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Bakkt Holdings Reports Q4, Shares Climb On Strong FY24 Guidance

Published 25/03/2024, 21:12
© Reuters.  Bakkt Holdings Reports Q4, Shares Climb On Strong FY24 Guidance

Benzinga - Bakkt Holdings, Inc. (NYSE:BKKT) reported its fourth-quarter financial results after the bell on Monday. Here's a look at the highlights.

The Details: Bakkt reported quarterly losses of 29 cents per share which missed the analyst consensus estimate of 13 cents per share by 123.08%.

Quarterly sales clocked in at $15.1 million which missed the analyst consensus estimate of $15.25 million by 0.98% and is a 3.21% decrease from sales of $15.60 million year-over-year.

“Bakkt has built a robust foundation and we are in a prime position as we enter the next phase of our journey to commercialize our platform and scale our business,” said Andy Main, incoming president and CEO of Bakkt.

“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,” said Main.

“With our newly strengthened balance sheet which helped put us in a position to alleviate the conditions that raised doubt about our ability to continue as a going concern, and improving crypto market conditions, we are excited about the opportunities in 2024 to execute on our key priorities and drive our company towards profitability,” Main added.

Outlook: Bakkt expects full-year 2024 revenues in the range of $3.292 billion to $5.114 billion, including gross crypto revenues of $3.239 billion to $5.057 billion and net loyalty revenues of $53 million to $57 million.

The company expects operating cash flow usage for fiscal year 2024 to decline approximately 70% year-over-year to between $58 million and $72 million.

Related News: What’s Going On With GameStop Stock Ahead Of Earnings?

BKKT Price Action: According to Benzinga Pro, Bakkt shares are up 11.15% after-hours at 56 cents at the time of publication Monday.

Image created using artificial intelligence Dall.E

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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