Bakkt Results Presentation Deck
FINANCIAL RESULTS
Adjusted EBITDA (non-GAAP)
o Adjusted EBITDA¹ of ($24.1)mm
for 3Q21
O Adjusted EBITDA decreased
by $11.8mm or 96% YoY
primarily due to a $10.9mm
increase in net loss, a $2.5mm
decrease in impairment of
technology assets and a $1.0
million increase in non-
recurring bitcoin sale income
bakkt
mm
Net loss
Add: Depreciation & amortization
Add: Interest
Add: Income tax
EBITDA
Add: Acquistion-related
Add: Unit-based comp expense
Add: Impairment of long-lived assets
Less: Non-recurring bitcoin sale income, net
Adjusted EBITDA
3Q21
($28.8)
3.3
0.1
0.0
($25.5)
1.8
0.6
(1.0)
($24.1)
¹ Earnings before interest, income taxes, depreciation, amortization
Note: Adjusted EBITDA is a non-GAAP financial measure. For more information, please refer to the Notes section in this presentation.
2Q21
($31.9)
3.0
0.1
0.2
($28.6)
2.5
1.3
($24.9)
3Q20
($18.0)
2.2
0.2
0.0
($15.6)
0.8
2.5
($12.3)
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