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Consolidated Balance Sheet Components | 6 Months Ended
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Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Consolidated Balance Sheet Components | Consolidated Balance Sheet Components Accounts Receivable, Net Accounts receivable, net consisted of the following (in thousands):
| June 30, 2025 |  | December 31, 2024
Trade accounts receivable | $ | 14,167 |  |  | $ | 11,768 |
Receivables from customers, clients and liquidity partners | 3,994 |  |  | 5,833 |
Unbilled receivables | 1,649 |  |  | 2,296 |
Deposits | 1,571 |  |  | 1,242 |
Other receivables | 2,536 |  |  | 4,527 |
Total accounts receivable | 23,917 |  |  | 25,666 |
Less: Allowance for doubtful accounts | (611) |  |  | (1,018) |
Total | $ | 23,306 |  |  | $ | 24,648 |
Deposits includes cash, as noted on the consolidated statements of cash flows, at clearing agencies used to settle customer transactions. Amounts payable and receivable to our liquidity providers are reported net by counterparty when the right of offset exists. Other Current Assets Other current assets consisted of the following (in thousands):
| June 30, 2025 |  | December 31, 2024
Prepaid expenses | $ | 2,143 |  |  | $ | 2,569 |
Other | 151 |  |  | 152 |
Total | $ | 2,294 |  |  | $ | 2,721 |
Property, Equipment and Software, Net Property, equipment and software, net consisted of the following (in thousands):
| June 30, 2025 |  | December 31, 2024
Internal-use software | $ | 2,057 |  |  | $ | 1,917 |
Other computer and network equipment | 876 |  |  | 867 |
Leasehold improvements | 276 |  |  | 276 |
Property, equipment and software, gross | 3,209 |  |  | 3,060 |
Less: accumulated amortization and depreciation | (1,370) |  |  | (996) |
Total | $ | 1,839 |  |  | $ | 2,064 |
For the three and six months ended June 30, 2025, depreciation and amortization expense related to property, equipment and software amounted to $0.2 million and $0.4 million, of which $0.1 million and $0.3 million, respectively, related to amortization expense of capitalized internal-use software placed in service. For the three and six months ended June 30, 2024, depreciation and amortization expense related to property, equipment and software amounted to $0.1 million and $0.2 million, of which $0.1 million and $0.1 million, respectively, related to amortization expense of capitalized internal-use software placed in service. Other Assets Other assets consisted of the following (in thousands):
| June 30, 2025 |  | December 31, 2024
Operating lease right-of-use assets | $ | 7,102 |  |  | $ | 9,735 |
Other | 3,179 |  |  | 2,832 |
Total | $ | 10,281 |  |  | $ | 12,567 |
The Company accounts for crypto it owns as indefinite-lived intangible assets and initially measures such crypto assets at cost (under a first-in, first-out basis). These assets are not amortized, but are measured at fair value each reporting period with changes recognized in net income (loss). Bakkt generally holds a nominal amount of each crypto asset it supports on its platform to facilitate trades and settlements, if necessary. The crypto assets are reported in "Other assets" on the consolidated balance sheets and fair value changes are recognized in "other (expense) income, net" on the consolidated statements of operations. The Company's owned crypto assets are typically liquidated on a daily basis during the fulfillment of customer orders and settlement with liquidity providers. Fair value changes were not material for the three and six months ended June 30, 2025. Bakkt's owned crypto assets were $1.4 million and $1.2 million as of June 30, 2025 and December 31, 2024. We classify cash flows from crypto within cash flows from operating activities. Accounts Payable and Accrued Liabilities Accounts payable and accrued liabilities consisted of the following (in thousands):
| June 30, 2025 |  | December 31, 2024
Accounts payable | $ | 5,371 |  |  | $ | 6,460 |
Payables to clients and customers | 9,067 |  |  | 6,322 |
Accrued expenses | 17,376 |  |  | 14,603 |
Purchasing card payable | 5,493 |  |  | 4,475 |
Salaries and benefits payable | 2,036 |  |  | 1,252 |
Loyalty revenue share liability | 2,542 |  |  | 4,261 |
Other | 798 |  |  | 2,538 |
Total | $ | 42,683 |  |  | $ | 39,911 |
Other Current Liabilities Other current liabilities consisted of the following (in thousands):
| June 30, 2025 |  | December 31, 2024
Current maturities of operating lease liability | 3,237 |  |  | 4,279 |
Other | 1,999 |  |  | 998 |
Total | $ | 5,236 |  |  | $ | 5,277 |
Other Noncurrent Liabilities Other noncurrent liabilities consisted of the following (in thousands):
| June 30, 2025 |  | December 31, 2024
Operating lease liability, noncurrent | $ | 13,782 |  |  | $ | 19,261 |
Total | $ | 13,782 |  |  | $ | 19,261 |

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- Definition The entire disclosure for supplemental balance sheet disclosures, including descriptions and amounts for assets, liabilities, and equity. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 210 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/210/tableOfContent + Details
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