| Schedule of Basic and Diluted Per Share Computations For Net Loss |
The following is a reconciliation of the denominators of the basic and diluted per share computations for net income (loss) (in thousands, except share and per share data): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
June 30, 2025 | | Three Months Ended
June 30, 2024 | | Six Months Ended
June 30, 2025 | | Six Months Ended
June 30, 2024 | | Net loss per share: | | | | | | | | | Numerator – basic and diluted: | | | | | | | | | Net loss | $ | (30,152) | | | $ | (35,512) | | | $ | (13,915) | | | $ | (56,787) | | | Less: Net loss attributable to noncontrolling interest | (15,418) | | | (19,088) | | | (6,889) | | | (32,198) | | | Net loss attributable to Bakkt Holdings, Inc. – basic | (14,734) | | | (16,424) | | | (7,026) | | | (24,589) | | | | | | | | | | | | | | | | | | | Net loss attributable to Bakkt Holdings, Inc. – diluted | $ | (14,734) | | | $ | (16,424) | | | $ | (7,026) | | | $ | (24,589) | | | | | | | | | | | Denominator – basic and diluted: | | | | | | | | | | | | | | | | | Weighted average shares outstanding – basic | 6,825,634 | | | 6,161,704 | | | 6,677,934 | | | 5,279,065 | | | | | | | | | | | Weighted average shares outstanding –diluted | 6,825,634 | | | 6,161,704 | | | 6,677,934 | | | 5,279,065 | | | | | | | | | | | | | | | | | | | Net loss per share – basic | $ | (2.16) | | | $ | (2.67) | | | $ | (1.05) | | | $ | (4.66) | | | Net loss per share – diluted | $ | (2.16) | | | $ | (2.67) | | | $ | (1.05) | | | $ | (4.66) | |
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| Schedule of Weighted-Average Potential Common Shares Excluded From Diluted Loss Per Common Share |
The following table summarizes the total potential common shares excluded from diluted earnings per common share as their effect would be anti-dilutive (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
June 30, 2025 | | Three Months Ended
June 30, 2024 | | Six Months Ended
June 30, 2025 | | Six Months Ended
June 30, 2024 | | RSUs and PSUs (treasury stock) | 3,215 | | | 1,109 | | | 3,215 | | | 1,109 | | | Public warrants (treasury stock) | 286 | | | 286 | | | 286 | | | 286 | | | Class 1 and Class 2 warrants (treasury stock) | 2,018 | | | 2,307 | | | 2,018 | | | 2,307 | | | Convertible debentures (if-converted) | 1,912 | | | — | | | 1,912 | | | — | | | Opco warrants (if-converted) | — | | | 32 | | | — | | | 32 | | | Opco common units (if-converted) | 7,177 | | | 7,195 | | | 7,177 | | | 7,195 | | | Total | 14,608 | | | 10,929 | | | 14,608 | | | 10,929 | |
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