NASDAQ$BKKT
Bakkt Inc · Q2 2024 earnings
Q2 2024 earnings · · Investor relations
Briefing
Announced second quarter 2024 results, demonstrating revenue growth and reduced operating expenses.
Bakkt reported total revenues of $509.9 million, driven by growth in crypto services. The company reduced its operating expenses excluding crypto costs by 43.1% year-over-year. Operating loss improved by 56.9% year-over-year to $22.0 million, and net loss improved by 29.7% year-over-year to $35.5 million.
- Total revenues reached $509.9 million, including gross crypto revenues and net loyalty revenues.
- Operating expenses, excluding crypto costs, decreased by 43.1% year-over-year and 24.6% sequentially.
- Crypto enabled accounts grew to 6.4 million, up 6.7% year-over-year.
- Notional traded volume increased 26.6% year-over-year to $672 million.
Headline financials
Revenue & EPS history
Bakkt · Revenue · Quarterly
$510M
Revenue by segment
Bakkt · $335M total across 1 segment · Q2 2023
- Crypto Services$335M—100.0%
Forward guidance
Bakkt provided full year 2024 revenue guidance of $2,568 million - $2,827 million, including gross crypto revenues of $2,515 million - $2,770 million and net loyalty revenues of $53 million – $57 million.
Tailwinds
- Full year 2024 revenues expected to be $2,568 million – $2,827 million.
- Gross crypto revenues expected to be $2,515 million - $2,770 million.
- Net loyalty revenues expected to be $53 million – $57 million.
- Full year 2024 crypto costs expected to be $2,505 million – $2,755 million, in line with gross crypto revenues.
- Full year 2024 total operating expenses excluding certain costs expected to be $157 million – $162 million.
Headwinds
- Full year 2024 net cash used in operating activities expected to be ($72 million) – ($79 million).
- Full year 2024 free cash flow usage expected to be ($79 million) – ($86 million).
- End of year available cash, cash equivalents and available-for-sale securities of $35 million – $42 million.
- Decrease in new crypto trading accounts driven by re-alignment of international strategy.
- Reduction in upper end of expected end of year balance driven by $10mm reduction in net contribution from crypto trading.
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 2024
+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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