ALPHARETTA, Ga. - Bakkt Holdings, Inc. (NYSE: BKKT), a cryptocurrency platform, has released preliminary financial results for the fourth quarter and full year ended December 31, 2023.
The company estimates fourth-quarter total revenues to be between $213 million and $215 million, with gross crypto revenues ranging from $197 million to $199 million. Net loyalty revenues are projected to be between $13 million and $15 million for the same period.
The estimated total crypto costs, along with execution, clearing, and brokerage fees, are anticipated to be between $196 million and $198 million for the fourth quarter. Bakkt also reports its year-end cash position, including cash equivalents and available-for-sale securities, to be in the range of $68 million to $70 million.
For the full year of 2023, Bakkt’s total revenues are expected to be between $778 million and $780 million, aligning with prior guidance of $750 million to $1,268 million. Gross crypto revenues for the year are estimated to be in the range of $725 million to $727 million, which is also consistent with the previously provided guidance.
The company's net cash used in operating activities, excluding customer funds payable, is estimated to be between $87 million and $89 million for the full year, falling within the forecasted range of $86 million to $89 million. Free cash flow usage, a non-GAAP financial measure, is projected to be between $100 million and $102 million for the fiscal year, which is in line with the company's guidance.
These preliminary financial results have not been audited and are subject to revision upon completion of Bakkt's Annual Report on Form 10-K. The company cautions that these estimates are forward-looking information and are subject to risks and uncertainties, including possible adjustments to the preliminary results.
Bakkt, founded in 2018, provides institutional-grade custody, trading, and onramp capabilities for crypto, aiming to support sustainable, long-term involvement in the crypto economy. The company plans to discuss its 2023 financial results in more detail during a conference call in March.
This financial summary is based on a press release statement from Bakkt Holdings, Inc. and presents a snapshot of the company's performance as it prepares to finalize its financial statements for the year.
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