Goodbye Kansas Group AB (GBK) AI Stock Analysis

• Market Cap: kr28.82M
• Dividend Yield: N/A
• Average Volume (3M): 38.93K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.76
• Revenue Growth: 33.98%
• EPS Growth: -104.57%
• Country: SE
• Employees: 119
• Sector: Services
• Sector Strength: N/A
• Industry: Entertainment
• EPS (TTM): -0.22
• Shares Outstanding: 21,346,579
• 10 Day Avg. Volume: 28,949
• 30 Day Avg. Volume: 38,931
• PEG Ratio: 0.03
• Price to Book (P/B): -2.12
• Price to Sales (P/S): 0.36
• P/FCF Ratio: -3.47
• 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: 46 Neutral
• Price Target: kr1.50 ▼(-13.79% Downside)
• Action: Reiterated Date: 02/08/26
• Date: Action: Reiterated 02/08/26

The score is primarily constrained by weak financial performance (persistent losses, negative equity, and ongoing cash burn), despite some improvement in 2025. Technicals are mixed with modest near-term momentum but a longer-term downtrend. Valuation provides limited support due to negative earnings and no dividend data.

Positive Factors

Diversified service end-markets

Goodbye Kansas's multi-end-market service model (film, TV, advertising, games) spreads project risk and supports durable demand for CGI/VFX services. Diverse client types enable cross-selling and utilization smoothing, which can stabilize revenue and workflow over the next several months.

Improving operating performance in 2025

Material narrowing of losses and sharply reduced operating and free cash flow deficits in 2025 indicate operational improvements and cost control. If sustained, this reduces near-term financing needs, extends runway, and demonstrates a credible path toward self-funded operations over the medium term.

Low absolute leverage

Moderate absolute debt levels relative to assets limit fixed interest obligations and lessen immediate solvency pressure. This gives management more flexibility to restructure contracts, invest selectively, or secure bridge financing without an outsized interest burden in the coming months.

Negative Factors

Negative shareholders' equity

Negative shareholders' equity reflects accumulated losses and an eroded capital base, raising refinancing and solvency risk. It can restrict access to traditional financing, create covenant or counterparty concerns, and weaken strategic optionality, posing durable balance sheet challenges.

Persistent cash burn

Consistent negative operating and free cash flows mean the company cannot self-fund operations and remains reliant on external financing or asset actions. This restricts capital allocation, risks dilution or costly funding, and limits ability to invest in growth or withstand project volatility.

Revenue decline and negative margins

A recent drop in revenue combined with persistent negative operating margins reduces operating leverage and profitability prospects. In a project-based services model, lower volumes or pricing pressure can prolong losses and make margin recovery more difficult without consistent higher-margin project wins.

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

Financial health is weak: losses persist with negative operating profit, revenue has recently declined, shareholders’ equity is negative in 2024–2025, and operating/free cash flow remain negative. The main positive is improvement in 2025 with meaningfully narrower losses and reduced cash burn, but profitability and self-funding cash generation are not yet in place.

Income Statement

Profitability remains very weak. The company has reported net losses every year shown, with negative operating profits throughout the period. Revenue has also trended down recently (2025 down ~14% year over year after a sharp decline in 2024), limiting operating leverage. A key positive is that losses have narrowed materially versus 2022–2024 levels, but margins are still firmly negative in 2025, indicating the business has not yet returned to a sustainable earnings profile.

Balance Sheet

Leverage in absolute terms appears moderate (debt is relatively small versus total assets in 2025), but the balance sheet quality is pressured by negative shareholders’ equity in both 2024 and 2025, which reduces financial flexibility and raises refinancing/solvency risk. The company did have positive equity in 2023 and 2021, highlighting volatility and erosion in the capital base over time.

Cash Flow

Cash generation is a major constraint: operating cash flow and free cash flow are negative across all years provided, including 2025, implying ongoing cash burn. The pace of cash burn improved sharply in 2025 versus 2024 (both operating and free cash flow losses narrowed), but the business is still not self-funding and likely remains dependent on external capital or asset actions to sustain operations.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	174.96M	172.56M	278.68M	288.33M	263.48M
Gross Profit	-30.68M	138.23M	201.11M	219.04M	214.36M
EBITDA	-30.37M	-43.21M	-60.40M	-67.78M	-65.23M
Net Income	-35.12M	-52.47M	-109.09M	-126.41M	-150.35M
Balance Sheet
Total Assets	50.38M	43.56M	102.12M	274.40M	344.66M
Cash, Cash Equivalents and Short-Term Investments	10.15M	17.50M	2.96M	3.62M	37.95M
Total Debt	10.61M	18.72M	16.19M	14.40M	19.46M
Total Liabilities	80.31M	62.60M	85.62M	286.54M	222.83M
Stockholders Equity	-29.93M	-19.04M	16.50M	-12.14M	115.65M
Cash Flow
Free Cash Flow	-18.28M	-41.52M	-61.20M	-84.67M	-36.04M
Operating Cash Flow	-15.55M	-41.42M	-58.75M	-34.47M	-637.00K
Investing Cash Flow	-3.60M	3.39M	-10.67M	-54.56M	-34.64M
Financing Cash Flow	11.83M	52.51M	67.81M	54.65M	47.87M

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 1.38, above the 50-day MA of 1.50, and below the 200-day MA of 1.97, indicating a bearish trend. The MACD of -0.05 indicates Negative momentum. The RSI at 46.11 is Neutral, neither overbought nor oversold. The STOCH value of 30.14 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	69 Neutral	kr376.07M	6.17	23.97%	―	-0.21%	33.33%
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%
FRAG	48 Neutral	kr54.12M	5.93	-229.41%	―	-10.21%	-1.15%
GBK	46 Neutral	kr28.82M	-1.80	―	―	33.98%	-104.57%
MAV	41 Neutral	kr3.52M	-0.83	―	―	-75.52%	86.85%
QIIWI	41 Neutral	kr15.31M	-2.51	-31.43%	―	-34.32%	70.25%
GCOR	41 Neutral	kr130.61M	-3.85	―	―	32.83%	13.34%