Bakkt reports Q2 revenue $509.9M vs. $347.6M last year

Adjusted EBITDA loss improved 26.9% year-over-year to $17.9M, primarily due to a reduction in compensation and benefits and selling, general and administrative costs. Adjusted EBITDA ast year reflect an increase in gross crypto services revenues driven by Bakkt Crypto. Net loyalty revenues of $12.8M increased 4% year-over-year driven by higher subscription and services revenue”We continue to make solid progress against our three key strategic priorities,” commented Andy Main, President and CEO of Bakkt. “Since last quarter, we have made significant strides in partnerships across traditional and digital assets to enable Bakkt’s solutions, which offer deep liquidity and strong analytics, risk management, pricing, and trade matching engines. Recently, we signed a letter of intent to work with Hidden Road to provide risk management and back-office functionality, which we believe will enhance our ability to manage and minimize counterparty and credit risk for institutional clients using BakktX. We expect this strategic partnership to strengthen our competitive advantage, positioning us to better serve our client base and drive future growth.”