Bakkt's revenue in Q4 2022 increased by 14% year-on-year to $15.6 million, while operating expenses surged to $341 million

ChainCatcher news, Bakkt released its fourth-quarter financial report stating that revenue and expenses increased in the fourth quarter due to another large impairment charge. The quarterly revenue was $15.6 million, slightly below expectations, with a year-over-year growth of 14%. Adjusted earnings before interest, taxes, depreciation, and amortization were below expectations at -$30.5 million, which is 30.3% higher than the same period last year. Operating expenses rose from $86 million to $341 million, primarily driven by approximately $272 million in non-cash goodwill and intangible asset impairment charges.

Previously, Bakkt reported a net loss of $1.5 billion in the third quarter, mainly due to its previously announced goodwill impairment charges. (source link)