NASDAQ$BKKT
Bakkt Inc · Q2 2023 earnings
Q2 2023 earnings · · Investor relations
Briefing
Reported financial and operational results, including the acquisition of Apex Crypto and expansion of client base.
Bakkt reported a significant increase in total revenues, driven by the acquisition of Apex Crypto, but also experienced a rise in operating expenses, resulting in an increased operating loss. The company is focused on expanding its platform and client network, including new partnerships and international expansion.
- Closed Apex Crypto acquisition and rebranded it to Bakkt Crypto Solutions.
- Expanded client base with seven new clients, including in Latin America.
- Launched a new app for Webull in approximately 40 days.
- Formed new collaborations with Plaid and Fireblocks.
Headline financials
Revenue & EPS history
Bakkt · Revenue · Quarterly
$348M
Revenue by segment
Bakkt · $335M total across 1 segment · Q2 2023
- Crypto Services$335M—100.0%
Forward guidance
Bakkt updated its full year 2023 guidance to reflect the impact from the acquisition of Apex Crypto and the current market environment.
Tailwinds
- Full year 2023 revenues expected to be ~$2,132 million - ~$3,771 million; includes gross crypto revenues of ~$2,077 million - ~$3,716 million and net loyalty revenues of ~$55 million.
- Full year 2023 crypto costs expected to be ~$2,069 million - ~$3,702 million, in line with gross crypto revenues.
- Full year 2023 net cash used in operating activities expected to be ~($78 million) – ~($84 million). Prior full year 2023 guidance of ($100 million) - ($110 million).
- Full year 2023 free cash flow (non-GAAP) expected to be ~($90 million) - ~($96 million). Prior full year 2023 guidance of ($105 million) - ($115 million).
- Second half 2023 free cash flow (non-GAAP) usage outlook reflects a ~70-80% reduction from first half 2023 level reflecting our focus on prudent expense management.
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 2023
+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% |
Discussion
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