.60)
1.1
0.0
(0.0) (0.1)
($50.5) ($28.8)
0.8 (0.0)
($49.7) ($28.8)
0.3
(0.2)
($49.4) ($29.0)
4Q20
$9.4
38.2
($28.7)
(0.4)
(0.1)
($29.2)
(0.4)
($29.6)
0.3
($29.3)
¹ Combined results are not calculated in accordance with GAAP. See disclaimers for additional information
2 Income tax (benefit) expense for Successor reflects management's current estimate. See "Basis of Presentation." As a result, Income tax benefit (expense) and items derived
from it are subject to change
3 Excludes Class V shares and corresponding Opco units of 206.1mm. The Class V shares, as well as potential common shares issuable to employee or directors upon exercise or
conversion of shares under our share-based and unit-based compensation plans and upon exercise of warrants are excluded from the computation of diluted earnings per
common share when the effect would be anti-dilutive
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