K33 (K33) Q2 2025 earnings summary

Executive summary

• Achieved 108% year-over-year revenue growth in Q2 2025, reaching 399,226 KSEK, despite a 25% decline in general market volumes, driven by market share gains and resilience in trading activity.

• Operational cash flow turned positive, and adjusted EBITDA for Q2 2025 was 165 KSEK, supported by the Bitcoin Treasury Strategy.

• Launched a Bitcoin Treasury Strategy, accumulating 126 BTC as a first step toward a 1,000 BTC target, strengthening financial position and product platform.

• Introduced Smart Limit Orders, enhancing trading precision and execution for clients.

• Submitted MiCA license application to the Norwegian FSA, aiming for regulatory approval by year-end.

Financial highlights

• Q2 2025 revenue reached 399,226 KSEK, up 108% year-over-year, with positive adjusted EBITDA of 165 KSEK.

• EBIT for Q2 2025 was -3,271 KSEK, and net result for the period was -3,486 KSEK.

• Earnings per share before and after dilution were SEK -0.0003 for Q2 2025.

• For the first half of 2025, revenue was 849,391 KSEK, up from 335,650 KSEK in 1H 2024.

• Total assets increased to 79,176 KSEK as of June 30, 2025.

Outlook and guidance

• Trading activity accelerated post-quarter, with Q3 2025 on track to potentially double Q2 volumes; 803M SEK already traded as of August 26.

• Regulatory approval for MiCA license expected by year-end, supporting product expansion and compliance.

• Continued rapid business growth expected, driven by regulatory clarity and institutional adoption.

• Continued focus on expanding Bitcoin reserves and leveraging balance sheet strength for new products and client value.

• Expanding distribution through partnerships and institutional-grade product roll-out.