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Bakkt reports $780 million in revenue with $226 million net loss in 2023

Bakkt reports $780 million in revenue with $226 million net loss in 2023

The BlockThe Block2024/03/26 05:38
By:Danny Park

Bakkt stated that its annual revenue increased from $56 million in 2022 to $780 million in 2023.It reported a $226 million net loss in 2023, an 89% decrease compared to 2022.

Bakkt reports $780 million in revenue with $226 million net loss in 2023 image 0

NYSE-listed cryptocurrency custody and trading platform Bakkt posted $780 million in total revenue but $226 million in net loss in 2023, according to its financial report published Monday. Overall, its net loss last year decreased 89% compared to the full year of 2022.

Bakkt explained that its 2023 revenue grew significantly compared to 2022’s $56 million as a result of gross crypto services revenue produced by Bakkt Crypto, formerly Apex Crypto, which it fully acquired last April. Its operating expenses of $1,008 million reflect increased crypto costs and execution, as well as clearing and brokerage fees in the acquisition, the company said .

It also saw a 49% year-over-year decrease in notional traded volume, due to lower industry-wide volume and decreased activity from users on Webull Pay, its partner payment app.

Meanwhile, the company forecasted a full year revenue in 2024 to rise up to $5,114 million, which would be a 555% year-over-year growth. Nevertheless, its full year crypto costs would grow in line with revenue, in a range of $3,220 million to $5,027 million.

“Our focus for 2024 is on a set of strategic initiatives that will provide our business with efficient scale, including broadening our client network, expanding our product set and prudently managing expenses,” said Andy Main, CEO of Bakkt.

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NYSE warning

Earlier this month, the New York Stock Exchange warned Bakkt that it may be delisted from the exchange as the average closing price of its common stock was below $1.00 per share over a consecutive 30-day trading period. Bakkt closed at $0.54 on Monday, according to Google Finance .

Bakkt has since replaced its CEO to Main from Gavin Michael, who will remain as an advisor for the company through March 2025.


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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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