Goodbye Kansas Group AB (GBK) AI Stock Analysis

• Market Cap: kr31.06M
• Dividend Yield: N/A
• Average Volume (3M): 38.93K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.70
• 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: 42 Neutral
• Price Target: kr1.50 ▼(-13.79% Downside)
• Action: Reiterated Date: 03/14/26
• Date: Action: Reiterated 03/14/26

The score is driven primarily by weak financial fundamentals (ongoing losses, negative equity, and negative free cash flow) despite improvements in 2025. Technical indicators remain mixed with longer-term trend pressure, and valuation is constrained by a negative P/E and no dividend yield data.

Positive Factors

Narrowing losses / improving cash burn

The marked narrowing of losses and cash burn in 2025 signals operational stabilization and improved cost control versus prior years. If sustained, this trend reduces near-term external financing needs, raises the probability of reaching break-even, and strengthens medium-term solvency prospects.

Moderate leverage in absolute terms

Measured absolute debt relative to assets limits interest burden and reduces immediate refinancing pressure. That structural moderation in leverage gives management room to prioritize operational improvements or selective investments without large mandatory debt servicing, improving resilience to demand cycles.

Diversified service model with milestone billing

A multi-segment service model across film, TV, advertising and games plus milestone- or scope-based billing creates multiple demand channels and commercial cadence. This breadth and contractual billing structure support recurring project pipelines and revenue visibility for studio capacity planning over the medium term.

Negative Factors

Persistent net losses

Sustained annual net losses and negative operating profits indicate the core business has not yet achieved sustainable unit economics. Continued unprofitability erodes capital, constrains reinvestment in talent and technology, and makes long-term viability dependent on reversing margins or ongoing external capital.

Negative shareholders' equity

Negative shareholders' equity weakens the capital base and raises solvency and refinancing risks. This structural balance sheet erosion reduces financial flexibility, can limit access to debt or favorable terms, and increases stakeholder vulnerability if operating improvements stall.

Consistent cash flow deficits

Persistent negative operating and free cash flow means the company cannot self-fund operations or investments and remains reliant on external financing or asset actions. This structural cash burn heightens dilution or credit risk and constrains the ability to scale production capacity reliably.

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

GBK primarily makes money by selling VFX, animation, and digital production services on a project-by-project basis to external customers such as film/TV producers, advertising agencies/brands, and other content owners. Revenue is typically earned under service contracts where the company bills clients based on agreed project scopes, milestones, or time-and-materials arrangements (e.g., artist hours and production resources), with cash collections tied to delivery schedules and contractual payment terms. Key revenue streams generally include (1) VFX and post-production services for film and episodic content, (2) CGI/animation production for commercials and branded content, and (3) production services related to games marketing or cinematic content. If the company participates in co-productions or owns/controls any intellectual property, it may also generate income via licensing, distribution fees, or other IP-related monetization; however, specific details on the extent of GBK’s IP ownership or recurring licensing revenue are null. Information on material long-term exclusive partnerships, revenue concentration by customer, or segment-level revenue mix in the requested detail is null.

Goodbye Kansas Group AB Financial Statement Overview

Summary

Overall financial health is weak: persistent net losses and negative operating profits, negative shareholders’ equity in 2024–2025, and consistently negative operating/free cash flow. Offsetting this, losses and cash burn narrowed meaningfully in 2025, indicating some stabilization but not a sustainable earnings/cash profile yet.

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: Neutral
• 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 Neutral. The current price of 1.74 is above the 20-day moving average (MA) of 1.36, above the 50-day MA of 1.47, and below the 200-day MA of 1.94, indicating a neutral trend. The MACD of -0.02 indicates Negative momentum. The RSI at 50.61 is Neutral, neither overbought nor oversold. The STOCH value of 57.25 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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	kr434.27M	6.17	14.76%	―	-0.21%	33.33%
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%
FRAG	48 Neutral	kr61.55M	5.93	27.44%	―	-10.21%	-1.15%
GBK	42 Neutral	kr31.06M	-1.80	153.96%	―	33.98%	-104.57%
MAV	41 Neutral	kr3.36M	-0.83	46.52%	―	-75.52%	86.85%
QIIWI	41 Neutral	kr14.43M	-2.51	-31.43%	―	-34.32%	70.25%
GCOR	41 Neutral	kr123.04M	-3.85	―	―	32.83%	13.34%