Bakkt’s third-quarter revenue fell 62.9% year-over-year to $150 million, turning a net profit of $14.3 million.

According to The Block, Bakkt (ticker: BKKT) released its third-quarter 2026 financial results. The quarter’s total revenue hit $149.2 million, a 62.9% year-over-year decline from $402.2 million in Q3 2025, primarily driven by lower cryptocurrency trading volumes. The company’s total trading volume for the quarter stood at $147.9 million, reaffirming its target of roughly $3 billion in full-year 2026 trading volume while setting a new goal of $6 billion for H1 2027. Net profit attributable to Bakkt for the quarter was $14.3 million, with diluted earnings per share (EPS) of $0.31, compared to a net loss of $14.9 million and a loss per share of $1.15 in Q3 2025. The quarter included a $26.8 million non-cash gain related to Transchem warrants, and operating loss from continuing operations narrowed 42.9% to $14.4 million. Adjusted EBITDA loss was $11.8 million, an improvement of $3 million from the comparable year-ago loss of $14.8 million. Operating expenses, excluding crypto costs and execution, clearing, and brokerage fees, totaled $16.1 million, down 39.7% YoY, mainly due to lower compensation, professional services, and administrative expenses, plus the absence of $5.6 million in restructuring and impairment charges, partially offset by a $1.7 million increase in amortization of acquired intangible assets. As of September 30, 2026, Bakkt’s cash, cash equivalents, and restricted cash stood at $37.3 million, down from $50.7 million as of June 30. The quarter saw a net cash outflow from operating activities of $17.9 million, and the company did not sell shares under its at-the-market offering plan during the period. Bakkt noted it currently has no long-term debt. Crypto service revenue is reported on a gross basis, largely offset by crypto costs and execution, clearing, and brokerage fees, which reached $147.5 million for the quarter (down 63.2% YoY). Total operating expenses were $163.6 million, a 61.7% YoY decrease.