BKKT Bakkt, Inc. Class A Common Stock
$6.83
Price · Aug 19, 2026
Fundamentals as of Aug 10, 2026
52W Range
$7–$50
0% of range
Analyst Rating
BUY
8 analysts
Price Target
$12
+76% upside
P/E (TTM)
-1.1
ROE
-146.2%
Net Profit Margin
-4.6%
BKKT Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$6.83
Market Cap
—
P/E (TTM)
-1.1
EPS (TTM)
$-8.87
Revenue (TTM)
$2.34B
Div Yield
—
ROE
-146.2%
Debt/Equity
—
52W Range
$7 – $50
BKKT Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$2.34B
2020-12-31
→
2025-12-31
EPS
$-8.87
2022-12-31
→
2025-12-31
Free Cash Flow
—
2022-12-31
→
2024-12-31
Margins
-4.6%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
BKKT
Peer Median
P/E (TTM)
-1.1
22.9
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
BKKT
Peer Median
Operating Margin
-6.3%
—
Net Profit Margin
-4.6%
4.5%
ROA
-49.6%
4.2%
ROE
-146.2%
16.4%
ROIC
-131.0%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
BKKT
Peer Median
Current Ratio
2.2
1.6
Quick Ratio
1.2
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
BKKT
Peer Median
Revenue YoY
-32.1%
—
Revenue CAGR 3Y
246.3%
—
Revenue CAGR 5Y
141.4%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
BKKT
Peer Median
BKKT Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
8 analysts
- Strong Buy 2 25.0%
- Buy 5 62.5%
- Hold 1 12.5%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
1 analysts · 2026-08-19
Low
$12.00
High
$12.00
Median target
$12.00
+75.7%
Mean target
$12.00
+75.7%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-1.7%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.34 | $0.03 | -0.37% |
| March 31, 2026 | $-0.41 | $-0.10 | -0.31% |
| Dec. 31, 2025 | $-6.37 | $-0.56 | -5.8% |
| Sept. 30, 2025 | $-1.15 | $-0.73 | -0.42% |
| June 30, 2025 | $-2.16 | $-0.70 | -1.5% |
| March 31, 2025 | $-2.81 | $-0.81 | -2.0% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| BKKT | — | -1.1 | -32.1% | -4.6% | -146.2% | — |
| 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% | — |
| BRR | — | — | — | — | — | — |
| AIFC | — | — | — | — | — | — |
| ATHR | $73M | -20.8 | -4.1% | -227.5% | -160.2% | 70.8% |
| SPGI | $156.15B | 35.6 | 7.9% | 29.1% | 13.9% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 12
| 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 27
| 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 16
| 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 7
| 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 2
| 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 2
| 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 | · | · |
Growth Rates 3
| 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) 4
| 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 12
| 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 | -14,282,472 | 13,015,011 | 6,825,634 | 6,531,840 | -11,064,909 | 6,361,793 | 6,161,704 | 4,396,495 | -6,959,644 | 3,654,314 | 3,593,491 | 3,275,172 | -202,135,744 | 76,591,676 | |
| Shares (Diluted) | 41,694,018 | 28,379,941 | 3,306,818 | 13,015,011 | 6,825,634 | 7,174,603 | -11,064,909 | 6,361,793 | 6,161,704 | 4,396,495 | -6,959,644 | 3,654,314 | 3,593,491 | 3,275,172 | -403,588,910 | 76,591,676 | |
| EBITDA | $-20M | $-17M | · | $-25M | $-18M | $-18M | · | $-27M | $-22M | $-32M | · | $-53M | $-51M | $-42M | · | $-1.59B |
Balance Sheet 26
| 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 15
| 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 7
| 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 2
| 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 2
| 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 |
Valuation (TTM) 9
| 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 | $2.49B | $2.49B | · | $2.49B | $2.49B | $2.77B | · | $1.90B | $1.92B | $1.42B | · | $579M | $388M | $53M | · | $49M | |
| Net Income TTM | $40M | $-34M | · | $-25M | $-26M | $-20M | · | $-45M | $-59M | $-56M | · | $-516M | $-503M | $-493M | · | $-508M | |
| Market Cap | $352M | $226M | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| P/E | -4.4 | -2.8 | · | -12.8 | -3.4 | -2.3 | · | -1.0 | -1.4 | -0.7 | · | -1.5 | -2.0 | -4.1 | · | · | |
| 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 | -22.8% | -35.2% | · | -7.8% | -29.8% | -44.4% | · | -101.6% | -73.8% | -135.3% | · | -67.7% | -49.2% | -24.6% | · | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 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 | — |
Balance Sheet
| 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 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | — | $-24M | $-70M | $-148M | — |
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Institutional owners (13F) 122 filers · $87.0M 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.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 26 (-9 vs prior Q) | 19 (+1 vs prior Q) | 47 (+14 vs prior Q) | 21 (+2 vs prior Q) | +1.8M |
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 |
|---|---|---|---|---|
| GEODE CAPITAL MANAGEMENT, LLC | $14,837,116 | 904,443 | 17.05% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $9,677,145 | 1,239,071 | 11.12% | Shares |
| Alpine Fox Capital LLC | $7,068,050 | 905,000 | 8.12% | Shares |
| VANGUARD GROUP INC | $6,549,042 | 652,295 | 7.52% | Shares |
| STATE STREET CORP | $5,716,920 | 732,000 | 6.57% | Shares |
| Weiss Asset Management LP | $5,299,319 | 678,530 | 6.09% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $2,415,516 | 309,285 | 2.78% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $2,282,082 | 292,200 | 2.62% | Call option |
| HORIZON KINETICS ASSET MANAGEMENT LLC | $2,186,515 | 279,964 | 2.51% | Shares |
| UBS Group AG | $2,001,000 | 256,210 | 2.30% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $1,793,551 | 229,648 | 2.06% | Shares |
| WOLVERINE TRADING, LLC | $1,719,515 | 67,300 | 1.98% | Call option |
| VANGUARD FIDUCIARY TRUST CO | $1,656,478 | 212,097 | 1.90% | Shares |
| CITADEL ADVISORS LLC | $1,513,578 | 193,800 | 1.74% | Call option |
| Toroso Investments, LLC | $1,306,435 | 130,123 | 1.50% | Shares |
| CITADEL ADVISORS LLC | $1,264,439 | 161,900 | 1.45% | Put option |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $1,262,424 | 161,642 | 1.45% | Shares |
| TWO SIGMA ADVISERS, LP | $1,178,827 | 117,413 | 1.35% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $1,094,759 | 140,174 | 1.26% | Shares |
| BlackRock, Inc. | $1,028,632 | 131,707 | 1.18% | Shares |
| D. E. Shaw & Co., Inc. | $923,923 | 118,300 | 1.06% | Call option |
| NAPA WEALTH MANAGEMENT | $863,594 | 25,664 | 0.99% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $839,349 | 107,471 | 0.96% | Shares |
| JANE STREET GROUP, LLC | $794,277 | 101,700 | 0.91% | Call option |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $728,337 | 93,257 | 0.84% | Shares |
| WOLVERINE TRADING, LLC | $595,315 | 23,300 | 0.68% | Put option |
| MILLENNIUM MANAGEMENT LLC | $585,750 | 75,000 | 0.67% | Call option |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $583,212 | 74,675 | 0.67% | Shares |
| IMC-Chicago, LLC | $581,197 | 74,417 | 0.67% | Shares |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $520,224 | 66,610 | 0.60% | Shares |
| CoinFund Management LLC | $457,034 | 62,097 | 0.53% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $456,104 | 58,400 | 0.52% | Put option |
| GOLDMAN SACHS GROUP INC | $455,221 | 58,287 | 0.52% | Shares |
| Realta Investment Advisors | $416,343 | 53,309 | 0.48% | Shares |
| AlphaQuest LLC | $362,193 | 36,075 | 0.42% | Shares |
| Susquehanna Portfolio Strategies, LLC | $344,796 | 44,148 | 0.40% | Shares |
| Corton Capital Inc. | $343,667 | 10,213 | 0.39% | Shares |
| JANE STREET GROUP, LLC | $292,094 | 37,400 | 0.34% | Put option |
| PRELUDE CAPITAL MANAGEMENT, LLC | $273,358 | 35,001 | 0.31% | Shares |
| RHUMBLINE ADVISERS | $272,849 | 34,937 | 0.31% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $257,082 | 32,917 | 0.30% | Shares |
| DEUTSCHE BANK AG\ | $224,897 | 28,796 | 0.26% | Shares |
| WOLVERINE TRADING, LLC | $220,803 | 8,642 | 0.25% | Shares |
| HSBC HOLDINGS PLC | $220,516 | 27,703 | 0.25% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $201,654 | 25,820 | 0.23% | Shares |
| Bank of New York Mellon Corp | $189,213 | 24,227 | 0.22% | Shares |
| BANK OF AMERICA CORP /DE/ | $187,307 | 23,983 | 0.22% | Shares |
| Engineers Gate Manager LP | $184,113 | 23,574 | 0.21% | Shares |
| ALLIANCEBERNSTEIN L.P. | $182,528 | 24,800 | 0.21% | Shares |
| BARCLAYS PLC | $157,301 | 20,141 | 0.18% | Shares |
| Integrated Wealth Concepts LLC | $154,052 | 19,725 | 0.18% | Shares |
| MetLife Investment Management, LLC | $144,079 | 18,448 | 0.17% | Shares |
| Creative Planning | $124,694 | 15,966 | 0.14% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $121,016 | 15,495 | 0.14% | Shares |
| CITIGROUP INC | $119,048 | 15,243 | 0.14% | Shares |
| GROUP ONE TRADING LLC | $114,284 | 14,633 | 0.13% | Shares |
| IEQ CAPITAL, LLC | $113,206 | 14,495 | 0.13% | Shares |
| GOLDMAN SACHS GROUP INC | $109,340 | 14,000 | 0.13% | Call option |
| LPL Financial LLC | $103,984 | 13,314 | 0.12% | Shares |
| JPMORGAN CHASE & CO | $101,339 | 12,239 | 0.12% | Shares |
| Vanguard Global Advisers, LLC | $96,157 | 12,312 | 0.11% | Shares |
| Invesco Ltd. | $88,862 | 11,378 | 0.10% | Shares |
| CAPTRUST FINANCIAL ADVISORS | $88,150 | 11,287 | 0.10% | Shares |
| AXQ CAPITAL, LP | $83,747 | 10,723 | 0.10% | Shares |
| Point72 Asset Management, L.P. | $79,662 | 10,200 | 0.09% | Call option |
| SIMPLEX TRADING, LLC | $75,514 | 9,669 | 0.09% | Shares |
| MARSHALL WACE, LLP | $74,039 | 9,480 | 0.09% | Shares |
| Russell Investments Group, Ltd. | $69,227 | 8,864 | 0.08% | Shares |
| Police & Firemen's Retirement System of New Jersey | $68,002 | 8,707 | 0.08% | Shares |
| CWM, LLC | $60,610 | 8,235 | 0.07% | Shares |
| OSAIC HOLDINGS, INC. | $45,554 | 5,835 | 0.05% | Shares |
| VOYA INVESTMENT MANAGEMENT LLC | $43,838 | 5,613 | 0.05% | Shares |
| SBI Securities Co., Ltd. | $36,785 | 4,710 | 0.04% | Shares |
| NORTHERN TRUST CORP | $36,145 | 4,628 | 0.04% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $35,926 | 4,600 | 0.04% | Shares |
| MERCER GLOBAL ADVISORS INC /ADV | $34,739 | 4,448 | 0.04% | Shares |
| NISA INVESTMENT ADVISORS, LLC | $30,459 | 3,900 | 0.03% | Shares |
| Legal & General Group Plc | $22,344 | 2,861 | 0.03% | Shares |
| Ameritas Investment Partners, Inc. | $20,923 | 2,679 | 0.02% | Shares |
| PRELUDE CAPITAL MANAGEMENT, LLC | $20,250 | 10,000 | 0.02% | Call option |
| JONES FINANCIAL COMPANIES LLLP | $20,188 | 2,392 | 0.02% | Shares |
| Nuveen, LLC | $16,877 | 2,161 | 0.02% | Shares |
| FMR LLC | $16,698 | 2,138 | 0.02% | Shares |
| Tower Research Capital LLC (TRC) | $16,237 | 2,079 | 0.02% | Shares |
| Arax Advisory Partners | $12,902 | 1,652 | 0.01% | Shares |
| Allworth Financial LP | $10,997 | 1,408 | 0.01% | Shares |
| MSRH, LLC | $8,442 | 1,147 | 0.01% | Shares |
| NFSG Corp | $7,810 | 1,000 | 0.01% | Shares |
| ROYAL BANK OF CANADA | $7,000 | 902 | 0.01% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $6,558 | 891 | 0.01% | Shares |
| US BANCORP \DE\ | $4,335 | 555 | 0.00% | Shares |
| Sterling Capital Management LLC | $3,725 | 477 | 0.00% | Shares |
| PNC Financial Services Group, Inc. | $3,163 | 405 | 0.00% | Shares |
| GAMMA Investing LLC | $2,265 | 290 | 0.00% | Shares |
| Steward Partners Investment Advisory, LLC | $1,874 | 240 | 0.00% | Shares |
| Quarry LP | $1,484 | 190 | 0.00% | Shares |
| FRANKLIN RESOURCES INC | $1,429 | 183 | 0.00% | Shares |
| Farther Finance Advisors, LLC | $1,326 | 169 | 0.00% | Shares |
| Kilter Group LLC | $1,297 | 166 | 0.00% | Shares |
| WOLVERINE ASSET MANAGEMENT LLC | $945 | 121 | 0.00% | Shares |
Company insiders 29 insiders · 16 officers · 14 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Akshay Sudhir Naheta | CEO and President | April 30, 2026 A | 9,026,408 | 0 | 0 | $0 |
| Gavin Constantine Michael | CEO and President | April 15, 2022 F | 2,786,549 | 0 | 0 | $0 |
| Karen Alexander | Chief Financial Officer | July 15, 2026 S | 53,542 | 0 | 2 | $-20,668 |
| 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 | June 25, 2026 S | 105,375 | 0 | 1 | $-12,387 |
| Joseph Sean-Walsh Henderson | Chief Accounting Officer | July 15, 2026 S | 12,954 | 0 | 2 | $-3,551 |
| Marc D'Annunzio | General Counsel & Secretary | July 15, 2026 S | 108,278 | 0 | 4 | $-35,319 |
| Charles Goodroe | Chief Accounting Officer | Sept. 22, 2022 A | 25,160 | 0 | 0 | $0 |
| Meredith Spatz | Chief Customer Officer | Aug. 26, 2022 A | 100,000 | 0 | 0 | $0 |
| Michael Leroy Lewis | EVP Engineering & Operations | April 15, 2022 F | 320,414 | 0 | 0 | $0 |
| Nancy Gordon | EVP Loyalty Rewards & Payments | April 15, 2022 F | 320,414 | 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 |
| Daniel O'Prey | EVP, Digital Assets | Feb. 15, 2022 A | 287,491 | 0 | 0 | $0 |
| Matthew Alan Johnson | Chief Technology Officer | Oct. 15, 2021 A | — | 0 | 0 | $0 |
| Michael Alfred | Director | June 9, 2026 P | 905,000 | 1 | 0 | $1,387,800 |
| Sean Roberts Collins | Director | Dec. 11, 2023 S | 0 | 0 | 0 | $0 |
| Andrew A Main | Director | June 14, 2022 A | 127,713 | 0 | 0 | $0 |
| Kristyn Cook | Director | June 14, 2022 A | 124,350 | 0 | 0 | $0 |
| Gordon Watson | Director | June 14, 2022 A | 122,108 | 0 | 0 | $0 |
| Michelle J Goldberg | Director | June 14, 2022 A | 99,686 | 0 | 0 | $0 |
| Jill Simeone | Director | June 14, 2022 A | 104,634 | 0 | 0 | $0 |
| Richard Lumb | Director | June 14, 2022 A | 99,686 | 0 | 0 | $0 |
| De'Ana Dow | Director | June 14, 2022 A | 194,320 | 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
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.
ETF ownership Held by 22 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 |
|---|---|---|---|---|
| BKCH · Global X Funds | 0.32% | 115,148 NS | May 31, 2026 | N-PORT |
| FINX · Global X Funds | 0.06% | 10,588 NS | May 31, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.00% | 764 NS | May 31, 2026 | N-PORT |
| RSSL · Global X Funds | 0.00% | 7,042 NS | April 30, 2026 | N-PORT |
| UWM · ProShares Trust | 0.00% | 596 NS | May 31, 2026 | N-PORT |
| URTY · ProShares Trust | 0.00% | 603 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.00% | 15 NS | May 31, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.00% | 7,515 NS | April 30, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.00% | 1,071 NS | April 30, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| ITOT · iShares Trust | — | — | July 22, 2026 | Daily |
| IWN · iShares Trust | — | — | Aug. 17, 2026 | Daily |
| IWO · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| IWM · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| IWC · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| IBLC · iShares Trust | — | — | July 13, 2026 | Daily |
| SATO · Invesco Exchange-Traded Fund Trust … | — | — | July 22, 2026 | Daily |