Summary by Moomoo AI
On August 14, 2024, Bakkt Holdings, Inc. released its financial results for the second quarter ended June 30, 2024. The company reported total revenues of $509.9 million, a significant increase driven by gross crypto services revenues from Bakkt Crypto. Operating expenses were $531.9 million, with a notable rise in crypto costs and execution, clearing, and brokerage fees. However, operating expenses excluding these costs decreased by 43.1% year-over-year to $36.8 million due to cost restructuring and headcount reduction. The operating loss improved by 56.9% to $22.0 million, and net loss improved by 29.7% to $35.5 million. Adjusted EBITDA loss also saw an improvement of 26.9% to $17.9 million. Key performance indicators showed growth in crypto-enabled accounts and assets under custody, though transacting accounts decreased due to reduced activity from a large customer. The company also highlighted strategic partnerships and executive appointments, including a letter of intent with Hidden Road for risk management services. Bakkt provided updated guidance for full-year 2024, projecting revenues between $2,568 million and $2,827 million, and net cash used in operating activities between $72 million and $79 million.
