Safello Group (SFL) Q3 2025 earnings summary

Executive summary

• Achieved first MICA license in Sweden, enabling EU-wide crypto services and setting a foundation for future growth.

• Net turnover for Q3 2025 rose 16% year-over-year to SEK 165.7 million, with gross profit up 44% to SEK 13.4 million.

• Strategic focus on product development, regulatory compliance, and international expansion, including planned entry into Finland and launch of a TAO ETP.

Financial highlights

• Q3 net turnover: SEK 165.7 million (up 16% YoY); gross profit: SEK 13.4 million (up 44% YoY); gross margin: 8.1% (6.5%).

• EBITDA for Q3: SEK 0.5 million (vs. -0.4 million YoY); operating loss: SEK -1.1 million (vs. -0.9 million YoY); net loss: SEK -1.1 million (vs. -0.9 million YoY).

• Nine-month net turnover: SEK 490.5 million (down 7% YoY); gross profit: SEK 35.1 million (up 10% YoY); net loss: SEK -8.9 million (vs. SEK 1.9 million profit YoY).

• Cash and cash equivalents at Q3 end: SEK 17.9 million (down from SEK 24.9 million at 2024 year-end).

Outlook and guidance

• Positive Q4 start with expectations of continued growth, supported by new partnerships and regulatory approval.

• Expansion into Finland planned before year-end, leveraging MICA license for broader EU reach.

• Focus on commercializing B2B compliance software (Atoma Studio) and launching Safello-branded ETPs across Europe.