| Schedule of Basic and Diluted Per Share Computations For Net Loss |
The following is a reconciliation of the denominators of the basic and diluted per share computations for net income (loss) (in thousands, except share and per share data): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
June 30, 2026 | | Three Months Ended
June 30, 2025 | | Six Months Ended
June 30, 2026 | | Six Months Ended
June 30, 2025 | | Net income (loss) per share: | | | | | | | | | | | | | | | | | Numerator – basic and diluted: | | | | | | | | | Net income (loss) from continuing operations | $ | 80,842 | | | $ | (26,892) | | | $ | 69,191 | | | $ | (7,506) | | | Less: Net loss from continuing operations attributable to noncontrolling interest | — | | | (13,751) | | | — | | | (3,716) | | | Net income (loss) from continuing operations attributable to Bakkt, Inc. | 80,842 | | | (13,141) | | | 69,191 | | | (3,790) | | | | | | | | | | | | | | | | | | Net loss from discontinued operations attributable to Bakkt, Inc. | — | | | (1,593) | | | — | | | (3,236) | | | Net income (loss) attributable to Bakkt, Inc. - basic | $ | 80,842 | | | $ | (14,734) | | | $ | 69,191 | | | $ | (7,026) | | | | | | | | | | | | | | | | | | | Net income (loss) attributable to Bakkt, Inc. - diluted | $ | 80,842 | | | $ | (14,734) | | | $ | 69,191 | | | $ | (7,026) | | | | | | | | | | | | | | | | | | | | | | | | | | | Denominator – basic and diluted: | | | | | | | | | Weighted average shares outstanding – basic | 41,181,719 | | | 6,825,634 | | | 34,816,194 | | | 6,677,934 | | | | | | | | | | | Assumed vesting of Restricted stock units | 79,974 | | | — | | | 91,197 | | | — | | | Assumed cashless exercise of Class II warrants | 432,325 | | — | | | 432,325 | | — | | | Assumed exercise of Stock options | — | | | — | | | 71,064 | | — | | | Assumed vesting of Employment warrants | — | | | — | | | 1,123 | | — | | | Weighted average shares outstanding –diluted | 41,694,018 | | | 6,825,634 | | | 35,411,903 | | | 6,677,934 | | | | | | | | | | | Net income (loss) per share from continuing operations attributable to Bakkt, Inc. | $ | 1.96 | | | $ | (1.93) | | | $ | 1.99 | | | $ | (0.57) | | Net loss per share from discontinued operations attributable to Bakkt, Inc. | — | | | (0.23) | | | — | | | (0.48) | | | Net income (loss) per basic share attributable to Bakkt, Inc. | $ | 1.96 | | | $ | (2.16) | | | $ | 1.99 | | | $ | (1.05) | | | Net income (loss) per diluted share attributable to Bakkt, Inc. | $ | 1.94 | | | $ | (2.16) | | | $ | 1.95 | | | $ | (1.05) | |
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| Schedule of Weighted-Average Potential Common Shares Excluded From Diluted Loss Per Common Share |
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
June 30, 2026 | | Three Months Ended
June 30, 2025 | | Six Months Ended
June 30, 2026 | | Six Months Ended
June 30, 2025 | | Restricted Stock Units (treasury stock) | — | | | 3,215 | | | — | | | 3,215 | | | Public warrants (treasury stock) | 286 | | | 286 | | | 286 | | | 286 | | | | | | | | | | | Class I warrants (treasury stock) | 1,153 | | | 1,153 | | | 1,153 | | | 1,153 | | | Class II warrants (treasury stock) | — | | | 865 | | | — | | | 865 | | | Convertible debentures (if-converted) | — | | | 1,912 | | | — | | | 1,912 | | | | | | | | | | | Opco common units (if-converted) | — | | | 7,178 | | | — | | | 7,178 | | Market Condition PSUs (treasury stock) | 804 | | | — | | | 804 | | | — | | Stock Options (treasury stock) | 1,898 | | | — | | | — | | | — | | | DTR Consideration shares (treasury stock) | 726 | | | — | | | 726 | | | — | | | Gyzer Consideration shares (treasury stock) | 345 | | | — | | | 315 | | | — | | | Total | 5,211 | | | 14,609 | | | 3,283 | | | 14,609 | |
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