Hilbert Group (HILB) Q1 2025 earnings summary

Executive summary

• Q1 2025 marked a transformative period with major product launches, strategic execution, and leadership changes, including the integration of Liberty Road Capital, positioning for global expansion in digital asset management and tokenization.

• Launched two AI-driven hedge funds targeting low-volatility yield in Bitcoin and Ethereum.

• Synthetica/Syntetika, a regulatory-grade tokenization and trading platform, achieved its first milestone and is on track for a September 2025 launch.

• Strengthened leadership with key hires from Saxo Bank, Copper, Liberty Road, and the appointment of Steen Jakobsen and Russell Thompson.

• Revenue surged to KSEK 44,977.7, up 277% year-over-year, driven by proprietary trading despite challenging crypto market conditions.

Financial highlights

• Revenue: KSEK 44,977.7 (Q1 2025) vs. KSEK 11,930.7 (Q1 2024), mainly from proprietary trading (KSEK 42,781.1).

• EBIT: KSEK -11,852.7 (Q1 2025) vs. KSEK -7,997.8 (Q1 2024); net loss: KSEK -24,626.4 (Q1 2025) vs. KSEK -3,520.4 (Q1 2024).

• Combined fund capacity exceeds $3.5 billion, positioning for significant institutional inflows.

• Current AUM stands at approximately $410 million, with a $200 million fee pipeline and $70 million in late-stage due diligence.

• April net performance: Bitcoin basis plus 7%, dollar basis plus 6%, Active Treasury Bitcoin 3.4%, V100 fund 4.5%.

Outlook and guidance

• Management expects a strong Q2, with benefits from Liberty Road Capital integration, new product launches, and aims for profitability from Q3 2025.

• Liberty Road integration and Synthetica progress expected to accelerate in Q2.

• Favourable market and regulatory conditions expected to drive institutional adoption and capital inflows.