Bakkt Holdings stock sinks after Q1 results fall short of consensus

Bakkt Holdings ( NYSE: BKKT ) stock slid 6.2% in Thursday afternoon trading after the crypto-focused commerce platform's Q1 revenue missed the Wall Street consensus. Q1 net revenue of $13.0M trailed the average analyst estimate of $14.5M, dropped from $15.6M in the prior quarter, and increased from $12.5M in the year-ago quarter. Q1 GAAP EPS of -$0.17, worse than the -$0.15 consensus, compared with -$1.24 in Q4 2022 and from -$0.14 in Q1 2022. Q1 total operating expenses of $58.4M declined from $329.5M in Q4 2022, which included $271.9M of goodwill and intangible assets impairments, and from $61.0M in the year-ago quarter. Q1 adjusted EBITDA -$28.9M compares with -$30.5M in the prior quarter and -$28.9M in the year-ago period. Bakkt ( BKKT ) completed its acquisition of Apex Crypto on April 1. With that, it now expects FY 2023 gross revenue of $1.84B-$2.38B. Full-year outlook for crypto costs and execution, clearing and brokerage fees is $1.87B-$2.38B. Financial results for the rest of FY2023 are expected to be about cash flow breakeven, excluding deal costs. The company said the acquisition, which adds Apex's trading capabilities to Bakkt's ( BKKT ) custody solutions, positions it as "the crypto infrastructure provider of choice and bolsters our path to profitability." More on Bakkt: Bakkt: Despite Apex, Major Hurdles Remain Bakkt Holdings reports Q1 results; updates FY23 outlook Bakkt cut to Sell/High Risk at Citi on 'deteriorating' prospects