Bakkt Holdings stock slumps after Q3 loss swells on high expenses

Bakkt Holdings (NYSE:BKKT) stock drops 9.8% after the newly public cryptocurrency exchange posts a Q3 net loss of $28.8M, wider than the $18.0M loss recorded a year ago, as the company's expenses swelled on its combination with a SPAC to go public and on investing in its growth. Q3 adjusted EBITDA of ~$24.1M nearly doubled from -$12.3M a year ago. Q3 net revenue rose 38% to $9.1M, on higher customer activity in loyalty redemptions and the addition of a large financial institution on its loyalty platform. Operating expense of $39.0M jumped 60% Y/Y primarily from investing in business growth and closing its business combination with VPC Impact Acquisition Holding, the company said. Within operating expenses, compensation and benefits increased to $22.2M from $12.6M in the year-ago quarter, and selling, G&A expenses jumped to $4.45M from $1.66M. Recall that Bakkt became a publicly traded company on Oct. 18, when it closed its merger