Bakkt declares $780M full-year revenue in 2023 earnings report
Crypto custody and trading company Bakkt has published its quarterly report, recording a full-year total revenue of $780.1 million for 2023.
Bakkt said that in the fourth quarter of 2023 alone, it had earned a total revenue of $214.5 million. This includes its gross crypto and net loyalty revenues.
The report highlighted that Bakkt’s acquisition of Bakkt Crypto (formerly Apex Crypto) drove the increase in its gross crypto services revenues.
With its balance sheet strengthened, the crypto custody firm aims to scale its business further in 2024. Bakkt’s incoming President and CEO, Andy Main, said the company will focus on several initiatives this year. The executive explained:
“Our focus for 2024 is on a set of strategic initiatives that will provide our business with efficient scale, including broadening our client network, expanding our product set and prudently managing expenses.”
Within the report, the company also published its expectations for its performance in 2024. According to the company, it is expecting full-year revenue of between $3.2 billion to $5.1 billion. This includes gross crypto revenues of $3.2 billion to $5 billion.
However, it also expects its crypto costs to be similar to its revenue in crypto, seemingly predicting to break even in its crypto business.
Related: Bakkt shifts focus to custody services, adds support for DOGE, SHIB, other coins
Main said in the report that its new balance sheet helped put the company in a position to alleviate conditions that placed doubt in the company’s ability to continue.
On Feb. 7, Bakkt filed an amendment to its quarterly report with the United States Securities and Exchange Commission, with a section containing a note that it may “not be able to continue as a going concern.”
This meant the company was running low on cash to fund its operations in the next year. However, with its latest report showing positive results, Main said that this alleviated the conditions that raised concerns about its capabilities to continue its business.
Furthermore, the company’s incoming president expressed excitement about the crypto space’s improving market conditions and said it would help them execute their key priorities and drive the company toward profitability.
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