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Screener / SEC EDGAR /CIK 0001820302 /10-K filed Mar 19, 2026, compared with Mar 20, 2025 /Numbers from the XBRL of the 10-Ks
Crypto peers:
CORZRIOTCLSKBKKTGMEMARA
NYSE Crypto · Financial Services

Bakkt BKKT

BKKT quote by TradingView
Headquarters
Atlanta, GA
CEO
Akshay Sudhir Naheta
Next results
around Jan 19, 2027
Compare with peers Embed

BKKT among Crypto peers

Six ratios from the latest 10-K. Each corner is the share of 25 peers the company is above, not a score.

Compare
Revenue growth: -32.1%, above 8% of 25 peers (their median 38.2%) REVENUE GROWTH -32.1% · above 8% Operating margin: -6.1%, above 81% of 16 peers (their median -202.8%) OPERATING MARGIN -6.1% · above 81% Net margin: -0.1%, above 82% of 17 peers (their median -169.8%) NET MARGIN -0.1% · above 82%
BKKT Peer median Below the median

What changed

48 new risk paragraphs and 4 accounting facts worth reading about. 10-K filed Mar 19, 2026 against Mar 20, 2025.

Risk factors
48 new paragraphs, nothing like them in the previous 10-K
10-K Item 1A
Receivables growing faster than revenue
Receivables +57.1% vs revenue -32.1% (+89.2 pts)
10-K · XBRL
Auditor change
8-K item 4.01 (change in certifying accountant) filed Jun 13, 2025
10-K · XBRL
Going concern language
“In the past, we have identified conditions and events that raised substantial doubt about our ability to continue as a going concern and it is possible that we may identify conditions and events in the future that raise substantial doubt about our ability to continue as a going concern.”
10-K · XBRL
Late filing notice (NT 10-K or NT 10-Q)
NT 10-K filed Mar 17, 2026: the company said its 10-K would be late (3 in 2 years)
10-K · XBRL
Accounting checks
4 other checks clear, 4 worth a look
10-K · XBRL
Insiders
1 open-market buy in the last 90 days
Form 4
Filings
5 in the last 30 days
EDGAR

Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.

Accounting checks

8 checks on the latest 10-K. Checks, not verdicts.

How it works

4facts worth reading about the other 4 checks found nothing to note

  • Receivables growing faster than revenue
    Receivables +57.1% vs revenue -32.1% (+89.2 pts)
  • Auditor change
    8-K item 4.01 (change in certifying accountant) filed Jun 13, 2025
  • Going concern language
    “In the past, we have identified conditions and events that raised substantial doubt about our ability to continue as a going concern and it is possible that we may identify conditions and events in the future that raise substantial doubt about our ability to continue as a going concern.”
  • Late filing notice (NT 10-K or NT 10-Q)
    NT 10-K filed Mar 17, 2026: the company said its 10-K would be late (3 in 2 years)
  • No 8-K item 4.02 in the last 2 years
3 more checks with nothing to note
  • No sentence in the 10-K concludes that controls were not effective because of a material weakness
  • No 8-K item 2.06 in the last 2 years
  • No 8-K item 1.03 in the last 2 years

In their words

48 paragraphs in Risk Factors that were not in the 10-K filed Mar 20, 2025. Quoted as filed.

All 48 new paragraphs
  1. Item 1A · new paragraph · not in the 10-K filed Mar 20, 2025 10-K, ITEM 1A
    We may be unable to realize the anticipated benefits of investments and strategic transactions in connection with our international expansion strategy. As we increase the breadth and depth of our product offering and seek to expand internationally, there can be no assurance that we will be able to realize the anticipated benefits of…
  2. Item 1A · new paragraph · not in the 10-K filed Mar 20, 2025 10-K, ITEM 1A
    To the extent we pursue our Investment Policy, we will also compete against a number of companies operating both within the United States and abroad that focus on Bitcoin-based or other digital asset-based services. The range of options to gain exposure to Bitcoin may expand in the future. Investors may choose to gain such exposure…
  3. Item 1A · new paragraph · not in the 10-K filed Mar 20, 2025 10-K, ITEM 1A
    For example, on January 11, 2026, we entered into a share purchase agreement to acquire DTR, subject to the satisfaction or waiver of customary closing conditions, including stockholder and regulatory approvals and the absence of any order or law prohibiting consummation of the transaction. The share purchase agreement contains…
  4. Item 1A · new paragraph · not in the 10-K filed Mar 20, 2025 10-K, ITEM 1A
    In particular, the acquisition of DTR presents risks to our business, and may pose integration, operational, regulatory and other challenges. In addition, because Mr. Naheta is our Chief Executive Officer, President and a member of our Board and directly or indirectly wholly owns DTR, the transaction presents related party and…

New risk paragraphs, against peers

Latest 10-K of each, Crypto companies closest in revenue

Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.

Financial performance

Last 4 fiscal years · 10-K XBRL

All years
MetricFY2022FY2023FY2024FY2025
Revenue$56.2M$727.0M$3.4B$2.3B
Net income−$578.1M−$74.9M−$46.7M−$107.2M
Operating cash flow−$117.6M−$60.7M−$21.2M−$153.4M
Free cash flow−$148.1M−$70.1M−$24.3M

Revenue, FY2020 to FY2025

Ten fiscal years, each from its own 10-K · XBRL · USD

$2.3B ▼ 32.1% in FY2025

FY2020FY2022FY2023FY2024FY2025
Every number, year by year

Recent filings

5 filings in the last 30 days · SEC EDGAR

All filings

About the company

Bakkt, Atlanta, GA · from the 10-K filed Mar 19, 2026

OverviewUnless otherwise noted, in this section or elsewhere in this Form 10-K, (1) the term “Bakkt" refers to Bakkt, Inc., a Delaware corporation and its subsidiaries, and (2) the terms Company,” “we,” “us,” and “our,” refer to the ongoing business operations of Bakkt, Inc. and its subsidiaries, whether conducted through Bakkt or a subsidiary of Bakkt. In this section and elsewhere in this Form 10-K, we use the following terms, which are defined as follows:

Headquarters
Atlanta, GA
Country
United States
Listed on
NYSE
Fiscal year ends
December 31
Last results
Nov 9, 2026

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Sources

The 10-K filed Mar 19, 2026 (open at SEC), compared with the 10-K filed Mar 20, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.

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