Bakkt's Q3 2026 results show a $14.3 million net income that came from a $26.8 million non-cash warrant gain, while the business itself lost $14.4 million from operations. The Atlanta payments and crypto company also says it will still hit $3 billion of transaction volume this year, which needs about $2.4 billion in the fourth quarter after $147.9 million in the third.
Key points
- Bakkt reported net income of $14.3 million, or $0.31 per diluted share, for the quarter ended September 30, 2026, against a $14.9 million loss a year earlier.
- The quarter included a $26.8 million non-cash gain on its Transchem warrants; operating loss from continuing operations was $14.4 million, 42.9% narrower than a year before.
- Total revenue fell 62.9% to $149.2 million, which Bakkt attributes mainly to lower crypto trading volume.
- Total Transacting Volume, a company-defined operating metric, was $147.9 million in the quarter; Bakkt kept its target of about $3 billion for 2026 and set one of about $6 billion for the first half of 2027.
- Cash, cash equivalents and restricted cash fell to $37.3 million from $50.7 million at the end of June, after $17.9 million of net cash used in operations.
What drove Bakkt's Q3 2026 results?
A fair-value gain, not operations. Bakkt holds warrants in Transchem, and their rise in value added $26.8 million of non-cash income in the quarter, more than the $14.3 million the company earned in total. Without it, the picture is the one the operating line shows: a $14.4 million loss, smaller than last year's because costs fell. Operating expenses outside crypto costs and brokerage fees dropped to $16.1 million from $26.7 million, helped by the absence of $5.6 million of restructuring and impairment charges that hit a year earlier.
| Bakkt, $ millions | Q3 2026 | Q3 2025 |
|---|---|---|
| Total revenue | 149.2 | 402.2 |
| Operating expenses excluding crypto costs and brokerage fees | 16.1 | 26.7 |
| Net income (loss) attributable to Bakkt | 14.3 | (14.9) |
| Adjusted EBITDA, on the new basis | (11.8) | (14.8) |
| Adjusted EBITDA, as first reported | n/a | 28.7 |
| Total Transacting Volume | 147.9 | not given |
"Our third-quarter results reflect a lower operating cost base year over year and a balance sheet with no long-term debt."
— Matt White, Chief Financial Officer, Bakkt
How big a jump does the 2026 volume target need?
Roughly sixteen times the third quarter's volume. Bakkt processed $557.9 million of Total Transacting Volume in the first nine months, so the $3 billion full-year target leaves about $2.4 billion for October to December, a figure the company itself gives. It says institutional and cross-border clients were integrating during the third quarter, began going live in October, and that it expects those activations to rise sharply from November.
"Both targets rest on the existing pipeline. Our full-year target implies approximately $2.4 billion of Total Transacting Volume in the fourth quarter, and we are reiterating it because the ramp has started: the institutional and cross-border clients driving it were integrating during the third quarter, activations began in October, and we expect them to increase significantly from November."
— Akshay Naheta, Chief Executive Officer, Bakkt
Bakkt plans a monthly Bakkt Engine Report from December 2026, starting with November's volume and its annualized run rate, so investors will see whether the ramp is on track before the year-end results. The release itself notes that Total Transacting Volume is not revenue, profit, assets or cash flow.
Why did Bakkt change its Adjusted EBITDA?
From this quarter, Bakkt's Adjusted EBITDA leaves out other income and expense, and the company recast earlier periods the same way. The effect on comparisons is large: the third quarter of 2025, first reported as $28.7 million of Adjusted EBITDA because it included a $43.4 million non-cash derivative gain, is now shown as a $14.8 million loss, which is what makes this quarter's $11.8 million loss read as an improvement. The SEC staff's non-GAAP interpretations (Question 100.02) say a measure presented inconsistently between periods can mislead unless the change is disclosed and explained, and that prior periods may need to be recast, which is what Bakkt did here.
What should finance leaders take from Bakkt's quarter?
Our analysis: read the operating line and the cash, not the headline profit. The net income came from revaluing an investment the company has not sold, while cash fell by $13.4 million in three months with no shares sold under its at-the-market program. Bakkt's 10-Q, filed the same day, says management expects its cash to fund operations for 12 months, using a forecast that counts on about $17 million from pending litigation with Roman and notes an accumulated deficit of $821.7 million. The release does not name the clients behind the fourth-quarter volume, say how much revenue that volume would bring, or say what happens to the target if activations slip. For anyone setting their own outlook, CFO Drive's guides on designing guidance for earnings calls and keeping credibility when the outlook changes cover the same trade-off Bakkt is making: a large public target, reported monthly.
Frequently asked questions
Was Bakkt profitable in Q3 2026?
On a GAAP basis, yes: net income was $14.3 million. That figure includes a $26.8 million non-cash gain on Transchem warrants; the operating loss from continuing operations was $14.4 million.
What is Bakkt's Total Transacting Volume?
It is a metric Bakkt defines as the notional value of transactions processed on its platforms, each counted once. It was $147.9 million in Q3 2026, and the company says it is not revenue, profit or cash flow.
What volume targets did Bakkt set?
Bakkt kept its target of about $3 billion of Total Transacting Volume for 2026 and set a new target of about $6 billion for the first half of 2027.
How much cash does Bakkt have?
Bakkt reported $37.3 million of cash, cash equivalents and restricted cash at September 30, 2026, and says it has no long-term debt.
When will Bakkt report monthly volume?
Bakkt says it will publish monthly volume and annualized run rate in a Bakkt Engine Report starting in December 2026, beginning with November's activity.
Sources
- Bakkt Reports Third Quarter 2026 Results and Sets First-Half 2027 Total Transacting Volume Target of $6 Billion: press release from Bakkt via GlobeNewswire, 9 November 2026.
- Bakkt, Inc. Form 10-Q for the quarter ended September 30, 2026: the company's quarterly report, filed with the SEC on 9 November 2026.
- Non-GAAP Financial Measures, Compliance and Disclosure Interpretations: SEC Division of Corporation Finance staff guidance.