1Q23 Revenue Grew 4% Y/Y; Apex Acquisition Closes Bringing Nearly 6 Million Accounts
1Q23 revenue grew 4% Y/Y in a tough market. Expense control improved with opex, excluding a non-recurring restructuring charge, down 11% Y/Y. These results do not include Apex Crypto, but the 2Q23 report and beyond will include it. The acquisition of Apex Crypto closed on April 1 and significantly changes Bakkt's trajectory. With the combined custody solutions from Bakkt and trading capabilities from Apex, the company will be positioned to become the crypto infrastructure provider of choice. Additionally, the company expects the acquisition to provide access to new client verticals in growth sectors with leading fintech partners, including Webull, Stash, M1 Finance, and Public. Finally, Bakkt expects Apex to bolster its path to profitability... While 1Q23 was difficult for crypto, President and CEO Gavin Michael highlighted that this is a pivotal moment given the recent close of its acquisition, focus on international expansion, and the "green shoots" in the crypto market.
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