Bakkt, Inc.BKKT

Bakkt, Inc. Revenue Disclosure

10-KFiled Mar 19, 20262 min read
Revenue from Contracts with Customers
Disaggregation of Revenue
Revenue by service type and by platform is as follows (in thousands):
Service TypeYear Ended December 31, 2025Year Ended December 31, 2024Year Ended December 31, 2023
Transaction revenue(a)
$2,335,193 $3,440,976 $726,796 
Subscription and service revenue50 80 192 
Total revenue$2,335,243 $3,441,056 $726,988 
(a)Amounts are net of rebates and incentive payments of $—, $0.1 million and $0.1 million for the years ended December 31, 2025, December 31, 2024, and December 31, 2023 respectively. Included in these amounts are amounts earned from related parties of $— for the year ended December 31, 2025, and about $0.3 million in aggregate for both years ended December 31, 2024 and December 31, 2023, respectively.
PlatformYear Ended December 31, 2025Year Ended December 31, 2024Year Ended December 31, 2023
Crypto services(b)
2,335,243 3,441,056 726,988 
Total revenue$2,335,243 $3,441,056 $726,988 
(b)Amounts are net of rebates and incentive payments of $— and $0.1 million and $0.1 million for the years ended December 31, 2025, December 31, 2024, and December 31, 2023 respectively. Included in these amounts are amounts earned from related parties of less than $0.3 million for the years ended December 31, 2024 and December 31, 2023.
Bakkt has one reportable segment. See Note 2, Summary of Significant Accounting Policies, for additional information.
Refer to Note 20, Segment Reporting, for additional information on geographic revenue and customer concentration.
The Company recognized income from the sale of digital assets in its inventory reserve, net of the cost of digital assets sold, of $—, $0.3 million and $0.2 million during the years ended December 31, 2025, December 31, 2024, and December 31, 2023, respectively.
Remaining Performance Obligations
As of December 31, 2025 and December 31, 2024, no amount of transaction price was allocated to remaining performance obligations.
Contract Costs
For the years ended December 31, 2025, December 31, 2024, and December 31, 2023, the Company did not incur any incremental costs to obtain and/or fulfill contracts with customers, respectively.

Historical Timeline

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

About Revenue Disclosures

Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.

Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.

Other Available Disclosures

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