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K33 (K33) investor relations material
K33 Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenue more than doubled in 2025 to 2,211 MSEK, driven by market share gains, platform expansion, and stronger client relationships, despite a bearish and flat crypto market.
Strengthened balance sheet through increased Bitcoin holdings and strategic acquisition of a 46% stake in Sixty Six Capital, boosting effective Bitcoin exposure.
Launched new products, including Smart Limits and Crypto-Backed Lending, and completed a new frontend to diversify revenue and enhance client value.
Initiated first partnership with Pensum Asset Management and expects MiCA regulatory approval in Q2 2026 to support further expansion.
Q4 was impacted by a sharp Bitcoin correction, resulting in a 35.6 MSEK unrealized loss, but operational momentum continued into 2026.
Financial highlights
Full-year 2025 revenue reached 2,211 MSEK, up 128% year-over-year; Q4 revenue was 428.7 MSEK, up 14% year-over-year.
12-month rolling trading volume reached 2.67bn SEK as of February 2026, with over 632M SEK traded in Q1 2026.
Negative net result for 2025 mainly due to a 36m SEK unrealized loss from Bitcoin price decline.
Q4 EBITDA was -4,074 KSEK; full-year EBITDA was -6,103 KSEK; Q4 net result was -39,726 KSEK; full-year net result was -52,146 KSEK.
Earnings per share before dilution: SEK -0.0027 in Q4, SEK -0.0040 for the year.
Outlook and guidance
Focus for 2026 is on scaling institutional and corporate relationships, expanding lending, and building institutional partnerships.
MiCA license approval expected in Q2 2026, supporting European expansion and regulated institutional relationships.
Lending is expected to become a substantial part of the revenue mix by year-end 2026.
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