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Such statements include, but are not limited to, statements regarding the impacts from the Apex\nCrypto acquisition and Bakkt's guidance, plans, objectives, expectations and intentions with respect to future operations, products, services and the\napplication of Bakkt's available cash, among others. Forward-looking statements can be identified by words such as \"will,\" \"likely,\" \"expect,\" \"continue,\"\n\"anticipate,\" \"estimate,\" \"believe,\" \"intend,\" \"plan,\" \"projection,\" \"outlook,\" \"grow,\" \"progress,\" \"potential\" or words of similar meaning. Such forward-\nlooking statements are based upon the current beliefs and expectations of Bakkt's management and are inherently subject to significant business,\neconomic and competitive uncertainties and contingencies, many of which are difficult to predict and beyond Bakkt's control. Actual results and the\ntiming of events may differ materially from the results anticipated in such forward-looking statements as a result of the following factors, among others:\nBakkt's ability to grow and manage growth profitably; changes in Bakkt's business strategy; changes in the market in which Bakkt competes, including\nwith respect to its competitive landscape, technology evolution or changes in applicable laws or regulations; changes in the markets that Bakkt targets;\ndisruptions in the crypto market that subject Bakkt to additional risks, including the risk that banks may not provide banking services to Bakkt; the\npossibility that Bakkt may be adversely affected by other economic, business, and/or competitive factors; the inability to launch new services and\nproducts or to profitably expand into new markets and services; the inability to execute Bakkt's growth strategies, including identifying and executing\nacquisitions and Bakkt's initiatives to add new clients; Bakkt's failure to comply with extensive government regulation, oversight, licensure and\nappraisals; uncertain regulatory regime governing blockchain technologies and crypto; the inability to develop and maintain effective internal controls\nand procedures; the exposure to any liability, protracted and costly litigation or reputational damage relating to Bakkt's data security; the impact of any\ngoodwill or other intangible assets impairments on Bakkt's operating results; the impact of any pandemics or other public health emergencies; Bakkt's\ninability 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\nSecurities and Exchange Commission. You are cautioned not to place undue reliance on such forward-looking statements. Such forward-looking\nstatements relate only to events as of the date on which such statements are made and are based on information available to us as of the date of this\npresentation. Unless otherwise required by law, we undertake no obligation to update any forward-looking statements made in this presentation to\nreflect events or circumstances after the date of this presentation or to reflect new information or the occurrence of unanticipated events.", "attrs": null, "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 07:42:11.713+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5c710a8f-3534-4d21-b2b9-e4009e1211ea", "parentComponentId": null }, { "bbox": { "h": 0.056, "w": 0.747, "x": 0.049, "y": 0.792 }, "kind": "paragraph", "text": "BASIS OF PRESENTATION\nThis presentation includes discussions of Adjusted EBITDA and Free Cash Flow, which are financial measures that are not calculated in accordance with\nGAAP. 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Create an Account Redeem Caesars Rewards points for Crypto. 250 points redeems $1 of cryptocurrency First name John Last name Johnson Email johnjohnson@gmail.com Password Re-enter password I am at least 18 years old and agree to Bakkt's Terms of Use and Privacy Policy. Create Account Already have an account? 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Total set of coins that we can self-custody includes:\nBitcoin (BTC)\nEthereum Classic (ETC)\nBitcoin Cash (BCH)\nLitecoin (LTC)\nDogecoin (DOGE)\nShiba Inu (SHIB)\nEthereum (ETH)\nUSD Coin (USDC)", "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 07:42:17.679+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9ac97b66-ed1b-473b-9884-812bb6f842bb", "parentComponentId": null }, { "bbox": { "h": 0.076, "w": 0.159, "x": 0.801, "y": 0.216 }, "kind": "paragraph", "text": "BEST DIGITAL ASSET CUSTODIAN", "attrs": null, "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 07:42:17.679+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7116a915-d25b-412a-93f8-cbf83d72cc1b", "parentComponentId": null }, { "bbox": { "h": 0.01, "w": 0.016, "x": 0.94, "y": 0.907 }, "kind": "source-note", "text": "10", "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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null, "subkind": { "name": "Stacked bar chart", "slug": "bar-stacked", "status": "active", "canonId": "019de52c-feec-74bf-9028-15b74f84f0a7", "version": 1, "description": null }, "framework": null }, "subkind": "bar-stacked", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 07:42:17.809+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "00f79c97-c5db-47ce-a49a-4b0d370d5765", "parentComponentId": null }, { "bbox": { "h": 0.347, "w": 0.419, "x": 0.53, "y": 0.509 }, "kind": "chart", "text": "REVENUES BY LINE ITEM ($MM)\nSubscription and service\nTransaction\n$347.6\n$204.8\n$342.5\n$198.5\n$13.2\n$15.9\n$13.2\n$6.9\n$8.1\n$7.7\n$6.3\n$7.8\n$6.3\n$5.1\n$6.2\n3Q22\n4Q22\n1Q23\n2Q23\n3Q23", "attrs": { "title": "REVENUES BY LINE ITEM ($MM)", "series_names": [ "Subscription and service", "Transaction" ], "x_axis_labels": [ "3Q22", "4Q22", "1Q23", "2Q23", "3Q23" ], "y_axis_labels": [] }, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Stacked bar chart", "slug": "bar-stacked", "status": "active", "canonId": "019de52c-feec-74bf-9028-15b74f84f0a7", "version": 1, "description": null }, "framework": null }, "subkind": "bar-stacked", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 07:42:17.809+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6b28f0a9-2c85-4a16-8613-eb38ead51fac", "parentComponentId": null }, { "bbox": { "h": 0.308, "w": 0.43, "x": 0.047, "y": 0.55 }, "kind": "list", "text": "Loyalty revenues\nNet revenues of $13.0mm increased 2% YoY\nTransaction revenues of $6.8mm increased 5% YoY driven by higher air travel activity in loyalty redemptions\nSubscription and service revenues of $6.2mm were relatively flat YoY\nLoyalty revenues are generally seasonally weaker in second and third quarters and stronger in first and fourth quarters", "attrs": {}, "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 07:42:17.809+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1db886cf-9d7e-4775-874e-f89960e365be", "parentComponentId": null }, { "bbox": { "h": 0.14, "w": 0.43, "x": 0.047, "y": 0.23 }, "kind": "list", "text": "Crypto revenues\nGross revenues of $191.8mm driven by increase in crypto transaction volumes YoY due to Apex Crypto acquisition; 43% decline QoQ driven by lower industry wide volumes and lower activity levels from Webull Pay customers", "attrs": {}, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 07:42:17.809+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "99683c6e-6ce2-4d1a-ab91-3beaf15fb2ba", "parentComponentId": null }, { "bbox": { "h": 0.076, "w": 0.43, "x": 0.047, "y": 0.128 }, "kind": "paragraph", "text": "3Q23 results include Apex Crypto, which we acquired on April 1, 2023. 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Bar charts not fit to scale", "attrs": {}, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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], "name": "Goodwill & intangible assets impairments" } ], "y_axis_label": "EXPENSES ($MM)", "x_axis_labels": [ "3Q22", "4Q22", "1Q23", "2Q23", "3Q23" ] }, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Stacked bar chart", "slug": "bar-stacked", "status": "active", "canonId": "019de52c-feec-74bf-9028-15b74f84f0a7", "version": 1, "description": null }, "framework": null }, "subkind": "bar-stacked", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 07:42:20.409+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "06a5280b-cb0b-490e-b60d-8cbd0cce69d5", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.28, "x": 0.055, "y": 0.26 }, "kind": "list", "text": "Includes non-cash intangible assets impairment of $23.3 mm", "attrs": {}, "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 07:42:20.409+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1484a8b8-a063-4e2e-9b8d-0e4a292d336d", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.31, "x": 0.046, "y": 0.38 }, "kind": "list", "text": "Compensation and benefits expenses of $24.6mm were down 35% YoY, primarily due to lower headcount and non-cash compensation expense", "attrs": {}, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": 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In accordance with GAAP, we are presenting our crypto costs and execution, clearing and brokerage fees on a gross basis", "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 07:42:20.409+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "77463ed6-c23c-4a5e-b195-66165640dad0", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.84, "x": 0.08, "y": 0.91 }, "kind": "source-note", "text": "1 Other comprised of Professional services, Technology & communication, Acquisition-related expenses, Depreciation & amortization, Related party expenses, Restructuring expenses, Impairments of long-lived assets, and Other operating expenses.", "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. 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Bar chart not fit to scale.", "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. 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Please refer to the Notes section in this presentation for definitions.", "elementsJson": null, "confidence": 0.9, "extraction": { "model": "google/gemini-2.5-flash", "runId": null, "at": "2026-05-02 07:42:19.288+00", "seconds": 7.141, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de517-1f82-77be-b00c-1d07368c132d/18", "deck": "/decks/019de517-1f82-77be-b00c-1d07368c132d", "deckAnchor": "/decks/019de517-1f82-77be-b00c-1d07368c132d#slide-18", "deckJson": "/decks/019de517-1f82-77be-b00c-1d07368c132d.json" }, "components": [ { "bbox": { "h": 0.25, "w": 0.45, "x": 0.518, "y": 0.301 }, "kind": "chart", "text": "TRANSACTING ACCOUNTS (THOUSANDS)\nLoyalty redemption\nCrypto\n2,000\n1,500\n1,000\n500\n0\n3Q22\n4Q22\n1Q23\n2Q23\n3Q23\n1,207\n683\n525\n1,490\n956\n534\n1,180\n687\n493\n1,181\n740\n441\n1,046\n592\n454", "attrs": {}, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Stacked bar chart", "slug": "bar-stacked", "status": "active", "canonId": "019de52c-feec-74bf-9028-15b74f84f0a7", "version": 1, "description": null }, "framework": null }, "subkind": "bar-stacked", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 07:42:19.288+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0e84c43e-7b34-4d7e-9055-be00a0a0c4ef", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.45, "x": 0.047, "y": 0.59 }, "kind": "chart", "text": "NOTIONAL TRADED VOLUME\nLoyalty redemption ($mm)\nCrypto ($mm)\nTotal crypto mkt ($T)\n$800\n$600\n$400\n$200\n$0\n3Q22\n4Q22\n1Q23\n2Q23\n3Q23\n$4.0\n$3.0\n$2.0\n$1.0\n$0.0\n$663\n$182\n$481\n$677\n$263\n$414\n$636\n$193\n$443\n$531\n$198\n$334\n$366\n$176\n$191", "attrs": {}, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Stacked bar chart", "slug": "bar-stacked", "status": "active", "canonId": "019de52c-feec-74bf-9028-15b74f84f0a7", "version": 1, "description": null }, "framework": null }, "subkind": "bar-stacked", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 07:42:19.288+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3cf07cc2-12c1-452c-8d24-19f11faad2d8", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.45, "x": 0.047, "y": 0.301 }, "kind": "chart", "text": "CRYPTO-ENABLED ACCOUNTS (MM)\n6.5\n6.0\n5.5\n5.2\n5.0\n4.5\n3Q22\n4Q22\n1Q23\n2Q23\n3Q23\n5.6\n5.8\n6.0\n6.1", "attrs": {}, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 07:42:19.288+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "13df65b4-4853-4c4d-be6a-03f504580681", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.45, "x": 0.518, "y": 0.59 }, "kind": "chart", "text": "ASSETS UNDER CUSTODY ($MM)\n$800\n$705\n$708\n$660\n$600\n$496\n$506\n$400\n$200\n$0\n3Q22\n4Q22\n1Q23\n2Q23\n3Q23", "attrs": {}, "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 07:42:19.288+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "94ca928a-807e-4e4c-96f3-44f7bd81f0d6", "parentComponentId": null }, { "bbox": { "h": 0.104, "w": 0.63, "x": 0.047, "y": 0.16 }, "kind": "list", "text": "Crypto enabled accounts of 6.1mm have continued to increase steadily\nCrypto trading volume down 42% QoQ due to lower activity levels from Webull Pay customers\nLoyalty redemption volume down 3% YoY driven by lower hotel and rental car redemption activity\nAssets under custody of $506mm decreased 23% QoQ due to delisting of coins and change in coin prices", "attrs": {}, "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 07:42:19.288+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0f8c7498-9010-42e3-83ed-5ce4c0fc9d2f", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.82, "x": 0.088, "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": {}, "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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Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 19, "type": "setup", "function": "summarize", "rawType": "kpi_overview", "block": null, "metadata": { "slideType": "kpi_overview", "slideTypeCanon": { "name": "KPI overview (contrarian)", "slug": "kpi_overview", "status": "active", "canonId": "019de52d-11d5-7328-b1d1-5368a03e7796", "version": 1, "description": null }, "function": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "dense", "densityScore": 64, "componentCount": 4, "textChars": 1571, "nDataPoints": 30, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-2.5-flash", "runId": null, "at": "2026-05-02 07:42:17.769+00", "seconds": 5.186, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de517-1f82-77be-b00c-1d07368c132d/19", "deck": "/decks/019de517-1f82-77be-b00c-1d07368c132d", "deckAnchor": "/decks/019de517-1f82-77be-b00c-1d07368c132d#slide-19", "deckJson": "/decks/019de517-1f82-77be-b00c-1d07368c132d.json" }, "components": [ { "bbox": { "h": 0.39, "w": 0.43, "x": 0.047, "y": 0.207 }, "kind": "list", "text": "$90.9mm of available cash, cash equivalents and available-for-sale securities.\n3Q cash usage of $8.5mm\nExcluding non-recurring cash items, including a $15.2mm return of cash from ICE Clearing related to the delisting of futures and options contracts, cash usage was $19.0mm and reflects:\nImproved QoQ cash expense base driven by lower acquisition-related expenses, marketing and insurance spend\nCapex spend of $1.9mm", "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 07:42:17.769+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7208ecaf-c1fa-4d3e-a77d-c1d7293c3240", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.75, "x": 0.086, "y": 0.915 }, "kind": "source-note", "text": "Note: All financial data on this slide is unaudited. 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. Third quarter 2023 cash usage of $8.5mm is calculated by adding the change in available cash & cash equivalents from 6/30/23 to 9/30/23 of ($16.3)mm with the change in available-for-sale securities from 6/30/23 to 9/30/23 of $7.8mm", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 07:42:17.769+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6df2a9a1-d50b-44db-87be-d5386c979ff9", "parentComponentId": null }, { "bbox": { "h": 0.69, "w": 0.44, "x": 0.498, "y": 0.164 }, "kind": "table", "text": "$mm's\nAs of 9/30/23 (unaudited)\nAs of 12/31/22\nAssets\nCash & cash equivalents $68.2 $98.3\nAvailable-for-sale securities 22.7 141.1\nSafeguarding asset for crypto 505.7 15.8\nOther current assets 97.6 71.3\nTotal current assets $694.2 $326.5\nGoodwill 66.5 15.9\nIntangible assets, net 41.7 55.8\nOther assets 44.3 57.4\nTotal assets $846.7 $455.5\nLiabilities and stockholders' equity\nCurrent liabilities $87.9 $76.3\nSafeguarding obligation for crypto 505.7 15.8\nNoncurrent liabilities 42.1 27.3\nTotal liabilities $635.7 $119.4\nTotal stockholders' equity 69.3 96.3\nNoncontrolling interest 141.7 239.8\nTotal equity $211.1 $336.1\nTotal liabilities and stockholders' equity $846.7 $455.5", "attrs": null, "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 07:42:17.769+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b54c9ba8-f9e1-4737-b3d2-af480b36b305", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.49, "x": 0.047, "y": 0.08 }, "kind": "title", "text": "3Q23 Condensed balance sheet", "attrs": null, "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 07:42:17.769+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "09e834ac-30af-43d0-ab4e-11cd18fd433a", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 20, "arc": { "name": "AIDA", "slug": "aida", "status": "active", "bestFor": "Marketing presentations, product launches, sales enablement", "canonId": "019dd956-5fb4-77aa-866d-f9bdd47803af", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Attention -> Interest -> Desire -> Action", "description": null, "familyLabel": null }, "from": 12, "name": "Desire", "beatId": "5d0f4499-c08f-44ba-a580-3b5a7ca6bf26", "matchId": "cb273096-c791-41c8-9d81-a4f5faaa25de", "beatType": { "name": "Desire", "slug": "aida-desire", "status": "active", "canonId": "019dd9b8-11f0-704e-b2bb-fbb6a226467d", "version": 1, "description": null }, "evidence": "The financial results section creates a desire for the audience to learn more", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). 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Free cash flow is a non-GAAP financial measure. For more information, please refer to the Notes section in this presentation.", "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. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 07:42:20.55+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f6613125-4961-4d75-b08d-af7ac05dc9d4", "parentComponentId": null }, { "bbox": { "h": 0.56, "w": 0.66, "x": 0.05, "y": 0.19 }, "kind": "table", "text": "UPDATED 2023 OUTLOOK\nUPDATED OUTLOOK\nPRIOR OUTLOOK\nCOMMENTS\nRevenues\nTotal revenues of ~$750mm - ~$1,268mm\nGross crypto revenues of ~$697mm - ~$1,215mm\nNet loyalty revenues of ~$53mm\nTotal revenues of ~$2,132mm - ~$3,771mm\nGross crypto revenues of ~$2,077mm - ~$3,716mm\nNet loyalty revenues of ~$55mm\nCrypto revenue impacted by industrywide volumes, timing of international activations and lower activity levels from Webull Pay customers\nLoyalty transaction volumes are growing at a slower pace following a strong 2022 post-covid rebound\nCrypto costs and ECB\n~$693mm - ~$1,208mm\n~$2,069mm - ~$3,702mm\nIn line with gross crypto revenues\nOperating cash flow usage\n~($86mm - ~$89mm)\n~($78mm - ~$84mm)\nFree cash flow (non-GAAP) usage\n~($99mm - ~$102mm)\n~($90mm - ~$96mm)\nLower revenue partially offset by reductions in operating expenses", "attrs": null, "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 07:42:20.55+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "860e355c-0cfb-44b7-a6d4-bd57494a6acb", "parentComponentId": null }, { "bbox": { "h": 0.56, "w": 0.26, "x": 0.72, "y": 0.19 }, "kind": "table", "text": "PRELIMINARY 2024 OUTLOOK\nOUTLOOK\nRevenues\nTotal revenues of ~$3,461mm - 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