v3.26.1
Consolidated Balance Sheet Components (Tables)
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Accounts Receivable, Net
Accounts receivable, net consisted of the following (in thousands):
March 31, 2026December 31, 2025
Trade accounts receivable$— $98 
Receivables from customers, clients and liquidity partners2,991 4,244 
Unbilled receivables40 27 
Deposits1,666 2,703 
Other receivables5,071 5,234 
Total accounts receivable9,768 12,306 
Less: Allowance for doubtful accounts(236)(236)
Total$9,532 $12,070 
Schedule of Other Current Assets
Other current assets consisted of the following (in thousands):
March 31, 2026December 31, 2025
Prepaid expenses$1,556 $2,209 
Promissory note from Loyalty buyer5,096 5,050 
Advances to Loyalty buyer6,789 7,491 
Other152 197 
Total$13,593 $14,947 
Schedule of Property, Equipment and Software, Net
Property, equipment and software, net consisted of the following (in thousands):
March 31, 2026December 31, 2025
Internal-use software$2,703 $2,014 
Other computer and network equipment39 — 
Property, equipment and software, gross2,742 2,014 
Less: accumulated amortization and depreciation(420)(354)
Total$2,322 $1,660 
Schedule of Equity Method Investments
Bakkt's equity method investment balances were as follows (in thousands):

March 31, 2026December 31, 2025
Bitcoin.co.jp
$10,928 $11,149 
Schedule of Other Assets
Other assets consisted of the following (in thousands):
March 31, 2026December 31, 2025
Deposits with clearinghouse$159 $— 
Escrow deposit for sale of Loyalty2,500 2,500 
Other2,109 1,719 
Total$4,768 $4,219 
Schedule of Accounts Payable and Accrued Liabilities
Accounts payable and accrued liabilities consisted of the following (in thousands):
March 31, 2026December 31, 2025
Accounts payable$2,531 $3,716 
Payables to clients and customers1,905 2,464 
Accrued expenses6,438 5,990 
Other1,879 2,706 
Total$12,753 $14,876 
Schedule of Other Current Liabilities
Other current liabilities consisted of the following (in thousands):
March 31, 2026December 31, 2025
Current maturities of operating lease liability$79 $549 
Other50 2,154 
Total$129 $2,703 
Schedule of Other Noncurrent Liabilities
Other noncurrent liabilities consisted of the following (in thousands):
March 31, 2026December 31, 2025
Operating lease liability, noncurrent$— $244 
Other195 — 
Total$195 $244