Forestlight Entertainment AB (K33) reported mixed financial results for the second quarter of 2026, with a 30% sequential drop in trading volumes offset by progress in licensing and strategic investments.
Revenue for the first half of 2026 increased 10% year-over-year, though Chief Executive Torbjørn Bull Jenssen noted that Q2 trading activity declined sharply from Q1 levels. Bitcoin’s price fell to $58,000 during the quarter, contributing to softer transaction volumes. Despite the slowdown, K33 maintained 12-month rolling volumes above 2 billion Swedish kronor.
The company’s stock last traded at $0.028, up 1.45% from the prior close, though down 8.21% in SEK terms. K33’s 52-week range remains between $0.0185 and $0.0535. Cash flow and adjusted EBITDA were mildly negative in Q2, while the net result reflected a larger decline driven by Bitcoin balance sheet revaluations. InvestingPro’s financial health score stands at 2.16 out of 5, rated as fair.
On the licensing front, K33 secured an unconditional MiCA license from Norway’s Financial Supervisory Authority, positioning the firm among a limited group of 200 to 250 licensed crypto providers in Europe. Management estimated that roughly 2,500 providers operated in the region prior to the regulatory regime, highlighting a significant industry consolidation. K33 has since expanded its license passporting to Sweden, Denmark, Finland, and Germany.
Strategic initiatives included a 46% equity stake acquisition in Sixty Six Capital, a Canadian-listed Bitcoin treasury company, alongside a 200 Bitcoin call option with an upside threshold above $100,000 over the next 12 months. These moves provide K33 with indirect exposure to approximately 94 to 95 Bitcoin.
For the full year 2026, K33 guided revenue to 406.06 and projects 629.39 in 2027, with earnings per share expected to approach break-even in FY2027. The company describes itself as a platform serving businesses and investors, emphasizing professional execution, tight spreads, and institutional-grade liquidity.
