Bakkt has published its first quarterly financial report as a public company. with a net loss of $28.8 million for the reporting period ended September 30, 2021.
followreportFinancially, Bakkt’s revenue for Q3 was $9.1 million, compared with $6.6 million recorded in the same period last year. The company also recorded a $24.1 million loss in earnings before interest, taxes, depreciation. and amortization (EBITDA) accounted for nearly double the figure reported in Q3 2020.
The increase in third-quarter loss year-on-year likely comes from the company’s significant business expenses. The report showed operating expenses of $39 million, more than 60% of expenses for the third quarter of the previous year.
Bakkt has signed several partnerships with numerous payment, fintech, and crypto companies, including Mastercard and Fiserv, reportedly part of the company’s efforts to move away from being just the web. Trade institutional Bitcoin Futures as a more retail-focused digital asset platform.
The company that is supported by The Intercontinental Exchange began trading on the New York Stock Exchange in October. The company’s listing took place following its merger with VPC Impact Acquisition Holdings.
“As we move forward We will invest the proceeds from our latest merger to enable our partnership. and continue to apply our capabilities to consumers, businesses and institutions,” Bakkt CEO Gavin Michael said in a statement.
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