Overview

* Bakkt ( BKKT/WS ) Q3 revenue of $402.2 mln missed analyst expectations

* Adjusted EBITDA for Q3 beats estimates, rising 241% yr/yr

* Company completed sale of Loyalty business, simplifying operations

Outlook

* Bakkt expects to complete its transformation in Q4 2025

* Company aims to enhance technology stack and expand customer adoption in Q4

* Bakkt prepares for Investor Day in Q1 2026 to outline growth phase

Result Drivers

* REVENUE GROWTH - Higher crypto market activity drove a 27% increase in GAAP revenue

* STRATEGIC TRANSFORMATION - Sale of Loyalty business completed, focusing on core operations

* EXPENSES INCREASE - Operating expenses rose due to higher crypto costs and trading volumes

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Miss $402.20 $442.97

Revenue mln mln (2

Analysts

)

Q3 EPS -$1.15

Q3 Net -$23.20

Income mln

Q3 Beat $28.70 -$15.94

Adjusted mln mln (2

EBITDA Analysts

)

Q3 $427.50

Operatin mln

g

Expenses

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the blockchain & cryptocurrency peer group is "buy"

* Wall Street's median 12-month price target for Bakkt Holdings Inc ( BKKT/WS ) is $41.00, about 42.3% above its November 7 closing price of $23.66

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)