Includes second quarter 2023 results for Apex Crypto, which was acquired on April 1, 2023 and rebranded as Bakkt Crypto Solutions.
In accordance with generally accepted accounting principles, crypto services revenue, crypto costs, execution, clearing, and total brokerage fees are provided.
Total crypto services revenue of $335.3 million, versus $334.0 million in cryptocurrency, execution, clearing and brokerage costs, reflects the impact of Apex Crypto's trading activities.
Revenue includes $347.6 million in total crypto revenue and net loyalty revenue
Operating expenses of $398.7 million include encryption and enforcement costs, clearing and brokerage costs, and acquisition-related costs of $17.0 million, of which $12.1 million is non-cash.
Significant addition to our client base with seven new clients recently signed including Latin America
Updated 2023 non-GAAP revenue, cash flow from operations, and free cash flow guidance reflect the impact of the Apex Crypto acquisition and the current macroeconomic environment.
Cash burn for 2023 is expected to be between $78 million and $84 million, down 20% from a previous forecast. In the second half of 2023, operational process utilization is expected to decline by more than 75% compared to the first half, reflecting our focus on prudent cost management.
ALPHARETA, GA, Aug. 10, 2023 - (BUSINESS WIRE) - Bakkt Holdings, Inc. ("Bakkt") (NYSE: BKKT) announced its financial and operating results for the quarter ended June 30, 2023.
"We are pleased with the momentum we achieved in the second quarter," said Gavin Michael, President and CEO of Bucket. “Closing the Apex Crypto acquisition earlier this quarter was a defining moment for us. Focused execution enabled us to deliver a seamless experience to our customers, including the launch of a new app for Webull . As a result, we have successfully expanded our signature broadly to include a system cryptocurrency New customer acquisitions and exciting new collaborations with Plaid and Fireblock in Latin America in the fourth quarter "We are actively expanding in the UK, EU, Hong Kong and Australia. We are excited about the momentum we are building and our world-class platform is well positioned for our continued success."
Another strategic quote
Crypto Trading - Completed the acquisition of Apex Crypto and the integration of our business with a name change to Bakk Crypto Solutions. Strong progress growing our platform and customer network, including:
WeBull - Develop and launch the new WeBull Pay app and ACH 1 financing feature for WeBull Pay customers in about 40 days. Great opportunity to take advantage of ACH 1 money functionality for new and existing clients.
Client Expansion - Our cryptocurrency trading capabilities are attracting a lot of interest from new clients, particularly in the FinTech sector. Recently signed clients include Investor, Bitcoin Swan, Blockchain.com, Zaden, ibex and CryptoMom . Through Ibex we will expand our presence in Latin America. Our business agreement with Apex FinTech Solutions has been invaluable to us and has helped us create some of these new client relationships.
Partnership with Plaid - We are joining forces with Plaid , where we will be one of Plaid 's encryption solutions partners for customers looking to offer end user encryption solutions. Plaid has a large network of more than 8,000 fintechs that use its platform. The partnership between Plaid and Bakkt will enable these financial companies to easily and securely explore a cryptocurrency solution (Bakkt) for users.
Crypto Custody - We continue to invest in our world-class custody to enhance our offering through app redesigns and additional product launches including new features. Successful deployments to our platform include:
Customer extension - Our secure and reliable monitoring platform is witnessing a trend towards quality by increasing the interest of new customers. We have been successful in acquiring new monitoring clients and are in late stage discussions with several opportunities for a wide range of vertical clients.
Partnership with FireBlock - Signs a new multilateral agreement with the provision of disaster recovery services to FireBlock's OTC clients. We will also join the FireBlocks Qualified Custody Network, part of the FireBlocks network that thousands of institutions use to transfer $3 trillion in digital assets daily, providing access to a massive network of over 1,800 institutions.
Financial indicators for the second quarter of Pakket (unaudited)
Includes second quarter 2023 results for Apex Crypto, which we obtained on April 1, 2023. In accordance with generally accepted accounting principles, we report crypto services revenue, crypto costs, execution, clearing and brokerage fees on a gross basis because we control these transactions. .
In millions of dollars | 2Q23 | 2k22 | He increases/ |
Enter | $347.6 | $14.0 | NM |
Operating expenses | 398.7 | 57.6 | NM |
operating loss | (51.1) | (43.6) | 17% |
net loss | (50.5) | (27.6) | 83% |
Loss adjusted EBITDA (non-GAAP) | ($24.5) | ($29.6) | (17%) |
Note: "NM" means not important |
_____________ |
1 is currently available in most states, pending regulatory approval in some states. |
KPIs (with historical data from Apex Crypto for comparison):
6.0 million crypto-enabled accounts continue to grow.
Transactional accounts of 1.2 billion declined 20% year-over-year, reflecting slowing crypto activity across the industry.
Theoretical trading volume fell 51% year-on-year to $531 million due to industry-wide declines in cryptocurrency exchange volume and lower adherence to the hotel, car rental, and commodity exchange business.
Custody assets of $660 million were up 3% year-over-year, mainly due to higher currency rates.
Revenue of $347.6 million reflects a significant increase in crypto services revenue generated by Apex Crypto's trading activities. Net loyalty revenue of $12.3 million decreased 8% year-over-year as subscription and service revenue declined due to lower volume-based service revenue.
Operating expenses of $398.7 million reflect a significant increase in cryptocurrency, execution, clearing and brokerage costs driven by Apex Crypto's trading activities, as well as acquisition-related costs of $17.0 million, including $10.4 million in illegal charges. Conditional profit inventory under the Apex Crypto purchase agreement.
Operating losses of $51.1 million increased 17% year-over-year due to acquisition-related costs, which were partially offset by higher compensation and benefits costs, headcount reductions and inventory-based compensation costs.
Net loss ($50.5 million) was up 83% year-on-year.
The (non-GAAP) adjusted EBITDA loss of ($24.5 million) decreased 17% year over year, primarily due to lower compensation, benefits and marketing expenses.
Updated forecast for 2023
We are fully updating our policies for 2023 to reflect the impact of Apex Crypto purchases and the current market environment:
Full year 2023 sales will range from approximately $2.132 billion to approximately $3.771 billion; It includes approximately $2.077 billion to $3.716 billion in total revenue and approximately $55 million in net loyalty revenue.
Cryptocurrency spending is expected to grow from around $2.069 billion to $3.702 billion in 2023 through total crypto revenue.
Net cash used from full year 2023 operations will be ~ ($78M) - ~ ($84M). Full-year forecast prior to 2023 ($100m) - ($110m).
The full year 2023 non-GAAP free cash flow will be ~ ($90 million) - ~ ($96 million). Full-year forecast prior to 2023 ($105 million) - ($115 million). Estimated free cash flow utilization for the second half of 2023 is approximately 70-80% lower than first half 2023 levels, reflecting our focus on prudent cost management.
Information about webcasts and conference calls
Bakkt will host a conference call on August 10, 2023 at 9:00 AM ET. Power point . Investors and analysts wishing to participate in the conference call are asked to call (833) 470-1428 or (404) 975-4839 and access reference code 830313 ten minutes prior to the start of the call. Recording will be available immediately after the call and can be accessed by calling (866) 813-9403 and entering passcode 989042. Replays are available through September 7, 2023.
about crying
Founded in 2018, Bakkt creates solutions that enable our customers to grow with the cryptocurrency economy. With institutional custody, trading and access capabilities, our clients benefit from technology designed for sustainable, long-term cryptocurrency ownership.
Buckt Corporation is headquartered in Alpharetta, Georgia. For more information, visit: https://www.bakkt.com/ | X (formerly Twitter) Bakkt Linkedin https://www.linkedin.com/company/bakkt/.
The speaker is
Source: Bakkt Holdings, Inc.
Cautionary note regarding forward-looking statements
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934. These statements include, but are not limited to, statements regarding the impact of the Apex Crypto acquisition. , Bakkt's recommendations on Apex Crypto's full 2023 results, and suggestions, plans, goals, projections, and objectives related to Bakkt's future operations, products, and services. . . , among others. Forward-looking statements are identified by words such as “intends,” “potential,” “anticipates,” “continues,” “expects,” “estimates,” “believes,” “will,” “plans,” “expects.” . . or “expectation,” “growth,” “progress,” “potential,” or words of similar meaning. These forward-looking statements are based on the current beliefs and expectations of Speaker's management and, by their very nature, are subject to significant economic and competitive uncertainties and contingencies, many of which are difficult to predict and are beyond Speaker's control. Actual results and the timing of events could differ materially from those projected in these forward-looking statements because of: the Company's growth and its ability to manage growth profitably; changes in Bakkt's business strategy; changes in the markets in which Bakkt competes, including changes in the competitive landscape, technological developments, or applicable laws or regulations; market changes driven by speakers; Disruption in the cryptocurrency market exposes Buckt to additional risks, including the risk that banks will stop providing banking services to Buckt; the potential for Bakkt to be adversely affected by other economic, business and/or competitive factors; inability to introduce new services and products or expand profitably into new markets and services; failure to implement Bakkt's growth strategies, including identifying and implementing acquisitions and initiatives to bring in new Bakkt customers; Bakkt's failure to comply with comprehensive government rules, regulations, licenses, and ratings; insecure regulatory regimes for blockchain and cryptographic technologies; failure to develop and maintain effective internal controls and procedures; exposure to liability, prolonged and costly litigation, or reputational damage related to Bakkt's data security; the effect of impairment of goodwill or other intangible assets on the Company's results of operations; the impact of a pandemic or other public health emergency; Bakkt's inability to hold securities listed on the New York Stock Exchange; and other risks and uncertainties discussed in plan filings with the Securities and Exchange Commission. We caution you not to place undue reliance on these forward-looking statements. These forward-looking statements speak only as of the date such statements are made and are based on information available to us as of the date of this press release. Except as required by law, we do not undertake to update the forward-looking statements in this press release to reflect events or circumstances after the date of this press release or to reflect new information or unexpected events.
identification
Encrypted Accounts : The total number of encrypted accounts opened
Transactional Account : A unique account that handles at least one cryptocurrency buy/sell transaction and loyalty purchase per month. The monthly amount is divided monthly. The quarterly value represents the sum of all months in a quarter
নোশনা. God knows best. The Holy Qur'an says, "This is the Qur'an."
This is the best way to do it. This is the best of the best. টি।
the best of the best
সামঞ্জস্য করা EBITDA হল একটি নন-GAAP আর্থিক পরিমাপ যা সুদ, আয়কর , the best is the best. God bless you - God bless you, God bless you. This is the best, the best is the best. ণনা করা হয়। The Holy Qur'an says, This is true of Allah, the Most Merciful. ু অন্যান্য অ-আর্থিক এবং/অথবা পুনরাবৃত্ত আইটেম যা সরাসরি অ The following is the Arabic word for Arabic. This is the case. সামঞ্জস্য করা EBITDA বিনিয়োগ এবং অর্থায়ন This is the best way to do this. This is the best of the best. The Holy Quran is true. This is the best of the best. নিয়োগকারীর জন্য উপযোগী হতে পারে। সামঞ্ছ পরিমাপ নয় এবং GAAP-এর অধীনে গণনা করা নেট আয় (ক্ষতি) বা অন্য This is the case with the Prophet, peace be upon him. য়। EBITDA-এর সংজ্ঞা কোম্পানির দ্বার আমাদের The next day, the next day, the next day. ।
নন-GAAP আর্থিক ব্যবস্থা যেমন সামঞ্জস্যপূর্ণ EBITDA সীমাবদ্ধতা সা GAAP GAAP GAAP This is very true. GAAP is the best in the world. The AP is the best. The following is the case.
GAAP নেট লস এবঁ image)
I'm sorry. | 2Q23 | 2Q22 |
নেট ক্ষতি | ($50.5) | ($27.6) |
This is a good example. | 3.8 | 6.1 |
সুদের আয়, নেট | (০.৭) | (0.2) |
আয়কর ব্যয় (সুবিধা) | 0.2 | (5.1) |
EBITDA | ($47.2) | ($26.8) |
the most recent | 17.0 | 0.2 |
God knows best. | 4.4 | 7.1 |
সাধারণ | - | (0,0) |
(লাভ) This is very true. তি | (0.4) | (10.3) |
the next. | 0.2 | - |
the best of the best | 1.5 | 0.3 |
সামঞ্জস্য করা EBITDA ক্ষতি | ($24.5) | ($29.6) |
বিনামূল্যে নগদ প্রবাহ একটি নন-GAAP আরিমাপ। He said, "The Holy Qur'an says: This is the best of the best. He said, "It's true that God knows best." This is a very good example. It's true that God knows best. God knows best, God knows best. It's true that God knows best. This is the case.
The Holy Qur'an says the Holy Qur'an is true. GAAP's video is on the Arabic language. রণগুলির জন্য দরকারী তথ্য প্রদান যাইহোক, GAAP মুকggy যাশের ব. the best of the best.
GAAP is the best of the best. ীক্ষিত) | ||
2023 E | ||
I'm sorry. | দুর্বল | video |
The following is the result. | ($78) | ($84) |
The next is the next. the best of the best | (4) | (4) |
সুদের আয়, নেট | (৮ম) | (৮ম) |
God bless you. | ($90) | ($96) |
the next. | ||
I'm sorry. | 06/23/30 at | 12/22/31 at |
the most recent | ||
চলতি সম্পদ | ||
God knows best. | $84.5 | $98.3 |
সীমিত নগদ | 24.9 | 16.5 |
a picture. | 0.5 | 0.6 |
this is true | 14.9 | 141.1 |
অ্যাকাউন্ট | 21.0 | 25.3 |
this is the best | 16.0 | 22.8 |
the best of the best. | 659.7 | 15.8 |
the next. | 7.8 | 6.1 |
the most recent | 829.2 | 326.5 |
স্থায়ী | 20.2 | 19.7 |
ভাল ইচ্ছা | 66.9 | 15.9 |
the next, the next. | 67.7 | 55.8 |
this is true | 15.3 | 15.2 |
this is the best | 24.5 | 22.5 |
মোট সম্পদ | $1,023.7 | $455.50 |
দায় এবং উ. | ||
বর্তমান দায় | ||
the best of the best | $52.4 | $66.8 |
the best of the best | 0.5 | 0.6 |
this is true | 3.8 | 4.0 |
I'm sorry. | 1.0 | 1.2 |
Cryptocurrency | 659.7 | 15.8 |
this is the best. | 3.7 | 3.8 |
God knows best. | 721.0 | 92.1 |
the next day | 2.5 | 3.1 |
the next. | 1.4 | 0.8 |
this is how it works | - | - |
this is true | 38.9 | 23.4 |
this is true | 763.9 | 119.4 |
I'm sorry. | ||
$0.0001 $0.0001 $0.0001 $0.0001 $750,000000 $0.0001 $91.28 6,095 on Sunday 06/30/23 on 06/30/23 on 12/31/22. অনুযায়ী 80,926,843 শেয়ার) | 0.0 | 0.0 |
ক্লাস V কমন স্টক ($0.0001 সমান মূল্য, 250,000,000 অনুমোদিত শেয়ার, 183 ,279,887টি ইস্যু করা শেয়ার এবং 183,482,777টি 6/30/23 to 12/31/22 তারিখে জার ি করা শেয়ার) | 0.0 | 0.0 |
বোনাস | 791.2 | 773.0 |
This is true. | (0.2) | (0.3) |
a picture of | (707.3) | (676.4) |
মোট ইক money | ৮৩. ৮ | 96.3 |
the next. | 176.1 | 239.8 |
পুরো এস্টেট | 259.9 | ৩৩৬.১ |
it's true | $1,023.7 | $455.50 |
অপারেশনের একীভূত বিবৃতি (অনিরীক্ষিত) | ||
I'm sorry. | 2Q23 | 2Q22 |
আয়: | ||
a picture of | $335.3 | $0.7 |
আনুগত্য সেবা, পরিষ্কার | 12.3 | 13.4 |
আএর হ | 347.6 | 14.0 |
পরিচালনা খরচ: | ||
ক্রিপ্টো খরচ | ৩৩১.৮ | 0.5 |
এক্সিকিউশন, ক্লিয়ারিং এবং ব্রোকারেজ ফি | 2.2 | - |
সুবিধা এবং ক্ষতিপূরণ | 27.1 | 34.2 |
পেশাদারী সেবা | 2.9 | 1.9 |
প্রযুক্তি এবং যোগাযোগ | 4.4 | 4.2 |
বিক্রি, সাধারণ এবং প্রশাসনিক খরচ | 7.6 | ৯.৮ |
অধিগ্রহণ-সম্পর্কিত খরচ | 17.0 | 0.2 |
অবচয় এবং ক্রমশোধ | 3.8 | 6.1 |
সংশ্লিষ্ট পার্টি ফি | 1.5 | 0.3 |
পুনর্গঠন খরচ | 0.2 | - |
অন্যান্য কার্জনির্বাহ খরচ | 0.2 | 0.5 |
ব্যবসায়িক খরচ | 398.7 | 57.6 |
অপারেটিং ক্ষতি | (51.1) | (43.6) |
সুদের আয়, নেট | 0.7 | 0.2 |
গ্যারান্টি দায়বদ্ধতার ন্যায্য মূল্যের পরিবর্তন থেকে লাভ | 0.4 | 10.3 |
অন্যান্য (ব্যয়) আয়, নেট | (0.3) | 0.4 |
আয়করের আগে ক্ষতি | (৫০.৪) | (৩২.৭) |
আয়কর সুবিধা (ব্যয়) | (0.2) | 5.1 |
নেট ক্ষতি | (৫০.৫) | (27.6) |
কম: অ-নিয়ন্ত্রিত স্বার্থের জন্য দায়ী নেট ক্ষতি | (৩৩.৭) | (23.7) |
Bakkt Holdings, Inc এর জন্য দায়ী নিট ক্ষতি | ($16.8) | ($3.9) |
শ্রেণী A সাধারণ শেয়ারহোল্ডারদের জন্য দায়ী শেয়ার প্রতি নিট ক্ষতি | ||
মৌলিক | $(0.19) | $(০.০৫) |
মিশ্রিত | $(0.19) | $(০.০৫) |
নগদ প্রবাহের একীভূত বিবৃতি (অনিরীক্ষিত) | |||
মিলিয়ন ডলারে | 2Q23 | 2Q22 | |
অপারেশন থেকে নগদ উত্পন্ন: | |||
নেট ক্ষতি | ($50.5) | ($27.6) | |
অপারেটিং কার্যক্রম থেকে নেট নগদ ক্ষতির সাথে পুনর্মিলন সমন্বয়: | |||
অবচয় এবং ক্রমশোধ | 3.8 | 6.1 | |
অ-নগদ ভাড়া খরচ | 0.7 | 0.8 | |
স্টক-ভিত্তিক ক্ষতিপূরণ ব্যয় | 4.1 | ৮.০ | |
ইউনিট পারিশ্রমিকের জন্য ব্যয় | 0.2 | (1.0) | |
সাধারণ স্টকের মেয়াদ শেষ হওয়া এবং বাতিলকরণ | - | (0,0) | |
বিলম্বিত কর | - | (5.1) | |
সম্পদের নিষ্পত্তিতে মূলধন ক্ষতি | 0.0 | - | |
গ্যারান্টি দায়বদ্ধতার ন্যায্য মূল্যের পরিবর্তন থেকে লাভ | (0.4) | (10.3) | |
অন্যথায় | (0.2) | (0.1) | |
অপারেটিং সম্পদ এবং দায় পরিবর্তন: | |||
প্রয়োজনীয়তা | 4.4 | (2.0) | |
আগাম প্রদত্ত বীমা | 2.6 | 4.3 | |
ক্লিয়ারিং হাউসের আমানত | 0.0 | 0.0 | |
ট্রেড প্রদেয় এবং অর্জিত দায় | 4.9 | (1.0) | |
সংশ্লিষ্ট পক্ষের কারণে | 0.5 | 0.3 | |
প্রিপেইড খরচ | (0.3) | (০.৬) | |
অপারেটিং লিজ থেকে দায় | (০.৭) | 0.6 | |
গ্রাহক অর্থপ্রদান তহবিল | (0,0) | (0,0) | |
অন্যান্য সম্পদ এবং দায় | (0.3) | 0.4 | |
অপারেটিং কার্যক্রম থেকে নেট নগদ প্রবাহ | (30.9) | (27.2) | |
বিনিয়োগ কার্যক্রম থেকে নগদ প্রবাহ: | |||
বিলম্বিত অভ্যন্তরীণ সফ্টওয়্যার বিকাশের ব্যয় এবং অন্যান্য মূলধন ব্যয় | (2.3) | (11.6) | |
বিক্রয়ের জন্য সিকিউরিটিজ ক্রয় | - | (189.2) | |
বিক্রয়ের জন্য উপলব্ধ সিকিউরিটিজের পরিপক্কতার ফলন | 52.2 | - | |
Bumped Financial, LLC এর অধিগ্রহণ | - | - | |
Apex Crypto LLC-এর ক্রয়, কেনার অর্থ বিয়োগ | (44.4) | - | |
বিনিয়োগ কার্যক্রম থেকে নেট নগদ (ব্যবহৃত) | 5.4 | (200.8) | |
অর্থায়ন কার্যক্রম থেকে নগদ প্রবাহ: | |||
অর্ডার এক্সিকিউশন থেকে আয় | - | 0.0 | |
ক্লাস এ কমন শেয়ারের রিডেম্পশন এবং বাতিলকরণ | (2.5) | - | |
অর্থায়ন কার্যক্রম থেকে নেট নগদ প্রবাহ (ব্যবহৃত)। | (2.5) | 0.0 | |
বিনিময় হার পরিবর্তনের প্রভাব | 0.3 | (0.4) | |
নগদ, নগদ সমতুল্য, সীমাবদ্ধ নগদ, ট্রাস্ট ফান্ড এবং ক্লায়েন্ট তহবিলের নিট হ্রাস | (27.6) | (228.4) | |
নগদ, নগদ সমতুল্য, সীমাবদ্ধ নগদ, ট্রাস্টে রাখা নগদ এবং ক্লায়েন্ট আমানত, সময়কাল-শুরু করার সময়কাল | $137.9 | $372.3 | |
নগদ, নগদ সমতুল্য, সীমাবদ্ধ নগদ, ট্রাস্টে রাখা নগদ এবং ক্লায়েন্ট তহবিল যখন বকেয়া হয় | $110.3 | $143.9 | |
businesswire.com-এ উত্স সংস্করণটি দেখুন: https://www.businesswire.com/news/home/20230809028667/eu/
পরিচিতি
বিনিয়োগকারী সম্পর্ক
অ্যান ডেভরিস, বিনিয়োগকারী সম্পর্কের প্রধান
Ann.DeVries@bakkt.com
মিডিয়া
লরেন পোস্ট, যোগাযোগ পরিচালক
Lauren.Post@bakkt.com