CEO and CFO Highlight Closing of Apex Acquisition, Expense Management Progress, and New Partners
On August 16, WTR held a fireside chat with Bakkt CEO Gavin Michael and CFO Karen Alexander. The conversation can be accessed on demand on our website or the link in our full report. A transcript is included in this report. CEO Michael highlighted the results of Bakkt’s recent 2Q23 earnings, including: (1) the closing of the Apex Crypto acquisition; (2) new strategic alliances with Plaid and Fireblocks; (3) moves into international markets (Latin America, with the UK, the EU, Hong Kong, and Australia expected to follow; (4) improved profit margins; and (5) improved operating cash flow usage. CFO Alexander discussed the expense management progress, highlighting that SG&A was down 23% Y/Y and compensation was down 21%. The new guidance is for 2H23 free cash utilization to be down 70-80% from the 1H23 and end the year with approximately $80 million in cash....
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