Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | $28.5M | — | $56.2M | $727M | $3.44B | $2.34B |
| Revenue growth | — | — | — | 1193.0% | 373.3% | -32.1% |
| Operating income | -$79.1M | — | -$2.02B | -$156M | -$82.6M | -$148M |
| Operating margin | -277.7% | — | -3590.8% | -21.5% | -2.4% | -6.3% |
| Net income | -$79.6M | — | -$578M | -$74.9M | -$46.7M | -$107M |
| Net margin | -279.4% | — | -1028.2% | -10.3% | -1.4% | -4.6% |
| EPS (diluted) | — | — | -$203.08 | -$21.01 | -$7.97 | -$8.87 |
| Fiscal year | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Operating cash flow | -$30.9M | — | -$118M | -$60.7M | -$21.2M | -$153M |
| Capital expenditures | $20.6M | — | $30.5M | $9.43M | $3.09M | — |
| Free cash flow | -$51.5M | — | -$148M | -$70.1M | -$24.3M | — |
| Share buybacks | — | — | $2.59M | $2.63M | $2.69M | — |
| Fiscal year | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Cash & equivalents | $75.4M | $13.9M | $98.3M | $52.9M | $39.0M | $27.0M |
| Total assets | $468M | $2.41B | $456M | $265M | $269M | $163M |
| Total liabilities | $58.6M | $120M | $119M | $130M | $207M | $50.0M |
| Shareholders' equity | $0.00 | $468M | $96.3M | $48.3M | $33.9M | $113M |
| Retained earnings | -$113M | -$98.3M | -$676M | -$751M | -$798M | -$905M |
| Shares (wtd avg diluted) | — | — | 2.85M | 3.56M | 5.86M | 12.1M |
Every figure is extracted from Bakkt, Inc.’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.