K33 AB (K33) AI Stock Analysis

• Market Cap: kr340.30M
• Dividend Yield: N/A
• Average Volume (3M): 63.62M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.20
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: SE
• Employees: 10
• Sector: Technology
• Sector Strength: 88
• Industry: Financial - Capital Markets
• EPS (TTM): >-0.01
• Shares Outstanding: 14,542,689,000
• 10 Day Avg. Volume: 70,200,419
• 30 Day Avg. Volume: 63,615,518
• PEG Ratio: 1.09
• Price to Book (P/B): 14.90
• Price to Sales (P/S): 0.46
• P/FCF Ratio: -20.03
• 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: 44 Neutral
• Price Target: kr0.02 ▼(-33.33% Downside)
• Action: Reiterated Date: 01/17/26
• Date: Action: Reiterated 01/17/26

The score is held back primarily by ongoing losses and deeply negative free cash flow, despite strong TTM revenue growth and a meaningfully improved, low-debt balance sheet. Technicals add mild pressure with the stock trading below major moving averages, while valuation remains constrained by negative earnings and no dividend support.

Positive Factors

Accelerating Revenue Growth

Sustained TTM revenue acceleration indicates strengthening product-market fit and scaling of core services. Greater scale can support fixed-cost absorption and incremental operating leverage, improving the firm's pathway to sustained profitability over the next several quarters.

Low Leverage / Repaired Balance Sheet

A low-debt capital structure materially reduces insolvency and refinancing risk, giving management flexibility to invest in growth or weather volatility. This repaired balance sheet supports durable runway and strategic optionality without immediate reliance on external debt.

Improving Operating Cash Flow

Transition to positive operating cash flow signals the core business beginning to generate cash from operations. That improvement enhances funding capacity for day-to-day operations and investment, lowering dependence on financing while management works to convert top-line growth into free cash flow.

Negative Factors

Ongoing Net Losses

Persisting operating and net losses mean the business has not yet reached sustainable profitability. Continued losses can erode equity, necessitate external capital, and constrain reinvestment. This prolongs reliance on funding and raises execution risk over the medium term.

Deeply Negative Free Cash Flow

Significantly negative free cash flow indicates the company burns cash after investments, reducing financial flexibility. Over time this forces recurring external financing or asset sales, increasing dilution or leverage risk and limiting the firm’s ability to self-fund growth initiatives.

Thin Margins and Weak Returns

Very thin margins constrain the business’s capacity to convert revenue into durable profits, leaving limited buffer against cost shocks or competitive price pressure. Weak returns on equity reduce capital efficiency and extend the timeline to deliver meaningful shareholder returns.

K33 AB Business Overview & Revenue Model

Company Description

K33 AB (publ), through its subsidiaries, invests in digital assets in Sweden and internationally. The company offers private clients and institutional partners the insights and tools to invest, trade, and save in cryptocurrencies. It also operates as a crypto broker; provides crypto custody services; and manages a digital fund for professional investors. The company was formerly known as Arcario AB and changed its name to K33 AB (publ) in December 2024. K33 AB (publ) is headquartered in Oslo, Norway.

How the Company Makes Money

K33 AB Financial Statement Overview

Summary

Turnaround signals with sharply accelerating TTM revenue (+46%) and a repaired, low-debt balance sheet, but profitability remains negative and free cash flow is deeply negative despite improved operating cash flow.

Income Statement

Revenue has accelerated sharply in TTM (Trailing-Twelve-Months) (+46% growth) and is materially higher than prior years, indicating improving scale. However, profitability remains weak: gross and EBITDA margins are very thin and the company is still loss-making at the operating and net level in both TTM and 2024. The multi-year trend shows meaningful improvement from the very large losses in 2021–2023, but margins are still not strong enough to consistently generate earnings.

Balance Sheet

The balance sheet looks conservatively levered in TTM (Trailing-Twelve-Months) with very low debt relative to equity, which reduces financial risk. Equity is positive and sizable in TTM versus the stressed position seen in 2023 (where equity was near zero/negative), signaling a meaningful repair. The main weakness is returns: profitability is still negative, which keeps returns on equity weak despite the improved capital structure.

Cash Flow

Cash flow quality is mixed. TTM (Trailing-Twelve-Months) shows positive operating cash flow, a clear improvement versus the negative operating cash flow in 2024 and earlier years. However, free cash flow is deeply negative in TTM, suggesting heavy cash usage (likely from investment/working-capital swings), and the business is not yet self-funding. Overall, cash generation is improving, but free cash flow pressure remains a key risk.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	2.16B	958.46M	154.09M	287.22M	332.24M	1.94M
Gross Profit	13.74M	15.02M	-8.90M	-8.41M	3.34M	-10.70M
EBITDA	2.46M	7.22M	-12.29M	-37.43M	-23.34M	-20.23M
Net Income	-12.35M	-4.18M	-90.00M	-94.20M	-163.44M	-20.53M
Balance Sheet
Total Assets	203.13M	41.09M	43.80M	100.04M	181.04M	43.45M
Cash, Cash Equivalents and Short-Term Investments	12.43M	8.80M	7.30M	5.90M	22.89M	19.09M
Total Debt	615.00K	8.53M	36.96M	26.55M	29.43M	7.96M
Total Liabilities	32.67M	11.44M	43.82M	28.80M	32.09M	14.27M
Stockholders Equity	170.46M	29.65M	-17.00K	71.24M	148.95M	29.18M
Cash Flow
Free Cash Flow	-129.23M	-22.06M	-1.89M	-51.91M	-109.92M	-11.33M
Operating Cash Flow	16.93M	-22.06M	-1.89M	-49.85M	-43.75M	-11.33M
Investing Cash Flow	-163.90M	26.01M	0.00	7.31M	-81.52M	-9.02M
Financing Cash Flow	148.89M	-2.46M	3.65M	28.29M	126.89M	46.40M

K33 AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
K33	44 Neutral	kr340.30M	-6.22	―	―	―	―