Bakkt Results Presentation Deck

OUTLOOK Full year 2023 outlook. A Net revenues • FY 2023 net revenues expected to grow to $62mm-$72mm, up ~15%-30% from 2022 ● ● Crypto activation timelines impacted by market headwinds Loyalty redemption activity facing pressure from macroeconomic environment Cash flow FY 2023 net cash used in operating activities expected to be ($100mm- $110mm), improving ~5%- 15% from 2022 ● FY 2023 free cash flow expected to be ($105mm)- ($115mm), improving ~25%- 30% from 2022 • Includes ~$13mm of ● acquisition related deal expenses and restructuring charge cash payment of ~$2.3mm-$2.7mm Note: Outlook estimates exclude the net revenues and expenses from Apex Crypto since the acquisition is subject to regulatory approval. Free Cash Flow is a non-GAAP financial measure. For more information, please refer to the Notes section in this presentation. @ ● ● Apex Crypto acquisition, which is subject to regulatory approval, expected to close in 1H23. We expect to provide financial outlook after the close As previously disclosed, we expect to recognize quarterly net losses during 2023 as our business continues to scale 21

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