BKKTBakkt

Crypto · Financial Services · NYSE

Headquarters: Atlanta, GA
CEO: Akshay Sudhir Naheta
Next results: around Jan 19, 2027

What the 10-K filed 2026-03-19 says about risks that are not on the face of the balance sheet, from the notes to the financial statements, Legal Proceedings and the MD&A (and, for big customers and key suppliers, Business and Risk Factors). Tickdelta picks sentences with specifics (amounts, accruals, covenant ratios) and quotes them as filed. New marks a sentence with nothing like it in the 10-K filed 2025-03-20.

Big customers

4 new

Customers the company names as a large share of revenue or receivables (it must name any worth 10% of revenue).

New “As of December 31, 2025 and December 31, 2024, the three largest customer balances represented approximately 89.30% and 99.95%, respectively, of total trade accounts receivable.”
Read it in the 10-K ↗

New “For the year ended December 31, 2025 the Company’s top three digital asset clients represented approximately 89% of Crypto services revenue.”
Read it in the 10-K ↗

New “Three clients, Webull Pay LLC (“Webull”), Swan Bitcoin and Public Platform LLC (“Public”) represented over 10% of the Company’s Crypto services revenue during the year ended December 31, 2025.”
Read it in the 10-K ↗

New “For the year ended December 31, 2024 the Company’s top three digital asset clients represented approximately 94% of Crypto revenue.”
Read it in the 10-K ↗

Key suppliers

Parts or manufacturing that depend on one or a few suppliers.

“In some cases, vendors are the sole source, or one of a limited number of sources, of the services they provide to us.”
Read it in the 10-K ↗

Lawsuits and legal claims

4 new

Pending cases, settlements and what the company has set aside for them.

New “On December 15, 2025, the Company filed a complaint in Delaware state court against Project Labrador Holdco, LLC (“Roman”) in connection with the closing of Roman’s acquisition of the Company’s Loyalty business.”
Read it in the 10-K ↗

“Regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources, and other factors.”
Read it in the 10-K ↗

New “See Note 16, Commitments and Contingencies for a description of the litigation the Company filed against the buyer of the Loyalty business.”
Read it in the 10-K ↗

New “On April 2, 2025, a putative class action complaint was filed in the U.S.”
Read it in the 10-K ↗

New “On September 15, 2025, plaintiff filed an amended complaint.”
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Guarantees and indemnities

Promises to pay someone else's debts or losses if they cannot.

No specific sentence about this in the 10-K.

Debt covenants

Conditions in loan agreements that, if broken, can make debt due early.

“The ICE Credit Facility also contained various customary events of default that included, among others, payment defaults, breach of covenants, inaccuracy of representations and warranties, cross defaults to certain other indebtedness, bankruptcy and insolvency events, judgment defaults, and events constituting a change of control, subject to thresholds and cure periods as set forth in the ICE Credit Facility.”
Read it in the 10-K ↗

Commitments off the balance sheet

Contracts the company must pay for later: purchase obligations, take-or-pay deals.

“Purchase obligations(1) $ 4,050 $ $ $ $ 4,050”
Read it in the 10-K ↗

“Purchase obligations $ 4,050 $ $ $ $4,050”
Read it in the 10-K ↗

Sentences are chosen by their words, not read by AI, so some can be off topic. Always check the filing. Open the 10-K ↗

Work on BKKT in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/BKKT/export.csv") into a cell.