Norwegian Block Exchange (NBX) H1 2025 earnings summary

Executive summary

• Total operating income rose 14% year-over-year to MNOK 11.1, driven by listing income, staking, and fees.

• Ordinary loss before tax improved by 20% to MNOK -9.8, but the pace of improvement is unsatisfactory.

• Credit card program remains a net negative; excluding it, net loss would have been MNOK -3.9.

• USDM stablecoin launch delayed, with revenue potential expected to materialize in 2026.

• Strategic partnership and share swap with Nexpay increased costs and postponed some initiatives.

Financial highlights

• Sales revenue increased from MNOK 5.2 to MNOK 9.1 year-over-year.

• Other operating income decreased from MNOK 4.5 to MNOK 1.8 due to reclassification.

• Payroll costs rose 14% to MNOK 6.4; depreciation increased 36% to MNOK 2.1.

• Net financial items improved from MNOK -3.6 to MNOK -1.1.

• Total assets grew from MNOK 134.0 to MNOK 158.9; equity increased to MNOK 73.3.

Outlook and guidance

• Stablecoin USDM expected to become a key revenue driver in 2026.

• Focus shifting to projects with better ROI after credit card program pause.

• Anticipates increased institutional and retail interest in digital assets.