Filing Flows › Bakkt (BKKT) › Q1 2025 › vs Q1 2024
Bakkt (BKKT) Q1 2025 vs Q1 2024 (year over year)
Bakkt's revenue rose $220M (+26%) from $855M in Q1 2024 to $1.1B in Q1 2025. The biggest changes: Transaction revenue +$223M (+26%); Subscription and service revenue −$2.4M (-36%).
Bakkt, Q1 2025: revenue $1.1B (+26% year over year), operating margin -1.7%, net earnings $16.2M, operating cash flow −$101M. The chart draws each line against Q1 2024, the increases inside each band.
Every line
| Line | Q1 2025 | Q1 2024 | Change | % |
|---|---|---|---|---|
| Transaction revenue | $1.1B | $848M | $223M | +26% |
| Subscription and service revenue | $4.2M | $6.6M | −$2.4M | -36% |
| Revenue | $1.1B | $855M | $220M | +26% |
| Other income, net | $34.8M | $10.7M | $24.1M | +225% |
| Costs & expenses | $1.1B | $887M | $223M | +25% |
| Operating costs | $1.1B | $886M | $207M | +23% |
| Income tax | $49K | $156K | −$107K | -69% |
| Net earnings | $16.2M | −$21.3M | $37.5M | — |
| Operating cash sources | $121M | −$51.6M | $173M | — |
| Depreciation & amortization | $220K | $57K | $163K | +286% |
| Share-based compensation | $3.3M | $8.0M | −$4.7M | -58% |
| Cash used in operations | $101M | −$38.4M | $140M | — |
| Working capital & other | $121M | −$51.6M | $173M | — |
Questions
How much did Bakkt's revenue grow year over year in Q1 2025?
Bakkt's revenue rose $220M (+26%) from $855M in Q1 2024 to $1.1B in Q1 2025.
What drove Bakkt's revenue change in Q1 2025?
Transaction revenue +$223M (+26%); Subscription and service revenue −$2.4M (-36%).