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Bakkt Holdings | 10-K: Annual report

SEC announcement ·  Mar 25 16:36
Summary by Moomoo AI
Bakkt Holdings, a technology company connecting the digital economy, reported a significant increase in revenue for the year ended December 31, 2023, primarily driven by its acquisition of Bakkt Crypto. The company's total revenues surged to $780.1 million, up from $56.2 million in the previous year, with crypto services revenue contributing $726.9 million to the total. Despite the revenue growth, Bakkt Holdings experienced a net loss of $225.8 million, an improvement from the $1.9 billion net loss in the prior year. The company's operating expenses decreased by $1.067 billion, largely due to a reduction in goodwill and intangible asset impairments. Bakkt Holdings did not declare dividends, intending to retain funds for business growth and development. In terms of business development, Bakkt Holdings has expanded its platform...Show More
Bakkt Holdings, a technology company connecting the digital economy, reported a significant increase in revenue for the year ended December 31, 2023, primarily driven by its acquisition of Bakkt Crypto. The company's total revenues surged to $780.1 million, up from $56.2 million in the previous year, with crypto services revenue contributing $726.9 million to the total. Despite the revenue growth, Bakkt Holdings experienced a net loss of $225.8 million, an improvement from the $1.9 billion net loss in the prior year. The company's operating expenses decreased by $1.067 billion, largely due to a reduction in goodwill and intangible asset impairments. Bakkt Holdings did not declare dividends, intending to retain funds for business growth and development. In terms of business development, Bakkt Holdings has expanded its platform capabilities, including the acquisition of Apex Crypto, now Bakkt Crypto Solutions, LLC, which broadens its partnerships with fintechs and neobanks. The company also completed the acquisition of Bumped Financial, rebranded as Bakkt Brokerage, LLC. However, Bakkt Holdings has indefinitely suspended the development of certain functionalities, such as Bakkt Payouts and the capability for registered customers to transfer crypto assets within its platform. Looking ahead, Bakkt Holdings plans to leverage its current team and the Bakkt Crypto acquisition to execute its growth strategy. The company aims to reduce operating cash usage in 2024 through increased revenue and expense reductions. Bakkt Holdings also completed a registered direct offering in February 2024, raising approximately $40 million in net proceeds, which will be used to fund operations, activate new crypto clients, maintain product development, and optimize technology infrastructure.

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