Bakkt (BKKT) Q2 2026 earnings summary

Executive summary

• Achieved GAAP net income of $80.8 million ($1.94 per diluted share) in Q2 2026, reversing prior year losses, with six live commercial offerings and strong commercial activation.

• Completed acquisitions of DTR and Gyzer, integrating payments, stablecoin, onboarding, and compliance technology, and enhancing fiat-to-crypto capabilities.

• Embedded Finance platform available for partner integration; co-branded card and Neobank-as-a-Service offerings targeted for Q4 2026.

• Strategic investments in Bitcoin Japan Corporation and Transchem Limited, with Transchem warrant position valued at $107.9 million as of June 30, 2026.

• No long-term debt and $50.7 million in cash and restricted cash provide financial flexibility.

Financial highlights

• Q2 2026 revenue was $170.1 million, down 70% from $568.1 million in Q2 2025 due to client transitions and market contraction.

• Net income from continuing operations for Q2 2026 was $80.8 million, compared to a net loss of $26.9 million in Q2 2025, driven by a $98.5 million unrealized gain on Transchem Warrants.

• Adjusted EBITDA loss for Q2 2026 was $11.8 million, up from $9.8 million in Q2 2025.

• Cash, cash equivalents, and restricted cash totaled $50.7 million as of June 30, 2026.

• H1 2026 Total Transacting Volume (TTV) was $410 million, with a FY 2026 target of $2.5 billion.

Outlook and guidance

• Management expects TTV of approximately $2.5 billion for full-year 2026, assuming successful client integrations and consistent transaction levels.

• Monthly Active Users for Bakkt Agent projected to reach 25,000 by December 2026 as partner products launch.

• Initial co-branded card programs and Neobank-as-a-Service offerings targeted for Q4 2026, subject to regulatory and partner requirements.

• Expectation to reach adjusted EBITDA break even during Q4 2026, contingent on client activations.

• No financial guidance provided for 2027, but volume ramp is expected to accelerate based on current trends.