K33 (K33) investor relations material

Executive summary

• Achieved strong revenue growth and product expansion, including the launch of crypto-collateralized lending for corporate clients, despite a weaker crypto market environment.

• Completed a major platform upgrade with full bank integration and automation, enhancing compliance, scalability, and operational reliability.

• Acquired a 46% stake in Sixty Six Capital, increasing effective Bitcoin exposure by 20% and unlocking operational synergies.

• Positioned for MiCA regulatory approval by end of Q2, supporting future institutional growth and market consolidation.

• Quarter's result was negatively impacted by realized and unrealized losses from Bitcoin price declines, though prices recovered after quarter-end.

Financial highlights

• Revenue reached 740 MSEK (Q1 2026), up 73% quarter-over-quarter and 64% year-over-year.

• Trading volume reached approximately SEK 2.7bn annualized on a 12-month rolling basis.

• EBITDA was -6,103 KSEK; Adjusted EBITDA was -3,674 KSEK, reflecting investments in MiCA licensing and BTC value decline.

• Operating profit included an unrealized loss of 10,339 KSEK and a realized loss of 20,199 KSEK related to Bitcoin holdings.

• Effective Bitcoin exposure increased to 167.5 BTC at quarter-end.

Outlook and guidance

• MiCA license approval anticipated by end of Q2, expected to strengthen institutional positioning and enable further scaling.

• Lending business expected to grow and become a significant revenue stream over coming quarters and years.

• Focus will shift to scaling the business, increasing activity from existing clients, and broadening product usage.