Basic (loss) income per share is based on the weighted average number of shares of Class A Common Stock issued and outstanding. Bakkt includes pre-funded warrants in the computation of the weighted-average number of common shares outstanding for basic (loss) income per share as the exercise price is negligible and the warrants are exercisable at any time. Diluted (loss) income per share is based on the weighted average number shares of Class A Common Stock issued and outstanding and the effect of all dilutive common stock equivalents and potentially dilutive share-based awards outstanding. The potentially dilutive securities that would be anti-dilutive are not included in the calculation of diluted (loss) income per share attributable to controlling interest.


	Three Months Ended March 31, 2026		Three Months Ended March 31, 2025
Net (loss) income per share:

Numerator – basic and diluted:
Net (loss) income from continuing operations	$	(11,650)	$	19,388
Less: Net income from continuing operations attributable to noncontrolling interest	—		10,183
Net (loss) income from continuing operations attributable to Bakkt, Inc.	(11,650)		9,205


Net loss from discontinued operations attributable to Bakkt, Inc.	—		(1,495)
Net (loss) income attributable to Bakkt, Inc. - basic	$	(11,650)	$	7,710



Dilutive effect from assumed vesting of RSUs and PSUs, net of tax	—		387
Net (loss) income attributable to Bakkt, Inc. – diluted	$	(11,650)	$	8,097

Denominator – basic and diluted:

Weighted average shares outstanding - basic	28,379,941		6,531,840
Assumed vesting of RSUs and PSUs, net of tax	—		642,763
Weighted average shares outstanding –diluted	28,379,941		7,174,603

Net (loss) income per share from continuing operations attributable to Bakkt, Inc.	$	(0.41)	$	1.41
Net loss per share from discontinued operations attributable to Bakkt, Inc.	—		(0.23)
Net (loss) income per basic share attributable to Bakkt, Inc.	$	(0.41)	$	1.18
Net (loss) income per diluted share attributable to Bakkt, Inc.	$	(0.41)	$	1.13

Potential common shares issuable to employees or directors upon exercise or conversion of shares under our share-based and unit-based compensation plans and upon exercise of warrants are excluded from the computation of diluted (loss) income per common share when the effect would be anti-dilutive.


	Three Months Ended March 31, 2026	Three Months Ended March 31, 2025
RSUs and PSUs (treasury stock)	1,389	—
Public warrants (treasury stock)	286	286
Class 1 and Class 2 warrants (treasury stock)	2,018	2,018


Opco common units (if-converted)	—	7,178
Stock Options (treasury stock)	1,955	—
Total	5,648	9,482