K33 AB (publ)

K33.ST

Financial - Capital Markets · Financial Services

Exchange

Stockholm Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Weak

Stability

Data not available

Valuation

Data not available

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Winston Score History

The full picture

K33 AB is a Swedish financial services company focused on the cryptocurrency and digital assets market. It provides research, data, and financial products related to crypto assets — primarily serving institutional investors, professional traders, and financial firms that want exposure to or information about digital currencies like Bitcoin and Ethereum. The company operates in the emerging crypto capital markets industry and is one of the more established crypto-focused financial firms in the Nordic region.

K33 makes money through a mix of financial product offerings, research subscriptions, and services tied to digital asset markets. It operates primarily in Europe, with a relatively small market cap of around $0.3 billion. The negative gross and operating margins signal the company is spending more than it earns right now, which is a real concern. The main risk is that K33's revenue is closely tied to crypto market sentiment — when crypto prices fall sharply, demand for its products and services tends to drop alongside them, making consistent profitability difficult to achieve.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+64.4% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

-700.0% YoY

YoY Growth Rate

Earnings declining

Insider Activity

1.9%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~16 months

kr 113M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Adequate runway but may need to raise capital within 2 years

Strong grower

K33 AB (publ) is growing revenue at 64% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

-2.7%

Thin — -2.7% gross margin

Profit after running costs

Operating Margin

-2.1%

Losing money on operations — -2.1%

Return on the money invested

ROCE

-61.8%

Weak — -61.8% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

+98.6%

Fast-growing sales (+98.6% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

2/6 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-7.7%

Burning cash (-7.7%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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