Greenmerc (GMERC) Q1 2025 earnings summary

Executive summary

• Net revenue for Q1 2025 was 8,765 TSEK, up 65% year-over-year; trading volume rose 226% to 398 MSEK.

• EBITDA increased 13% to 3,756 TSEK; net income after tax was 2,231 TSEK, down from 3,121 TSEK in Q1 2024.

• Customer base grew to 65,372, with 4,468 new customers in the quarter.

• Major events: Northcrypto business migration, Finture AB acquisition completed, and dividend proposal increased.

Financial highlights

• Gross profit reached 9,574 TSEK, up 38% year-over-year.

• Operating income (EBIT) was 2,197 TSEK, down from 3,093 TSEK in Q1 2024.

• Cash flow from operations was 4,381 TSEK; period-end cash position at 14,901 TSEK.

• Result per share was 0.12 SEK (0.22 SEK in Q1 2024).

• Goodwill increased to 18,614 TSEK, mainly from Northcrypto acquisition.

Outlook and guidance

• Management expects further margin improvements from Northcrypto synergies in Q2.

• Expansion of financial services outside crypto anticipated to accelerate post-Finture AB acquisition.

• MiCA license application submitted to support EU-regulated expansion.