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Where the tokens are
Standardised from the company’s filings, newest period first, labelled with the company’s own fiscal calendar. A line the company does not report is left off rather than shown as zero; margins and free cash flow are worked out here, and only where every input is present.
| Line item | Q2 FY262026-06-30 | Q1 FY262026-03-31 | Q4 FY252025-12-31 | Q3 FY252025-09-30 | Q2 FY252025-06-30 | Q1 FY252025-03-31 | Q4 FY242024-12-31 | Q3 FY242024-09-30 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $170.15M | $243.59M | $299.17M | $402.21M | $568.10M | $1.07B | $1.79B | $316.33M |
| Cost of revenue | $167.94M | $239.97M | $295.87M | $396.82M | $561.07M | $1.05B | $1.77B | $312.84M |
| Gross profit | $2.21M | $3.62M | $3.31M | $5.40M | $7.03M | $11.12M | $19.55M | $3.49M |
| Gross margin | 1.3% | 1.5% | 1.1% | 1.3% | 1.2% | 1.0% | 1.1% | 1.1% |
| Selling, general and administrative | $18.18M | $18.50M | $61.79M | $17.66M | $18.81M | $18.41M | $11.14M | $17.31M |
| Operating expenses | $21.82M | $20.55M | $94.32M | $30.66M | $23.15M | $26.56M | $29.54M | $28.63M |
| Operating income | −$19.61M | −$16.92M | −$91.02M | −$25.26M | −$16.12M | −$15.44M | −$9.99M | −$25.14M |
| Operating margin | -11.5% | -6.9% | -30.4% | -6.3% | -2.8% | -1.4% | -0.6% | -7.9% |
| EBITDA | −$17.32M | −$16.86M | −$90.63M | −$19.52M | −$15.97M | −$14.99M | −$9.10M | −$24.00M |
| Interest income | $547.00K | $185.00K | $0 | — | −$53.00K | $622.00K | $0 | — |
| Interest expense | $0 | $0 | $273.00K | −$50.00K | $0 | $0 | $1.10M | $1.01M |
| Income before taxes | $81.13M | −$11.42M | −$68.43M | −$21.58M | −$26.82M | $19.44M | −$39.75M | −$3.88M |
| Income taxes | $5.00K | $12.00K | −$150.00K | −$25.00K | $76.00K | $49.00K | −$9.00K | −$113.00K |
| Net income | $80.84M | −$11.65M | −$95.16M | −$23.16M | −$30.15M | $16.24M | −$40.37M | −$6.29M |
| Net margin | 47.5% | -4.8% | -31.8% | -5.8% | -5.3% | 1.5% | -2.3% | -2.0% |
| EPS, basic | $1.96 | −$0.41 | −$3.88 | −$1.15 | −$2.16 | $1.18 | −$2.95 | −$0.45 |
| EPS, diluted | $1.94 | −$0.41 | −$3.99 | −$1.15 | −$2.16 | $1.13 | −$2.95 | −$0.45 |
| Diluted shares | 41.69M | 28.38M | 21.34M | 13.02M | 6.83M | 7.17M | 6.50M | 6.36M |
Figures describe Bakkt shares, not any token. As of Aug 10, 2026, from Massive's standardised financials. The company reports these figures; a token's issuer holds the shares and reports nothing of its own here.