K33 delivered its best quarter since launch in Q3, with revenue reaching 933 million SEK, a 130% increase from the previous quarter and a 270% increase compared to Q3 2024. K33 also delivered a positive EBITDA and a positive net result when adjusting for the unrealised loss of the company’s Bitcoin holdings.

The full report for Q3 2025 is available on k33.com/ir/reports.

Highlights

• Revenue more than doubled and grew 270% Year-over-Year
  • K33 delivered 933M SEK in Q3 2025 revenue, up 270% year-over-year. Compared to Q2 2025, revenue increased by 130%, marking the best quarter in the company’s history.
• Positive EBITDA and underlying result
  • K33 delivered a positive EBITDA of 2,075 kSEK after a strong quarter driven by high trading activity. The underlying net result of the business operations was also positive and amounted to 507 kSEK when adjusting  for the unrealised loss of the company’s Bitcoin holdings.
• Added 15 BTC on the balance sheet
  • K33 now holds 141 BTC on its balance sheet, strengthening the financial position, enhancing product capabilities, and improving margins.
• Smart limit orders launched
  • New execution feature introduced, delivering precision and certainty.
• MiCA application submitted 
  • K33 submitted its MiCA licence application to the Norwegian FSA in August. Following the NFSA’s request to extend the application period, final approval may take longer than expected. MiCA remains a key milestone that will expand K33’s geographical reach and enable new partnerships with traditional financial institutions.
• Partnered with Pensum Asset Management (Subsequent Event)
  • K33 partnered with the Norwegian wealth manager Pensum to explore professional and secure exposure to Bitcoin and other digital assets for Pensum’s clients.

Third quarter of 2025
-compared to the third quarter of 2024-

• Group revenue increased to 933,265 kSEK (250,742)
• EBITDA amounted to 2,075 kSEK (-3,659)
• Adjusted EBITDA amounted to 2,089 kSEK (-3,659)
• EBIT amounted to -3,244 kSEK (-6,502)
• The result for the period amounted to -4,900 kSEK (-8,215)
• Earnings per share before dilution amounted to SEK -0.0004 (-0.0007)
• Earnings per share after dilution amounted to SEK -0.0004 (-0.0009)

First nine months of 2025
-compared to first nine months of 2024-

• Group revenue increased to 1,782,656 kSEK (594,083)
• EBITDA amounted to -2,029 kSEK (5,305)
• Adjusted EBITDA amounted to 411 kSEK (5,305)
• EBIT amounted to -11,101 kSEK (-1,023)
• The result for the period amounted to -12,421 kSEK (-3,942)
• Earnings per share before dilution amounted to SEK -0.0010 (-0.0004)
• Earnings per share after dilution amounted to SEK -0.0009 (-0.006)

Torbjørn Bull Jenssen, CEO of K33, comments:

“Q3 was a milestone quarter for K33. We surpassed 1 billion SEK in trading volume, revenue more than doubled from last quarter, and we delivered a positive underlying result. This performance proves that our model works. The next phase is about scaling what we have built and turning our strong position into lasting profitability. The opportunity ahead is vast, and K33 is ready to lead.”

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/20251119_2/

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