v3.26.1
Segment Reporting
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The measure of segment assets is reported in the consolidated balance sheets as total assets. The CODM uses net income (loss) to allocate resources as part of the Company's annual and long-term planning processes, and to evaluate operating performance based on budget to actual results. Certain information provided to the CODM presents operating expenses on a different basis than that presented in the consolidated statements of operations.
During the three months ended March 31, 2026 and March 31, 2025, all material operations are within the United States. Bakkt's CODM allocates resources and assesses performance based upon financial information at the consolidated level.
The following table represents significant segment expenses provided to the CODM for the three months ended March 31, 2026, and March 31, 2025 (in thousands):
Three Months Ended March 31, 2026Three Months Ended March 31, 2025
Total revenues$243,593 $1,065,756 
Segment expenses:
Personnel1
3,371 4,944 
Non-cash compensation1
2,805 3,066 
Professional fees7,745 5,171 
Technology1,575 1,918 
Occupancy2
130 718 
Marketing and promotions3
63 96 
Business insurance4
1,091 1,653 
Depreciation and amortization66 220 
Other operating costs5
1,721 1,079 
Crypto costs239,970 1,054,635 
Execution, clearing and brokerage fees1,980 7,693 
Total operating expenses per Consolidated Statements of Operations260,517 1,081,193 
Operating loss from continuing operations(16,924)(15,437)
Other income, net6
(5,495)(34,825)
Net (loss) income from continuing operations before equity in net earnings of affiliates
$(11,429)$19,388 
1
Personnel includes payroll and benefits, excluding stock-based compensation, which is included in Non-cash compensation. Both are reported as part of Compensation and benefits on the consolidated statements of operations.
2Occupancy includes facility related expenses such as rent and is reported as Selling, general and administrative on the consolidated statements of operations.
3Marketing and promotions primarily consist of web-based promotional campaigns, promotional activities with clients, conferences and user events, and brand-building activities and are reported as Selling, general and administrative on the consolidated statements of operations.
4Business insurance primarily consists of business liability insurance premiums and is recorded as Selling, general and administrative on the consolidated statements of operations.
5
Other operating costs consist primarily of Restructuring costs as presented on the statements of operations, as well as costs that are reported as Selling, general and administrative, Other operating expenses, and Compensation and benefits on the consolidated statements of operations.
6
Other income, net consists primarily of Interest income, net, Gain from change in fair value of warrant liability, Change in the fair value of derivatives, Other income, net, and Income tax expense as presented in the consolidated statements of operations.
On August 26, 2025, the Company received notice from Public Platform LLC ("Public") that it was exercising its rights under its commercial agreement with the Company to initiate the offboarding of its customers from the Company’s platform. Public completed the offboarding from Bakkt’s platform on October 25, 2025. Public represented approximately 17% of the Company’s crypto services revenue for the year ended December 31, 2025. Management is actively pursuing alternative customer and partner relationships to mitigate the effect on future segment performance.
On March 14, 2025, the Company's largest client, Webull Pay LLC (“Webull”), notified the Company that it would not renew its agreement with Bakkt when it ended on June 14, 2025, although the Company continues to service a limited number of states under an amended agreement with Webull. For the year ended December 31, 2025, Webull represented approximately 40% of the Company’s Crypto services revenue. Management is actively pursuing alternative customer and partner relationships to mitigate the effect on future segment performance.