K33 (K33) Q3 2025 earnings summary

Executive summary

• Achieved record Q3 with revenue up 130% sequentially and 270% year-over-year, reaching 933M SEK, the highest in company history, with positive EBITDA and net result after adjusting for unrealized Bitcoin losses.

• Surpassed 1 billion SEK in trading volume, with 12-month rolling volume reaching 2.3 billion SEK, up from 700 million SEK last year.

• Expanded product offerings and institutional-grade services, targeting both private and corporate clients, and launched a Smart Limit order type.

• Increased Bitcoin holdings to 141 BTC, aiming for 1,000 BTC as part of a long-term accumulation strategy.

• Focused on scaling operations, expanding partnerships, and advancing regulatory standing for future growth.

Financial highlights

• Q3 2025 revenue: 933,265 KSEK (up from 250,742 KSEK in Q3 2024), with EBITDA of 2,075 KSEK and positive operational result after adjusting for a 5.4M SEK unrealized BTC loss.

• Trading volume exceeded 1bn SEK in Q3, with 12-month rolling volume at 2.3bn SEK, up from 705M SEK last year.

• Total assets increased to 203M SEK, equity rose to 170M SEK, and cash and bank balances were 12,328 KSEK.

• EBIT: -3,244 KSEK (from -6,502 KSEK in Q3 2024); net result: -4,900 KSEK (from -8,215 KSEK); EPS before dilution: SEK -0.0004.

• For Jan–Sep 2025, revenue was 1,782,656 KSEK (up from 594,083 KSEK), with adjusted EBITDA of 411 KSEK.

Outlook and guidance

• Q4 is expected to see a setback as tailwinds from treasury company activity fade, but high growth is anticipated to continue long-term.

• MiCA application with the Norwegian FSA is progressing, with approval now expected early next year after a six-month extension.

• Plans to launch investment products with Pensum Asset Management after MiCA approval, targeting 2026.

• Several large client relationships expected to finalize by year-end and into early 2026.

• Focus remains on scaling for lasting profitability and expanding geographical reach.