Safello Group (SFL) Q2 2025 earnings summary

Executive summary

• Net turnover for Q2 2025 decreased by 31% year-over-year to SEK 130.8 million, mainly due to lower sell order volumes.

• Gross profit rose 49% to SEK 12.8 million, driven by gains from the sale of long-term crypto assets and capitalized development work.

• Operating loss (EBITDA) improved to SEK -1.0 million from SEK -1.9 million in Q2 2024; net loss was SEK -2.4 million.

• Active customers declined 12% to 18,749, and total orders fell 8% to 36,966 compared to Q2 2024.

• Strategic reallocation of crypto assets from BTC and ETH to TAO, with realized profits and a SEK -1.6 million impairment on TAO holdings.

Financial highlights

• Q2 2025 net turnover: SEK 130.8 million (down 31% YoY); gross profit: SEK 12.8 million (up 49% YoY).

• Gross margin improved to 9.8% from 4.5% YoY; adjusted gross margin at 5.7%.

• EBITDA: SEK -1.0 million (Q2 2024: SEK -1.9 million); operating loss: SEK -2.4 million.

• Net loss: SEK -2.3 million (Q2 2024: SEK -1.9 million); EPS: SEK -0.11 (Q2 2024: SEK -0.09).

• Cash and cash equivalents at quarter-end: SEK 18.4 million, down from SEK 24.9 million at 2024 year-end.

Outlook and guidance

• Positive trend in retail investor activity observed at the start of Q3, with new all-time highs in bitcoin.

• Focus on obtaining MiCA authorization, launching embedded banking services, and expanding ETP and B2B software offerings.

• Targeting full banking infrastructure launch by end of 2025 and international expansion through ETPs and SaaS compliance tools.