K33 AB (K33) AI Stock Analysis

• Market Cap: kr296.67M
• Dividend Yield: N/A
• Average Volume (3M): 63.62M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.17
• 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: >-0.01
• Price to Book (P/B): 2.46
• Price to Sales (P/S): 0.16
• P/FCF Ratio: -2.10
• 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: kr0.02 ▼(-30.00% Downside)
• Action: Reiterated Date: 03/07/26
• Date: Action: Reiterated 03/07/26

The score is held down primarily by persistent losses and significant ongoing cash burn, despite strong revenue growth and a cleaner, debt-free balance sheet. Technicals add additional pressure with a bearish longer-term trend and negative momentum, while valuation is not supportive due to a negative P/E and no dividend yield.

Positive Factors

Rapid Revenue Growth

Sustained, high revenue growth reflects successful demand capture and product-market fit in crypto services. Over 2-6 months this scale can improve unit economics, allow fixed-cost leverage, and give management runway to invest in margin-expanding features or distribution.

Debt-free Balance Sheet

Zero reported debt materially reduces financial risk and interest burden, giving flexibility to fund operations or strategic investments without immediate refinancing. This structural strength matters across crypto cycles and improves resilience to revenue volatility.

Position in Crypto Infrastructure

Operating in digital-asset infrastructure exposes the company to a structural, multi-year market expansion as crypto trading, custody and tooling demand grows. Durable sector tailwinds can sustain revenue opportunities and support long-term addressable market growth.

Negative Factors

Persistent Cash Burn

Consistent negative operating and free cash flow forces reliance on external capital, increasing dilution or funding risk. Over several months this limits strategic optionality, pressures liquidity planning, and raises the cost of executing growth initiatives or surviving downturns.

Sustained Net Losses

Despite revenue scale, recurring operating and net losses show the business has not converted growth into profits. Persistent losses constrain ability to build retained earnings, impair ROE prospects, and require sustained margin improvement to justify future capital allocation.

Prior Balance-sheet Strain

A track record of negative equity and past balance-sheet stress signals recurring capital needs or operational volatility. Even with current zero debt, historical weakness can imply elevated execution risk and a higher likelihood of future recapitalizations under adverse conditions.

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

Revenue has scaled sharply and the balance sheet improved by 2025 with higher equity and zero reported debt, lowering financial risk. However, profitability remains weak with ongoing operating/net losses and consistently negative operating and free cash flow, including a particularly large outflow in 2025.

Income Statement

Revenue has scaled sharply over time (2025 annual revenue up materially vs. prior years) and 2025 shows strong top-line growth, but profitability remains weak. Gross profit is thin relative to revenue and the company is still reporting operating losses and net losses (including a much larger loss again in 2025 after a near-breakeven 2024). Overall, improving scale is a positive, but the business has not yet converted that growth into consistent earnings.

Balance Sheet

The balance sheet improved meaningfully by 2025 with higher equity and zero reported debt, which reduces financial risk and provides flexibility. That said, the company previously showed more balance-sheet strain (including very low/negative equity in 2023) and returns on equity have been negative when reported, reflecting a lack of profitability. Net-net: leverage looks controlled today, but track record and sustained profitability remain the key risk.

Cash Flow

Cash generation is a clear weak spot: operating cash flow has been negative across the period provided, and free cash flow has been consistently negative, with a particularly large outflow in 2025. While some years show improvement in the rate of change, the company is still consuming cash rather than funding itself internally, increasing reliance on external capital or balance-sheet resources.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	2.21B	958.46M	154.09M	287.22M	332.24M
Gross Profit	8.87M	15.02M	-8.90M	-8.41M	3.34M
EBITDA	-5.23M	7.22M	-12.29M	-37.43M	-23.34M
Net Income	-52.15M	-4.18M	-90.00M	-94.20M	-163.44M
Balance Sheet
Total Assets	158.60M	41.09M	43.80M	100.04M	181.04M
Cash, Cash Equivalents and Short-Term Investments	14.42M	8.80M	7.30M	5.90M	22.89M
Total Debt	0.00	8.53M	36.96M	26.55M	29.43M
Total Liabilities	10.83M	11.44M	43.82M	28.80M	32.09M
Stockholders Equity	147.77M	29.65M	-17.00K	71.24M	148.95M
Cash Flow
Free Cash Flow	-173.22M	-22.06M	-1.89M	-51.91M	-109.92M
Operating Cash Flow	-20.46M	-22.06M	-1.89M	-49.85M	-43.75M
Investing Cash Flow	-152.77M	26.01M	0.00	7.31M	-81.52M
Financing Cash Flow	171.15M	-2.46M	3.65M	28.29M	126.89M

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	43 Neutral	kr296.67M	-2.36	―	―	―	―