v3.25.1
Consolidated Balance Sheet Components
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Consolidated Balance Sheet Components Consolidated Balance Sheet Components
Accounts Receivable, Net
Accounts receivable, net consisted of the following (in thousands):
March 31, 2025December 31, 2024
Trade accounts receivable$18,874 $11,768 
Receivables from customers, clients and liquidity partners5,222 5,833 
Unbilled receivables1,391 2,296 
Deposits1,692 1,242 
Other receivables2,514 4,527 
Total accounts receivable29,693 25,666 
Less: Allowance for doubtful accounts(1,002)(1,018)
Total$28,691 $24,648 
Deposits includes cash, as noted on the consolidated statements of cash flows, at clearing agencies used to settle customer transactions. Amounts payable and receivable to our liquidity providers are reported net by counterparty when the right of offset exists.

Other Current Assets
Other current assets consisted of the following (in thousands):
March 31, 2025December 31, 2024
Prepaid expenses$2,846 $2,569 
Other152 152 
Total$2,998 $2,721 
Property, Equipment and Software, Net
Property, equipment and software, net consisted of the following (in thousands):
March 31, 2025December 31, 2024
Internal-use software$2,042 $1,917 
Other computer and network equipment872 867 
Leasehold improvements276 276 
Property, equipment and software, gross3,190 3,060 
Less: accumulated amortization and depreciation(1,216)(996)
Total$1,974 $2,064 
For the three months ended March 31, 2025, depreciation and amortization expense related to property, equipment and software amounted to $0.2 million, of which $0.2 million related to amortization expense of capitalized internal-use software placed in service.
For the three months ended March 31, 2024, depreciation and amortization expense related to property, equipment and software amounted to $0.1 million, of which $0.1 million related to amortization expense of capitalized internal-use software placed in service.
Other Assets
Other assets consisted of the following (in thousands):
March 31, 2025December 31, 2024
Operating lease right-of-use assets$7,368 $9,735 
Other3,596 2,832 
Total$10,964 $12,567 
The Company accounts for crypto it owns as indefinite-lived intangible assets and initially measures such crypto assets at cost (under a first-in, first-out basis). These assets are not amortized, but are measured at fair value each reporting period with changes recognized in net income (loss). Bakkt generally holds a nominal amount of each crypto asset it supports on its platform to facilitate trades and settlements, if necessary. The crypto assets are reported in "Other assets" on the consolidated balance sheets and fair value changes are recognized in "other income, net" on the consolidated statements of operations. The Company's owned crypto assets are typically liquidated on a daily basis during the fulfillment of customer orders and settlement with liquidity providers. Fair value changes were not material for the three months ended March 31, 2025. Bakkt's owned crypto assets were not material as of March 31, 2025 and December 31, 2024. We classify cash flows from crypto within cash flows from operating activities.
Accounts Payable and Accrued Liabilities
Accounts payable and accrued liabilities consisted of the following (in thousands):
March 31, 2025December 31, 2024
Accounts payable$7,204 $6,460 
Payables to clients and customers3,090 6,322 
Accrued expenses16,194 14,603 
Purchasing card payable5,185 4,475 
Salaries and benefits payable1,923 1,252 
Loyalty revenue share liability2,683 4,261 
Other1,246 2,538 
Total$37,525 $39,911 
Other Current Liabilities
Other current liabilities consisted of the following (in thousands):
March 31, 2025December 31, 2024
Current maturities of operating lease liability3,556 4,279 
Other1,560 998 
Total$5,116 $5,277 
Other Noncurrent Liabilities
Other noncurrent liabilities consisted of the following (in thousands):
March 31, 2025December 31, 2024
Operating lease liability, noncurrent14,326 19,261 
Note payable due to related party5,011 — 
Total$19,337 $19,261