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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.