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Such statements include, but are not limited to, statements regarding the impacts from the Apex Crypto acquisition and Bakkt's guidance, plans, objectives, expectations and intentions with respect to future operations, products, services and the application of Bakkt's available cash, among others. Forward-looking statements can be identified by words such as \"will,\" \"likely,\" \"expect,\" \"continue,\" \"anticipate,\" \"estimate,\" \"believe,\" \"intend,\" \"plan,\" \"projection,\" \"outlook,\" \"grow,\" \"progress,\" \"potential\" or words of similar meaning. Such forward-looking statements are based upon the current beliefs and expectations of Bakkt's management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and beyond Bakkt's control. Actual results and the timing of events may differ materially from the results anticipated in such forward-looking statements as a result of the following factors, among others: Bakkt's ability to grow and manage growth profitably; changes in Bakkt's business strategy; changes in the market in which Bakkt competes, including with respect to its competitive landscape, technology evolution or changes in applicable laws or regulations; changes in the markets that Bakkt targets; disruptions in the crypto market that subject Bakkt to additional risks, including the risk that banks may not provide banking services to Bakkt; the possibility that Bakkt may be adversely affected by other economic, business, and/or competitive factors; the inability to launch new services and products or to profitably expand into new markets and services; the inability to execute Bakkt's growth strategies, including identifying and executing acquisitions and Bakkt's initiatives to add new clients; Bakkt's failure to comply with extensive government regulation, oversight, licensure and appraisals; uncertain regulatory regime governing blockchain technologies and crypto; the inability to develop and maintain effective internal controls and procedures; the exposure to any liability, protracted and costly litigation or reputational damage relating to Bakkt's data security; the impact of any goodwill or other intangible assets impairments on Bakkt's operating results; the impact of any pandemics or other public health emergencies; Bakkt's inability to maintain the listing of its securities on the New York Stock Exchange; and other risks and uncertainties indicated in Bakkt's filings with the Securities and Exchange Commission. 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"kind": "chart", "text": "ASSETS UNDER CUSTODY ($MM)", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:20:18.919+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6d77b4c3-8edf-4167-b4aa-80416674a2be", "parentComponentId": null }, { "bbox": { "h": 0.279, "w": 0.43, "x": 0.046, "y": 0.296 }, "kind": "chart", "text": "CRYPTO-ENABLED ACCOUNTS (MM)", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": 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declined 8% QoQ due to change in coin prices", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:20:18.919+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "64bae6a2-8ce3-4bb4-9c72-c96c9af56bd6", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.655, "x": 0.077, "y": 0.906 }, "kind": "source-note", "text": "Note: Key performance indicators include historical data for Apex Crypto. The operating data on this slide is unaudited. Please refer to the Notes section in this presentation for definitions.\nSource: The Block; Industry data represents total cryptocurrency exchange volume.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Cash usage is calculated using changes in cash & cash equivalents and available-for-sale securities balances from the GAAP balance sheet over a specified time period. Second quarter 2023 cash usage of $18.2mm is calculated by adding the change in available cash & cash equivalents from 3/31/23 to 6/30/23 of $33.7mm with the change in available-for-sale securities from 3/31/23 to 6/30/23 of ($51.9)mm", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Our contracts related to our loyalty redemption platform consist of two performance obligations: (1) access to our SaaS-based redemption platform and customer support services and (2) facilitation of order fulfillment services. We are a principal related to providing access to our redemption platform and recognize revenue related to these transactions on a gross basis. 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However, Free Cash Flow is not a measure of liquidity under GAAP and, accordingly, should not be considered as an alternative to net cash used in operating activities as an indicator of liquidity.", "attrs": {}, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:20:23.133+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "835e47a6-72c7-4787-994a-88853f81b326", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.779, "x": 0.063, "y": 0.166 }, "kind": "paragraph", "text": "Free Cash Flow is a non-GAAP financial measure. Free Cash Flow is cash flow from operations adjusted for \"capitalized internal use software development costs and other capital expenditures\" and \"interest income.\" We adjust for capitalized expenses associated with internally developed software for our technology platforms given they are a large component of our ongoing expense base given our position as a technology platform company.", "attrs": {}, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:20:23.133+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dee4ed0c-6a95-4e4b-b04e-cf5b6a5b63ae", "parentComponentId": null }, { "bbox": { "h": 0.024, "w": 0.347, "x": 0.105, "y": 0.906 }, "kind": "source-note", "text": "Note: All financial data on this slide in unaudited. Free Cash Flow is a non-GAAP financial measure.", "attrs": {}, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:20:23.133+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e69a0b4f-7d7e-4f75-a025-afdaaa64eb73", "parentComponentId": null }, { "bbox": { "h": 0.31, "w": 0.717, "x": 0.105, "y": 0.406 }, "kind": "table", "text": "FY 2023E\n$ in millions\nLow\nHigh\nNet cash used in operating activities $(78) $(84)\nCapitalized internal-use software development costs and other capital expenditures (4) (4)\nInterest income, net (8) (8)\nFree cash flow $(90) $(96)", "attrs": {}, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:20:23.133+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7f0cf851-85e4-45bc-ba20-f309849cc586", "parentComponentId": null }, { "bbox": { "h": 0.036, "w": 0.619, "x": 0.063, "y": 0.094 }, "kind": "title", "text": "Free cash flow reconciliation – Non-GAAP", "attrs": {}, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:20:23.133+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e90de5ee-a670-4bb1-8f4b-afb258540c60", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 30, "arc": { "name": "Monroe's Motivated Sequence", "slug": "monroes-sequence", "status": "active", "bestFor": "Persuasive speeches, call-to-action decks", "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action", "description": null, "familyLabel": null }, "from": 21, "name": "Action", "beatId": "b191d8bf-ae71-440e-af8b-e86a50e6e4e7", "matchId": "ac7f55dc-9b0b-470b-8a67-c9f52267b64d", "beatType": { "name": "Action", "slug": "monroes-sequence-action", "status": "active", "canonId": "019dd9b8-181e-760d-befc-010c2424fa89", "version": 1, "description": null }, "evidence": "Conclusion and next steps encourage investors to take action", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true } ], "arcBeats": [ { "from": 1, "to": 4, "label": "Attention", "description": "Cover page and key takeaways grab investor attention" }, { "from": 5, "to": 8, "label": "Need", "description": "Bakkt presents its crypto capabilities and client reach" }, { "from": 13, "to": 20, "label": "Satisfaction", "description": "Financial results and KPIs demonstrate growth and momentum" }, { "from": 21, "to": 30, "label": "Action", "description": "Conclusion and next steps encourage investors to take action" } ], "loops": [ { "from": 5, "to": 20, "label": "Cost Of Inaction", "description": "Highlighting the benefits of Bakkt's crypto capabilities" } ] }