Publicly traded crypto firm Bakkt (NYSE: BKKT) posted a net loss of $28.8 million for the third quarter, versus a net loss of $18 million in the same period a year ago.
Additionally, Bakkt had an operating loss of $29.9 million in the third quarter, compared with a loss of $17.7 million a year earlier. Shares fell about 7% in premarket trading after the earnings release.
Bakkt posted third-quarter net revenue of $9.1 million, compared with $8.5 million in the second quarter. Bakkt said in a statement its net revenue rose year over year given an increase in customer activity in loyalty redemptions and adding a “large financial institution” on its loyalty platform.
In late October, the company announced two separate partnerships with Mastercard and Fiserv to expand crypto payment capabilities. At the time, Bakkt stock surged a whopping 234% on the news.
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