Bakkt Holdings Inc. reported its financial and operational results for the first quarter of 2025, revealing a net revenue decrease of 25.9% year-over-year to $12.6 million. Despite the decline in revenue, the company experienced a significant improvement in net income, which rose by 176.5% year-over-year to $16.2 million. Operating expenses, excluding crypto costs, saw a substantial reduction, decreasing by 36.3% year-over-year. The adjusted EBITDA loss also improved by 11.0% year-over-year, narrowing to $14.5 million. In terms of operations, Bakkt made progress on the divestiture of non-core businesses and is moving towards the planned integration and completion of a commercial agreement with Distributed Technologies Research $(DTR.AU)$. The company is also focusing on further cost reduction and resource optimization while strengthening its key leadership team. Additionally, trading volumes for the quarter increased by 23% year-over-year, marking a 139% rise since Q1 2023.
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