Bakkt, Inc. (BKKT)

NYSE: BKKT · Finance Services · New York, NY · filing with the SEC since 2020

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Grade4.2

◀ Past 2.5● Present 5.1▶ Future 5.8

1 est.

Overview Business Financials Grade Forecast Sentiment Ownership People Filings Patents Chart

The grade of Bakkt, Inc.

Nine metrics read from its own filings, by tense

Headline grade

4.2/10

◀ Past2.540% of the headline

● Present5.135% of the headline

▶ Future5.825% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 8 read as filed from the record and 1 is an SI estimate, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

2.5/1040% of the headline grade · 2 of 3 filed, 1 estimated

Surviving crises

as filed

0.7/10

Has it survived what it has been through?

12 warning events since 2020; the latest 2026-03-17.

weight 45% of this tense · 7th percentile among 130 sector filers · read for itself

From the record

Bakkt, Inc.'s filings since 2020 show 12 warning events of 4 kinds: a notice about its exchange listing (8-K item 3.01, 3 times, the latest 2024-03-14); a warning not to rely on past financial statements (8-K item 4.02, 2 times, the latest 2021-11-22); an auditor change (8-K item 4.01, 3 times, the latest 2025-06-13); a late-report notice (Form NT 10-K or NT 10-Q, 4 times, the latest 2026-03-17) (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed

5.6/10

What has it actually done, year after year?

+141.4% a year over 5 filed years; profitable in 0 of 5.

weight 22% of this tense · 56th percentile among 104 sector filers · read for its customers

From the record

Bakkt, Inc.'s 5 filed years say what it did: revenue went from $28 million in fiscal 2020 to $2.3 billion in fiscal 2025, up 141.4% a year; it rose in 3 of 4 years; the deepest fall was 32% from fiscal 2024 to fiscal 2025; net income was positive in 0 of 5 of those years (its annual reports).

What it rests on

revenue growth over the filed span141.4%top 5% of its family
the share of years revenue rosetop 37% of its family
the share of filed years with a profitbottom 13% of its family
the deepest fall from a revenue peak32.1%top 46% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

SI estimate

2.8/10

How has it treated the people who own it?

SI estimate 2.8/10, confidence 35 of 100 (one part).

weight 33% of this tense · 28th percentile among 115 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: Read from one part only, the share count over the years, which ranks in the bottom 28% of 115 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
What the record cannot read: Fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
How it was reasoned: one part: the share count over the years, the one part on file, ranked among 115 in its family.
Confidence: 35 of 100
What would change it: A filing that carries the missing parts replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Bakkt, Inc.'s shareholder treatment is put at 2.8 of 10 with a confidence of 35 of 100, because read from one part only, the share count over the years, which ranks in the bottom 28% of 115 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income. A filing that carries the missing parts replaces this estimate with the filed reading.

● Present

What are they doing right now?

5.1/1035% of the headline grade · 3 of 3 filed

Financial health

as filed

3.7/10

Is it financially healthy right now?

ROE -95%: lost 95¢ per shareholder dollar. Leverage 31%: owes 31¢ per asset dollar.

weight 45% of this tense · 37th percentile among 117 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-12-31, Bakkt, Inc. lost about 95 cents for every dollar of shareholders' money. Leverage: it owed about 31 cents per dollar of assets, and net share issuance: its share count grew 106.5% over the year (the filed statements).

What it rests on

what it owes per dollar of assetstop 37% of its family
return on equitybottom 19% of its family
the share count against the year beforebottom 29% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed

8.4/10

How strong is its position in its industry?

top 16% of 114 in its family; net margin -4.6%.

weight 33% of this tense · 84th percentile among 114 sector filers · read for its customers

From the record

Bakkt, Inc.'s standing among 114 graded names in its industry family: revenue of $2.3 billion in fiscal 2025 ranks in the top 7% by size; a net margin of -4.6% ranks in the top 34%; revenue growth of 246.2% a year over the last 3 filed years ranks in the top 6% (its annual reports).

What it rests on

revenue against the family$2.34Btop 7% of its family
net margin-4.6%top 34% of its family
three-year revenue growth246.2%top 6% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

as filed

2.8/10

What are the people in charge doing?

bottom 28% of 50 in its family for leadership; chief executive since 2025.

weight 22% of this tense · 28th percentile among 50 sector filers · read for its shareholders

From the record

Bakkt, Inc.'s leadership, from its insiders' filings and its current reports: the chief executive on the record is Naheta, Akshay Sudhir (Chief Executive Officer, as filed), filing under that title since 2025-03-24, 1.6 years (top 48% of its family); the 9 officers and directors filing in the last fifteen months have been on the record a median of 1.6 years (bottom 28%); 16 officer or director changes were reported on Form 8-K since 2023-11-13, against the 9 people in charge now (bottom 5%; fewer changes for each person reads higher) (the Form 4 record, its Form 8-K reports). Years count from a person's first filing in the SEC's data sets, which begin in 2006, so each is a floor.

What it rests on

officer and director changes on Form 8-K, against the people in charge16 in three years among 9 peoplebottom 5% of its family
the median years the people in charge have filed1.6 yearsbottom 28% of its family
the chief executive's years on the record1.6 yearstop 48% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

▶ Future

What are they set up to do next?

5.8/1025% of the headline grade · 3 of 3 filed

Room to expand

as filed

7.6/10

How much room does it have to grow?

top 24% of 108 in its family for room to expand.

weight 33% of this tense · 76th percentile among 108 sector filers · read for itself

From the record

Bakkt, Inc.'s room to grow, from the newest filed statements (fiscal 2025): cash of $45 million against no long-term debt tagged leaves 27.6% of its assets as net cash, top 16% of its family; cash from operations less capital spending is -6.6% of revenue (top 33%) (its annual report).

What it rests on

cash less debt against assets27.6%top 16% of its family
cash from operations less capital spending against revenue-6.6%top 33% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed

4.5/10

What could actually drive growth from here?

bottom 45% of 100 in its family for growth drivers.

weight 33% of this tense · 45th percentile among 100 sector filers · read for its customers

From the record

Bakkt, Inc.'s growth drivers, from the filed years to fiscal 2025: revenue grew 246.2% a year over the last three filed years against 141.4% over all 5, speeding up (top 4% of its family); the newest year grew -32.2% (bottom 17%); capital spending grew -37.8% a year (bottom 23%) (its annual reports). Bakkt, Inc. reported 2 product lines in fiscal 2025: Transaction Revenue Net at $2.3 billion (100%), Subscription and Service Revenue at $50 thousand (0%); 0 of 2 grew against the year before (its annual report).

What it rests on

three-year growth against the whole span+104.8 points a yeartop 4% of its family
the newest year's revenue growth-32.2%bottom 17% of its family
three-year growth of capital spending-37.8%bottom 23% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed

5.4/10

Did its newest year beat what its own record pointed to?

top 46% of 78 in its family for expectations against reality.

weight 33% of this tense · 54th percentile among 78 sector filers · read for its shareholders

From the record

Bakkt, Inc.'s newest year against its own record: revenue of $2.3 billion in fiscal 2025 came in 91.3% below the $27 billion its prior three years' pace pointed to (bottom 1% of its family); net income of $107 million against a prior three-year average of $233 million (top 31%); a net margin of -4.6% against losses larger than its revenue before (top 8%) (its annual reports).

What it rests on

revenue against the prior three years' pace-91.3%bottom 1% of its family
net income against the prior three years' average+54%top 31% of its family
net margin against its prior averageup more than 100 pointstop 8% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton BKKT · research, not advice