The $80.8M GAAP net income is entirely non-cash and masks a deteriorating operating business. Monitor cash burn trajectory and whether TTV guidance of $2.5B for FY2026 is achievable given H1 was only $410M. The Transchem warrant fair value ($107.9M) is a volatile, non-cash asset that could reverse sharply, creating future GAAP losses. The company's reliance on equity offerings ($69.6M in H1) to fund operations is unsustainable without a path to positive unit economics.
Price Chart
Executive Summary
Bakkt reported Q2 2026 GAAP net income of $80.8M ($1.96 basic EPS), driven by a $98.5M non-cash gain from Transchem warrants, but core operations remain deeply unprofitable. Revenue collapsed 70% YoY to $170.1M, Adjusted EBITDA loss widened to -$11.8M, and the company burned $26.9M in operating cash flow in H1 2026. The headline net income is entirely a non-cash accounting gain, masking a deteriorating operating business with declining transaction volumes and widening cash burn.
Key Financial Metrics
Key Facts
- Total revenue fell 70% YoY to $170.1M from $568.1M, reflecting client transitions and industry-wide softness in digital asset trading volumes.
- GAAP net income of $80.8M was entirely driven by a $98.5M non-cash gain from the change in fair value of Transchem warrants; operating loss from continuing operations was -$19.6M.
- Adjusted EBITDA loss widened to -$11.8M from -$9.8M in Q2 2025, with core crypto services revenue net of costs declining $2.0M YoY.
- Cash, cash equivalents and restricted cash were $50.7M at June 30, 2026, down from $82.6M at March 31, 2026, after funding $9.4M Transchem subscription payment.
- Operating cash flow was -$26.9M for H1 2026, compared to -$95.9M in H1 2025, still deeply negative.
- Total Transacting Volume (TTV) was $168.8M in Q2, bringing H1 TTV to $410.0M; company maintains full-year TTV guidance of ~$2.5B.
- Shares outstanding surged to 45.1M from 25.5M at year-end 2025, reflecting $48.1M from a February registered direct offering and $21.5M from ATM sales.
- Transchem warrant position carried at $107.9M fair value vs $9.4M paid; this is a volatile non-cash asset that will fluctuate with market conditions.
Financial Impact
Core operating loss of -$19.6M and Adjusted EBITDA loss of -$11.8M, with revenue decline of 70% YoY
Risk Factors
- Core crypto services revenue net of costs continues to decline, with no sign of stabilization
- Cash burn of $26.9M in H1 2026 from operations, requiring continued equity or debt financing
- Transchem warrant fair value ($107.9M) is highly volatile and could reverse, creating large non-cash losses in future quarters
- Massive share dilution (45.1M shares vs 25.5M at year-end 2025) from equity offerings
- Full-year TTV guidance of $2.5B appears aggressive given H1 was only $410M, implying H2 must average $1.045B per quarter
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-055276 |
| Document: bakkt-20260810.htm | 0001628280-26-055276 |
| Document: 0001628280-26-055276-index-headers.html | 0001628280-26-055276 |
| Document: 0001628280-26-055276-index.html | 0001628280-26-055276 |
| Document: 0001628280-26-055276.txt | 0001628280-26-055276 |
| 8-K Data (Synthetic) | 0001628280-26-055276 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 15, 2026 11d ago | 25-NSE | $5.90 $5.24 | ▲ +11.19% | ▲ +10.17% | $4.79 (+18.81%) |
Aug 27, 2026 8w ago | 3 | $8.42 $8.38 | ▼ −0.48% | ▼ −0.74% | $4.79 (−43.11%) |
Aug 20, 2026 9w ago | Court Ruling | $7.50 $8.42 | ▲ +12.27% | ▲ +11.15% | $4.79 (−36.13%) |
Aug 19, 2026 9w ago | Insider Buy | $7.74 $8.23 | ▲ +6.33% | ▲ +6.72% | $4.79 (−38.11%) |
Aug 17, 2026 10w ago | 8-K | $7.12 $8.18 | ▲ +14.89% | ▲ +16.08% | $4.79 (−32.72%) |
Aug 10, 2026 11w ago | 8-K | $7.37 $6.93 | ▲ +5.97% | ▲ +5.57% | $4.79 (+35.01%) |
Aug 8, 2026 11w ago | Institutional Cluster | $7.65 $7.12 | ▼ −6.93% | ▼ −6.88% | $4.79 (−37.39%) |
Jul 27, 2026 13w ago | Press Release | $7.47 | awaiting T+5 | — | $4.79 (−35.88%) |
Jul 7, 2026 16w ago | Court Ruling | $8.36 $8.26 | ▼ −1.20% | ▼ −2.46% | $4.79 (−42.70%) |
Jun 29, 2026 17w ago | Insider Cluster | $7.81 $8.61 | ▲ +10.24% | ▲ +9.64% | $4.79 (−38.67%) |
US Market Status
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