Bakkt (US:BKKT)2024-03-25 21:11Business Strategy and Priorities - Bakkt is focused on enhancing shareholder value and capitalizing on crypto market opportunities[4] - Key priorities for 2024 include growing the client network, delivering new institutional crypto capabilities, and reducing operating expenses[18] - The company aims to broaden its client network and deepen existing relationships, while strategically allocating capital[6] - Bakkt is expanding into new international markets, including Brazil, Guatemala, Spain, Hong Kong, Singapore, and Taiwan[7] Financial Performance and Outlook - Total revenues for FY23 were $780.1 million, reflecting a significant increase in gross crypto trading revenue due to the Bakkt Crypto acquisition[40] - Operating expenses for FY23 totaled $1008 million, including $722.3 million in crypto costs and execution, clearing, and brokerage fees[40] - Bakkt anticipates total revenues of $3292 million to $5114 million and gross crypto revenues of $3239 million to $5057 million for FY24[79] - The company projects operating expenses of $160 million to $170 million for FY24, representing a decrease of approximately 13-18% from 2023[79, 78] - The adjusted EBITDA loss for 4Q23 was $(19) million, a decrease YoY primarily due to a reduction in total compensation and benefits[29] Key Performance Indicators - Notional crypto traded volume increased significantly from December 2023 to March 2024, reaching $463 million in March[8] - Client assets under custody surpassed $1 billion[19] - Crypto-enabled accounts have steadily increased QoQ, reaching 62 million in 4Q23[71]