Bakkt, Inc.
Cash Flow Statement
| Line Item | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $80.8M | $-11.7M | $-85.3M | $-14.9M | $-14.7M | $7.7M | $-19.2M | $-2.9M |
| Depreciation & Amortization | $1.1M | $66.0K | $80.0K | $153.0K | $154.0K | $220.0K | $62.0K | $107.0K |
| Depreciation | $200.0K | $100.0K | $0 | $200.0K | $200.0K | $200.0K | $0 | $100.0K |
| Amortization | — | — | — | — | — | — | — | — |
| Stock-Based Compensation | $1.9M | $2.8M | $53.8M | $8.1M | $6.3M | $3.3M | $2.8M | $2.6M |
| Net Cash from Operating Activities | $-14.8M | $-12.1M | $-10.8M | $-46.7M | $5.4M | $-101.3M | $31.4M | $-25.1M |
| Investing Activities | ||||||||
| Capital Expenditures | — | — | — | — | $19.0K | $130.0K | $308.0K | $545.0K |
| Business Acquisitions | — | — | — | — | — | — | — | — |
| Net Cash from Investing Activities | $-14.4M | $1.9M | $-22.7M | $-19.8M | $4.5M | $-130.0K | $6.2M | $5.9M |
| Financing Activities | ||||||||
| Dividends Paid | — | — | — | — | — | — | — | — |
| Stock Repurchases | $49.0K | $280.0K | — | $1.7M | $806.0K | $906.0K | $260.0K | $112.0K |
| Net Cash from Financing Activities | $451.0K | $66.8M | $730.0K | $60.1M | $17.2M | $4.1M | $-260.0K | $-112.0K |
| Net Change in Cash | $-28.8M | $56.7M | $-32.8M | $-6.7M | $27.9M | $-97.3M | $36.3M | $-19.0M |
| Free Cash Flow | — | — | — | — | $5.3M | $-101.4M | $31.1M | $-25.6M |