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K33 (K33) investor relations material
K33 Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary20 Nov, 2025
Executive summary
Achieved record Q3 with revenue up 130% sequentially and 270% year-over-year, reaching 933M SEK, the highest in company history, with positive EBITDA and net result after adjusting for unrealized Bitcoin losses.
Surpassed 1 billion SEK in trading volume, with 12-month rolling volume reaching 2.3 billion SEK, up from 700 million SEK last year.
Expanded product offerings and institutional-grade services, targeting both private and corporate clients, and launched a Smart Limit order type.
Increased Bitcoin holdings to 141 BTC, aiming for 1,000 BTC as part of a long-term accumulation strategy.
Focused on scaling operations, expanding partnerships, and advancing regulatory standing for future growth.
Financial highlights
Q3 2025 revenue: 933,265 KSEK (up from 250,742 KSEK in Q3 2024), with EBITDA of 2,075 KSEK and positive operational result after adjusting for a 5.4M SEK unrealized BTC loss.
Trading volume exceeded 1bn SEK in Q3, with 12-month rolling volume at 2.3bn SEK, up from 705M SEK last year.
Total assets increased to 203M SEK, equity rose to 170M SEK, and cash and bank balances were 12,328 KSEK.
EBIT: -3,244 KSEK (from -6,502 KSEK in Q3 2024); net result: -4,900 KSEK (from -8,215 KSEK); EPS before dilution: SEK -0.0004.
For Jan–Sep 2025, revenue was 1,782,656 KSEK (up from 594,083 KSEK), with adjusted EBITDA of 411 KSEK.
Outlook and guidance
Q4 is expected to see a setback as tailwinds from treasury company activity fade, but high growth is anticipated to continue long-term.
MiCA application with the Norwegian FSA is progressing, with approval now expected early next year after a six-month extension.
Plans to launch investment products with Pensum Asset Management after MiCA approval, targeting 2026.
Several large client relationships expected to finalize by year-end and into early 2026.
Focus remains on scaling for lasting profitability and expanding geographical reach.
How does K33 leverage its Bitcoin balance sheet?
How does MiCA delay affect K33's strategy?
How will K33 sustain high growth post-Q4?
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Frequently asked questions
Arcario is a blockchain investment and development company that utilises its resources to delve deep into the uncharted waters of cryptocurrency and the underlying technology, blockchain. The company invests in the projects from its own multi-million krona fund or co-invests with leading Nordic investors and funds through the venture fund. The company was founded in 2004 and based in Stockholm, Sweden.
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