BKKT
Bakkt, Inc.
Last earnings +0.7% on 2026-05-11
$8.36
▲ +0.97%$8.36▼ -34.59%
over 1Y
L $6.95H $45.04
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+1.0%
1W+6.8%
1M-14.7%
3M+13.4%
YTD-25.7%
1Y-34.6%
Avoid
Conviction
Horizon
Long (>12mo)
Street · 8 analysts
Buy
Cash-burning crypto pivot with ~$27M cash against $153M annual operating burn — a speculative turnaround, not an investable business.
Cash & equivalents $27.0M · FY2025
BKKT's headline numbers are a trap that must be read against the filing. The $2.34B 'revenue' (and $3.44B in FY2024) is gross crypto-transaction volume with near-100% offsetting cost — which is why net margin is a rounding-error -4.6% and operating income is -$148M on that same base. The P/S of 0.1x is therefore meaningless; you cannot value this on sales. What matters is that after five straight years of losses (-$79.6M, -$578M, -$74.9M, -$46.7M, -$107M) the company has burned itself down to a -$905M accumulated deficit and just $27M of cash.
The balance sheet is the disqualifier. Operating cash flow was -$153M in FY2025 (from +$29M-equivalent the prior year, a -623% swing), against only $27M of cash on hand. That is a fraction of one year's burn — the company is structurally dependent on external financing, and with 30.6M shares and a $255M cap, the most likely funding source is dilution or asset sales. Total assets fell 40% to $163M and cash fell 31%, so the trend is shrinking, not stabilizing. Equity of $113M looks 'improved' (+233% YoY) but that reflects capital-structure engineering and the discontinued-ops reclass, not earned profit — ROE is -95%.
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jul 3, 2026, 1:36 AM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Financials · annual, by fiscal year
| Line item | FY20 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $28.5M | $56.2M | $727M | $3.44B | $2.34B |
| Gross profit | — | — | — | — | — |
| Operating income | -$79.1M | -$2.02B | -$156M | -$82.6M | -$148M |
| Net income | -$79.6M | -$578M | -$74.9M | -$46.7M | -$107M |
| Diluted EPS | — | -$203.08 | -$21.01 | -$7.97 | -$8.87 |
| Net margin | -279.4% | -1028.2% | -10.3% | -1.4% | -4.6% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$347M
EV / EBITDA—
EV / Sales0.1
EV / FCF—
P / FCF—
PEG (trailing)—
Earnings yield-28.7%
FCF yield-41.9%
Quality & risk
ROIC (est.)-103.6%
Free cash flow-$156M
Total debt$0.00
Net cash$27.0M
Altman Z-Score8.34 safe
Piotroski F-Score2/6
Capital returns
Buyback yield0.7%
Dividend yield (est.)—
Shareholder yield0.7%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has skewed negative — read the flagged items.
- 8-K Shareholder vote2026-06-26
Annual meeting vote results (Item 5.07); routine governance, no financial impact
- 8-K Other event2026-06-04
Other-events disclosure (Item 8.01); no material financial change signaled
- S-3 Shelf registration (potential raise)2026-05-13
New shelf registration enables future stock/debt sales; potential dilution overhang
- 8-K Earnings results2026-05-11
Q1 2026: continued operating losses as pure-play digital-asset pivot ramps
- 10-Q Quarterly report2026-05-11
Q1 2026: continued operating losses as pure-play digital-asset pivot ramps
- 8-K Change in control2026-04-30
Proxy for shareholder meeting; routine governance items
- DEF 14A Proxy statement2026-04-30
Proxy for shareholder meeting; routine governance items
- 8-K Shareholder vote2026-04-20
Special-meeting vote results (Item 5.07); governance only
- 8-K Other event2026-03-24
Other-events disclosure (Item 8.01); no material financial change signaled
Recent filings
all on EDGAR ↗4Period ending 2026-06-252026-06-29open ↗4Period ending 2026-06-252026-06-29open ↗4Period ending 2026-06-252026-06-29open ↗4Period ending 2026-06-252026-06-29open ↗144Filing2026-06-26open ↗8-KPeriod ending 2026-06-252026-06-26open ↗4Period ending 2026-06-092026-06-11open ↗8-KPeriod ending 2026-06-032026-06-04open ↗DEFA14AFiling2026-06-01open ↗EFFECTFiling2026-05-27open ↗424B3Filing2026-05-27open ↗4Period ending 2026-05-152026-05-19open ↗
Frequently asked
- Is Bakkt, Inc. (BKKT) a buy?
- BKKT currently carries a Avoid rating with 4/5 conviction, derived from its latest SEC filings. Cash-burning crypto pivot with ~$27M cash against $153M annual operating burn — a speculative turnaround, not an investable business.
- What is Bakkt, Inc.'s quality score?
- BKKT scores 43.81694556371067/100 (grade D) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001820302, latest 10-Q filed 2026-05-11) · EODHD · Proprietary analysis · as of 7/3/2026, 5:36:08 AM.
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