Bakkt's Q3 revenue fell 62.9% year-over-year to $150 million, with net income turning positive at $14.3 million.

November 10, according to The Block, Bakkt (ticker: BKKT) reported its financial results for the third quarter of 2026. Total revenue for the quarter was $149.2 million, down 62.9% year-over-year from $402.2 million in the third quarter of 2025, primarily reflecting a decline in cryptocurrency trading volume. The company's total trading volume for the quarter was $147.9 million, and it said it still targets approximately $3 billion in full-year 2026 trading volume, while setting a new target of $6 billion for the first half of 2027.

Net income attributable to Bakkt for the quarter was $14.3 million, with diluted earnings per share of $0.31, compared with a net loss of $14.9 million and a loss per share of $1.15 in the third quarter of 2025. The quarter included a $26.8 million non-cash gain related to Transchem warrants, and the operating loss from continuing operations narrowed 42.9% to $14.4 million. Adjusted EBITDA loss was $11.8 million, an improvement of $3 million on a comparable basis from a loss of $14.8 million in the prior-year period. Operating expenses excluding crypto costs and execution, clearing and brokerage fees were $16.1 million, down 39.7% year-over-year, primarily due to declines in compensation, professional services and administrative expenses, as well as the absence of $5.6 million in restructuring and impairment charges recorded in the prior year, partially offset by a $1.7 million increase in amortization of acquired intangible assets.

As of September 30, 2026, Bakkt's cash, cash equivalents and restricted cash were $37.3 million, down from $50.7 million as of June 30, with net cash used in operating activities of $17.9 million for the quarter, during which no shares were sold under the company's at-the-market offering program. The company said it currently has no long-term debt. Crypto services revenue is presented on a gross basis and is largely offset by crypto costs and execution, clearing and brokerage fees, which were $147.5 million for the quarter, down 63.2% year-over-year. Total operating expenses were $163.6 million, down 61.7% year-over-year.