vs
Side-by-side financial comparison of Bakkt Holdings, Inc. (BKKT) and Rafael Holdings, Inc. (RFL). Click either name above to swap in a different company.
Bakkt Holdings, Inc. is the larger business by last-quarter revenue ($272.0K vs $240.0K, roughly 1.1× Rafael Holdings, Inc.). On growth, Rafael Holdings, Inc. posted the faster year-over-year revenue change (87.5% vs -100.0%). Over the past eight quarters, Rafael Holdings, Inc.'s revenue compounded faster (85.2% CAGR vs -98.2%).
Bakkt Holdings, Inc., headquartered in Alpharetta, Georgia and New York City, provides a software as a service (SaaS) and API platform for owning and trading cryptocurrency. Bakkt was founded, and is 55% owned, by Intercontinental Exchange (ICE), which also owns the New York Stock Exchange. Bakkt earns revenue from commissions for payments and purchases and sales of cryptocurrency.
Rafael Advanced Defense Systems Ltd. is an Israeli defense technology company. It was founded as Israel's National R&D Defense Laboratory for the development of weapons and military technology within the Israeli Ministry of Defense; in 2002 it was incorporated as a limited company.
BKKT vs RFL — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $272.0K | $240.0K |
| Net Profit | — | $-9.8M |
| Gross Margin | — | — |
| Operating Margin | — | -4225.4% |
| Net Margin | — | -4090.0% |
| Revenue YoY | -100.0% | 87.5% |
| Net Profit YoY | -344.6% | -9.0% |
| EPS (diluted) | — | $-0.19 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $272.0K | $240.0K | ||
| Q3 25 | $-50.0K | — | ||
| Q2 25 | $577.9M | — | ||
| Q1 25 | $1.1B | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | $328.4M | $165.0K | ||
| Q2 24 | $509.9M | $336.0K | ||
| Q1 24 | $854.6M | $68.0K |
| Q4 25 | — | $-9.8M | ||
| Q3 25 | $-14.9M | — | ||
| Q2 25 | $-14.7M | — | ||
| Q1 25 | $7.7M | — | ||
| Q4 24 | $-19.2M | — | ||
| Q3 24 | $-2.9M | $-4.5M | ||
| Q2 24 | $-16.4M | $-32.4M | ||
| Q1 24 | $-8.2M | $6.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 74.7% | ||
| Q1 24 | — | — |
| Q4 25 | — | -4225.4% | ||
| Q3 25 | 50526.0% | — | ||
| Q2 25 | -3.2% | — | ||
| Q1 25 | -1.7% | — | ||
| Q4 24 | -0.2% | — | ||
| Q3 24 | -7.7% | -2330.3% | ||
| Q2 24 | -4.3% | -27726.5% | ||
| Q1 24 | -3.7% | -4622.1% |
| Q4 25 | — | -4090.0% | ||
| Q3 25 | 29836.0% | — | ||
| Q2 25 | -2.5% | — | ||
| Q1 25 | 0.7% | — | ||
| Q4 24 | -1.1% | — | ||
| Q3 24 | -0.9% | -2707.9% | ||
| Q2 24 | -3.2% | -9628.3% | ||
| Q1 24 | -1.0% | 8892.6% |
| Q4 25 | — | $-0.19 | ||
| Q3 25 | $-1.15 | — | ||
| Q2 25 | $-2.16 | — | ||
| Q1 25 | $1.13 | — | ||
| Q4 24 | $-2.99 | — | ||
| Q3 24 | $-0.45 | $-0.19 | ||
| Q2 24 | $-2.67 | $-1.36 | ||
| Q1 24 | $-1.86 | $0.25 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $27.2M | $45.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $112.8M | $85.2M |
| Total Assets | $162.8M | $105.4M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $27.2M | $45.5M | ||
| Q3 25 | $58.3M | — | ||
| Q2 25 | $43.5M | — | ||
| Q1 25 | $23.0M | — | ||
| Q4 24 | $39.0M | — | ||
| Q3 24 | $29.0M | $2.7M | ||
| Q2 24 | $47.5M | $7.4M | ||
| Q1 24 | $56.6M | $7.1M |
| Q4 25 | $112.8M | $85.2M | ||
| Q3 25 | $114.4M | — | ||
| Q2 25 | $35.3M | — | ||
| Q1 25 | $44.1M | — | ||
| Q4 24 | $33.9M | — | ||
| Q3 24 | $50.5M | $82.2M | ||
| Q2 24 | $47.8M | $86.1M | ||
| Q1 24 | $57.0M | $104.9M |
| Q4 25 | $162.8M | $105.4M | ||
| Q3 25 | $258.3M | — | ||
| Q2 25 | $190.1M | — | ||
| Q1 25 | $176.3M | — | ||
| Q4 24 | $269.4M | — | ||
| Q3 24 | $1.2B | $96.8M | ||
| Q2 24 | $1.2B | $101.6M | ||
| Q1 24 | $1.6B | $106.1M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-153.4M | $-6.8M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-153.4M | $-6.8M | ||
| Q3 25 | $-46.7M | — | ||
| Q2 25 | $5.4M | — | ||
| Q1 25 | $-101.3M | — | ||
| Q4 24 | $31.4M | — | ||
| Q3 24 | $-25.1M | $-2.9M | ||
| Q2 24 | $-65.9M | $-251.0K | ||
| Q1 24 | $38.4M | $-2.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $5.3M | — | ||
| Q1 25 | $-101.4M | — | ||
| Q4 24 | $31.1M | — | ||
| Q3 24 | $-25.6M | — | ||
| Q2 24 | $-66.4M | $-375.0K | ||
| Q1 24 | $36.6M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 0.9% | — | ||
| Q1 25 | -9.4% | — | ||
| Q4 24 | 1.8% | — | ||
| Q3 24 | -7.8% | — | ||
| Q2 24 | -13.0% | -111.6% | ||
| Q1 24 | 4.3% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 0.0% | — | ||
| Q1 25 | 0.0% | — | ||
| Q4 24 | 0.0% | — | ||
| Q3 24 | 0.2% | — | ||
| Q2 24 | 0.1% | 36.9% | ||
| Q1 24 | 0.2% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -13.14× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -0.42× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
