Short answer
Bakkt, Inc. (BKKT) filed its Q3 2025 10-Q quarterly report on Nov 12, 2025 for the quarter ended Sep 30, 2025.
Q3 2025 key financials · XBRL
- Net income
- −$15M
- −415.9% YoY · −1.2% QoQ
- EPS (diluted)
- −$1.45
- −590.5% YoY · +33.5% QoQ
Source: XBRL data from the Bakkt, Inc. (BKKT) Q3 2025 10-Q on SEC EDGAR. USD.
Bakkt, Inc. Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Crypto services revenue $402.2M, up 27.1% YoY from $316.3M, driven by higher crypto trading volume
- Operating loss $25.3M vs $25.1M YoY; operating margin -6.3% vs -7.9%
- Crypto services strongest line at $402.2M, up 27.1%; crypto costs $396.8M, up 26.8%
- Notional traded volume $400.3M; assets under custody $1,427.1M vs $2,301.9M at December 31, 2024
- Loyalty Business divestiture and convertible debenture redemption; long-term debt-free balance sheet achieved
Risk Factors
- International expansion risk: MHT and other uncontrolled partners may not adopt Bakkt products, services, or technology
- Strategic investment risk: underperforming investments could become impaired, causing partial or total investment loss
- Regulatory risk: federal shutdown since October 1, 2025 may delay SEC initiatives, regulatory consultations, and capital raising
- Market risk: prolonged shutdown could increase volatility, tighten liquidity, and reduce transaction volumes
- Financial risk: shutdown-related market conditions may negatively affect customer sentiment and business results
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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