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Side-by-side financial comparison of Bakkt Holdings, Inc. (BKKT) and RYVYL Inc. (RVYL). Click either name above to swap in a different company.
On growth, Bakkt Holdings, Inc. posted the faster year-over-year revenue change (-100.0% vs -116.6%). Over the past eight quarters, RYVYL Inc.'s revenue compounded faster (NaN% CAGR vs NaN%).
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.
RYVYL Inc. is a global fintech company that provides embedded financial services, point-of-sale solutions, payment processing, and digital banking tools primarily for small and medium-sized businesses. It operates mainly across North America and European markets, with core segments covering B2B payment infrastructure for retail and hospitality sectors.
BKKT vs RVYL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $272.0K | $-9.6M |
| Net Profit | — | $-4.4M |
| Gross Margin | — | — |
| Operating Margin | — | — |
| Net Margin | — | 46.1% |
| Revenue YoY | -100.0% | -116.6% |
| Net Profit YoY | -344.6% | 35.6% |
| EPS (diluted) | — | $-28.13 |
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 | $-9.6M | ||
| Q3 25 | $-50.0K | $2.8M | ||
| Q2 25 | $577.9M | $2.8M | ||
| Q1 25 | $1.1B | $15.1M | ||
| Q4 24 | $1.7B | $-4.4M | ||
| Q3 24 | $328.4M | $2.8M | ||
| Q2 24 | $509.9M | $3.0M | ||
| Q1 24 | $854.6M | $16.8M |
| Q4 25 | — | $-4.4M | ||
| Q3 25 | $-14.9M | $-2.0M | ||
| Q2 25 | $-14.7M | $-8.4M | ||
| Q1 25 | $7.7M | $-2.8M | ||
| Q4 24 | $-19.2M | $-6.9M | ||
| Q3 24 | $-2.9M | $-5.2M | ||
| Q2 24 | $-16.4M | $-12.1M | ||
| Q1 24 | $-8.2M | $-2.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | 50.0% | ||
| Q2 25 | — | 43.8% | ||
| Q1 25 | — | 44.4% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 37.7% | ||
| Q2 24 | — | 37.9% | ||
| Q1 24 | — | 41.9% |
| Q4 25 | — | — | ||
| Q3 25 | 50526.0% | -65.0% | ||
| Q2 25 | -3.2% | -118.1% | ||
| Q1 25 | -1.7% | -5.6% | ||
| Q4 24 | -0.2% | 187.9% | ||
| Q3 24 | -7.7% | -129.4% | ||
| Q2 24 | -4.3% | -449.0% | ||
| Q1 24 | -3.7% | -11.4% |
| Q4 25 | — | 46.1% | ||
| Q3 25 | 29836.0% | -70.1% | ||
| Q2 25 | -2.5% | -302.1% | ||
| Q1 25 | 0.7% | -18.2% | ||
| Q4 24 | -1.1% | 155.0% | ||
| Q3 24 | -0.9% | -182.7% | ||
| Q2 24 | -3.2% | -407.5% | ||
| Q1 24 | -1.0% | -16.0% |
| Q4 25 | — | $-28.13 | ||
| Q3 25 | $-1.15 | $-0.07 | ||
| Q2 25 | $-2.16 | $-0.80 | ||
| Q1 25 | $1.13 | $-0.33 | ||
| Q4 24 | $-2.99 | $-137.16 | ||
| Q3 24 | $-0.45 | $-0.76 | ||
| Q2 24 | $-2.67 | $-1.88 | ||
| Q1 24 | $-1.86 | $-0.45 |
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 | $7.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $112.8M | $668.0K |
| Total Assets | $162.8M | $13.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $27.2M | $7.4M | ||
| Q3 25 | $58.3M | $1.2M | ||
| Q2 25 | $43.5M | $210.0K | ||
| Q1 25 | $23.0M | $3.0M | ||
| Q4 24 | $39.0M | $2.6M | ||
| Q3 24 | $29.0M | $4.3M | ||
| Q2 24 | $47.5M | $6.4M | ||
| Q1 24 | $56.6M | $10.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $19.6M | ||
| Q4 24 | — | $17.4M | ||
| Q3 24 | — | $17.7M | ||
| Q2 24 | — | $17.5M | ||
| Q1 24 | — | $16.8M |
| Q4 25 | $112.8M | $668.0K | ||
| Q3 25 | $114.4M | $-3.2M | ||
| Q2 25 | $35.3M | $-6.9M | ||
| Q1 25 | $44.1M | $-3.1M | ||
| Q4 24 | $33.9M | $-1.5M | ||
| Q3 24 | $50.5M | $6.3M | ||
| Q2 24 | $47.8M | $10.0M | ||
| Q1 24 | $57.0M | $20.5M |
| Q4 25 | $162.8M | $13.1M | ||
| Q3 25 | $258.3M | $23.4M | ||
| Q2 25 | $190.1M | $20.6M | ||
| Q1 25 | $176.3M | $108.1M | ||
| Q4 24 | $269.4M | $122.3M | ||
| Q3 24 | $1.2B | $127.3M | ||
| Q2 24 | $1.2B | $109.0M | ||
| Q1 24 | $1.6B | $131.9M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 2.80× | ||
| Q2 24 | — | 1.74× | ||
| Q1 24 | — | 0.82× |
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 | $-23.0M |
| Free Cash FlowOCF − Capex | — | $-23.1M |
| FCF MarginFCF / Revenue | — | 241.6% |
| Capex IntensityCapex / Revenue | — | -0.8% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-153.4M | $-23.0M | ||
| Q3 25 | $-46.7M | $-3.1M | ||
| Q2 25 | $5.4M | $12.4M | ||
| Q1 25 | $-101.3M | $-15.6M | ||
| Q4 24 | $31.4M | $21.2M | ||
| Q3 24 | $-25.1M | $16.4M | ||
| Q2 24 | $-65.9M | $-12.8M | ||
| Q1 24 | $38.4M | $15.5M |
| Q4 25 | — | $-23.1M | ||
| Q3 25 | — | — | ||
| Q2 25 | $5.3M | $12.4M | ||
| Q1 25 | $-101.4M | $-15.6M | ||
| Q4 24 | $31.1M | $21.1M | ||
| Q3 24 | $-25.6M | $16.4M | ||
| Q2 24 | $-66.4M | $-12.8M | ||
| Q1 24 | $36.6M | $15.5M |
| Q4 25 | — | 241.6% | ||
| Q3 25 | — | — | ||
| Q2 25 | 0.9% | 444.4% | ||
| Q1 25 | -9.4% | -103.0% | ||
| Q4 24 | 1.8% | -478.5% | ||
| Q3 24 | -7.8% | 579.0% | ||
| Q2 24 | -13.0% | -432.2% | ||
| Q1 24 | 4.3% | 92.4% |
| Q4 25 | — | -0.8% | ||
| Q3 25 | — | 0.0% | ||
| Q2 25 | 0.0% | 2.4% | ||
| Q1 25 | 0.0% | 0.1% | ||
| Q4 24 | 0.0% | -1.1% | ||
| Q3 24 | 0.2% | 1.0% | ||
| Q2 24 | 0.1% | 0.5% | ||
| Q1 24 | 0.2% | 0.1% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -13.14× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
