A Business at a Glance
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In this section and elsewhere in this Form 10-K, we use the following terms, which are defined as follows: •“Client” means businesses with whom we contract to provide services to customers on our platform, and includes financial institutions, hedge funds, merchants, retailers, third party partners, and other businesses (except in the accompanying notes to the consolidated financial statements, where we refer to revenue earned from customers, instead of clients). The term customers is in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers. •“Crypto” or “Crypto asset” means an asset that is built using blockchain technology, including virtual currencies (as used in the State of New York), coins, cryptocurrencies, stablecoins, and other tokens. Our platform enables transactions in certain supported crypto assets.
| Metric | TTM | FY2024 | FY2023 | FY2022 | FY2020 |
|---|---|---|---|---|---|
| Revenue | 1.8B | 3.5B | 780M | - | - |
| Net Income | -41M | -47M | -75M | -578M | -80M |
| EPS | $-5.60 | $-7.97 | $-21.01 | $-203.00 | $-7.36 |
| Free Cash Flow | 0 | -24M | -70M | -148M | -52M |
| ROIC | -96.5% | -216.6% | -372.9% | -1656.9% | -19.4% |
| Gross Margin | - | 97.6% | 86.9% | - | - |
| Debt/Equity | 0.00 | 6.09 | 2.68 | 1.24 | 0.14 |
| Dividends/Share | $0.00 | - | - | - | - |
| Operating Income | -68M | -93M | -228M | -2.0B | -79M |
| Operating Margin | -3.8% | -2.7% | -29.2% | - | - |
| ROE | -35.9% | -113.6% | -155.0% | -600.5% | -19.4% |
| Shares Outstanding | 24M | 23M | 23M | 13M | 11M |
| Metric | 2020 | 2022 | |||
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | N/A | N/A | 780M | 3.5B | 1.8B |
| Gross Margin | N/A | N/A | 86.9% | 97.6% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A |
| SG&A | N/A | N/A | N/A | N/A | N/A |
| EBIT | -79M | -2.0B | -228M | -93M | -68M |
| Op. Margin | N/A | N/A | -29.2% | -2.7% | -3.8% |
| Net Income | -80M | -578M | -75M | -47M | -41M |
| Net Margin | N/A | N/A | -9.6% | -1.3% | -2.3% |
| Non-Recurring | 15M | 14M | 35M | 9.1M | 9.1M |
| Returns on Capital | |||||
| ROIC | -19.4% | N/M | N/M | N/M | -96.5% |
| ROE | -19.4% | -600.5% | -155.0% | -113.6% | -35.9% |
| ROA | -17.0% | -126.9% | -28.2% | -17.5% | -94.9% |
| Cash Flow | |||||
| Op. Cash Flow | -31M | -118M | -61M | -21M | -111M |
| Free Cash Flow | -52M | -148M | -70M | -24M | 0 |
| Owner Earnings | -39M | -175M | -90M | -37M | -127M |
| CapEx | 21M | 31M | 9.4M | 3.1M | 0 |
| Maint. CapEx | 8.0M | 25M | 14M | 343K | 343K |
| Growth CapEx | 13M | 5.2M | 0 | 2.7M | 0 |
| D&A | 8.0M | 25M | 14M | 343K | 343K |
| CapEx/OCF | N/A | N/A | N/A | N/A | 0.0% |
| Capital Allocation | |||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 2.6M | 2.6M | 2.7M | 2.7M |
| Buyback Yield | N/A | 0.7% | 0.2% | 0.4% | 1.3% |
| Stock-Based Comp | 0 | 32M | 15M | 16M | 16M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||
| Net Debt | N/A | N/A | N/A | N/A | -58M |
| Cash & Equiv. | N/A | N/A | N/A | N/A | 58M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A |
| Debt/Equity | 0.14 | 1.24 | 2.68 | 6.09 | 0.00 |
| Interest Coverage | N/A | N/A | N/A | N/A | N/A |
| Equity | 410M | 96M | 48M | 34M | 114M |
| Total Assets | 468M | 456M | 265M | 269M | 43M |
| Total Liabilities | 59M | 119M | 130M | 207M | 130M |
| Intangibles | 296M | 72M | 71M | 71M | 71M |
| Retained Earnings | -113M | -676M | -751M | -798M | -798M |
| Working Capital | 81M | 234M | 81M | 46M | 46M |
| Current Assets | 132M | 326M | 181M | 184M | 184M |
| Current Liabilities | 51M | 92M | 101M | 138M | 138M |
| Per Share Data | |||||
| EPS | -7.36 | -203.00 | -21.01 | -7.97 | -5.60 |
| Owner EPS | -3.60 | -13.27 | -3.94 | -1.63 | -5.30 |
| Book Value | 37.90 | 7.32 | 2.11 | 1.48 | 4.76 |
| Cash Flow/Share | -2.86 | -8.94 | -2.65 | -0.93 | -1.70 |
| Dividends/Share | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 10.8M | 13.2M | 22.9M | 22.9M | 24.0M |
| Valuation | |||||
| P/E Ratio | N/A | N/A | N/A | N/A | -1.6 |
| P/FCF | N/A | N/A | N/A | N/A | N/A |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A |
| Price/Book | 6.6 | 4.1 | 27.1 | 18.5 | 1.8 |
| Price/Sales | N/A | N/A | 1.1 | 0.1 | 0.1 |
| FCF Yield | -1.9% | -37.9% | -5.4% | -3.9% | N/A |
| Market Cap | 2.7B | 391M | 1.3B | 629M | 210M |
| Avg. Price | 248.94 | 87.26 | 35.83 | 18.43 | 8.72 |
| Year-End Price | 248.75 | 29.75 | 57.25 | 27.49 | 8.72 |
Bakkt, Inc. passes 1 of 9 quality checks, indicating weak fundamentals.
The company's 5-year average gross margin is 92.3%. Total shareholder yield (buybacks) is 1.3%.
Bakkt, Inc. (BKKT) has a 5-year average return on invested capital (ROIC) of -19.4%. This is below average and may indicate limited pricing power.
Bakkt, Inc. (BKKT) has a market capitalization of $210M. It is classified as a small-cap stock.
Bakkt, Inc. (BKKT) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 1.28%.
Bakkt, Inc. (BKKT) operates in the Finance Services industry, within the Financials sector.
Bakkt, Inc. (BKKT) reported annual revenue of $3.5 billion in its most recent fiscal year, based on SEC EDGAR filings.
Bakkt, Inc. (BKKT) has a net profit margin of -1.3%. The company is currently unprofitable.
Bakkt, Inc. (BKKT) generated $-24 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
Bakkt, Inc. (BKKT) has a debt-to-equity ratio of 6.09. This indicates higher leverage, which may increase financial risk.
Bakkt, Inc. (BKKT) reported earnings per share (EPS) of $-7.97 in its most recent fiscal year.
Bakkt, Inc. (BKKT) has a return on equity (ROE) of -113.6%. A negative ROE may indicate losses or negative equity.
Bakkt, Inc. (BKKT) has a 5-year average gross margin of 92.3%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 4 years of financial data for Bakkt, Inc. (BKKT), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Bakkt, Inc. (BKKT) has a book value per share of $1.48, based on its most recent annual SEC filing.