The 77% revenue collapse and widening EBITDA loss confirm Bakkt's crypto trading volumes are in freefall, making the stock highly dependent on the DTR acquisition and new Bakkt Agent/Markets initiatives generating revenue. Monitor Q2 2026 for first combined results with DTR and any signs of stablecoin payment volume materializing from the Zoth MoU.
Price Chart
Executive Summary
Bakkt reported Q1 2026 total revenue of $243.6 million, down 77.1% YoY from $1,065.8 million, driven by lower crypto trading volumes. Net loss attributable to Bakkt was $11.7 million, compared to net income of $7.7 million in Q1 2025, which included a $32.2 million non-cash warrant gain. The company completed its acquisition of DTR on April 30, 2026, and ended the quarter with $82.6 million in cash, cash equivalents, and restricted cash.
Key Financial Metrics
Key Facts
- Total revenue declined 77.1% YoY to $243.6 million from $1,065.8 million
- Net loss attributable to Bakkt was $11.7 million vs net income of $7.7 million in Q1 2025
- Adjusted EBITDA loss widened 17.0% to $13.7 million from $11.7 million in Q1 2025
- Completed DTR acquisition on April 30, 2026 in all-stock transaction issuing 11,316,775 shares
- Cash, cash equivalents and restricted cash of $82.6 million as of March 31, 2026
- Controllable operating expenses (ex-crypto costs) were approximately $18.5 million, roughly flat YoY
- No long-term debt and no noncontrolling interest on balance sheet
Financial Impact
Revenue declined by $822.2 million YoY (77.1%); net income swung from +$7.7M to -$11.7M; Adjusted EBITDA loss increased $2.0M to -$13.7M
Risk Factors
- Continued decline in crypto trading volumes could further compress revenue
- DTR acquisition integration may take longer or fail to deliver expected synergies
- Zoth partnership is only an MoU — definitive agreements not yet signed
- Significant shareholder dilution from 11.3M shares issued for DTR acquisition
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-033588 |
| Document: bakkt-20260511.htm | 0001628280-26-033588 |
| Document: 0001628280-26-033588-index-headers.html | 0001628280-26-033588 |
| Document: 0001628280-26-033588-index.html | 0001628280-26-033588 |
| Document: 0001628280-26-033588.txt | 0001628280-26-033588 |
| 8-K Data (Synthetic) | 0001628280-26-033588 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 15, 2026 12d ago | 25-NSE | $5.90 $5.24 | ▲ +11.19% | ▲ +10.17% | $5.09 (+13.73%) |
Aug 27, 2026 8w ago | 3 | $8.42 $8.38 | ▼ −0.48% | ▼ −0.74% | $5.09 (−39.55%) |
Aug 20, 2026 9w ago | Court Ruling | $7.50 $8.42 | ▲ +12.27% | ▲ +11.15% | $5.09 (−32.13%) |
Aug 19, 2026 9w ago | Insider Buy | $7.74 $8.23 | ▲ +6.33% | ▲ +6.72% | $5.09 (−34.24%) |
Aug 17, 2026 10w ago | 8-K | $7.12 $8.18 | ▲ +14.89% | ▲ +16.08% | $5.09 (−28.51%) |
Aug 10, 2026 11w ago | 8-K | $7.37 $6.93 | ▲ +5.97% | ▲ +5.57% | $5.09 (+30.94%) |
Aug 8, 2026 11w ago | Institutional Cluster | $7.65 $7.12 | ▼ −6.93% | ▼ −6.88% | $5.09 (−33.46%) |
Jul 27, 2026 13w ago | Press Release | $7.47 | awaiting T+5 | — | $5.09 (−31.86%) |
Jul 7, 2026 16w ago | Court Ruling | $8.36 $8.26 | ▼ −1.20% | ▼ −2.46% | $5.09 (−39.11%) |
Jun 29, 2026 17w ago | Insider Cluster | $7.81 $8.61 | ▲ +10.24% | ▲ +9.64% | $5.09 (−34.83%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers