Bakkt Reports Third Quarter 2026 Results and Sets First-Half 2027 Total Transacting Volume Target of $6 Billion
Key Highlights
- ➤Q3 TTV $147.9 million; nine-month TTV reached $557.9 million
- ➤Bakkt reiterates approximately $3 billion full-year 2026 TTV target
- ➤Bakkt establishes approximately $6 billion first-half 2027 TTV target
- ➤Q3 revenue $149.2 million, down 62.9% year over year
- ➤Q3 GAAP net income $14.3 million, or $0.31 per diluted share
Expert Statements
Akshay Naheta, CEO of Bakkt
“The foundation is built, and the commercial ramp is underway. The measure that matters from here is volume: we are reiterating our target of approximately $3 billion of Total Transacting Volume for 2026, setting a target of approximately $6 billion for the first half of 2027, and we will report what we deliver every month,”
Akshay Naheta, CEO of Bakkt
“Both targets rest on the existing pipeline. Our full-year target implies approximately $2.4 billion of Total Transacting Volume in the fourth quarter, and we are reiterating it because the ramp has started: the institutional and cross-border clients driving it were integrating during the third quarter, activations began in October, and we expect them to increase significantly from November. A commercial team now in seat is converting that pipeline, and once a client is live its settlement, treasury and payments flows are expected to recur. The first-half 2027 target assumes a fuller period of contribution from those activations and further launches.(1)”
Akshay Naheta, CEO of Bakkt
“Beginning in December, the monthly Bakkt Engine Report will show the completed month’s Total Transacting Volume and its annualized run rate, so shareholders can follow the ramp between quarterly reports. Monthly Active Users on our payment rails were 9,760 in September against a target of approximately 25,000 for December;(4) Bakkt Agent’s Embedded Finance is available to partners today; and Strategic Asset Value in Bakkt Global reached $145.2 million. The best of Bakkt is ahead of us, and we intend to show it month by month.”
Matt White, CFO of Bakkt
“Our third-quarter results reflect a lower operating cost base year over year and a balance sheet with no long-term debt.”
Matt White, CFO of Bakkt
“Operating expenses excluding crypto costs and execution, clearing and brokerage fees were $16.1 million, down 40% from the prior-year quarter, and our Adjusted EBITDA loss narrowed by $3.0 million to $11.8 million on a consistent basis. We ended the quarter with $37.3 million of cash and restricted cash, and our focus is on converting commercial activity into improved operating performance.”
* Total Transacting Volume (“TTV”) of $147.9 million in Q3 bringing nine-month TTV to $557.9 million * Company reiterates its $3 billion full-year 2026 TTV target(1) * Establishes 1H’27 TTV target of $6 billion as client activations accelerate under the expanded commercial team(1) * Monthly Active Users (“MAUs”) of 9,760 in September 2026, the first reported period; reiterates December 2026 target of approximately 25,000(4) * GAAP net income of $14.3 million, EPS of $0.31 per diluted share ATLANTA, Nov. 09, 2026 (GLOBE NEWSWIRE) -- Bakkt, Inc. ("Bakkt," "Company," "we" or "us") (NYSE: BKKT) announced its financial and operational results for the quarter and nine months ended September 30, 2026 and provided an update on certain business developments.
“The foundation is built, and the commercial ramp is underway. The measure that matters from here is volume: we are reiterating our target of approximately $3 billion of Total Transacting Volume for 2026, setting a target of approximately $6 billion for the first half of 2027, and we will report what we deliver every month,” said Akshay Naheta, CEO of Bakkt.
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