Segment Reporting

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Segment Reporting

Segment Reporting

The measure of segment assets is reported in the consolidated balance sheets as total assets. The CODM uses net income (loss) to allocate resources as part of the Company's annual and long-term planning processes, and to evaluate operating performance based on budget to actual results. Certain information provided to the CODM presents operating expenses on a different basis than that presented in the consolidated statements of operations.

During the three and nine months ended September 30, 2025 and September 30, 2024, all material operations are within the United States. Bakkt's chief operating decision maker allocates resources and assesses performance based upon financial information at the consolidated level.

The following table represents significant segment expenses provided to the CODM for the three and nine months ended September 30, 2025, and September 30, 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
Total revenues	$	402,211	$	316,333	$	2,036,070	$	1,654,814
Segment expenses:
Personnel1	$	5,383	$	7,806	$	14,703	$	26,220
Non-cash compensation1	7,782		2,324		16,639		12,226
Professional fees	7,364		5,282		16,562		12,040
Technology	1,864		2,125		5,052		7,203
Occupancy2	584		697		1,186		2,146
Marketing and promotions3	123		1,180		327		2,323
Business insurance4	1,183		4,286		4,009		11,189
Depreciation and amortization	153		107		527		282
Other operating costs5	2,258		2,614		5,563		6,035
Crypto costs	396,815		312,841		2,012,524		1,636,514
Execution, clearing and brokerage fees	3,965		2,208		15,797		11,229
Total operating expenses per Consolidated Statements of Operations	$	427,474	$	341,470	$	2,092,889	$	1,727,407
Operating loss from continuing operations	$	(25,263)	$	(25,137)	$	(56,819)	$	(72,593)
Other income, net6	(3,709)		(21,374)		(27,761)		(17,922)
Net loss from continuing operations	$	(21,554)	$	(3,763)	$	(29,058)	$	(54,671)

1	Personnel includes payroll and benefits, excluding stock-based compensation, which is included in Non-cash compensation. Both are reported as part of Compensation and benefits on the consolidated statements of operations.
2	Occupancy includes facility related expenses such as rent and is reported as Selling, general and administrative on the consolidated statements of operations.
3	Marketing and promotions primarily consist of web-based promotional campaigns, promotional activities with clients, conferences and user events, and brand-building activities and are reported as Selling, general and administrative on the consolidated statements of operations.
4	Business insurance primarily consists of business liability insurance premiums and is recorded as Selling, general and administrative on the consolidated statements of operations.
5	Other operating costs consist primarily of Restructuring costs and Impairment of long-lived assets as presented on the statements of operations, as well as costs that are reported as Selling, general and administrative, Other operating expenses, and Compensation and benefits on the consolidated statements of operations.
6	Other expense (income), net consists primarily of Interest income, net, (Loss) gain from change in fair value of warrant liability and derivatives, and Other expense, net, and Income tax (expense) benefit as presented in the consolidated statements of operations.

On August 26, 2025, the Company received notice from Public Platform LLC (“Public”) that it was exercising its rights under its commercial agreement with the Company to initiate the offboarding of its customers from the Company’s platform. Public completed the offboarding from our platform on October 25, 2025. Public represented approximately 9% of the Company’s crypto services revenue for the year ended December 31, 2024, and approximately 18% of crypto services revenue for the nine months ended September 30, 2025. The Company expects the offboarding of Public to result in a decline in crypto services revenue beginning in the fourth quarter of 2025. Management is actively assessing the impact of this change and is pursuing alternative customer and partner relationships to mitigate the effect on future segment performance.

On March 14, 2025, the Company's largest client, Webull Pay LLC (“Webull”), notified the Company that it would not renew its agreement with Bakkt when it ended on June 14, 2025, although the Company continues to service a

limited number of states under an amended agreement with Webull. Webull represented approximately 74% of the Company’s Crypto services revenue for the year ended December 31, 2024.

Bakkt also received notice from Bank of America Corporation (“Bank of America”) on March 14, 2025 that Bank of America would not renew its commercial agreement with Bakkt's Loyalty Business. As a result, such agreement expired in accordance with its terms on April 22, 2025, subject to the Company’s obligation to provide transition services for up to a 12-month period. Bank of America represented approximately 16% of the Company's Loyalty Business’s net revenue for the year ended December 31, 2024.