Bakkt SPAC Presentation Deck
Projection Summary
(S millions)
Transaction
Crypto Buy/Sell2
Subscription and Services
Other
Total Revenue
% YoY Growth
Transaction-Based Expenses 2)
Total Revenue Less Transaction-Based Expenses
% YoY Growth
Operating Expenses
Operating Income
(+) D&A
EBITDA
% YoY Growth
Adjustments
(+) Parent Equity Contribution Amortization
(+) Non-Cash Compensation
Adj. EBITDA
% of Total Revenue Less Transaction-Based Expenses
% YoY Growth
Projected Financials
2021E
bakkt Includes the asset value of cryptocurrency.
$16
849
22
1
$889
(3) Does not reflect anticipated non-cash compensation granted to incoming CEO
(834)
$55
($259)
(204)
20
($184)
10
5
($169)
N/A
2022E
$137
2,863
26
4
$3,030
241%
(2,806)
$224
99%
($316)
(92)
($46)
N/A
18
5
($23)
N/A
N/A
2023E
$234
4,413
29
6
$4,681
55%
(4,325)
$357
59%
($331)
25
54
(1) Transaction revenue is shown net of Starbucks warrant amortization and parent equity contribution amortization, which are contra revenue items.
$79
N/A
27
5
$111
31%
N/A
2024E
$294
5,410
30
7
$5,741
23%
(5,302)
$439
23%
($314)
125
56
$181
130%
34
5
$221
50%
98%
2025E
$351
6,206
32
8
$6,597
15%
(6,082)
$515
179
($320)
196
46
$242
33%
Note: Projections assume a January 1, 2021 transaction closing date and related funding for execution of growth strategy. The accounting for revenues from cryptocurrency transactions is currently under review and
subject to change. See "Accounting for Cryptocurrency Transactions on slide 2. There may be decimal differences due to rounding
38
5
$285
55%
29%
CAGR
21E-25E
23E-25E
65%
75%
75%
60%
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