Filing Flows › Bakkt (BKKT) › Q1 2025
Bakkt (BKKT) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 12, 2025
Bakkt (BKKT) reported revenue of $1.1B for the first quarter 2025 (Q1 2025), +26% from a year earlier and -39% from the quarter before. Operating margin was -1.7%, net earnings $16.2M (1.5% of revenue).
Bakkt, Q1 2025: revenue $1.1B (+26% year over year), operating margin -1.7%, net earnings $16.2M, operating cash flow −$101M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.1B | -39% | +26% |
| Operating profit | −$18.5M | — | — |
| Net earnings | $16.2M | — | — |
| Operating cash flow | −$101M | -423% | — |
What changed
Revenue was $1.1B in Q1 2025, up 26% year over year and down 39% from the previous quarter. Transaction revenue was the largest line at 100% of revenue. Transaction revenue added $0.22B year over year (up 26%), 101% of the total change. Subscription and service revenue declined 36%.
Operating costs exceeded revenue by $0.02B, an operating margin of -1.7%. Total costs grew 23% against revenue growth of 26%. Net earnings were $0.01B. The effective tax rate was 0.3%. Non-operating items added $0.03B, 214% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$0.10B. Non-cash charges added back $220K of depreciation and amortization and $3.3M of share-based compensation. Working capital and other items used $0.12B. Capital expenditures of $130K exceeded it, leaving free cash flow of −$0.10B.
Questions
What was Bakkt's revenue in the first quarter 2025?
Bakkt (BKKT) reported revenue of $1.1B for the first quarter 2025 (Q1 2025), +26% from a year earlier and -39% from the quarter before.
Was Bakkt profitable in the first quarter 2025?
Operating loss was $18.5M (-1.7% of revenue) and net earnings $16.2M.
Source: Bakkt 10-Q on SEC EDGAR.