Net Loss per share

9 Months Ended

Sep. 30, 2025

Basic loss per share is based on the weighted average number of shares of Class A Common Stock issued and outstanding. Diluted earnings per share is based on the weighted average number shares of Class A Common Stock issued and outstanding and the effect of all dilutive common stock equivalents and potentially dilutive share-based awards outstanding. The potentially dilutive securities that would be anti-dilutive are not included in the calculation of diluted earnings per share attributable to controlling interest.

The following is a reconciliation of the denominators of the basic and diluted per share computations for net income (loss) (in thousands, except share and per share data):


	Three Months Ended September 30, 2025		Three Months Ended September 30, 2024		Nine Months Ended September 30, 2025		Nine Months Ended September 30, 2024
Net loss per share:
Numerator – basic and diluted:
Net loss from continuing operations	$	(21,554)	$	(3,763)	$	(29,058)	$	(54,671)
Less: Net loss from continuing operations attributable to noncontrolling interest	(7,668)		(2,033)		(11,858)		(30,854)
Net loss from continuing operations attributable to Bakkt Holdings, Inc.	(13,886)		(1,730)		(17,200)		(23,817)


Net loss from discontinued operations attributable to Bakkt Holdings, Inc.	$	(1,032)	$	(1,163)	$	(4,742)	$	(3,663)
Net loss attributable to Bakkt Holdings, Inc.	$	(14,918)	$	(2,893)	$	(21,942)	$	(27,480)




Denominator – basic and diluted:

Weighted average shares outstanding	13,015,011		6,361,793		8,783,195		5,642,609




Net loss per share from continuing operations attributable to Bakkt Holdings, Inc.	$	(1.07)	$	(0.27)	$	(1.96)	$	(4.22)
Net loss per share from discontinued operations attributable to Bakkt Holdings, Inc.	$	(0.08)	$	(0.18)	$	(0.54)	$	(0.65)
Net loss per share attributable to Bakkt Holdings, Inc.	$	(1.15)	$	(0.45)	$	(2.50)	$	(4.87)

Potential common shares issuable to employees or directors upon exercise or conversion of shares under our share-based and unit-based compensation plans, conversion of debentures, and exercise of warrants are excluded from the computation of diluted earnings per common share when the effect would be anti-dilutive.

The following table summarizes the total potential common shares excluded from diluted earnings per common share as their effect would be anti-dilutive (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
RSUs and PSUs (treasury stock)	2,750	1,274	2,750	1,274
Public warrants (treasury stock)	286	286	286	286
Class 1 and Class 2 warrants (treasury stock)	2,018	2,018	2,018	2,018

Opco warrants (if-converted)	—	32	—	32
Opco common units (if-converted)	7,175	7,195	7,175	7,195
Total	12,229	10,805	12,229	10,805