Net (loss) income per share (Tables)

The following is a reconciliation of the denominators of the basic and diluted per share computations for net (loss) income (in thousands, except share and per share data):


	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

The following table summarizes the total potential common shares excluded from diluted earnings per common share as their effect would be anti-dilutive (in thousands):


	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