Bakkt, Inc.BKKT

Bakkt, Inc. Leases Disclosure

10-KFiled Mar 19, 20263 min read
Leases
The Company leases real estate for office space under operating leases. There are no restrictions or covenants imposed by any of the leases, and none of the Company's leases contain material residual value guarantees.
In November 2025, Bakkt executed a Termination of Lease Agreement (the "Lease Termination") for its corporate headquarters office space in Alpharetta, Georgia. The company recognized income of approximately $$7.1 million related to the lease termination, which is recognized in Other (expense) income, net in the consolidated statements of operations.
In December 2024, the Company signed a Lease Assignment and Assumption Agreement (the “Lease Assignment”) for its New York office lease, whereby a third-party agreed to assume all the Company’s rights, title and interest in and to the lease, including but not limited to the performance by the third-party of all of the Company’s duties and obligations under the lease. The Lease Assignment was contingent upon the landlord’s consent. In January 2025, the Company signed an Assignment and Assumption of Lease with Landlord’s Consent for the New York office lease, which provided the landlord’s consent to the Lease Assignment. The Company is jointly and severally liable with the third-party assignee for the obligations under the New York office lease. For the year ended ended December 31, 2025 the Company recognized income of approximately $1.8 million related to the Lease Assignment, net of approximately $0.9 million paid to the third-party assignee under the Lease Assignment, all of which is recognized in Other (expense) income, net in the consolidated statements of operations. The Company leases office space in New York under a short-term lease.
Bakkt has a second office lease in Alpharetta, GA that expires in April 2026.
As of December 31, 2025 and December 31, 2024, the Company did not have any active finance leases.
The components of total lease expense are as follows (in thousands):
Year Ended December 31, 2025Year Ended December 31, 2024Year Ended December 31, 2023
Operating lease cost$803 $2,407 $3,831 
Short-term lease cost132 59 73 
Total lease cost$935 $2,466 $3,904 
The short-term lease cost disclosed in the table above reflects our ongoing short-term lease commitments.
Year Ended December 31, 2025Year Ended December 31, 2024Year Ended December 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Cash flow from operating activities
$895 $3,058 $4,056 
Supplemental non-cash information on lease liabilities arising from obtaining right-of-use assets$— $— $— 
As of December 31, 2025, the weighted average remaining lease term for the Company’s operating leases was 4 months, and the weighted average discount rate for its operating leases was 0.0%. As of December 31, 2024, the weighted average remaining lease term for the Company’s operating leases was 65 months, and the weighted average discount rate for its operating leases was 4.2%.
The following table shows balance sheet information about our leases:
Balance sheet
 classification		December 31, 2025December 31, 2024
Right-of-use assetsOther assets, noncurrent$— $7,946 
Lease liabilities, currentOther current liabilities$549 $3,793 
Lease liabilities, noncurrentOther liabilities, noncurrent$— $16,104 
See Note 6, Goodwill and Intangible Assets, Net, and Note 7, Consolidated Balance Sheet Components, for information on impairments recorded for certain right-of-use assets.
Future minimum lease payments under non-cancellable leases as of December 31, 2025 were as follows:
For the year ended December 31,
2026$554 
2027— 
2028— 
2029— 
2030— 
Thereafter— 
Total undiscounted lease payments$554 
Less: imputed interest$5 
Total lease liability$549 
Current$549 
Noncurrent$— 

Historical Timeline

Fiscal YearFiled
2025Mar 19, 2026Showing above
2024Mar 20, 2025
2023Mar 25, 2024
2022Mar 24, 2023
2021Mar 31, 2022

About Leases Disclosures

Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.

Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.

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