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Discontinued Operations
 9 Months Ended
Sep. 30, 2025
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations Discontinued Operations
Our Loyalty Business offered a full spectrum of supplier content through configurable, white-label e-commerce storefronts that end users can acquire via redemption of loyalty points. The Company's redemption catalog spanned a variety of rewards categories including travel, gift cards and merchandise, including a unique Apple product and services storefront. The travel solution offered a retail e-commerce booking platform with direct supplier integrations, as well as a U.S.-based call center for live-agent booking and servicing. The Company's platform provided a unified shopping experience that was built to seamlessly extend the Company's customers’ loyalty strategies and user experience for their loyalty programs. Bakkt's platform’s functionality included a mobile-optimized user interface, numerous configurations to support diverse program needs, promotional campaign services, comprehensive fraud protection capabilities and the ability to split payments across both loyalty points and credit cards. On July 23, 2025, the Company agreed to sell the Loyalty Business, and closed the sale on October 1, 2025. Refer to Note 20 for further details. As described in Note 2, the Loyalty business is reported as a discontinued operation.
The following table summarizes the results of discontinued operations for the three and nine months ended September 30, 2025 and 2024 (in thousands):
Three Months Ended
September 30, 2025		Three Months Ended
September 30, 2024		Nine Months Ended
September 30, 2025		Nine Months Ended
September 30, 2024
Revenues:
Loyalty services revenues$9,269 $12,086 $28,202 $38,085 
Operating expenses:
Compensation and benefits8,868 11,217 28,855 36,747 
Professional services48 64 111 320 
Technology and communication1,451 2,076 4,619 6,351 
Selling, general and administrative295 663 947 2,075 
Impairment of long-lived assets228 — 228 145 
Other operating costs165 312 679 1,091 
Total operating expenses11,055 14,332 35,439 46,729 
Operating loss(1,786)(2,246)(7,237)(8,644)
Other income (expense), net202 (283)(772)234 
Loss before income taxes(1,584)(2,529)(8,009)(8,410)
Income tax (expense) benefit(18)1 (2)3 
Loss from discontinued operations$(1,602)$(2,528)$(8,011)$(8,407)
As of September 30, 2025 and December 31, 2024, the major classes of assets and liabilities of the Loyalty Business classified as held for sale were as follows (in thousands):
As of
September 30, 2025
(Unaudited)
As of
December 31, 2024
Assets
Current assets:
Accounts receivable, net$20,377 $16,965 
Prepaid insurance— 1 
Other current assets502 553 
Total current assets20,879 17,519 
Other assets3,576 2,165 
Total assets$24,455 $19,684 
Liabilities
Current liabilities:
Accounts payable and accrued liabilities$18,758 $25,651 
Deferred revenue, current1,440 1,605 
Other current liabilities654 526 
Total current liabilities20,852 27,782 
Deferred revenue, noncurrent1,864 2,621 
Other noncurrent liabilities3,104 3,504 
Total liabilities25,820 33,907 



The following summarizes the significant non-cash operating activities for discontinued operations for the three and nine months ended September 30, 2025 and 2024 (in thousands):

Three Months Ended
September 30, 2025		Three Months Ended
September 30, 2024		Nine Months Ended
September 30, 2025		Nine Months Ended
September 30, 2024
Non-cash lease expense137145416435
Share-based compensation expense3343211,158839
Total$471$466$1,574$1,273