Bakkt, Inc.
BKKTNYSEFinancials · Finance Services · SEC filings ↗ · Compare ⊕
View price & chart on Yahoo Finance ↗Financials
SEC XBRL · annual| FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | |
|---|---|---|---|---|---|---|
| Revenue | $2.34B | $3.44B | $780.1M | $56.2M | $28.0M | $28.5M |
| Operating income | −$147.8M | −$82.6M | −$227.9M | −$2.02B | −$140.1M | −$79.1M |
| Net income | −$107.2M | −$46.7M | −$74.9M | −$578.1M | −$139.2M | −$79.6M |
| Total assets | $162.8M | $269.4M | $966.9M | $455.5M | $2.41B | $468.4M |
| Total liabilities | $50.0M | $206.5M | $831.2M | $119.4M | $120.1M | $58.6M |
| Equity | $112.8M | $33.9M | $48.3M | $96.3M | $468.4M | $0 |
| EPS (diluted) | $-8.87 | $-7.97 | $-0.84 | $-8.12 | $-0.81 | — |
| Shares out. | 12.1M | 5.9M | 89.1M | 71.2M | 54.0M | — |
Reported figures from the company's SEC filings (XBRL). Blank where a line item isn't cleanly tagged — never estimated.
Key ratios
from filings · FY2025- Operating margin
- −6.3%
- Net margin
- −4.6%
- Return on equity
- −95.1%
- Return on assets
- −65.9%
- Return on capital (ROCE)
- −113.9%
- Liabilities / assets
- 30.7%
- Debt / equity
- 0.44×
- Book value / share
- $9.33
- Revenue growth (YoY)
- −32.1%
- Net income growth (YoY)
- —
Computed from the company's own SEC figures — no market price, so these are facts, not a valuation. Book value per share is reported equity ÷ shares; it is not the stock price.
Financial health
forensic scores · FY2025- Altman Z″ (distress)
- -20.28distress
- Accruals / assets
- 28.4%high accruals
- Piotroski F-Score
- 3/9weak
Altman Z″is a textbook bankruptcy-distress score from book values only (>2.6 safe · 1.1–2.6 grey · <1.1 distress). Accruals = (net income − operating cash flow) ÷ assets; persistently high accruals are an earnings-quality red flag. Beneish M-Scoreis an eight-ratio screen comparing this year with last (M > −1.78 = elevated manipulation-risk screen, not proof). Piotroski F-Scorecounts how many of nine fundamental-health checks pass (shown as passed / applicable; we use operating margin and total liabilities as documented proxies where the exact input isn't XBRL-tagged). Computed from SEC filings — descriptive factors, not advice or a forecast.
Quality score
EDS ScoreOur own multi-factor score from free SEC data — profitability, growth, financial strength, earnings quality, and event/ownership catalysts. No market price and no licensed model: each axis is the share of source-backed checks it passes. Descriptive factors, not advice or a forecast.
Signs
● 2 severe● 5 warning● 1 good- Altman Z″ in the distress zone
- Filed a late-filing notice (Form NT) — missed an SEC deadline
- Operating losses (negative operating margin)
- Reported a net loss
- Revenue declined year-over-year
- Negative operating cash flow
- High accruals — earnings-quality risk
- Conservative leverage (liabilities < 50% of assets)
Derived from the company's own SEC figures (fundamentals, forensic scores, filing discipline) — descriptive factors, not advice or a forecast.
Risk flags
late SEC filings- NT 10-Kmissed a reporting deadline ↗Mar 17, 2026
- NT 10-Qmissed a reporting deadline ↗Nov 12, 2025
- NT 10-Kmissed a reporting deadline ↗Mar 17, 2025
- NT 10-Qmissed a reporting deadline ↗May 17, 2021
A Form NT means the company notified the SEC it would file a periodic report late — often an accounting, audit or liquidity warning sign. Also search SEC enforcement actions for this company.
Short interest
FINRA · bi-monthly| Settlement | Shares short | Days to cover | Δ vs prior |
|---|---|---|---|
| May 15, 2026 | 4.7M | 2.8 | +10.8% |
| Apr 30, 2026 | 4.2M | 4.3 | -6.5% |
| Apr 15, 2026 | 4.5M | 4.7 | +7.4% |
| Mar 31, 2026 | 4.2M | 2.8 | +8.3% |
| Mar 13, 2026 | 3.9M | 3.0 | -12.3% |
Shares sold short as reported to FINRA. Days-to-cover = short shares ÷ average daily volume — higher means more potential squeeze pressure.
Material events
SEC Form 8-K · most recent- Results of operationsMay 11, 2026
- Completed an acquisition or disposition · Unregistered equity sale · Change in control · Regulation FD disclosureApr 30, 2026
- Shareholder voteApr 20, 2026
- Other material eventMar 24, 2026
- Results of operations · Regulation FD disclosureMar 17, 2026
- Entered a material agreement · Regulation FD disclosure · Other material eventMar 2, 2026
- Entered a material agreementJan 20, 2026
- Results of operations · Other material eventJan 20, 2026
Events the company reported on Form 8-K, labelled by the SEC item code it filed under — its own classification, not our interpretation.