2 years ago
Digital plus level Bakkt (BKKT) expects to incur quarterly nett losses this twelvemonth arsenic the institution invests successful and grows its business, according to its fourth 4th and 2021 results.
The company, which went public successful October via a peculiar intent acquisition institution (SPAC) merger, said it expects to walk $150 cardinal to $170 cardinal this twelvemonth to put successful aboriginal growth; Bakkt had astir $390 cardinal successful currency connected manus arsenic of Dec. 31, 2021.
Among the areas it is investing successful adjacent word are crypto rewards and crypto reimbursements solutions. Bakkt is besides moving to grow offerings to alteration unfastened loop crypto wallets and connection much cryptos connected its platform.
Bakkt shares fell astir 16% successful aboriginal trading connected Thursday.
For the 4th quarter, Bakkt reported nett gross (non-GAAP) of $13.7 million, up 45% year-over-year. The institution said it sees nett gross of $60 cardinal to $80 cardinal successful 2022, an summation of astir 50%-100% implicit 2021.
Bakkt incurred important non-cash charges related to the closing of its concern operation with VPC Impact Acquisition Holdings to spell public. One of those charges was for $79.4 cardinal successful a mark-to-market disbursal successful the successor institution related to the just worth of warrant liabilities issued by VPC anterior to the merger.
Bakkt besides took a non-cash compensation complaint of $36 cardinal for the predecessor steadfast and $47.2 cardinal for the successor steadfast relating to the issuance of Class V communal Bakkt banal and units of the erstwhile Bakkt genitor company. Lastly, determination were acquisition-related expenses of $12.7 cardinal for the predecessor steadfast and $1.5 cardinal for the successor firm.
Transacting accounts successful the 4th fourth reached 867,000, up 13% year-over-year.
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Michael Bellusci is CoinDesk's crypto payments reporter.
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