NASDAQ$BKKT
Bakkt Inc · Q2 2022 earnings
Q2 2022 earnings · · Investor relations
Briefing
Reported robust revenue growth and maintained a strong balance sheet.
Bakkt reported a 60% year-over-year increase in net revenues, reaching $13.6 million, driven by strong transaction revenue growth from loyalty redemption. The company maintained a strong balance sheet with over $315 million in available cash and other highly liquid assets. Updated revenue and cash usage guidance for 2022 reflects the current macroeconomic environment.
- Net revenue increased 60% year-over-year to $13.6 million, primarily driven by strong transaction revenue growth from loyalty redemption.
- Digital asset conversion volume increased 60% year-over-year to $205 million due to strong loyalty redemption growth, led by increased travel activity.
- Transacting accounts increased 10% year-over-year to 681,000.
- Operating expense increased 43% year-over-year to $57.1 million, primarily driven by increased noncash compensation expense.
Headline financials
Revenue & EPS history
Bakkt · Revenue · Quarterly
$13.6M
Revenue by segment
Bakkt · $335M total across 1 segment · Q2 2023
- Crypto Services$335M—100.0%
Forward guidance
Bakkt provided updated guidance for 2022, reflecting the current macroeconomic environment.
Tailwinds
- Net revenue expected to grow to $57 million - $62 million in 2022, an increase of approximately 45% to 60% compared to $39.4 million in 2021.
- Expect to use $135 million - $140 million of cash during 2022.
- Updated outlook reflects an approximate 15% to 20% reduction in the second half of 2022 from levels in the first half of the year, driven by prudent expense management.
- Strong available liquidity, with approximately $315 million of available cash and other liquid assets as of June 30, 2022.
- Assumes macro environment that supports strong merchandise loyalty redemption volume in the seasonally strong fourth quarter.
Headwinds
- Updated guidance due to elongated crypto decision timelines given current market environment and summer air travel supply constraints.
- We expect to continue to invest in growing the business, and therefore expect to recognize quarterly net losses during 2022.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 18 quarterly earnings reports · overlaid with Q2 2022
+4.3%
Avg return
Earnings day
+14.5%
Avg return
5 days after
+21.3%
Avg return
30 days after
47%
9 / 19 earnings
Positive
+62.5%
Q3 2023
Best reaction
-33.7%
Q4 2021
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2026 | +0.6% | -16.0% | -14.8% | |
| Q3 2025 | -13.0% | -23.3% | -45.7% | |
| Q1 2025 | +48.0% | +27.8% | +29.8% | |
| Q4 2024 | +13.0% | +30.4% | -8.6% | |
| Q3 2024 | -1.8% | +155.9% | +150.0% | |
| Q2 2024 | -10.8% | -9.8% | -27.1% | |
| Q1 2024 | -5.9% | +49.3% | +67.4% | |
| Q4 2023 | -16.3% | -14.5% | -33.1% | |
| Q3 2023 | +62.5% | +76.4% | +143.1% | |
| Q2 2023 | +0.7% | -4.3% | -9.2% | |
| Q1 2023 | -12.4% | -5.8% | +1.5% | |
| Q4 2022 | -13.5% | -3.2% | +25.4% | |
| Q3 2022 | +20.8% | +24.9% | -2.9% | |
| Q2 2022 | +11.1% | +2.2% | -6.3% | |
| Q1 2022 | +37.2% | +28.8% | +13.5% | |
| Q4 2021 | -33.7% | -31.8% | -25.3% | |
| Q3 2021 | -4.1% | -11.2% | +146.1% | |
| Q2 2021 | -0.4% | -0.7% | +3.3% | |
| Q1 2021 | +0.1% | +0.1% | -1.6% |
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