Publicly traded crypto firm Bakkt (NYSE: BKKT) posted a net loss of $28.8 million in Q3, versus a net loss of $18 million year over year.
Additionally, Bakkt had an operating loss of $29.9 million in the third quarter, compared to a loss of $17.7 million year over year. Shares fell about 7% in premarket trading after the earnings release.
Bakkt posted third-quarter net revenue of $9.1 million, compared to $8.5 million in the second quarter. Bakkt said in a statement its net revenue rose year over year given an increase in customer activity in loyalty redemptions and adding a “large financial institution” on its loyalty platform.
In late October, the company announced two separate partnerships with Mastercard and Fiserv to expand crypto payment capabilities. At the time, Bakkt stock surged a whopping 234% on the news.
Read more: Bakkt Expands Cryptocurrency Offering Beyond Bitcoin With Addition of Ether