Summary by Moomoo AI
On May 15, 2024, Bakkt Holdings, Inc. reported its financial results for the first quarter ended March 31, 2024. The company announced a total revenue of $854.6 million, which included a significant increase in gross crypto services revenues following the acquisition of Bakkt Crypto. Notional traded volume for crypto trading surged by 324% quarter-over-quarter. Operating expenses, excluding crypto costs, execution, clearing, and brokerage fees, were down by 16% year-over-year to $48.8 million. The company also reported an improved operating loss of $31.8 million, which is a 30% year-over-year improvement, and a net loss reduction of 53% to $21.3 million. Adjusted EBITDA loss also saw a 44% improvement. Bakkt's CEO highlighted the progress in crypto trading activity and cost restructuring initiatives, which are expected to reduce operating...Show More