Bakkt (US:BKKT)2025-05-12 20:51Financial Performance - Net revenues decreased by 25.9% year-over-year to $12.6 million[17] - Operating expenses, excluding crypto costs, decreased by 36.3% year-over-year[17] - Net income improved by 176.5% year-over-year to $16.2 million[17] - Adjusted EBITDA loss improved by 11.0% year-over-year to $14.5 million[17] - Total revenues increased by 25.8% year-over-year to $1074.9 million, but decreased by 40.2% quarter-over-quarter[78] - Total operating expenses increased by 23.3% year-over-year to $1093.4 million, but decreased by 39.6% quarter-over-quarter[78] Operational Updates and Strategic Direction - Bakkt plans integration and completion of commercial agreement with Distributed Technologies Research (DTR)[17] - Bakkt is streamlining its business to focus on core strengths through strategic divestitures and operational efficiency[28] - Q1 volume increased 23% year-over-year, 139% since Q1'23[6] - Assets under custody of $1872.6 million, down 18.7% QoQ and up 52.5% YoY due to higher coin prices[64]