K33 delivered 399M SEK in revenue in Q2 2025, up 108% year-over-year. The company protected revenues through continued market-share gains and delivered a positive adjusted EBITDA. The launch of the Bitcoin Treasury Strategy added 126 BTC to the balance sheet, marking the first step toward the 1,000 BTC target. 

Since quarter-end, trading activity has accelerated sharply, with 803M SEK already traded in Q3, positioning K33 for its strongest quarter to date.

The full report for Q2 2025 is available on k33.com/ir/reports.

Highlights

• Bitcoin Treasury Strategy Initiated And Already Strengthening Operations
  • K33 now holds 126 BTC on its balance sheet, the first step towards the 1,000 BTC target, strengthening both our financial position, product capabilities and improving our margins.
• More Than 100% Growth Year-over-Year, And Winning Market Shares 
  • K33 delivered 399M SEK in Q2 2025 revenue, up 108% year-over-year. Compared to Q1 2025, revenues fell by 11%, while the broader market saw a ~25% drop in volumes, demonstrating resilience and continued market share gains.
• Positive EBITDA, Adjusted For Non-Cash Items
  • K33 delivered a positive adjusted EBITDA of 165 kSEK, as improved margins from the initiated Bitcoin Treasury Strategy are already coming into effect.
• Solid Post-Quarter Volume Growth (Subsequent Event)
  • Trading activity has accelerated since quarter-end. Q3 is on track to potentially double Q2 volumes, with 803M SEK already traded on K33 Markets, Q3 will be our strongest quarter yet.
• Smart Limit Orders Launched (Subsequent Event)
  • New execution feature introduced, delivering precision and certainty.
• MiCA Application Submitted (Subsequent Event)
  • K33 filed its MiCA licence application with the Norwegian FSA in August, aiming for approval by year-end and ensuring that our expanding product set fully aligns with the European framework.

Second quarter of 2025
-compared to the second quarter of 2024-

• Group revenue increased to 399,226 kSEK (191,683)
• EBITDA amounted to -1,412 kSEK (4,774)
• Adjusted EBITDA amounted to 165 kSEK (4,775)
• EBIT amounted to -3,271 kSEK (3,472)
• The result for the period amounted to -3,486 kSEK (-1,265)
• Earnings per share before dilution amounted to SEK -0.0003 (-0.0001)
• Earnings per share after dilution amounted to SEK -0.0003 (-0.0001)

First half of 2025
-compared to first half of 2024-

• Group revenue increased to 849,391 kSEK (335,650)
• EBITDA amounted to -4,104 kSEK (8,964)
• Adjusted EBITDA amounted to -1,679k SEK (8,964)
• EBIT amounted to -7,857 kSEK (5,481)
• The result for the period amounted to -7,853 kSEK (4,274)
• Earnings per share before dilution amounted to SEK -0.001 (0.000)
• Earnings per share after dilution amounted to SEK -0.001 (0.000)

Torbjørn Bull Jenssen, CEO of K33, comments:

“Q2 was another strong quarter for K33 with 108% year-over-year growth. Despite sharply lower volumes in the market in general, we protected revenues through market share gains and delivered positive adjusted EBITDA. Since quarter-end, activity has accelerated sharply, and Q3 will be our strongest quarter yet. With 126 BTC now on the balance sheet, we have taken the first step toward our 1,000 BTC target, strengthening both our financial position and our product platform.”

Webcast presentation
The company will hold a webcast presentation today at 08:00 CET, during which CEO Torbjørn Bull Jenssen will present the report. Investors, analysts, and media are invited to follow the webcast.

Webcast link: https://channel.royalcast.com/landingpage/hegnarmedia/20250827_2/

No pre-registration is needed for the webcast. The presentation will be held in English.