Bakkt (US:BKKT)2025-05-12 20:30Financial Performance - Net income for Q1 2025 was $16.2 million, representing a 176.5% increase year-over-year and a 140.4% increase sequentially[4] - Total revenues for the quarter reached $1,074.9 million, a 25.8% increase year-over-year[10] - Total revenues for Q1 2025 increased to $1,074.9 million, up 26% from $854.6 million in Q1 2024[23] - Crypto services revenue rose to $1,065.8 million, compared to $841.3 million in the same quarter last year, reflecting a significant growth[23] - Operating loss improved by 41.8% year-over-year to $18.5 million[10] - Operating loss narrowed to $(18.5) million in Q1 2025, an improvement from $(31.8) million in Q1 2024[23] - Net income attributable to Bakkt Holdings, Inc. was $7.7 million in Q1 2025, a recovery from a net loss of $(8.2) million in Q1 2024[23] - Adjusted EBITDA loss for Q1 2025 was $(14.5) million, compared to a loss of $(16.3) million in Q1 2024, indicating a slight improvement[29] Market Activity - Notional traded volume increased 16.6% year-over-year to $1,213.0 million, driven by stronger crypto market activity[8] - Crypto-enabled accounts grew to 6.8 million, up 7.9% year-over-year[8] - Assets under custody rose 52.5% year-over-year to $1,872.6 million, primarily due to higher trading prices for crypto assets[8] Expenses and Liabilities - Total operating expenses were $1,093.4 million, up 23.3% year-over-year[10] - Total assets decreased to $176.3 million as of March 31, 2025, down from $269.4 million a year earlier[21] - Total liabilities reduced to $94.8 million from $206.5 million, showing a significant decrease[21] - Cash and cash equivalents at the end of Q1 2025 were $56.5 million, down from $190.8 million at the end of Q1 2024[25] - Customer funds payable dropped to $12.0 million in Q1 2025 from $88.6 million in Q1 2024, indicating a substantial decline[21] - Total stockholders' equity increased to $81.6 million as of March 31, 2025, compared to $62.9 million a year prior[21] Strategic Developments - Bakkt entered into a cooperation agreement with Distributed Technologies Research (DTR) in Q1 2025 for access to AI and stablecoin payment infrastructure[4] - A commercial agreement with DTR is expected to be completed by Q3 2025, anticipated to bring new products for customers[4] - The leadership team was strengthened with the addition of Ankit Khemka as Chief Product Officer and Phillip Lord as President of Bakkt International[4]