2023-08-10 07:36:03 ET
- Bakkt Holdings press release ( NYSE: BKKT ): Q2 GAAP EPS of -$0.19.
- Revenue of $347.6M (+2382.9% Y/Y).
- Total revenues of $347.6 million include gross crypto revenues and net loyalty revenues
- Gross crypto services revenues of $335.3 million, which are partially offset by crypto costs and execution, clearing and brokerage fees of $334.0 million, reflect impact of Apex Crypto’s trading activity
- Key performance indicators (including historical Apex Crypto data for comparison purposes):
- Crypto enabled accounts of 6.0 million have continued to increase steadily.
- Transacting accounts of 1.2 million decreased 20% year-over-year, due to industrywide slowdown in crypto activity.
- Notional traded volume of $531 million decreased 51% year-over-year, due to industrywide decline in crypto trading volumes and lower hotel, rental car and merchandise loyalty redemption activity.
- Assets under custody of $660 million increased 3% year-over-year, primarily due to higher coin prices.
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Updated Full Year 2023 Outlook
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- Full year 2023 revenues expected to be ~$2,132 million - ~$3,771 million; includes gross crypto revenues of ~$2,077 million - ~$3,716 million and net loyalty revenues of ~$55 million.
- Full year 2023 crypto costs expected to be ~$2,069 million - ~$3,702 million, in line with gross crypto revenues.
- Full year 2023 net cash used in operating activities expected to be ~($78 million) – ~($84 million). Prior full year 2023 guidance of ($100 million) - ($110 million).
- Full year 2023 free cash flow (non-GAAP) expected to be ~($90 million) - ~($96 million). Prior full year 2023 guidance of ($105 million) - ($115 million). Second half 2023 free cash flow (non-GAAP) usage outlook reflects a ~70-80% reduction from first half 2023 level reflecting our focus on prudent expense management.
For further details see:
Bakkt Holdings GAAP EPS of -$0.19, revenue of $347.6M