Bakkt Sees 38% YoY Jump in Net Revenue in Q3 2021

Bakkt, a digital asset platform, has reported its key financial metrics for the third quarter ended September 30, 2021. The company saw an increase in net revenue but a significant drop in its net profit during the quarter.

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According to the quarterly report, the net revenue in Q3 2021 reached $9.1 million, 38 percent higher compared to $6.6 million in the third quarter of 2020. Bakkt attributes the growth to higher customer activity in loyalty redemptions and the addition of a large financial institution on its platform.

In Q3 of 2021, Bakkt’s operating expense was $39.0 million, an increase of 60% compared to the third quarter of 2020, primarily due to investments in business growth and closing the transaction.

In addition, the company’s net loss for the last three months was $28.8 million, compared to a net loss of $18.0 million in the third quarter of 2020. Adjusted EBITDA was a loss of $24.1 million compared to a loss of $12.3 million in the comparable year ago period.

“Bakkt has made tremendous strides in proving our model, building strategic partnerships and enhancing our platform capabilities to connect the digital economy,”said Gavin Michael, CEO of Bakkt.“As we move forward, we will invest the proceeds from our recent business combination to activate our partnerships, further deploying our capabilities with consumers, businesses and institutions.”

Earlier this month, Bakkt has announced that it will enable users and partners to buy, sell, and hold ether (ETH). Users can also send Ethereum to family and friends directly through the Bakkt App.