Bakkt's Q1 Revenue Plunges 77%, Shifts Focus to Stablecoin Infrastructure Business

BlockBeats News, May 12th, Bakkt turned to a loss in the first quarter, as crypto service revenue plummeted by 77%, highlighting the digital asset platform's shift towards stablecoin payments and AI-driven financial infrastructure.

On Monday, Bakkt reported that for the quarter ending on March 31, the company's net loss attributable to Bakkt was $11.7 million, or $0.41 per basic and diluted share. In contrast, in the same period last year, Bakkt had a net profit of $7.7 million, with earnings per diluted share of $1.13. Bakkt stated that its crypto service revenue dropped from $1.07 billion in the same period last year to $243.6 million, primarily due to a decrease in cryptocurrency trading volume. However, this revenue was almost entirely offset by crypto-related costs and brokerage expenses, totaling $242 million for the quarter.

Excluding crypto costs, operating expenses remained relatively stable at $18.5 million, slightly down from $18.9 million in the same period last year. The company's net loss was $11.7 million, compared to a net profit of $7.7 million in the same period last year. At the end of the quarter, Bakkt held $82.6 million in cash, including $69.6 million raised through equity financing. The company also disclosed that it currently has no long-term debt.