K33 (K33) Q4 2025 earnings summary

Executive summary

• Revenue more than doubled in 2025 to 2,211 MSEK, driven by market share gains, platform expansion, and stronger client relationships, despite a bearish and flat crypto market.

• Strengthened balance sheet through increased Bitcoin holdings and strategic acquisition of a 46% stake in Sixty Six Capital, boosting effective Bitcoin exposure.

• Launched new products, including Smart Limits and Crypto-Backed Lending, and completed a new frontend to diversify revenue and enhance client value.

• Initiated first partnership with Pensum Asset Management and expects MiCA regulatory approval in Q2 2026 to support further expansion.

• Q4 was impacted by a sharp Bitcoin correction, resulting in a 35.6 MSEK unrealized loss, but operational momentum continued into 2026.

Financial highlights

• Full-year 2025 revenue reached 2,211 MSEK, up 128% year-over-year; Q4 revenue was 428.7 MSEK, up 14% year-over-year.

• 12-month rolling trading volume reached 2.67bn SEK as of February 2026, with over 632M SEK traded in Q1 2026.

• Negative net result for 2025 mainly due to a 36m SEK unrealized loss from Bitcoin price decline.

• Q4 EBITDA was -4,074 KSEK; full-year EBITDA was -6,103 KSEK; Q4 net result was -39,726 KSEK; full-year net result was -52,146 KSEK.

• Earnings per share before dilution: SEK -0.0027 in Q4, SEK -0.0040 for the year.

Outlook and guidance

• Focus for 2026 is on scaling institutional and corporate relationships, expanding lending, and building institutional partnerships.

• MiCA license approval expected in Q2 2026, supporting European expansion and regulated institutional relationships.

• Lending is expected to become a substantial part of the revenue mix by year-end 2026.