Bakkt, Inc. (NYSE: BKKT) announced its financial results for the quarter and nine months ended September 30, 2026. For the third quarter of 2026, the company reported GAAP net income of $14.3 million, or $0.31 per diluted share. This compares to a net loss of $14.9 million, or $(1.15) per share, in the same period of the prior year.
Total revenue for Q3 2026 was $149.2 million, a decrease of 62.9% from $402.2 million in Q3 2025. The company noted that this decline was primarily due to lower crypto trading volume, including the loss of clients. Operating expenses, excluding crypto costs and execution, clearing, and brokerage fees, were $16.1 million, down 39.7% from the prior year.
Bakkt reported an Adjusted EBITDA loss of $11.8 million for the quarter, narrowing the loss by $3.0 million compared to the prior year. The company ended the quarter with $37.3 million of cash and restricted cash and has no long-term debt.
In terms of operational metrics, Total Transacting Volume (TTV) for Q3 2026 was $147.9 million, bringing the nine-month total to $557.9 million. Bakkt reiterated its target of approximately $3 billion of TTV for the full year 2026. Additionally, the company established a target of approximately $6 billion of TTV for the first half of 2027.
The company also reported Monthly Active Users (MAUs) of 9,760 for September 2026, the first period for which the metric was reported. Management expects MAUs to reach approximately 25,000 by December 2026.
On the leadership front, Matt White was appointed Chief Financial Officer effective August 17, 2026, succeeding Karen Alexander. The company also noted recent operational updates, including the appointment of Mark Hiriart as Global Head of Markets and Aman Ghose as Senior Vice President, Institutional Partnerships and Growth in September 2026.
