Digital asset platform, Bakkt Holdings, which is majority-owned by Intercontinental Exchange (ICE), generated quarterly net revenue of $13.6 million, an increase of 60% year over year (YoY).
Despite the bearishness in the market, Bakkt managed to trim its net loss to $27.6 million in the second quarter of the year, as per its latest financial report. This is an almost 13% upswing compared to the $31.9 million loss that it had registered during the same period last year.
Due to the current macroeconomic environment, the platform revealed updated revenue and cash usage guidance for 2022.
As such, it expects its net revenue to grow to $57 million – $62 million during this year, up from its earlier guidance of $60 million – $80 million.
On the other hand, Bakkt also plans to use $135 million – $140 million of cash this year, down from its previous projection of $150 million – $170 million.
As of June 30th, 2022, Bakkt revealed nearly $315 million of available cash and other liquid assets.
Gavin Michael, Bakkt’s President, and CEO said:
“We are proud of our second quarter performance where we delivered robust revenue growth, with 2Q net revenues up 60% year-over-year, and maintained a strong balance sheet, with over $315 million in available cash and other highly liquid assets.
Our strong platform and compliance-first approach enable us to withstand challenging markets and continue to execute against our roadmap, working closely with our partners to fully integrate our capabilities and help bring them to market.”
Bakkt completed a reverse merger with special purpose acquisition company (SPAC) VPC Impact Acquisition Holdings last year.
After a much-anticipated IPO, however, BKKT stock tanked alongside the prices of cryptocurrencies.