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Bakkt Q3 revenue falls on lower crypto trading volume

By Reuters News


Overview

  • US digital asset platform's Q3 revenue fell 63% yr/yr, mainly due to lower crypto trading volume

  • Company posted net income of $14.3 mln, or $0.31 EPS, versus loss last year

  • Company reiterates 2026 volume target and sets 1H 2027 target as client activations accelerate


Outlook

  • Bakkt reiterates full-year 2026 Total Transacting Volume target of $3 bln

  • Company sets 1H 2027 Total Transacting Volume target at $6 bln

  • Bakkt expects Monthly Active Users to reach about 25,000 in December 2026


Result Drivers

  • LOWER TRADING VOLUME - Co said revenue decline was primarily due to lower crypto trading volume

  • COST REDUCTIONS - Co attributed lower operating expenses to reduced compensation, professional services, and administrative costs, as well as absence of prior restructuring charges

  • NON-CASH GAIN - Q3 net income included a $26.8 mln non-cash gain on Transchem warrants


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Revenue

Miss

$149.20 mln

$434.50 mln (2 Analysts)

Q3 EPS

$0.31

Q3 Net Income

$14.30 mln

Q3 Adjusted EBITDA

Miss

-$11.80 mln

$11.60 mln (2 Analysts)

Q3 Operating Expenses

$163.60 mln


Analyst Coverage

  • The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

  • The average consensus recommendation for the blockchain & cryptocurrency peer group is "buy"

  • Wall Street's median 12-month price target for Bakkt Inc is $12.50, about 190.7% above its November 6 closing price of $4.30

  • The stock recently traded at 12 times the next 12-month earnings vs. a P/E of 9 three months ago


Reuters Recommended Reads

  • Nov 9 - BitGo Q3 revenue drops 51% as crypto trading slows

  • Nov 9 - PNC to offer stablecoin payments to clients in Coinbase partnership


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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