| 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 loss (in thousands, except share and per share data): | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2025 | | Year Ended December 31, 2024 | | Year Ended December 31, 2023 | | Net loss per share: | | | | | | | Numerator – basic and diluted: | | | | | | | Net loss from continuing operations | $ | (97,658) | | | $ | (94,411) | | | $ | (153,653) | | | Less: Net loss from continuing operations attributable to noncontrolling interest | (18,479) | | | (51,828) | | | (102,719) | | | Net loss from continuing operations attributable to Bakkt, Inc. | $ | (79,179) | | | $ | (42,583) | | | $ | (50,934) | | | | | | | | | Net loss from discontinued operations, net of tax | $ | (34,574) | | | $ | (9,036) | | | $ | (72,159) | | Less: Net loss from discontinued operations attributable to noncontrolling interest | (6,542) | | | (4,960) | | | (48,239) | | Net loss from discontinued operations attributable to Bakkt Inc. | $ | (28,032) | | | $ | (4,076) | | | $ | (23,920) | | | | | | | | | Net loss attributable to Bakkt, Inc. | $ | (107,211) | | | $ | (46,659) | | | $ | (74,854) | |
| | | | | | | Denominator – basic and diluted: | | | | | | | Weighted average shares outstanding – basic | 12,090,013 | | | 5,855,083 | | | 3,563,333 | | | Weighted average shares outstanding – diluted | 12,090,013 | | | 5,855,083 | | | 3,563,333 | | | | | | | | | Basic loss per share attributable to Bakkt, Inc. | | | | | | | Continuing operations | $ | (6.55) | | | $ | (7.27) | | | $ | (14.29) | | | Discontinued operations | $ | (2.32) | | | $ | (0.70) | | | $ | (6.72) | | | Total basic net loss per share attributable to Bakkt, Inc. | $ | (8.87) | | | $ | (7.97) | | | $ | (21.01) | | | | | | | | | Diluted loss per share attributable to Bakkt, Inc. | | | | | | | Continuing operations | $ | (6.55) | | | $ | (7.27) | | | $ | (14.29) | | | Discontinued operations | $ | (2.32) | | | $ | (0.70) | | | $ | (6.72) | | | Total basic net loss per share attributable to Bakkt, Inc. | $ | (8.87) | | | $ | (7.97) | | | $ | (21.01) | | | | | | | | | | | | | |
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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 loss per common share as their effect would be anti-dilutive (in thousands): | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2025 | | Year Ended December 31, 2024 | | Year Ended December 31, 2023 | | RSUs and PSUs (treasury stock) | 1,536 | | 1,421 | | 521 | | Public warrants (treasury stock) | 286 | | | 286 | | 286 | | Opco warrants (if-converted) | — | | | 0 | | 32 | | Class 1 and Class 2 warrants | 2,018 | | | 2,018 | | | — | | | | | | | | | Opco common units (if-converted) | — | | | 7,178 | | 7,200 | | Stock Options (treasury stock) | 1,955 | | | — | | | — | | | Total | 5,795 | | 10,903 | | 8,039 |
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