Bakkt’s Loyalty Business offered a full spectrum of supplier content through configurable, white-label e-commerce storefronts that end users could acquire via redemption of loyalty points. The Company’s redemption catalog spanned a variety of rewards categories including travel, gift cards and merchandise, including a unique Apple product and services storefront. The travel solution offered a retail e-commerce booking platform with direct supplier integrations, as well as a U.S.-based call center for live-agent booking and servicing. Bakkt’s platform provided a unified shopping experience that was built to seamlessly extend its customers’ loyalty strategies and user experience for their loyalty programs. The platform’s functionality included a mobile-optimized user interface, numerous configurations to support diverse program needs, promotional campaign services, comprehensive fraud protection capabilities and the ability to split payments across both loyalty points and credit cards. On July 23, 2025, Bakkt agreed to sell the Loyalty Business, and closed the sale on October 1, 2025. As described in Note 2, Summary of Significant Accounting Policies, the Loyalty business is reported as a discontinued operation. Unless otherwise indicated, the notes to the financial statements herein are presented to reflect continuing operations, subsequent to the sale of the Loyalty Business. The Company has a Transition Service Agreement with the Loyalty buyer whereby both parties agree to provide services to each other. The Transition Services Agreement ends in early 2026 but can be extended by mutual agreement of the parties. The amount paid between the parties for the Transition Services Agreement for the year ended December 31, 2025, was immaterial


	Year Ended December 31, 2025		Year Ended December 31, 2024		Year Ended December 31, 2023
Revenues:

Loyalty services	$	28,202	$	49,164	$	53,148

Operating expenses:


Compensation and benefits	35,039		47,093		56,548
Professional services	111		359		218
Technology and communication	4,619		8,238		8,349
Selling, general and administrative	947		2,173		2,498

Depreciation and amortization	—		—		1,598

Goodwill and intangible assets impairments	—		—		47,839
Impairment of long-lived assets	228		145		6,162
Restructuring expenses	—		—		359
Other operating expenses	679		1,486		1,223
Total operating expenses	41,623		59,494		124,794
Operating loss from discontinued operations	(13,421)		(10,330)		(71,646)


Loss on sale of the Loyalty business	(20,362)		—		—
Other (expense) income, net	(772)		1,354		(424)
Loss from discontinued operations before income taxes	(34,555)		(8,976)		(72,070)
Income tax (expense) benefit	(19)		(60)		(89)
Loss from discontinued operations, net of tax	$	(34,574)	$	(9,036)	$	(72,159)


	As of December 31, 2025		As of December 31, 2024




Accounts receivable, net	$	—	$	16,965
Prepaid insurance			1
Other current assets			553
Assets of businesses held for sale	$	—	$	17,519

Property, equipment and software, net	$	—	$	—



Other assets			2,165
Noncurrent assets of businesses held for sale	$	—	$	2,165

Accounts payable and accrued liabilities	$	—	$	25,651

Deferred revenue, current			1,605



Other current liabilities			871
Liabilities of businesses held for sale	$	—	$	28,127

Deferred revenue, noncurrent	$	—	$	2,621

Other noncurrent liabilities			3,157
Noncurrent liabilities of businesses held for sale	$	—	$	5,778


	Year Ended December 31, 2025		Year Ended December 31, 2024		Year Ended December 31, 2023
Significant noncash activities - operating
Non-cash lease expense	$	416	$	578	$	1,970
Share-based compensation expense	6,184		1,173		980
Depreciation and amortization	—		—		1,598
Impairment on long-lived assets	—		—		6,162
Impairment of intangible assets	—		—		47,839
Total	$	6,600	$	1,750	$	58,549

Significant noncash activities - investing
Capitalized internal-use software development cost	$	—	$	—	$	1,938