K33 (K33) Q3 2024 earnings summary

Executive summary

• Revenue grew 31% sequentially and 787% year-over-year, driven by K33's client base and service expansion.

• K33 captured significant market share in a flat crypto market, reinforcing its competitive edge.

• Strategic focus on K33 and innovation, including a new user interface and upcoming PSD2-powered bank deposits.

• Green Data mining operations terminated due to Bitcoin halving, with related non-cash costs impacting Q3 results.

• Sale of LN Markets stake resulted in a SEK 0.8M capital gain.

Financial highlights

• Q3 2024 revenue: 250,742 KSEK (28,277 KSEK Q3 2023); nine months: 594,083 KSEK (97,875 KSEK 2023).

• Q3 EBITDA: -3,659 KSEK (-6,489 KSEK Q3 2023); adjusted for non-recurring items, EBITDA ~0.02 MSEK.

• Q3 EBIT: -6,504 KSEK (-10,721 KSEK Q3 2023); nine months EBIT: -1,023 KSEK (-29,603 KSEK 2023).

• Q3 net result: -8,217 KSEK (-7,867 KSEK Q3 2023); nine months: -3,942 KSEK (-38,259 KSEK 2023).

• EPS Q3: SEK -0.001 (before/after dilution); nine months: SEK 0.000.

Outlook and guidance

• Management expects favorable market conditions in Q4 and aims to leverage K33's position for further growth and margin expansion.

• New product launches and client-focused innovations are planned to sustain momentum.