Greenmerc (GMERC) Q3 2026 earnings summary

Executive summary

• Q3 EBITDA improved to SEK -0.90m from SEK -1.28m in Q2; EBITDA was positive in September, and Northcrypto reported a profit each month from July.

• Q3 trading volume rose 11% QoQ to SEK 83.3m, while net sales fell 60% YoY to SEK 2.72m as crypto-market activity remained lower.

• A savings programme is expected to cut annual running costs by SEK 4.8m, with full effect from Q4; the first Trijo One banking phase is expected in Q1/Q2 2027.

Financial highlights

• Q3 total operating income was SEK 3.70m, down 54% YoY; operating costs were SEK 4.60m, down 12% QoQ and 22% from Q1.

• Q3 operating loss and net loss were each SEK 3.81m; EPS was SEK -0.19. EBITDA improved SEK 3.34m YoY to SEK -0.90m.

• 9M net sales were SEK 8.60m, down 59% YoY; operating income was SEK 11.85m and EBITDA SEK -3.86m, versus SEK 2.19m EBITDA in 9M 2025.

• Q3 2025 EBITDA included a SEK 7.3m IT-incident charge; excluding this item, comparative EBITDA was SEK 3.06m.

• Q3 operating cash flow was SEK -1.23m and period cash flow SEK -0.91m; 9M figures were SEK -4.79m and SEK -6.05m, respectively.

Outlook and guidance

• Savings of SEK 400k monthly, or SEK 4.8m annually, are expected at full effect from Q4; stated operating costs fell from SEK 5.9m in Q1 to SEK 4.6m in Q3.

• The first Trijo One banking phase, with services through Marginalen Bank, is expected at the end of Q1 or beginning of Q2 2027, subject to the bank's new platform.

• Existing cash, crypto-business revenue and the savings programme are considered sufficient to finance operations for the time being.