K33 (K33) Q2 2024 earnings summary

Executive summary

• Achieved record revenue and positive EBITDA in Q2 2024, with strong growth momentum and a focus on expanding K33, targeting high-net-worth and institutional clients.

• Strategic initiatives include launching a new K33 front end, instant fiat deposits, and an upcoming app, positioning for further market share gains.

Financial highlights

• Q2 2024 revenue rose to 186,758 KSEK from 30,918 KSEK in Q2 2023; EBITDA improved to 4,775 KSEK from -3,138 KSEK.

• EBIT for Q2 2024 was 3,474 KSEK, up from -7,510 KSEK; net result for the period was -1,264 KSEK, an improvement from -5,204 KSEK.

• H1 2024 revenue reached 335,650 KSEK, up from 69,469 KSEK in H1 2023; EBITDA was 8,964 KSEK versus -10,089 KSEK.

• H1 2024 net result was 4,274 KSEK, compared to -30,392 KSEK in H1 2023; EPS before and after dilution at SEK 0.000.

• Cash and cash equivalents at period end were 12,289 KSEK, up from 6,838 KSEK at the start of the year.

Outlook and guidance

• Focus remains on expanding K33, especially among private clients in 2024, with rapid institutional growth expected in 2025 as MICA regulation facilitates bank entry.

• Plans to launch derivatives trading and structured products in 2025, aiming to become the partner of choice for traditional finance entering crypto.

• Anticipates continued growth, leveraging new product launches, increased marketing, and regulatory tailwinds.