Safello Group (SFL) Q1 2026 earnings summary

Executive summary

• Net turnover fell 28% year-over-year to SEK 140.5 million due to lower order volumes amid a continued crypto market downturn.

• Gross profit declined 32% to SEK 6.0 million, with gross margin at 4.3% (4.5%).

• EBITDA was SEK -5.5 million, impacted by regulatory compliance costs and one-time CEO/management change expenses.

• Net loss narrowed to SEK -3.3 million from SEK -5.4 million year-over-year, aided by a SEK 2.7 million reversal of TAO impairment.

• Active customers dropped to 14,935 from 23,663, and order count fell to 28,633 from 47,601.

Financial highlights

• Net turnover: SEK 140.5 million (down from SEK 194.1 million year-over-year).

• Gross profit: SEK 6.0 million (down from SEK 8.8 million).

• EBITDA: SEK -5.5 million (down from SEK -3.7 million).

• Operating loss: SEK -3.3 million (improved from SEK -5.3 million).

• Net loss: SEK -3.3 million (improved from SEK -5.4 million).

• Earnings per share: SEK -0.16 (SEK -0.27 year-over-year).

• Cash balance at quarter-end: SEK 11.4 million (down from SEK 17.3 million at 2025 year-end).

Outlook and guidance

• Regulatory enforcement under MiCA expected to intensify after July 1, potentially reducing competition as many unlicensed exchanges exit the market.

• Efficiency measures implemented in late 2025, saving SEK 1 million/month, will fully impact results from mid-Q2 2026.

• Management expects cost improvements and is optimistic about institutional opportunities due to MiCA licensing.