Goobit Group (BTCX) Q1 26/27 earnings summary

Executive summary

• Net sales for Q1 2026/2027 were 19.9 MSEK, down from 23.3 MSEK year-over-year, with no OTC transactions conducted during the period.

• Operating profit was -2.8 MSEK, compared to -1.7 MSEK in the prior year, and net result was -2.9 MSEK versus -1.9 MSEK.

• Gross profit declined to 0.8 MSEK (3.1 MSEK last year), with a gross margin of 4.0% (13.5%), impacted by a 1.2 MSEK write-down of Bitcoin inventory.

• The company changed its business model after the quarter, moving from trading against its own inventory to executing customer orders, reducing exposure to Bitcoin price movements.

• The Swedish Financial Supervisory Authority rejected the company's MiCA application; an appeal is ongoing.

Financial highlights

• EBITDA for Q1 was -2.0 MSEK, compared to -0.9 MSEK year-over-year.

• Cash and cryptocurrency holdings at period end were 8.6 MSEK, down from 12.3 MSEK last year.

• Transaction volume was 19.9 MSEK, a decrease from 29.4 MSEK year-over-year.

• Earnings per share before and after dilution remained at -0.01 SEK.

• Balance sheet total was 15.1 MSEK, with equity at 1.4 MSEK and an equity/assets ratio of 9%.

Outlook and guidance

• The company is prioritizing profitability and reducing vulnerability to large, infrequent trades.

• The new business model is expected to lower reported revenue but not necessarily reflect lower trading activity; transaction volume will be a more relevant metric going forward.

• The capital base needs strengthening, and the board is working on financing options.