Bakkt Digital Assets Presentation
Projection Summary
Projected Financials
CAGR
($ millions)
Transaction (1)
Crypto Buy/Sell (2)
Subscription and Services
Other
Total Revenue
2021E
2022E
2023E
2024E
2025E
'21E - '25E
$16
$137
$234
$294
$351
849
2,863
4,413
5,410
6,206
22
26
29
30
32
1
4
6
7
8
$889
$3,030
$4,681
$5,741
$6,597
65%
% YoY Growth
241%
55%
23%
15%
Transaction-Based Expenses (2)
(834)
(2,806)
(4,325)
(5,302)
(6,082)
Total Revenue Less Transaction-Based Expenses
% YoY Growth
$55
$224
$357
$439
$515
75%
309%
59%
23%
17%
Operating Expenses (3)
($259)
($316)
($331)
($314)
($320)
Operating Income
(+) D&A
EBITDA
% YoY Growth
Adjustments
(+) Parent Equity Contribution Amortization
(+) Non-Cash Compensation (3)
Adj. EBITDA
(204)
(92)
25
125
196
20
41
54
56
46
'23E - '25E
($184)
($46)
$79
$181
N/A
N/A
130%
$242
33%
75%
10
18
27
34
5
5
5
15
38
805
($169)
($23)
$111
$221
$285
60%
% of Total Revenue Less Transaction-Based Expenses
% YoY Growth
N/A
N/A
31%
50%
55%
N/A
N/A
98%
29%
Note: Projections assume a January 1, 2021 transaction closing date and related funding for execution of growth strategy. The accounting for revenues from cryptocurrency transactions is currently under review and
subject to change. See "Accounting for Cryptocurrency Transactions" on slide 2. There may be decimal differences due to rounding.
(1)
bakkt
(2)
Transaction revenue is shown net of Starbucks warrant amortization and parent equity contribution amortization, which are contra-revenue items.
Includes the asset value of cryptocurrency.
(3)
Does not reflect anticipated non-cash compensation granted to incoming CEO.
28View entire presentation