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Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Revenues:        
Total revenues $ 204,774 $ 13,213 $ 565,622 $ 40,316
Operating expenses:        
Crypto costs 189,428 353 521,601 1,352
Execution, clearing and brokerage fees 697 0 2,902 0
Compensation and benefits 24,608 37,800 85,818 107,135
Professional services 1,962 2,707 7,204 9,291
Technology and communication 5,536 4,137 15,647 12,659
Selling, general and administrative 7,447 7,792 21,722 26,995
Acquisition-related expenses (739) 454 17,053 1,148
Depreciation and amortization 3,959 6,391 10,843 18,340
Related party expenses 1,033 267 3,145 901
Goodwill and intangible assets impairments 23,325 1,547,711 23,325 1,547,711
Impairment of long-lived assets 56 15 56 15
Restructuring expenses 0 0 4,471 0
Other operating expenses 322 487 1,231 1,706
Total operating expenses 257,634 1,608,114 715,018 1,727,253
Operating loss (52,860) (1,594,901) (149,396) (1,686,937)
Interest income, net 1,177 623 3,502 838
(Loss) gain from change in fair value of warrant liability (214) 428 (857) 13,139
Other income, net 379 696 33 607
Loss before income taxes (51,518) (1,593,154) (146,718) (1,672,353)
Income tax (expense) benefit (231) 606 (401) 8,844
Net loss (51,749) (1,592,548) (147,119) (1,663,509)
Less: Net loss attributable to noncontrolling interest (34,418) (1,124,416) (98,964) (1,184,352)
Net loss attributable to Bakkt Holdings, Inc. $ (17,331) $ (468,132) $ (48,155) $ (479,157)
Net loss per share attributable to Class A common stockholders:        
Basic (in dollars per share) $ (0.19) $ (6.11) $ (0.55) $ (7.00)
Diluted (in dollars per share) $ (0.19) $ (6.11) $ (0.55) $ (7.00)
Crypto services        
Revenues:        
Total revenues $ 191,750 $ 471 $ 527,526 $ 1,464
Loyalty services, net        
Revenues:        
Total revenues $ 13,024 $ 12,742 $ 38,096 $ 38,852