BKKT - Bakkt Holdings, Inc.
Price:
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--
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CONSENSUS:
Buy
DETAILS
|
PRICE TARGET:
$12.00
DETAILS
HIGH:
$12.00
LOW:
$12.00
MEDIAN:
$12.00
CONSENSUS:
$12.00
UPSIDE:
60.00%
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|
| Revenue | |||||||
| Revenue | 2,335.2 | 3,490.2 | 780.1 | 56.2 | 37.3 | 28.5 | (0.9) |
| Cost of Revenue | 2,308.4 | 3,403.2 | 718.5 | 1.7 | 0 | 58.6 | 31.6 |
| Gross Profit | 26.9 | 87.0 | 61.6 | 54.6 | 37.3 | (30.1) | (32.5) |
| Operating Expenses | |||||||
| R&D Expenses | 0 | 0 | 0 | 0 | 0 | 0.9 | 0 |
| SG&A Expenses | 122.6 | 144.2 | 166.6 | 203.0 | 168.5 | 8.2 | 2.6 |
| Other Expenses | 46.0 | 35.7 | 122.9 | 1,870.5 | 32.9 | 39.9 | 0 |
| Operating Expenses | 168.6 | 179.9 | 289.5 | 2,073.5 | 201.4 | 49.0 | 3.9 |
| Operating Income | |||||||
| Operating Income | (141.7) | (92.9) | (227.9) | (2,018.9) | (164.1) | (79.1) | (35.9) |
| Interest Expense | 0 | 0 | 0 | 0 | 0.2 | 0 | 0 |
| Interest Income | 0 | 4.3 | 4.3 | 1.9 | 0.0 | 0 | 3.3 |
| Profitability | |||||||
| EBITDA | (97.1) | (83.4) | (114.3) | (152.0) | (134.7) | (43.4) | (35.9) |
| EBIT | (97.7) | (83.7) | (128.2) | (177.3) | (149.3) | (50.5) | (35.9) |
| Income Before Tax | (97.7) | (103.3) | (225.4) | (2,001.3) | (242.4) | (79.2) | (33.2) |
| Income Tax Expense | (0.0) | 0.2 | 0.4 | (11.3) | 11.9 | 0.4 | (0.2) |
| Net Income | (107.2) | (46.7) | (74.9) | (578.1) | (133.6) | (79.6) | (33.0) |
| Per Share Data | |||||||
| EPS (Basic) | -15.71 | -7.97 | -21.01 | -203.08 | -4.24 | -3.07 | -0.06 |
| EPS (Diluted) | -15.71 | -7.97 | -21.01 | -203.08 | -4.24 | -3.07 | -0.06 |
| Shares Outstanding | 6.8 | 5.9 | 3.6 | 2.8 | 57.2 | 25.9 | 582.5 |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|
| Current Assets | |||||||
| Cash & Cash Equivalents | 27.5 | 39.0 | 52.9 | 98.3 | 407.9 | 75.4 | 76.6 |
| Short-Term Investments | 0.2 | 1.2 | 17.4 | 141.1 | 0 | 1.8 | 2.0 |
| Net Receivables | 12.1 | 24.6 | 29.7 | 25.3 | 18.1 | 8.1 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Assets | 29.6 | 113.6 | 766.3 | 32.9 | 0.6 | 41.4 | 19.5 |
| Total Current Assets | 72.2 | 183.8 | 882.6 | 326.5 | 463.5 | 132.1 | 100.1 |
| Non-Current Assets | |||||||
| Property, Plant & Equipment | 1.7 | 11.8 | 11.5 | 39.4 | 17.4 | 22.2 | 11.1 |
| Goodwill | 64.7 | 68.0 | 68.0 | 15.9 | 1,527.1 | 233.4 | 16.9 |
| Intangible Assets | 5.5 | 2.9 | 2.9 | 55.8 | 388.5 | 62.2 | 2.1 |
| Long-Term Investments | 14.5 | 0 | 0 | 0 | 0 | 2.7 | 1.2 |
| Other Non-Current Assets | 4.2 | 2.8 | 1.8 | 18.0 | 17.8 | 15.7 | 46.4 |
| Total Non-Current Assets | 90.6 | 85.5 | 84.2 | 129.0 | 1,952.9 | 336.3 | 77.6 |
| Total Assets | 162.8 | 269.4 | 966.9 | 455.5 | 2,416.5 | 468.4 | 177.7 |
| Current Liabilities | |||||||
| Account Payables | 29.5 | 12.8 | 14.9 | 26.0 | 10.6 | 7.2 | 1.6 |
| Short-Term Debt | 0 | 0 | 0 | 0 | 18.3 | 0 | 0 |
| Deferred Revenue | 0.8 | 1.6 | 4.3 | 4.0 | 4.6 | 0 | 0 |
| Other Current Liabilities | (3.8) | 1.0 | 702.6 | 16.6 | 26.7 | 20.1 | 0.0 |
| Total Current Liabilities | 33.0 | 137.7 | 802.1 | 92.1 | 73.6 | 51.1 | 15.4 |
| Non-Current Liabilities | |||||||
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 13.8 | 0 | 0 |
| Other Non-Current Liabilities | 17.0 | 46.9 | 2.4 | 0.8 | 19.5 | 27.8 | 0 |
| Total Non-Current Liabilities | 17.0 | 68.8 | 29.1 | 27.3 | 48.7 | 29.0 | 0 |
| Total Liabilities | 50.0 | 206.5 | 831.2 | 119.4 | 122.3 | 80.0 | 15.4 |
| Stockholders' Equity | |||||||
| Common Stock | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 495.2 | 184.4 |
| Retained Earnings | (905.2) | (798.0) | (751.3) | (676.4) | (98.3) | (112.5) | (32.9) |
| Accumulated Other Comprehensive Income | 0.9 | (0.8) | (0.1) | (0.3) | (0.1) | 5.6 | 0 |
| Total Stockholders' Equity | 112.8 | 33.9 | 48.3 | 96.3 | 468.4 | 388.3 | 151.5 |
| Total Liabilities & Equity | 162.8 | 269.4 | 966.9 | 455.5 | 2,416.5 | 468.4 | 166.9 |
| Debt Metrics | |||||||
| Total Debt | 0.5 | 23.5 | 27.2 | 26.4 | 29.0 | 2.3 | 0 |
| Net Debt | (27.0) | (15.5) | (25.7) | (71.9) | (378.9) | (73.1) | (76.6) |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|
| Operating Activities | |||||||
| Net Income | (132.2) | (103.4) | (74.9) | (1,989.9) | (183.2) | (79.6) | (33.0) |
| Depreciation & Amortization | 0.6 | 0.3 | 13.9 | 25.4 | 16.2 | 8.0 | 0.1 |
| Stock-Based Compensation | 71.6 | 15.8 | 16.8 | 32.1 | 0 | 11.6 | 10.7 |
| Change in Working Capital | (87.2) | 46.3 | 41.9 | 2.9 | (24.1) | 10.8 | (32.5) |
| Other Non-Cash Items | (2.1) | 19.7 | (58.4) | 1,823.6 | 45.0 | 18.6 | 6.2 |
| Operating Cash Flow | (149.3) | (21.2) | (60.7) | (117.6) | (134.3) | (30.9) | (48.5) |
| Investing Activities | |||||||
| Capital Expenditure | (3.8) | (3.1) | (9.4) | (30.5) | (15.7) | (20.6) | (9.2) |
| Acquisitions | 0 | 0 | (48.5) | 30.5 | 32.6 | 10.7 | (29.8) |
| Purchases of Investments | (66.7) | (18.0) | (61.8) | (306.6) | (2.0) | 0 | 0 |
| Sales/Maturities of Investments | 55 | 35.2 | 185.8 | 165.2 | 2.0 | 2.0 | 0 |
| Other Investing Activities | (26.4) | 0 | 0 | (30.5) | 0.0 | 0 | (2.0) |
| Investing Cash Flow | (38.1) | 14.1 | 66.0 | (172.0) | 16.9 | (7.9) | (40.9) |
| Financing Activities | |||||||
| Net Debt Issuance | 10.2 | 0 | 0 | 0 | (0.5) | (0.3) | 0 |
| Stock Repurchased | 0 | 0 | (2.6) | (2.6) | (84.5) | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing Activities | (3.1) | (2.7) | 0 | 0.0 | 29.9 | 0 | 0 |
| Financing Cash Flow | 77.9 | 43.8 | (2.6) | (2.6) | 256.8 | 37.5 | 0 |
| Cash Position | |||||||
| Net Change in Cash | (36.4) | 35.2 | 3.1 | (293.0) | 406.7 | (1.2) | (89.4) |
| Cash at Beginning | 63.9 | 118.5 | 115.4 | 408.4 | 1.2 | 93.1 | 182.6 |
| Cash at End | 27.5 | 153.7 | 118.5 | 115.4 | 407.9 | 91.9 | 93.1 |
| Free Cash Flow | (153.4) | (24.3) | (70.1) | (148.1) | (150.0) | (51.5) | (57.7) |
| Key Metrics | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|
| Income Statement | |||||||
| Revenue | 2,335.2 | 3,490.2 | 780.1 | 56.2 | 37.3 | 28.5 | (0.9) |
| Gross Profit | 26.9 | 87.0 | 61.6 | 54.6 | 37.3 | (30.1) | (32.5) |
| Operating Income | (141.7) | (92.9) | (227.9) | (2,018.9) | (164.1) | (79.1) | (35.9) |
| Net Income | (107.2) | (46.7) | (74.9) | (578.1) | (133.6) | (79.6) | (33.0) |
| EPS (Diluted) | -15.71 | -7.97 | -21.01 | -203.08 | -4.24 | -3.07 | -0.06 |
| Balance Sheet | |||||||
| Cash & Equivalents | 27.5 | 39.0 | 52.9 | 98.3 | 407.9 | 75.4 | 76.6 |
| Total Assets | 162.8 | 269.4 | 966.9 | 455.5 | 2,416.5 | 468.4 | 177.7 |
| Total Debt | 0.5 | 23.5 | 27.2 | 26.4 | 29.0 | 2.3 | 0 |
| Stockholders' Equity | 112.8 | 33.9 | 48.3 | 96.3 | 468.4 | 388.3 | 151.5 |
| Cash Flow | |||||||
| Operating Cash Flow | (149.3) | (21.2) | (60.7) | (117.6) | (134.3) | (30.9) | (48.5) |
| Capital Expenditure | (3.8) | (3.1) | (9.4) | (30.5) | (15.7) | (20.6) | (9.2) |
| Free Cash Flow | (153.4) | (24.3) | (70.1) | (148.1) | (150.0) | (51.5) | (57.7) |