Parikshit Mishra is the news editor for CoinDesk during the mid Asia and early European hours. He does not have any crypto holdings.
Digital asset platform Bakkt (BKKT) reduced its net loss in the second quarter to $27.6 million, a near 13% improvement compared to the $31.9 million loss it recorded during the same period last year.
The firm’s net revenue jumped 60% to $13.6 million from $8.5 million in the second quarter of last year.
However, Bakkt toned down its guidance for the year. The firm now expects net revenue to grow to $57 million – $62 million during 2022, compared to its earlier guidance of $60 million – $80 million. It also expects to use $135 million – $140 million of cash in the year, down from the $150 million – $170 million it had projected earlier.
The firm, which which went public in October last year via a special purpose acquisition company (SPAC) merger, attributed the guidance change to the market conditions and summer air travel supply constraints.
Bakkt had said in its Q4 results that it expects to incur losses in 2022 and said that it continues to expect net losses for the year.
Shares of Bakkt were up over 3% at $3.28, during pre-market trading.