Bakkt (NYSE:BKKT) shares edge lower by 2.3% in premarket trading on Wednesday, as the company expects to incur continued net losses this year, according to its Q4 earnings report. It expects to use $150M-170M of cash during 2022. Note Q4 financial results include non-cash charges related to the closing of its business combination with VPC Impact Acquisition (VIH). Adjusted EBITDA was $0.3M for the predecessor (pre-merger period) and a $121.8M loss for the successor (post-merger period). Combined net revenue of $13.7M in Q4 jumped by 45% over the previous quarter, primarily driven by strong transaction revenue growth from loyalty redemption. Combined operating expenses of $138.6M in Q4 were driven by $92M of significant items related to the business merger. These expenses include non-cash compensation charges triggered by the transaction and other acquisition-related expenses. Q4 transacting account were 867K, an increase of 13% Y/Y. Digital asset conversion volume of $222M also grew 34%
