BKKT Class A Bakkt, Inc. Class A Common Stock
NYSE · Financial Services · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Aug 10, 2026
$7.75
· of 52w range
· above low
· to high
$6.7152w low
$47.1852w high
Market Cap (MRQ)
$349M
P/E
-1.1
EPS
$-8.87
Revenue
$2.34B
your badges
52W Range
$7–$47
Analyst Rating
BUY
Price Target
$12
P/E
-1.1
ROE
-146.2%
Net Profit Margin
-4.6%
Your badge strip is empty — pin a metric anywhere on this page.
BKKT Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$7.75
Market Cap (MRQ)
$349M
P/E
-1.1
EPS
$-8.87
Revenue
$2.34B
ROE
-146.2%
52W Range
$7–$47
BKKT Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
range
bars
Bar granularity adapts to the selected period — hover the chart to see open/high/low/close for a bar.
Stock splits
| Ex-date | Split | Type |
|---|---|---|
| April 29, 2024 | 1-for-25 | Reverse |
10-Year Performance Revenue, net income, margins and EPS trends
Revenue$2.34B2020-12-31 → 2025-12-31
EPS$-8.872022-12-31 → 2025-12-31
Free Cash Flow·2022-12-31 → 2024-12-31
Net margin-4.6%2022-12-31 → 2025-12-31
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | BKKT | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E | -1.15Y avg ≈-1.8 | ≈-1.8 | · | · | |
| P/B (MRQ) | 1.0 | · | 1.9 | Undervalued | |
| Price / Tangible Book (MRQ) | 1.1 | · | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | BKKT | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Operating Margin | -6.3%5Y avg ≈-934.5% | ≈-934.5% | -5.6% | Weak | |
| EBITDA Margin | -6.3%5Y avg ≈-922.4% | ≈-922.4% | -5.6% | Weak | |
| Pretax Margin | -4.2%5Y avg ≈-925.9% | ≈-925.9% | 9.8% | Top tier | |
| Net Profit Margin | -4.6%5Y avg ≈-268.7% | ≈-268.7% | 7.7% | Top tier | |
| ROA | -49.6%5Y avg ≈-29.5% | ≈-29.5% | 2.4% | Weak | |
| ROE | -146.2%5Y avg ≈-142.0% | ≈-142.0% | 8.0% | Weak | |
| ROIC | -131.0%5Y avg ≈-741.0% | ≈-741.0% | -63.3% | Weak |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | BKKT | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Current Ratio (MRQ) | 3.15Y avg ≈2.9 | ≈2.9 | 1.3 | Strong liquidity | |
| Quick Ratio | 1.25Y avg ≈1.7 | ≈1.7 | 0.6 | Strong liquidity |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | BKKT | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | -32.1%5Y avg ≈511.4% | ≈511.4% | · | · | |
| Revenue CAGR 3Y | 246.3% | · | · | · | |
| Revenue CAGR 5Y | 141.4% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | BKKT | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 10.85Y avg ≈6.2 | ≈6.2 | 0.5 | Top tier | |
| Receivables Turnover | 236.45Y avg ≈99.0 | ≈99.0 | 16.9 | Top tier | |
| Revenue / Employee | ≈$48.7M | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
730.0%
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Aug 6, 2026 | $1.94 | $0.03 | 6239.9% |
| March 31, 2026 | May 13, 2026 | $-0.41 | $-0.10 | -302.0% |
| Dec. 31, 2025 | $-6.37 | $-0.56 | -1045.9% | |
| Sept. 30, 2025 | $-1.15 | $-0.73 | -56.6% | |
| June 30, 2025 | $-2.16 | $-0.70 | -207.3% | |
| March 31, 2025 | $-2.81 | $-0.81 | -247.9% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue | $2.34B | $3.44B | $727M | $56M | · | $28M | |
| Operating Expenses | $2.48B | $3.52B | $883M | $2.08B | · | $108M | |
| Operating Income | $-148M | $-83M | $-156M | $-2.02B | · | $-79M | |
| Other Non-op | $19M | $1M | $179.0K | $-856.0K | · | $-218.0K | |
| Pretax Income | $-97M | $-94M | $-153M | $-2.00B | · | $-79M | |
| Income Tax | $-49.0K | $110.0K | $355.0K | $-11M | · | $391.0K | |
| Net Income | $-107M | $-47M | $-75M | $-578M | · | $-80M | |
| EPS (Basic) | $-8.87 | $-7.97 | $-21.01 | $-203.08 | · | · | |
| EPS (Diluted) | $-8.87 | $-7.97 | $-21.01 | $-203.08 | · | · | |
| Shares (Basic) | 12,090,013 | 5,855,083 | 3,563,333 | 2,846,719 | · | · | |
| Shares (Diluted) | 12,090,013 | 5,855,083 | 3,563,333 | 2,846,719 | · | · | |
| EBITDA | $-147M | $-93M | $-214M | $-1.99B | · | · |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $27M | $39M | $53M | $98M | $391M | $75M | |
| Short-term Investments | $235.0K | $0 | · | · | · | · | |
| Receivables | $12M | $8M | $30M | $25M | $18M | $10M | |
| Prepaid Expense | $2M | $2M | $3M | $6M | $5M | $5M | |
| Other Current Assets | $15M | $2M | $3M | $6M | $5M | $7M | |
| Current Assets | $72M | $184M | $181M | $326M | $464M | $132M | |
| PP&E (Net) | $2M | $2M | $60.0K | $20M | $6M | $20M | |
| PP&E (Gross) | $2M | $3M | $800.0K | $22M | $7M | $23M | |
| Accum. Depreciation | $354.0K | $996.0K | $740.0K | $2M | $733.0K | $3M | |
| Goodwill | $65M | $68M | $68M | $16M | $1.53B | $233M | |
| Intangibles | $6M | $3M | $3M | $56M | $388M | $62M | |
| Other Non-current Assets | $4M | $10M | $13M | $22M | $14M | $6M | |
| Total Assets | $163M | $269M | $265M | $456M | $2.41B | $468M | |
| Accounts Payable | $4M | $3M | $15M | $26M | $11M | $7M | |
| Accrued Liabilities | $6M | $3M | $16M | $16M | $20M | $15M | |
| Short-term Debt | · | · | · | · | · | $0 | |
| Current Liabilities | $33M | $138M | $101M | $92M | $74M | $51M | |
| Capital Leases | $244.0K | $16M | $24M | $23M | $11M | $847.0K | |
| Deferred Tax | · | · | · | $0 | $12M | $95.0K | |
| Other Non-current Liabilities | $244.0K | $16M | $24M | $23M | $13M | $3M | |
| Total Liabilities | $50M | $207M | $130M | $119M | $120M | $59M | |
| Paid-in Capital | $1.02B | $833M | $800M | $773M | $567M | $0 | |
| Retained Earnings | $-905M | $-798M | $-751M | $-676M | $-98M | $-113M | |
| AOCI | $947.0K | $-841.0K | $-101.0K | $-290.0K | $-55.0K | $191.0K | |
| Stockholders' Equity | $113M | $34M | $48M | $96M | $468M | $-29M | |
| Liabilities + Equity | $163M | $269M | $265M | $456M | $2.41B | $468M | |
| Shares Outstanding | 25,523,039 | · | · | · | · | · |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| D&A | $607.0K | $343.0K | $14M | $25M | · | $8M | |
| Stock-based Comp | $72M | $16M | $15M | $32M | · | $0 | |
| Deferred Tax | $0 | $0 | $0 | $-12M | · | $-354.0K | |
| Amort. of Intangibles | $0 | $0 | $3M | $22M | · | $6M | |
| Restructuring | $5M | $8M | $4M | $2M | · | · | |
| Other Non-cash | $-118M | $9M | $-15M | $415M | · | · | |
| Operating Cash Flow | $-153M | $-21M | $-61M | $-118M | · | $-31M | |
| CapEx | · | $3M | $9M | $31M | · | $21M | |
| Investing Cash Flow | $-38M | $14M | $66M | $-172M | · | $-8M | |
| Stock Issued | $63M | $0 | $0 | $0 | · | · | |
| Stock Repurchased | · | $3M | $3M | $3M | · | · | |
| Net Stock Activity | $63M | $44M | $-3M | $-3M | · | · | |
| Financing Cash Flow | $82M | $44M | $-3M | $-3M | · | $37M | |
| Net Change in Cash | $-109M | $35M | $3M | $-293M | · | $-1M | |
| Taxes Paid | $0 | $0 | $239.0K | $0 | · | $0 | |
| Free Cash Flow | · | $-24M | $-70M | $-148M | · | · |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Operating Margin | -6.3% | -2.7% | -29.2% | -3699.9% | · | · | |
| Net Margin | -4.6% | -1.3% | -9.6% | -1059.4% | · | · | |
| Pretax Margin | -4.2% | -3.0% | -28.9% | -3667.5% | · | · | |
| EBITDA Margin | -6.3% | -2.6% | -27.4% | -3653.4% | · | · | |
| ROA | -49.6% | -17.4% | -10.5% | -40.3% | · | · | |
| ROE | -146.2% | -113.6% | -103.6% | -204.8% | · | · | |
| ROIC | -131.0% | -274.6% | -472.9% | -2085.4% | · | · |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 2.2 | 1.3 | 1.1 | 3.5 | 6.3 | · | |
| Quick Ratio | 1.2 | 0.5 | 0.1 | 1.3 | 5.6 | · |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Asset Turnover | 10.8 | 13.1 | 1.1 | 0.0 | · | · | |
| Receivables Turnover | 236.4 | 128.5 | 28.4 | 2.5 | · | · |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue / Share | $193.15 | $596.10 | $8.76 | $0.77 | · | · | |
| Cash Flow / Share | $-12.69 | $-3.62 | $-0.68 | $-1.65 | · | · | |
| EPS (TTM) | $-8.87 | $-7.97 | $-21.01 | $-203.08 | · | · |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue YoY | -32.1% | 373.3% | 1193.0% | · | · | · | |
| Revenue CAGR 3Y | 246.3% | · | 194.4% | · | · | · | |
| Revenue CAGR 5Y | 141.4% | · | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue TTM | $2.34B | $3.44B | $727M | $56M | · | $28M | |
| Net Income TTM | $-107M | $-47M | $-75M | $-578M | $-93M | $-80M | |
| P/E | -1.1 | -3.1 | -2.7 | -0.1 | · | · | |
| Earnings Yield | -88.3% | -32.2% | -37.7% | -682.6% | · | · |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | · | · | · | · | $578M | $1.07B | $1.75B | $328M | $510M | $855M | $161M | $205M | $348M | $13M | $16M | $13M | |
| Operating Expenses | $190M | $261M | $366M | $427M | $584M | $1.08B | $1.76B | $341M | $532M | $886M | $168M | $258M | $399M | $59M | $348M | $1.61B | |
| Operating Income | $-20M | $-17M | $-86M | $-25M | $-16M | $-15M | $-4M | $-25M | $-22M | $-32M | $-7M | $-53M | $-51M | $-45M | $-332M | $-1.59B | |
| Other Non-op | $284.0K | $846.0K | $-20M | $41M | $-2M | $2M | $-274.0K | $263.0K | $448.0K | $716.0K | $146.0K | $379.0K | $-329.0K | $-17.0K | $-1M | $696.0K | |
| Pretax Income | $81M | $-11M | $-62M | $-22M | $-27M | $19M | $-34M | $-4M | $-35M | $-21M | $-7M | $-52M | $-50M | $-45M | $-329M | $-1.59B | |
| Income Tax | $5.0K | $12.0K | $-133.0K | $-25.0K | $76.0K | $49.0K | $-7.0K | $-113.0K | $74.0K | $156.0K | $-46.0K | $231.0K | $152.0K | $18.0K | $-2M | $-606.0K | |
| Net Income | $81M | $-12M | $-85M | $-15M | $-15M | $8M | $-19M | $-3M | $-16M | $-8M | $-27M | $-17M | $-17M | $-14M | $-99M | $-468M | |
| EPS (Basic) | $1.96 | $-0.41 | $-6.74 | $-1.15 | $-2.16 | $1.18 | $-2.99 | $-0.45 | $-2.67 | $-1.86 | $-7.31 | $-4.74 | $-4.69 | $-4.27 | $-196.80 | $-6.11 | |
| EPS (Diluted) | $1.94 | $-0.41 | $-6.69 | $-1.15 | $-2.16 | $1.13 | $-2.99 | $-0.45 | $-2.67 | $-1.86 | $-7.31 | $-4.74 | $-4.69 | $-4.27 | $-196.78 | $-6.11 | |
| Shares (Basic) | 41,181,719 | 28,379,941 | · | 13,015,011 | 6,825,634 | 6,531,840 | · | 6,361,793 | 6,161,704 | 4,396,495 | · | 3,654,314 | 3,593,491 | 3,275,172 | · | 76,591,676 | |
| Shares (Diluted) | 41,694,018 | 28,379,941 | · | 13,015,011 | 6,825,634 | 7,174,603 | · | 6,361,793 | 6,161,704 | 4,396,495 | · | 3,654,314 | 3,593,491 | 3,275,172 | · | 76,591,676 | |
| EBITDA | $-20M | $-17M | · | $-25M | $-18M | $-18M | · | $-27M | $-22M | $-32M | · | $-53M | $-51M | $-42M | · | $-1.59B |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $50M | $80M | $27M | $58M | $43M | $23M | $39M | $29M | $47M | $57M | $53M | $68M | $85M | $51M | $98M | $160M | |
| Short-term Investments | · | · | $235.0K | · | · | · | $0 | · | · | · | · | · | · | · | · | · | |
| Receivables | $11M | $10M | $12M | $13M | $23M | $29M | $8M | $27M | $24M | $37M | · | $22M | $21M | $25M | · | $22M | |
| Prepaid Expense | $1M | $2M | $2M | $2M | $2M | $3M | $2M | $4M | $4M | $4M | · | $7M | $8M | $8M | · | $6M | |
| Other Current Assets | $14M | $14M | $15M | $2M | $2M | $3M | $2M | $4M | $5M | $4M | · | $7M | $8M | $8M | · | $6M | |
| Current Assets | $97M | $125M | $72M | $120M | $110M | $93M | $184M | $1.10B | $1.16B | $1.49B | · | $694M | $829M | $282M | · | $459M | |
| PP&E (Net) | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | · | $21M | $20M | $20M | · | $29M | |
| PP&E (Gross) | $3M | $3M | $2M | $3M | $3M | $3M | $3M | $3M | $3M | $2M | · | $26M | $24M | $23M | · | $32M | |
| Accum. Depreciation | $550.0K | $420.0K | $354.0K | $2M | $1M | $1M | $996.0K | $935.0K | $915.0K | $797.0K | · | $6M | $4M | $3M | · | $3M | |
| Goodwill | $157M | $65M | $65M | $65M | $65M | $68M | $68M | $68M | $68M | $68M | $68M | $66M | $67M | $16M | $16M | $137M | |
| Intangibles | $23M | $6M | $6M | $6M | $3M | $3M | $3M | $3M | $3M | $3M | · | $42M | $68M | $54M | · | $214M | |
| Other Non-current Assets | $6M | $5M | $4M | $8M | $10M | $11M | $10M | $12M | $13M | $13M | · | $24M | $24M | $25M | · | $23M | |
| Total Assets | $404M | $213M | $163M | $258M | $190M | $176M | $269M | $1.18B | $1.24B | $1.58B | · | $847M | $1.02B | $413M | · | $879M | |
| Accounts Payable | $1M | $3M | $4M | $994.0K | $5M | $7M | $3M | $7M | $6M | $6M | · | $4M | $5M | $9M | · | $11M | |
| Accrued Liabilities | $6M | $6M | $6M | $5M | $17M | $16M | $3M | $15M | $16M | $18M | · | $19M | $18M | $14M | · | $17M | |
| Current Liabilities | $31M | $30M | $33M | $54M | $93M | $58M | $138M | $1.04B | $1.08B | $1.40B | · | $594M | $721M | $84M | · | $184M | |
| Capital Leases | $43.0K | $0 | $0 | $10M | $14M | $14M | $16M | $20M | $21M | $22M | · | $25M | $26M | $26M | · | $24M | |
| Deferred Tax | · | · | · | · | · | · | · | · | · | · | · | · | $0 | $0 | · | $3M | |
| Other Non-current Liabilities | $8M | $195.0K | $244.0K | $10M | $14M | $19M | $16M | $20M | $21M | $22M | · | $38M | $39M | $26M | · | $25M | |
| Total Liabilities | $49M | $43M | $50M | $130M | $132M | $95M | $207M | $1.08B | $1.14B | $1.44B | · | $636M | $764M | $115M | · | $220M | |
| Paid-in Capital | $1.19B | $1.09B | $1.02B | $935M | $841M | $835M | $833M | $829M | $824M | $817M | · | $794M | $791M | $780M | · | $763M | |
| Retained Earnings | $-836M | $-917M | $-905M | $-820M | $-805M | $-790M | $-798M | $-779M | $-776M | $-759M | · | $-725M | $-707M | $-690M | · | $-577M | |
| AOCI | $1M | $1M | $947.0K | $-603.0K | $-395.0K | $-827.0K | $-841.0K | $-223.0K | $-341.0K | $-321.0K | · | $-293.0K | $-166.0K | $-355.0K | · | $-400.0K | |
| Stockholders' Equity | $354M | $171M | $113M | $114M | $35M | $44M | $34M | $50M | $48M | $57M | · | $69M | $84M | $89M | · | $185M | |
| Liabilities + Equity | $404M | $213M | $163M | $258M | $190M | $176M | $269M | $1.18B | $1.24B | $1.58B | · | $847M | $1.02B | $413M | · | $879M | |
| Shares Outstanding | 45,059,802 | 30,709,542 | · | · | · | · | · | · | · | · | · | · | · | · | · | · |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $1M | $66.0K | $80.0K | $153.0K | $154.0K | $220.0K | $62.0K | $107.0K | $117.0K | $57.0K | $3M | $4M | $4M | $3M | $7M | $6M | |
| Stock-based Comp | $2M | $3M | $54M | $8M | $6M | $3M | $3M | $3M | $2M | $8M | $1M | $3M | $4M | $7M | $3M | $8M | |
| Amort. of Intangibles | · | · | · | · | · | · | · | · | · | $0 | $-5M | $3M | $3M | $2M | $6M | $6M | |
| Restructuring | $0 | $0 | $0 | $5M | $0 | $228.0K | $703.0K | $425.0K | $926.0K | $6M | $-222.0K | $0 | $220.0K | $4M | $2M | $0 | |
| Other Non-cash | · | $-3M | · | · | · | $-113M | · | · | · | $38M | · | · | · | $-44M | · | · | |
| Operating Cash Flow | $-15M | $-12M | $-11M | $-47M | $5M | $-101M | $31M | $-25M | $-66M | $38M | $-7M | $25M | $-31M | $-47M | $-24M | $-33M | |
| CapEx | · | · | · | · | $19.0K | $130.0K | · | $545.0K | $463.0K | $2M | · | $2M | $2M | $4M | $8M | $8M | |
| Investing Cash Flow | $-14M | $2M | $-23M | $-20M | $4M | $-130.0K | $6M | $6M | $4M | $-2M | $260.0K | $-9M | $5M | $70M | $-35M | $67M | |
| Stock Issued | · | · | $0 | $63M | $0 | $0 | $0 | $-47M | $8M | $39M | $0 | $0 | $0 | $0 | · | · | |
| Stock Repurchased | $49.0K | $280.0K | · | $2M | $806.0K | $906.0K | · | $112.0K | $59.0K | $2M | · | $0 | $3M | $0 | $3M | $0 | |
| Net Stock Activity | · | $-280.0K | · | · | · | $-906.0K | · | · | · | $37M | · | · | · | · | · | · | |
| Financing Cash Flow | $451.0K | $67M | $730.0K | $60M | $17M | $4M | $-260.0K | $-112.0K | $7M | $37M | $-132.0K | $0 | $-3M | $0 | $-3M | $1.0K | |
| Net Change in Cash | $-29M | $57M | $-33M | $-7M | $28M | $-97M | $36M | $-19M | $-54M | $72M | $-6M | $15M | $-28M | $22M | $-62M | $33M | |
| Taxes Paid | · | · | · | · | · | · | · | · | · | · | · | · | · | $0 | $0 | $0 | |
| Free Cash Flow | · | · | · | · | · | $-101M | · | · | · | $37M | · | · | · | $-51M | · | · |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -3585.6% | -9148.1% | · | 50526.0% | -3.2% | -1.7% | · | -8.3% | -4.3% | -3.7% | · | -25.8% | -14.7% | -350.0% | · | -12402.0% | |
| Net Margin | 14779.2% | -6297.3% | · | 29836.0% | -2.5% | 0.72% | · | -0.88% | -3.2% | -0.96% | · | -8.5% | -4.9% | -107.6% | · | -3640.2% | |
| Pretax Margin | 14831.8% | -6171.4% | · | 43158.0% | -5.2% | 1.5% | · | -1.9% | -7.0% | -2.5% | · | -25.2% | -14.5% | -345.3% | · | -12388.4% | |
| EBITDA Margin | -3585.6% | -9112.4% | · | 50526.0% | -3.2% | -1.7% | · | -8.3% | -4.3% | -3.7% | · | -25.8% | -14.7% | -326.4% | · | -12402.0% | |
| ROA | 27.2% | -6.0% | · | -2.1% | -2.1% | 0.88% | · | -0.29% | -1.5% | -0.82% | · | -2.0% | -0.96% | -1.0% | · | -86.2% | |
| ROE | 41.5% | -10.8% | · | -18.1% | -35.5% | 15.3% | · | -4.8% | -25.0% | -11.2% | · | -13.6% | -4.9% | -5.0% | · | -653.9% | |
| ROIC | -5.5% | -9.9% | · | -22.1% | -52.5% | -41.9% | · | -53.3% | -46.2% | -56.3% | · | -76.6% | -61.2% | -50.9% | · | -860.3% |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.1 | 4.1 | · | 2.2 | 1.2 | 1.6 | · | 1.1 | 1.1 | 1.1 | · | 1.2 | 1.2 | 3.3 | · | 2.5 | |
| Quick Ratio | 2.0 | 3.0 | · | 1.3 | 0.7 | 0.9 | · | 0.1 | 0.1 | 0.1 | · | 0.2 | 0.1 | 0.9 | · | 1.0 |
Efficiency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | · | -0.0 | 0.8 | 1.2 | · | 0.3 | 0.4 | 0.9 | · | 0.2 | 0.2 | 0.0 | · | 0.0 | |
| Receivables Turnover | 0.0 | 0.0 | · | -0.0 | 24.2 | 32.6 | · | 13.5 | 22.4 | 27.3 | · | 9.3 | 16.2 | 0.6 | · | 1.2 |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $7.86 | $5.56 | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Revenue / Share | $0.01 | $0.01 | · | $-0.00 | · | $149.82 | · | $51.62 | $82.75 | $194.38 | · | $2.24 | $3.87 | $0.16 | · | $0.17 | |
| Cash Flow / Share | · | $-0.43 | · | · | · | $-14.12 | · | · | · | $8.72 | · | · | · | $-0.58 | · | · | |
| Cash / Share | $1.11 | $2.60 | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| EPS (TTM) | $-6.31 | $-10.41 | · | $-5.17 | $-4.47 | $-4.98 | · | $-12.29 | $-16.58 | $-18.60 | · | $-210.48 | $-211.85 | $-207.21 | · | · |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $3.73B | $3.73B | · | $3.73B | $3.73B | $3.66B | · | $1.85B | $1.73B | $1.57B | · | $582M | $391M | $57M | · | · | |
| Net Income TTM | $-31M | $-127M | · | $-41M | $-29M | $-31M | · | $-54M | $-69M | $-69M | · | $-147M | $-598M | $-585M | · | · | |
| Market Cap | $352M | $226M | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| P/E | -1.2 | -0.7 | · | -6.5 | -3.1 | -1.7 | · | -0.8 | -1.1 | -0.6 | · | -0.1 | -0.1 | -0.2 | · | · | |
| P/S | 0.1 | 0.1 | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| P/B | 1.0 | 1.3 | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| P / Tangible Book | 2.0 | 2.2 | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| P / Cash Flow | · | -18.7 | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Earnings Yield | -80.8% | -141.4% | · | -15.4% | -32.0% | -57.4% | · | -128.4% | -87.6% | -161.7% | · | -719.6% | -688.9% | -481.9% | · | · |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Revenue | $2.34B | $3.44B | $727M | $56M | · |
| Operating Margin % | -6.3% | -2.7% | -29.2% | -3699.9% | · |
| Net Income | $-107M | $-47M | $-75M | $-578M | · |
| Diluted EPS | $-8.87 | $-7.97 | $-21.01 | $-203.08 | · |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Current Ratio | 2.2 | 1.3 | 1.1 | 3.5 | 6.3 |
| Quick Ratio | 1.2 | 0.5 | 0.1 | 1.3 | 5.6 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | · | $-24M | $-70M | $-148M | · |
Institutional owners (13F) 121 filers · $119.3M total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Holders
121
Value held
$119.3M
New positions
21
Exited positions
19
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 21 (-14 vs prior Q) | 19 (+1 vs prior Q) | 49 (+10 vs prior Q) | 24 (+6 vs prior Q) | +4.1M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| BlackRock, Inc. | $24,104,160 | 3,086,320 | 20.21% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $15,764,639 | 1,023,204 | 13.22% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $9,677,145 | 1,239,071 | 8.11% | Shares |
| VANGUARD GROUP INC | $7,405,394 | 737,589 | 6.21% | Shares |
| Alpine Fox Capital LLC | $7,068,050 | 905,000 | 5.93% | Shares |
| STATE STREET CORP | $5,716,920 | 732,000 | 4.79% | Shares |
| Weiss Asset Management LP | $5,299,319 | 678,530 | 4.44% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $2,415,516 | 309,285 | 2.03% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $2,282,082 | 292,200 | 1.91% | Call option |
| HORIZON KINETICS ASSET MANAGEMENT LLC | $2,186,515 | 279,964 | 1.83% | Shares |
| UBS Group AG | $2,001,406 | 256,262 | 1.68% | Shares |
| NORTHERN TRUST CORP | $1,818,020 | 232,781 | 1.52% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $1,793,551 | 229,648 | 1.50% | Shares |
| WOLVERINE TRADING, LLC | $1,719,515 | 67,300 | 1.44% | Call option |
| Nuveen, LLC | $1,717,395 | 219,897 | 1.44% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $1,656,478 | 212,097 | 1.39% | Shares |
| CITADEL ADVISORS LLC | $1,513,578 | 193,800 | 1.27% | Call option |
| Toroso Investments, LLC | $1,306,435 | 130,123 | 1.10% | Shares |
| CITADEL ADVISORS LLC | $1,264,439 | 161,900 | 1.06% | Put option |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $1,262,424 | 161,642 | 1.06% | Shares |
| TWO SIGMA ADVISERS, LP | $1,178,827 | 117,413 | 0.99% | Shares |
| WELLS FARGO & COMPANY/MN | $1,128,695 | 144,519 | 0.95% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $1,112,231 | 142,411 | 0.93% | Shares |
| MARSHALL WACE, LLP | $1,074,524 | 137,583 | 0.90% | Shares |
| D. E. Shaw & Co., Inc. | $923,923 | 118,300 | 0.77% | Call option |
| NAPA WEALTH MANAGEMENT | $863,594 | 25,664 | 0.72% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $839,349 | 107,471 | 0.70% | Shares |
| JANE STREET GROUP, LLC | $794,277 | 101,700 | 0.67% | Call option |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $728,337 | 93,257 | 0.61% | Shares |
| WOLVERINE TRADING, LLC | $595,315 | 23,300 | 0.50% | Put option |
| MILLENNIUM MANAGEMENT LLC | $585,750 | 75,000 | 0.49% | Call option |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $583,212 | 74,675 | 0.49% | Shares |
| IMC-Chicago, LLC | $581,197 | 74,417 | 0.49% | Shares |
| Bank of New York Mellon Corp | $549,875 | 70,407 | 0.46% | Shares |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $520,224 | 66,610 | 0.44% | Shares |
| CoinFund Management LLC | $457,034 | 62,097 | 0.38% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $456,104 | 58,400 | 0.38% | Put option |
| GOLDMAN SACHS GROUP INC | $455,221 | 58,287 | 0.38% | Shares |
| VOYA INVESTMENT MANAGEMENT LLC | $442,617 | 56,673 | 0.37% | Shares |
| Realta Investment Advisors | $416,343 | 53,309 | 0.35% | Shares |
| MORGAN STANLEY | $386,962 | 49,547 | 0.32% | Shares |
| AlphaQuest LLC | $362,193 | 36,075 | 0.30% | Shares |
| Susquehanna Portfolio Strategies, LLC | $344,796 | 44,148 | 0.29% | Shares |
| Corton Capital Inc. | $343,667 | 10,213 | 0.29% | Shares |
| FRANKLIN RESOURCES INC | $338,321 | 43,319 | 0.28% | Shares |
| JANE STREET GROUP, LLC | $292,094 | 37,400 | 0.24% | Put option |
| PRELUDE CAPITAL MANAGEMENT, LLC | $273,358 | 35,001 | 0.23% | Shares |
| RHUMBLINE ADVISERS | $272,849 | 34,937 | 0.23% | Shares |
| Invesco Ltd. | $271,944 | 34,820 | 0.23% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $257,082 | 32,917 | 0.22% | Shares |
Activists & 5%+ owners 3 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Akshay Sudhir Naheta ×4 filings | May 4, 2026 | 22.30% | Amendment | · | SEC |
| INTERCONTINENTAL EXCHANGE, INC., Intercontinental Exchange Holdings, Inc. ×15 filings | May 4, 2026 | 0.00% | Amendment | · | SEC |
| Corbin Capital Partners Group, LLC, Corbin Capital Partners GP, LLC, Corbin Capital Partners, L.P. | Dec. 14, 2021 | · | Initial filing | · | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
Company insiders 31 insiders · 18 officers · 14 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Akshay Sudhir Naheta | Chief Executive Officer | Sept. 30, 2026 A | 9,336,976 | 0 | 0 | $0 |
| Andrew A Main | Co-CEO & President | July 15, 2025 S | 431,963 | 0 | 0 | $0 |
| Gavin Constantine Michael | CEO and President | March 18, 2024 A | 4,218,666 | 0 | 0 | $0 |
| Karen Alexander | Chief Financial Officer | July 15, 2026 S | 53,542 | 0 | 3 | $-63,433 |
| Andrew Labenne | Chief Financial Officer | April 15, 2022 F | 320,414 | 0 | 0 | $0 |
| Adam Lee White | President | Oct. 15, 2021 A | · | 0 | 0 | $0 |
| Nicholas Baes | Chief Operating Officer | Sept. 30, 2026 A | 134,103 | 0 | 4 | $-50,188 |
| Joseph Sean-Walsh Henderson | Chief Accounting Officer | Sept. 30, 2026 A | 32,672 | 0 | 6 | $-36,029 |
| Marc D'Annunzio | General Counsel & Secretary | Sept. 30, 2026 A | 152,006 | 0 | 9 | $-207,917 |
| Charles Goodroe | Chief Accounting Officer | Sept. 25, 2023 F | 32,789 | 0 | 0 | $0 |
| Mark Sonbolian Elliot | Chief Sales & Mktg Officer | Feb. 24, 2023 A | 449,260 | 0 | 0 | $0 |
| Meredith Spatz | Chief Client Officer | Feb. 24, 2023 A | 290,992 | 0 | 0 | $0 |
| Daniel O'Prey | Chief Product Officer, Crypto | Feb. 24, 2023 A | 441,238 | 0 | 0 | $0 |
| Michael Leroy Lewis | Chief Engineering Officer | Feb. 24, 2023 A | 470,125 | 0 | 0 | $0 |
| Nancy Gordon | Chief Product Officer, Loyalty | Feb. 10, 2023 F | 283,155 | 0 | 0 | $0 |
| Sheela Zemlin | EVP, Chief Revenue Officer | April 15, 2022 F | 321,147 | 0 | 0 | $0 |
| Nicolas Cabrera | Chief Product Officer | Feb. 22, 2022 A | 187,491 | 0 | 0 | $0 |
| Matthew Alan Johnson | Chief Technology Officer | Oct. 15, 2021 A | · | 0 | 0 | $0 |
| Michael Alfred | Director | Aug. 18, 2026 P | 1,201,567 | 5 | 0 | $9,130,457 |
| Sean Roberts Collins | Director | June 17, 2025 A | 63,431 | 0 | 0 | $0 |
| Gordon Watson | Director | June 17, 2025 A | 46,910 | 0 | 0 | $0 |
| Michelle J Goldberg | Director | June 17, 2025 A | 37,608 | 0 | 0 | $0 |
| Jill Simeone | Director | June 17, 2025 A | 37,806 | 0 | 0 | $0 |
| De'Ana Dow | Director | June 17, 2025 A | 39,271 | 0 | 0 | $0 |
| Colleen B Brown | Director | June 17, 2025 A | 31,499 | 0 | 0 | $0 |
| Richard Lumb | Director | June 28, 2024 A | 21,065 | 0 | 0 | $0 |
| Kristyn Cook | Director | June 14, 2022 A | 124,350 | 0 | 0 | $0 |
| David C Clifton | Director | Oct. 15, 2021 A | · | 0 | 0 | $0 |
| Kurt Summers | Director | Oct. 15, 2021 M | 20,000 | 0 | 0 | $0 |
| Kai Schmitz | Director | Oct. 15, 2021 M | 20,000 | 0 | 0 | $0 |
| Intercontinental Exchange, Inc. | 10% owner | Nov. 3, 2025 J | 7,453,112 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 17 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| SATO · Invesco Exchange-Traded Fund Trust … | 1.98% | 21,725 SH | Oct. 2, 2026 | Daily |
| IBLC · iShares Trust | 0.12% | 12,531 SH | Sept. 11, 2026 | Daily |
| IWC · iShares Trust | 0.06% | 100,945 SH | Sept. 11, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.01% | 169,761 SH | Aug. 19, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.01% | 19,981 SH | Aug. 19, 2026 | Daily |
| IWM · iShares Trust | 0.01% | 818,745 SH | Sept. 11, 2026 | Daily |
| DXUV · Dimensional ETF Trust | 0.01% | 6,291 NS | July 31, 2026 | N-PORT |
| RSSL · Global X Funds | 0.01% | 14,112 NS | July 31, 2026 | N-PORT |
| IWO · iShares Trust | 0.00% | 61,729 SH | Sept. 11, 2026 | Daily |
| ITOT · iShares Trust | 0.00% | 114,193 SH | Sept. 11, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.00% | 7,515 NS | July 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.00% | 368,334 SH | Aug. 19, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 852,702 SH | Aug. 19, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.00% | 7,119 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 3,076 SH | Aug. 19, 2026 | Daily |
| DFUS · Dimensional ETF Trust | 0.00% | 1,071 NS | July 31, 2026 | N-PORT |
| IWN · iShares Trust | · | 239,150 SH | Sept. 11, 2026 | Daily |
BKKT Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
rating · 8 analysts
BUY
Median target
$12.00
+54.8%
2 25.0%
Strong Buy
5 62.5%
Buy
1 12.5%
Hold
0 0.0%
Sell
0 0.0%
Strong Sell
12-Month Price Target
1 analysts · 2026-09-30Mean target $12.00 +54.8%
Low$12.00
Mean$12.00
High$12.00
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| BKKT | · | -1.1 | -32.1% | -4.6% | -146.2% | · |
| MIAX | $3.80B | -44.4 | 19.7% | -5.1% | -10.8% | 31.6% |
| DFIN | $1.20B | 40.6 | -1.9% | 4.2% | 8.0% | · |
| GEMI | $1.17B | -0.6 | 26.3% | -324.6% | 220.5% | · |
| VALU | · | · | -4.7% | 64.7% | 20.3% | · |
| MKTW | · | 6.5 | -19.7% | 1.7% | -46.4% | · |
| AIFC | · | · | · | · | · | · |
| ATHR | $73M | -20.8 | -4.1% | -227.5% | -160.2% | 70.8% |
| SPGI | $156.15B | 35.6 | 7.9% | 29.1% | 13.9% | · |
My Metrics Your personal watchlist — selected rows from Full Fundamentals
Pick the metrics that matter to you — click the + next to any row in Full Fundamentals above.
Your selection is saved and follows you across all tickers.
Source: SEC 10-Q filed Aug 10, 2026