Bakkt's Adjusted EBITDA Soars 241% as GAAP Loss Widens, Shares Drop 12%

Bakkt Holdings Inc. (BKKT) reported a $28.7 million adjusted EBITDA in Q3 2025, a 241% increase from the prior year, driven by a 27% year-over-year revenue rise to $402.2 million Bakkt’s $28.7 million Q3 profit marks 241% jump from last year, shares slide 11%. The Alpharetta, Georgia-based digital-asset infrastructure company, however, posted a GAAP net loss of $23.2 million, primarily due to a non-cash charge tied to warrant liabilities linked to its 2024 registered direct offering Bakkt Slumps 16% After Quarterly Loss Widens to $23.2 Million. Shares of Bakkt fell nearly 12% in intraday trading, extending a 14% decline since December 2024 Bakkt Slumps 16% After Quarterly Loss Widens to $23.2 Million.

The results reflect Bakkt's ongoing strategic transformation, which includes the sale of its loyalty rewards business in October 2025 and the collapse of its Up-C corporate structure Bakkt’s $28.7 million Q3 profit marks 241% jump from last year, shares slide 11%.

CEO Akshay Naheta emphasized that these moves have streamlined governance, eliminated debt, and positioned Bakkt as a "capital-disciplined digital-asset infrastructure company built for scale and long-term profitability." The firm now operates three core segments: Bakkt Markets (institutional trading and custody), Bakkt Agent (AI-driven stablecoin and payments), and Bakkt Global (international expansion via minority investments) Bakkt Holdings, Inc. Reports Strong Q3 2025 Financial Results with 27% Revenue Growth and Significant EBITDA Improvement.

Bakkt's financials highlight the tension between non-GAAP performance and GAAP accounting. While adjusted EBITDA surged 240.6% year-over-year, the GAAP net loss was exacerbated by a $37.2 million mark-to-market adjustment on warrants, which increased in value alongside the company's stock price Bakkt Slumps 16% After Quarterly Loss Widens to $23.2 Million. The firm ended the quarter with $64.4 million in cash and no long-term debt, bolstered by disciplined capital raises Bakkt’s $28.7 million Q3 profit marks 241% jump from last year, shares slide 11%. Institutional investors, including Vanguard Group and BlackRock, have increased holdings in Q3 2025, though hedge funds like Millennium Management reduced stakes Bakkt Holdings, Inc. Reports Strong Q3 2025 Financial Results with 27% Revenue Growth and Significant EBITDA Improvement.

Bakkt's pivot to institutional-grade services and regulated custody has attracted regulatory scrutiny and partnerships. The company secured money transmitter licenses in all 50 U.S. states and launched a bitcoin treasury funded by a public offering. Internationally, it plans to expand into Japan through minority investments and has appointed Richard Galvin, a former DACM executive, to its board to enhance expertise in digital asset markets Bakkt Holdings, Inc. Reports Strong Q3 2025 Financial Results with 27% Revenue Growth and Significant EBITDA Improvement. Naheta noted that the company is "enhancing its technology stack and refreshing the Bakkt brand" ahead of an Investor Day in Q1 2026 Bakkt Reports Third Quarter 2025 Results.

Analysts remain divided. Benchmark reiterated a "Buy" rating with a $13 price target, while Weiss Ratings maintained a "Sell" rating, citing execution risks Bakkt Reports Third Quarter 2025 Results. The stock's beta of 5.85 and negative P/E ratio of -6.13 reflect its volatility and speculative nature Bakkt Reports Third Quarter 2025 Results. Despite the GAAP loss, Bakkt's adjusted net income from continuing operations reached $15.7 million, driven by gains in new business activity Bakkt Holdings, Inc. Reports Strong Q3 2025 Financial Results with 27% Revenue Growth and Significant EBITDA Improvement. The company's ability to monetize its AI-enabled platforms and international ventures will likely determine its path to sustained profitability.