Filing Flows › Bakkt (BKKT) › Q2 2025 › vs Q1 2025
Bakkt (BKKT) Q2 2025 vs Q1 2025 (quarter over quarter)
Bakkt's revenue fell $497M (-46%) from $1.1B in Q1 2025 to $578M in Q2 2025. The biggest changes: Transaction revenue −$497M (-46%); Subscription and service revenue −$176K (-4%).
Bakkt, Q2 2025: revenue $578M (+13% year over year), operating margin -3.2%, net loss $30.2M, operating cash flow $5.4M. The chart draws each line against Q1 2025, the increases inside each band.
Margins
| Q2 2025 | Q1 2025 | Change | |
|---|---|---|---|
| Free cash flow margin | 0.9% | -9.4% | +10.4 pts |
Every line
| Line | Q2 2025 | Q1 2025 | Change | % |
|---|---|---|---|---|
| Transaction revenue | $574M | $1.1B | −$497M | -46% |
| Subscription and service revenue | $4.0M | $4.2M | −$176K | -4% |
| Revenue | $578M | $1.1B | −$497M | -46% |
| Net loss | $30.2M | −$16.2M | $46.4M | — |
| Costs & expenses | $608M | $1.1B | −$502M | -45% |
| Operating costs | $596M | $1.1B | −$497M | -45% |
| Interest & other, net | $11.6M | −$34.8M | $46.4M | — |
| Income tax | $60K | $49K | $11K | +22% |
| Operating cash sources | $35.5M | −$118M | $153M | — |
| Depreciation & amortization | $154K | $220K | −$66K | -30% |
| Share-based compensation | $6.3M | $3.3M | $3.0M | +90% |
| Working capital & other | $29.0M | −$121M | $150M | — |
| Net loss absorbed | $30.2M | −$16.2M | $46.4M | — |
| Operating cash flow | $5.4M | −$101M | $107M | — |
| Free cash flow (OCF − capex) | $5.3M | −$101M | $107M | — |
| Capital expenditures | $19K | $130K | −$111K | -85% |
Questions
How much did Bakkt's revenue grow quarter over quarter in Q2 2025?
Bakkt's revenue fell $497M (-46%) from $1.1B in Q1 2025 to $578M in Q2 2025.
What drove Bakkt's revenue change in Q2 2025?
Transaction revenue −$497M (-46%); Subscription and service revenue −$176K (-4%).