Bakkt Lowers FY24 Crypto Revenue Guidance From $3.00B-4.45B To $2.57B-2.83B, Expects Net Loyalty Revenues Of $53M–$57M
Portfolio Pulse from Benzinga Newsdesk
Bakkt has lowered its FY24 crypto revenue guidance from $3.00B-4.45B to $2.57B-2.83B. The company expects net loyalty revenues of $53M–$57M and gross crypto revenues of $2.515B-$2.770B. Operating expenses excluding certain costs are projected to be $157M-$162M. Net cash used in operating activities is expected to be ($72M)–($79M), with free cash flow usage of ($79M)–($86M). End-of-year available cash is projected to be $35M–$42M.
August 14, 2024 | 11:31 am
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Bakkt has revised its FY24 crypto revenue guidance downward to $2.57B-$2.83B from the previous $3.00B-$4.45B. This adjustment reflects lower expectations for gross crypto revenues and net loyalty revenues. The company also provided projections for operating expenses, net cash used in operating activities, and free cash flow usage.
The downward revision in revenue guidance is likely to negatively impact investor sentiment and the stock price in the short term. Lower revenue expectations indicate potential challenges in the crypto market or company-specific issues, which could lead to a sell-off.
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