Overview

• Company posted Q1 net loss, reversing a net profit in prior-year period

• US fintech infrastructure provider's Q1 revenue fell 77% yr/yr on lower trading volumes

• Bakkt completed DTR acquisition after quarter-end to integrate AI and stablecoin infrastructure

Outlook

• Bakkt says it has sufficient liquidity to execute across all three growth engines

Result Drivers

• LOWER TRADING VOLUMES - Bakkt said Q1 revenue and related crypto costs fell mainly due to lower trading volumes in its crypto services business

• DTR ACQUISITION COSTS - Higher professional services expenses reflected transaction and legal costs related to the DTR acquisition and investments in Japan and India

Company press release: ID:nGNX2BC3Dp

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue		$243.60 mln	$310.89 mln (1 Analyst)
Q1 EPS		-$0.41

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the blockchain & cryptocurrency peer group is "buy"

• Wall Street's median 12-month price target for Bakkt Inc is $30.50, about 207.5% above its May 11 closing price of $9.92

• The stock recently traded at 12 times the next 12-month earnings vs. a P/E of 25 three months ago

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