Discontinued Operations

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. The Company's platform provided a unified shopping experience that was built to seamlessly extend the Company's customers’ loyalty strategies and user experience for their loyalty programs. Bakkt's 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, the Company 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. The Company had a Transition Service Agreement with the Loyalty buyer whereby both parties agreed to provide services to each other. The Transition Services Agreement ended in

the first quarter of 2026. The amount paid between the parties for the Transition Services Agreement for the three months ended March 31, 2026, was immaterial.

As of March 31, 2026 and December 31, 2025, there were no assets and liabilities of the Loyalty Business classified as held for sale. The following table summarizes the results of discontinued operations for the three months ended March 31, 2026 and 2025 (in thousands):


	Three Months Ended March 31, 2026		Three Months Ended March 31, 2025
Revenues:

Loyalty services revenues	$	—	$	9,154

Operating expenses:


Compensation and benefits	—		10,032
Professional services	—		22
Technology and communication	—		1,612
Selling, general and administrative	—		333






Other operating costs	—		238
Total operating expenses	—		12,237
Operating loss	—		(3,083)



Other income (expense), net	—		(66)
Loss before income taxes	—		(3,149)
Income tax (expense) benefit	—		—
Loss from discontinued operations	$	—	$	(3,149)

The following summarizes the significant non-cash operating activities for discontinued operations for the three months ended March 31, 2026 and March 31, 2025 (in thousands):


	Three Months Ended March 31, 2026		Three Months Ended March 31, 2025

Non-cash lease expense	$	—	$	266
Share-based compensation expense	—		277
Total	$	—	$	543