Fragbite Group (FRAG) Q3 2025 earnings summary

Executive summary

• Revenue for Q3 2025 was SEK 47.6 million, down SEK 4.2 million year-over-year, mainly due to the sale of the Web3 business area and Playdigious subsidiary.

• Adjusted EBITDA for Q3 was SEK 1.6 million, lower than last year due to divestments and Bitcoin Treasury start-up costs.

• The Group completed a strategic review, divesting Playdigious for EUR 10.5 million and selling Web3 subsidiaries earlier in the year.

• Focus is now on FunRock's expansion, the hybrid work-for-hire model, and building a Bitcoin Treasury.

Financial highlights

• Q3 revenue: SEK 47.6 million (Q3 2024: SEK 51.8 million); 9M revenue: SEK 133.6 million (9M 2024: SEK 154.2 million).

• Q3 adjusted EBITDA: SEK 1.6 million (Q3 2024: SEK 2.2 million); 9M adjusted EBITDA: SEK 1.9 million (9M 2024: SEK 6.2 million).

• Q3 EBIT: SEK -9.5 million (Q3 2024: SEK -21.0 million); 9M EBIT: SEK -84.6 million (9M 2024: SEK -101.8 million).

• Q3 net profit after tax: SEK -12.0 million (Q3 2024: SEK -23.4 million); 9M net profit: SEK -76.0 million (9M 2024: SEK -86.0 million).

• Q3 cash flow from operating activities: SEK 2.8 million (Q3 2024: SEK -5.9 million); 9M: SEK 3.5 million (9M 2024: SEK -9.3 million).

Outlook and guidance

• FunRock projects full-year 2025 EBITDA of SEK 4 million, up from SEK 0.6 million in 2024.

• The Group targets holding 100 BTC by end of 2025, financed by surplus liquidity and flexible financing.

• The Group expects to be self-sufficient within 6-12 months post-divestments.