Filing Flows › Bakkt (BKKT) › Q2 2025
Bakkt (BKKT) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 11, 2025
Bakkt (BKKT) reported revenue of $578M for the second quarter 2025 (Q2 2025), +13% from a year earlier and -46% from the quarter before. Operating margin was -3.2%, net loss $30.2M (5.2% of revenue).
Bakkt, Q2 2025: revenue $578M (+13% year over year), operating margin -3.2%, net loss $30.2M, operating cash flow $5.4M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $578M | -46% | +13% |
| Operating profit | −$18.5M | — | — |
| Net earnings | −$30.2M | -286% | — |
| Operating cash flow | $5.4M | — | — |
| Free cash flow | $5.3M | — | — |
What changed
Revenue was $577.9M in Q2 2025, up 13% year over year and down 46% from the previous quarter. Transaction revenue was the largest line at 99% of revenue. Transaction revenue added $70.1M year over year (up 14%), 103% of the total change. Subscription and service revenue declined 35%.
Operating costs exceeded revenue by $18.5M, an operating margin of -3.2%. Total costs grew 12% against revenue growth of 13%. The quarter ended with a net loss of $30.2M, after a profit of $16.2M the previous quarter. Minority interests bore $15.4M of it: to shareholders the quarter was a loss of $14.7M.
Operating cash flow was $5.4M. Non-cash charges added back $154K of depreciation and amortization and $6.3M of share-based compensation. Working capital and other items added $29.0M. Capital expenditures of $19K left free cash flow of $5.3M.
Questions
What was Bakkt's revenue in the second quarter 2025?
Bakkt (BKKT) reported revenue of $578M for the second quarter 2025 (Q2 2025), +13% from a year earlier and -46% from the quarter before.
Was Bakkt profitable in the second quarter 2025?
Operating loss was $18.5M (-3.2% of revenue) and net loss $30.2M.
Source: Bakkt 10-Q on SEC EDGAR.