Bakkt, Inc. Earnings Per Share Disclosure
| Year Ended December 31, 2024 | Year Ended December 31, 2023 | Year Ended December 31, 2022 | |||||||||||||||
| Net loss per share: | |||||||||||||||||
| Numerator – basic and diluted: | |||||||||||||||||
| Net loss | $ | (103,447) | $ | (225,812) | $ | (1,989,934) | |||||||||||
| Less: Net loss attributable to noncontrolling interest | (56,788) | (150,958) | (1,411,829) | ||||||||||||||
| Net loss attributable to Bakkt Holdings, Inc. – basic | $ | (46,659) | $ | (74,854) | $ | (578,105) | |||||||||||
| Net loss and tax effect attributable to noncontrolling interests | $ | — | $ | — | $ | — | |||||||||||
| Net loss attributable to Bakkt Holdings, Inc. – diluted | $ | (46,659) | $ | (74,854) | $ | (578,105) | |||||||||||
| Denominator – basic and diluted: | |||||||||||||||||
| Weighted average shares outstanding – basic | 5,855,083 | 3,563,333 | 2,846,719 | ||||||||||||||
| Weighted average shares outstanding – diluted | 5,855,083 | 3,563,333 | 2,846,719 | ||||||||||||||
| Net loss per share – basic | $ | (7.97) | $ | (21.01) | $ | (203.08) | |||||||||||
| Net loss per share – diluted | $ | (7.97) | $ | (21.01) | $ | (203.08) | |||||||||||
| Year Ended December 31, 2024 | Year Ended December 31, 2023 | Year Ended December 31, 2022 | |||||||||||||||
| RSUs and PSUs | 1,421 | 521 | 551 | ||||||||||||||
| Public warrants | 286 | 286 | 286 | ||||||||||||||
| Opco warrants | — | 32 | 32 | ||||||||||||||
| Class 1 and Class 2 warrants | 2,018 | — | — | ||||||||||||||
| Opco unvested incentive units | — | — | 89 | ||||||||||||||
| Opco common units | 7,178 | 7,200 | 7,250 | ||||||||||||||
| Total | 10,903 | 8,039 | 8,208 | ||||||||||||||
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2024 | Mar 20, 2025 | Showing above |
| 2023 | Mar 25, 2024 | |
| 2022 | Mar 24, 2023 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.