Bakkt Results Presentation Deck

FINANCIAL RESULTS / OPERATING EXPENSE Operating expense Total expense of $57.1mm up $17.3mm, or 43%, YOY o Compensation expense of $34.2mm up $14.3mm, or 72%, YOY Noncash compensation expense of $7.1mm increased $5.8mm YoY o SG&A¹ of $9.8mm increased $0.8mm, or 9%, YOY primarily due to continued investments in the business to drive future growth o Other expense² of $13.1mm increased $2.2mm, or 20%, YOY bakkt $39.8 $10.9 $9.0 $19.9 2Q21 Predecessor $39.0 $12.3 $4.4 $22.2 3Q21 Expense ($mm) $52.6 $18.0 $0.8 $33.9 4Q21 predecessor $86.0 $15.3 $8.5 $62.2 4Q21 SUCCessor Successor $61.0 $16.5 $9.4 $35.1 1Q22 Compensation SG&A Other Selling, general and administrative expense. 2 Other expense is comprised of professional services, technology and communication, acquisition-related, depreciation and amortization, related party and other. Note: 4Q21 Predecessor expense comprised of $33.9mm in Compensation, $0.8mm in SG&A and $18.0mm in Other. 4Q21 Successor expense comprised of $62.2mm in Compensation, $8.5mm in SG&A and $15.3mm in Other. $57.1 $13.1 $9.8 $34.2 2Q22 17

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