Goodbye Kansas Group AB (GBK) AI Stock Analysis

• Market Cap: kr27.01M
• Dividend Yield: N/A
• Average Volume (3M): 38.93K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.61
• Revenue Growth: 33.98%
• EPS Growth: -104.57%
• Country: SE
• Employees: 119
• Sector: Services
• Sector Strength: N/A
• Industry: Entertainment
• EPS (TTM): -0.25
• Shares Outstanding: 16,881,487
• 10 Day Avg. Volume: 28,949
• 30 Day Avg. Volume: 38,931
• PEG Ratio: <0.01
• Price to Book (P/B): -1.67
• Price to Sales (P/S): 0.18
• P/FCF Ratio: -0.77
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 43 Neutral
• Price Target: kr1.50 ▼(-13.79% Downside)

The score is held down primarily by weak financial fundamentals—continued losses, negative free cash flow, sharp revenue contraction, and negative equity—despite improving loss/cash-burn trends and strong gross margins. Technicals also remain weak versus key moving averages, while valuation is constrained by negative earnings and no stated dividend yield.

Positive Factors

High gross margins

Sustained gross margins near 70–80% indicate strong project-level economics and pricing power in VFX/animation. Durable unit profitability gives the firm room to invest in technology and IP, supporting long-term competitiveness even as top-line recovers.

Improving profitability trend (TTM)

Meaningful improvement in TTM profitability reflects tighter cost control and operating leverage being realized. A sustained move toward break-even reduces financing dependency and enhances runway for strategic investments over the next 2–6 months if the trend persists.

Diversified revenue model

Multiple revenue channels—services for film/TV, outsourced game development, partnerships and IP/licensing—lower customer concentration and create cross-market exposure. This structural diversification supports steadier demand capture as media and gaming budgets evolve.

Negative Factors

Sharp revenue contraction

A sustained ~35% YoY revenue decline erodes scalable advantages and reduces absolute contribution despite high margins. Persistent top-line shrinkage weakens negotiating leverage with clients and limits capacity to rebuild scale without consistent new contract wins.

Negative shareholders' equity

Negative equity signals accumulated losses and a thin capital base, constraining financial flexibility. Over the medium term this raises refinancing and solvency risk, may limit access to non-dilutive funding, and can impede strategic investment or bidding on large projects.

Persistent negative free cash flow

Ongoing negative operating and free cash flow requires external financing or equity issuance to sustain operations. Even with improving burn, persistent cash deficits constrain reinvestment in IP, personnel, and technology, risking slower growth or dilution over the medium term.

Goodbye Kansas Group AB Business Overview & Revenue Model

Company Description

Goodbye Kansas Group AB (publ) supplies technology driven visual contents. It develops products and solutions based on Augmented Reality (AR), Virtual Reality, VFX production, cinematics, performance capture and scanning, digital humans, and real time animation. The company also offers virtual training solutions; SaaS solutions in 3D/AR for e-commerce; and location based mobile games, as well as produces 3D animated films. It serves customers in the TV, film, streaming, gaming, and e-commerce industries. The company was formerly known as Bublar Group AB (publ) and changed its name to Goodbye Kansas Group AB (publ) in May 2021. Goodbye Kansas Group AB (publ) was incorporated in 2015 and is headquartered in Stockholm, Sweden.

How the Company Makes Money

Goodbye Kansas Group AB generates revenue through multiple channels including VFX and animation services for film and television productions, game development, and related consultancy services. The company charges clients on a project basis, often resulting in significant contracts with major studios for complex visual effects. Additionally, GBK earns income from partnerships with gaming companies, where they may provide outsourced development services or collaborate on specific projects. The company also explores licensing opportunities and intellectual property rights associated with its original content, further diversifying its revenue streams.

Goodbye Kansas Group AB Financial Statement Overview

Summary

Goodbye Kansas Group AB is facing significant financial challenges, including persistent net losses, declining revenues, and negative equity. The balance sheet indicates insolvency risk, and while there is a slight improvement in cash flow, the overall financial health is unstable.

Income Statement

Goodbye Kansas Group AB has faced significant challenges in its income statement, marked by consistent net losses and declining revenues. The gross profit margin remains positive but is overshadowed by negative EBIT and EBITDA margins, indicating operational inefficiencies. Revenue has decreased sharply from 2023 to 2024, which is a concerning trend for growth prospects.

Balance Sheet

The company's balance sheet is under strain, with a negative stockholders' equity in 2024 indicating insolvency risk. The debt-to-equity ratio is negative, reflecting this equity deficit. Total assets have diminished over the years, further weakening the company's financial position and limiting its leverage to navigate downturns.

Cash Flow

Cash flow statements reveal persistent negative free cash flow, though there is a slight improvement in operating cash flow from 2023 to 2024. However, the operating cash flow to net income ratio is unfavorable due to consistent net losses, highlighting ongoing liquidity challenges despite some financing inflows.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	202.68M	172.56M	278.68M	288.33M	263.48M	161.30M
Gross Profit	159.18M	138.23M	201.11M	219.04M	214.36M	153.63M
EBITDA	-15.19M	-43.21M	-60.40M	-67.78M	-65.23M	-44.93M
Net Income	-19.76M	-52.47M	-109.09M	-126.41M	-150.35M	-85.03M
Balance Sheet
Total Assets	50.26M	43.56M	102.12M	274.40M	344.66M	307.70M
Cash, Cash Equivalents and Short-Term Investments	5.98M	17.50M	2.96M	3.62M	37.95M	25.34M
Total Debt	15.32M	18.72M	16.19M	14.40M	19.46M	5.83M
Total Liabilities	80.28M	62.60M	85.62M	286.54M	222.83M	128.80M
Stockholders Equity	-30.02M	-19.04M	16.50M	-12.14M	115.65M	174.13M
Cash Flow
Free Cash Flow	-7.36M	-41.52M	-61.20M	-84.67M	-36.04M	-71.40M
Operating Cash Flow	-4.79M	-41.42M	-58.75M	-34.47M	-637.00K	-39.53M
Investing Cash Flow	-2.57M	3.39M	-10.67M	-54.56M	-34.64M	-17.50M
Financing Cash Flow	5.69M	52.51M	67.81M	54.65M	47.87M	45.23M

Goodbye Kansas Group AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1.74
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:GBK, the sentiment is Negative. The current price of 1.74 is above the 20-day moving average (MA) of 1.59, below the 50-day MA of 1.80, and below the 200-day MA of 2.28, indicating a bearish trend. The MACD of -0.04 indicates Negative momentum. The RSI at 45.19 is Neutral, neither overbought nor oversold. The STOCH value of 47.39 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:GBK.

Goodbye Kansas Group AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ENRO	72 Outperform	kr279.07M	4.11	23.97%	―	-0.21%	33.33%
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%
FRAG	45 Neutral	kr70.43M	-0.50	-229.41%	―	-10.21%	-1.15%
GBK	43 Neutral	kr27.01M	-3.23	―	―	33.98%	-104.57%
QIIWI	42 Neutral	kr18.96M	-2.93	-31.43%	―	-34.32%	70.25%
MAV	41 Neutral	kr4.32M	-0.16	―	―	-75.52%	86.85%
GCOR	41 Neutral	kr167.26M	-3.66	―	―	32.83%	13.34%