Digital Asset Platform Bakkt's Q2 Loss Narrows to $27.6M; Year Revenue Forecast Range Cut

The company now sees 2022 revenue of $57 million to $62 million, down from $60 million to $80 million.

AccessTimeIconAug 11, 2022 at 11:50 a.m. UTC
Updated May 11, 2023 at 5:35 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

In the second quarter, digital asset platform Bakkt (BKKT) reduced its net loss quarter to $27.6 million, a near 13% improvement compared to the $31.9 million loss it recorded during the same period last year.

The firm's net revenue jumped 60% to $13.6 million from $8.5 million in the second quarter of last year.

Bakkt, however, toned down its guidance for the year. The digital asset platform now expects net revenue to grow to $57 million to $62 million during 2022, compared with its earlier guidance of $60 million to $80 million. It also expects to use $135 million to $140 million of cash in the year, down from the $150 million to $170 million it had projected earlier.

The firm, which went public in October last year via a special purpose acquisition company (SPAC) merger, attributed the guidance change to the market conditions and summer air-travel supply constraints.

Bakkt had said in its Q4 results that it expected to incur losses in 2022 and said it continues to foresee net losses for the year.

Shares of Bakkt were up over 3% at $3.28, during pre-market trading.



Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.

Parikshit Mishra

Parikshit Mishra is CoinDesk's Deputy Managing Editor responsible for breaking news coverage. He does not have any crypto holdings.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


Read more about