Sales down 32.1%
The latest figures
All key numbers (31) From EDGAR
| EPS (ttm) | -4.25 | Sales (ttm) | 2.3B | Net income (ttm) | -1.8M | Sales growth | -32.1% | EPS growth | - | Sales Q/Q | - |
| Free cash flow | - | Gross margin | - | Oper. margin | -6.1% | Net margin | -0.1% | FCF margin | - | ROE | -0.5% |
| ROA | -0.4% | R&D / sales | - | Dividend | - | Debt/Eq | - | Curr. ratio | 3.09 | Cash | 36.6M |
| Op. cash flow (ttm) | -55.7M | EBITDA | -147.2M | EBITDA margin | -6.3% | Quick ratio | 3.09 | Stock pay / sales | 3.1% | Shares out. | 45.1M |
| Shares Y/Y | +3.2% | Book / share | 8.19 | Cash / share | 0.81 | Sales / share | 51.75 | Asset turnover | 5.69 | Days sales out. | 2 |
| Sales 3Y CAGR | +246% |
Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.
Changes in the numbers
FY2025 against FY2024-
Revenue growth slowed to -32.1%+373.3% → -32.1% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
-
Operating margin narrowed to -6.3%-2.4% → -6.3% · Operating income / revenue · 10-K ↗
BKKT against Crypto peers
Ten years, side by side → · All 32 →Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How
Every dot is one of the 32 companies, the better end on the right. Hover a dot for the company.
| Company | Revenue (ttm) | Sales growth | Gross margin | Net margin | ROE | FCF margin | Debt / equity |
|---|---|---|---|---|---|---|---|
| BKKT Bakkt | $2.3B | -32.1% | - | -0.1% | -0.5% | - | - |
| GME GameStop | $3.6B | -5.1% | 37.9% | 25.2% | 14.5% | 19.4% | 0.68 |
| CRCL Circle Internet Group | $3.0B | +63.9% | - | 15.3% | 12.0% | 24.4% | - |
| MARA MARA Holdings | $716.0M | +38.2% | - | -411.2% | -125.1% | -170.1% | 1.28 |
| FIGR Figure Technology Solutions | $708.9M | +48.7% | - | 33.5% | 16.8% | - | 0.68 |
| CLSK CleanSpark | $679.2M | +102% | 55.2% | -146.9% | -131.1% | -91.3% | 2.34 |
Profitability
1 of 3- ✓Net margin above the peer median-0.1% vs -169.8%
- !Return on equity below 15%-0.5%
- !A profit in 0 of 5 years
Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.
Revenue and net income, FY2020 to FY2025
Revenue 2.3B Net income -107.2MFrom XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →
Where the $2.3B of revenue came from
by product, year to Dec 31, 2025- Transaction revenue $2.3B · 100%
- Subscription and service revenue $50K · 0%
From the segment tables in the 10-K XBRL. Revenue by segment, product and region →
Income statement, balance sheet and cash flow
BKKT's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.
Revenue by product or service
year to Dec 31, 2025| Revenue | Share | vs year before | |
|---|---|---|---|
| Transaction revenue | 2.3B | 100.0% | -32.1% |
| Subscription and service revenue | 50K | 0.0% | -37.5% |
10-K 0001628280-26-019870, segment and revenue notes (XBRL).
Income statement
From EDGAR| FY2020 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|
| Revenue | 28.5M | 56.2M | 727.0M | 3.4B | 2.3B |
| Operating income | -79.1M | -2.0B | -156.2M | -82.6M | -147.8M |
| Pretax income | -79.2M | -2.0B | -153.3M | -94.3M | -97.4M |
| Income tax | 391K | -11.3M | 355K | 110K | -49K |
| Net income | -79.6M | -578.1M | -74.9M | -46.7M | -107.2M |
| EPS (diluted) | - | -203.08 | -21.01 | -7.97 | -8.87 |
| Diluted shares | - | 2.8M | 3.6M | 5.9M | 12.1M |
| Depreciation & amortization | 8.0M | 25.4M | 13.9M | 343K | 607K |
| EBITDA | -71.1M | -2.0B | -142.3M | -82.2M | -147.2M |
| Operating margin | -277.7% | -3590.8% | -21.5% | -2.4% | -6.3% |
| Net margin | -279.4% | -1028.2% | -10.3% | -1.4% | -4.6% |
| Revenue growth | - | - | +1193% | +373% | -32.1% |
Balance sheet
From EDGAR| FY2020 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|
| Cash | 75.4M | 98.3M | 52.9M | 39.0M | 27.0M |
| Short-term investments | - | - | - | 0 | 235K |
| Receivables | 10.4M | 25.3M | 6.9M | 7.7M | 12.1M |
| Current assets | 132.1M | 326.5M | 181.1M | 183.8M | 72.2M |
| Property & equipment | 20.0M | 19.7M | 0 | 2.1M | 1.7M |
| Goodwill | 233.4M | 15.9M | 68.0M | 68.0M | 64.7M |
| Total assets | 468.4M | 455.5M | 265.3M | 269.4M | 162.8M |
| Accounts payable | 7.2M | 26.0M | 7.6M | 3.1M | 3.7M |
| Current liabilities | 51.1M | 92.1M | 100.5M | 137.7M | 33.0M |
| Total debt | 0 | - | - | - | - |
| Total liabilities | 58.6M | 119.4M | 129.6M | 206.5M | 50.0M |
| Shareholders' equity | -29.2M | 96.3M | 48.3M | 33.9M | 112.8M |
| Retained earnings | -112.5M | -676.4M | -751.3M | -798.0M | -905.2M |
Cash flow
From EDGAR| FY2020 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|
| Operating cash flow | -30.9M | -117.6M | -60.7M | -21.2M | -153.4M |
| Capital spending | 20.6M | 30.5M | 9.4M | 3.1M | - |
| Free cash flow | -51.5M | -148.1M | -70.1M | -24.3M | - |
| Stock-based pay (added back) | 0 | 31.6M | 15.5M | 15.8M | 71.6M |
| Buybacks | - | 2.6M | 2.6M | 2.7M | - |
| Investing cash flow | -7.9M | -172.0M | 66.0M | 14.1M | -38.1M |
| Financing cash flow | 37.5M | -2.6M | -2.6M | 43.8M | 82.1M |
Stock-based pay and leases
From EDGAR| FY2020 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|
| Stock-based pay (expense) | 0 | 31.6M | 15.5M | 15.8M | 71.6M |
| Stock-based pay / revenue | 0.0% | 56.1% | 2.1% | 0.5% | 3.1% |
| Operating lease cost | 984K | 3.8M | 3.8M | 2.4M | 803K |
| Operating lease cash paid | 1.1M | - | 4.5M | 3.6M | 895K |
| Finance lease principal paid | 313K | 0 | - | - | - |
| Right-of-use assets | 1.8M | 19.6M | 9.4M | 7.9M | 0 |
| Operating lease liabilities | 1.8M | 26.4M | 27.2M | 19.9M | 549K |
From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.