Norwegian Block Exchange (NBX) H2 2024 earnings summary

Executive summary

• Achieved record trading volumes in 2024, with total volume reaching MNOK 1,086, more than doubling from 2023, driven by increased crypto activity and new product launches.

• Revenue rose to MNOK 18.0, up from MNOK 9.6 in 2023, with significant growth in staking, OTC trading, and market making.

• Loss after tax was MNOK 23.2, impacted by one-off costs related to scaling the NBX Credit Card and stablecoin issuance, as well as high non-cash funding costs.

• Secured an e-money institution license, launched a tokenized asset marketplace, and became the exclusive European issuer of the USDM stablecoin on Cardano.

• Paused new credit card sign-ups pending regulatory registration, but demand remains strong with over 1,000 on the waiting list.

Financial highlights

• Operating income: MNOK 18.0 (2024) vs MNOK 9.6 (2023), a 87.5% increase year-over-year.

• Operating expenses: MNOK 42.4 (2024) vs MNOK 36.7 (2023), reflecting investments in new products and regulatory compliance.

• Net loss after tax: MNOK 23.2 (2024) vs MNOK 22.9 (2023), with losses driven by one-off project costs and financing expenses.

• Raised equity three times in 2024 (MNOK 11, MNOK 4, MNOK 17) and secured a MNOK 100 financing facility.

• Cash and deposits at year-end: MNOK 32.4, up from MNOK 17.3 at end of 2023.

Outlook and guidance

• Anticipates revenue growth in 2025 from Cardano-related projects and direct USDM issuance for institutional clients.

• Plans to leverage e-money institution status and future CASP registration to expand cross-border payment services.

• Preparing for MiCA license application in Q2 2025 to ensure regulatory compliance and competitiveness.