Bakkt Holdings, Inc. (BKKT), a digital asset platform, on Friday announced a wider loss for the third quarter ended September 30, 2021 despite the jump in revenues.
Net loss for the period was $28.8 million as compared to a loss of $18.0 million in the previous period.
Adjusted EBITDA was a loss of $24.1 million compared to a loss of $12.3 million in the comparable year ago period.
Revenue for the third quarter however increased by 38 percent to $9.1 million from $6.6 million in the year-ago quarter primarily due to higher customer activity in loyalty redemptions and the addition of a large financial institution on the company's loyalty platform.
Operating loss increased by 63 percent to $29.9 million, from $17.7 million in the backdrop of a 60 percent surge in expenses primarily due to investments in business growth.
Compensation and benefits increased to $22.2 million, from $12.6 million in the previous year's third quarter.
Shares of Bakkt Holdings are currently trading in pre-market at $24.50, down $1.65 or 6.31 percent form previous close.
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