Summary by Moomoo AI
Bakkt Holdings reported Q2 2024 total revenues of $509.9 million, up 46.7% YoY, driven by increased gross crypto services revenues. Operating loss improved 56.9% to $22 million, while net loss decreased 29.7% to $35.5 million. The company reduced operating expenses excluding crypto costs by 43.1% YoY to $36.8 million through cost restructuring and headcount reduction.Key operational metrics showed mixed results with crypto-enabled accounts growing 6.7% YoY to 6.4 million, while transacting accounts declined 39.1% to 719,281. Notional traded volume increased 26.6% to $672 million and assets under custody rose 47.7% to $975 million, both primarily due to higher crypto asset prices.The company updated its 2024 guidance, projecting full-year revenues of $2,568-$2,827 million and operating expenses of $157-162 million excluding crypto costs. Bakkt expects year-end cash and equivalents of $35-42 million, with net cash usage from operations forecasted at $72-79 million.
