Bakkt Revenue Falls 62.9% as December User Target Is Reiterated

Bakkt reported fourth-quarter revenue of $149.2 million, down 62.9% year over year, and earnings per share of $0.31, according to the company’s results disclosure.

The company also disclosed 9,760 monthly active users for September 2026, the first period for which Bakkt published the measure, and reiterated a target of “approximately 25,000” users in December 2026.

What does the revenue decline establish?

The 62.9% year-over-year drop means Bakkt generated 37.1% of its comparable prior-year fourth-quarter revenue during the reported period. The disclosure provides no segment, transaction-volume or unit-economics breakdown, so it does not show whether the contraction came from lower activity, lower revenue per customer, a different business mix or another operating factor.

That missing detail matters for the operating read-through. A decline of this scale narrows the sales base Bakkt reported for the quarter, regardless of the reasons behind it.

The disclosure does not identify a one-off cause and gives no figures for costs, operating expenses, cash flow or segment performance. The evidence therefore supports the size of the top-line contraction, but not a reliable conclusion about the operating factors behind it.

Reported EPS of $0.31 shows a positive per-share result for the quarter. It does not, on its own, establish profitability margin, net income or cash generation. The disclosure gives no share count, net-income amount or reconciliation, and it does not provide a prior-year EPS comparison. Readers therefore cannot infer whether per-share earnings improved or deteriorated from the $0.31 figure alone.

That distinction is important because the two headline numbers point in different directions. Revenue fell 62.9%, while Bakkt still reported positive EPS. The available data does not connect those outcomes or identify how much of the per-share result reflected operating performance rather than items below the revenue line.

How far is Bakkt from the December user target?

The September figure leaves a gap of roughly 15,240 monthly active users against the approximately 25,000 target. Reaching that level would require a 156% increase from 9,760 and put the reported count at about 2.56 times the September result, using the company’s stated figures.

September was the first period for which Bakkt disclosed monthly active users, so the release provides no earlier series for comparison. The company cannot therefore be assessed from this disclosure on the metric’s prior trajectory. The new figure establishes a starting point; the December target establishes the next threshold.

Reiterating a target also does not amount to reporting a result. Bakkt has provided no forecast range beyond approximately 25,000 and no timetable for monthly updates beyond the December reference point. The operational question is whether the company reaches that count while maintaining the user base long enough for the metric to reflect sustained activity rather than a single reporting date.

What should the next disclosure show?

December 2026 is the stated checkpoint for the user metric. Bakkt would need to add roughly 15,240 monthly active users from September to meet the reiterated target. Any subsequent update should be read against both the approximately 25,000 benchmark and the 62.9% revenue decline, because the available data does not yet show how user activity converts into reported sales.

The next hard comparison comes in December 2026, when Bakkt’s monthly active-user count can be measured against its approximately 25,000 target and the operating backdrop of a 62.9% quarterly revenue decline.