Greenmerc (GMERC) Q2 2025 earnings summary

Executive summary

• Net revenue for Q2 2025 increased 84% year-over-year to 5.55 MSEK, with gross profit up 62% to 6.2 MSEK.

• EBITDA for Q2 fell 24% year-over-year to 1.13 MSEK, and operating income turned negative at -0.81 MSEK.

• Customer base grew to 65,794, up from 27,523 a year earlier.

• Strategic investments made in regulatory compliance and technology, including AI-based support and Bitcoin holdings.

• Incident post-quarter: unauthorized access at subsidiary Trijo led to 7.8 MSEK in withdrawals, affecting 27 customer accounts, all to be compensated.

Financial highlights

• Trading volume for Q2 reached 149 MSEK, up from 89 MSEK year-over-year.

• Net revenue for H1 2025 was 14.31 MSEK, a 72% increase year-over-year.

• H1 gross profit rose 59% to 15.78 MSEK; EBITDA for H1 up 39% to 5.46 MSEK.

• Q2 net income after tax was 0.19 MSEK, down from 0.92 MSEK year-over-year.

• Cash flow from operations in Q2 was 0.77 MSEK, with total period cash flow at -1.92 MSEK.

Outlook and guidance

• Positive outlook based on a growing customer base, new licenses, and expanded product offerings.

• Continued investments in technology, compliance, and regulatory alignment to support future growth.

• MiCA registration under review, with potential for broader European expansion.