Bakkt Q2 net income $80.8 million on $98.5 million warrant gain; revenue down 70%
Bakkt reported second-quarter 2026 results with revenue of $170.1 million, down 70.0% from $568.1 million a year earlier, which the company attributed to previously disclosed client transitions and industry-wide softness in digital asset trading volumes. GAAP net income of $80.8 million, or $1.94 per diluted share, was driven by a $98.5 million non-cash gain on the Transchem warrants, while the adjusted EBITDA loss widened to $11.8 million. Shareholders face a sharp revenue decline, and the company reaffirmed its full-year 2026 TTV expectation of approximately $2.5 billion, which depends on client launches ramping in the second half.
Key points
- Total revenue was $170.1 million in Q2 2026 versus $568.1 million in Q2 2025, a 70.0% decline.
- Net income attributable to Bakkt was $80.8 million ($1.94 per diluted share), compared with a net loss of $14.7 million in Q2 2025; the result includes a $98.5 million non-cash gain on Transchem warrants.
- Adjusted EBITDA loss was $11.8 million, compared with $9.8 million in Q2 2025.
- Cash, cash equivalents and restricted cash were $50.7 million as of June 30, 2026, with no long-term debt; the company continues to expect approximately $2.5 billion of full-year 2026 TTV.
The filing
Written by AI on Nov 9, 2026, 11:43 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on August 10, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.