Arcario, the listed parent company of K33, has now released the figures for Q1 2024, which show an increase and a positive operating profit. CEO Torbjørn Bull-Jensen says in a comment that “the future looks bright”. However, just before the quarterly figures were released, Arcario also had to go out and downgrade the figures for Q4 last year due to unprofitable operations at mining company Green Data.
Arcario, the listed parent company of K33, has now released the figures for Q1 2024, which show an increase and a positive operating profit. CEO Torbjørn Bull-Jensen says in a comment that “the future looks bright”. However, just before the quarterly figures were released, Arcario also had to go out and downgrade the figures for Q4 last year due to unprofitable operations at mining company Green Data.
According to the interim report, the figures for the first quarter of this year show a growth in turnover of 286% to SEK 148.9 million, compared to Q1 2023. The Group also achieved a net profit and a positive cash flow with an EBITDA of SEK 4.2 million. The growth in revenue is mainly attributable to organic growth in K33 Markets. However, all indications are that the operating margin in K33 is low, as Operating expenses amount to SEK 147.6 million. The improvement in EBITDA is therefore primarily due to the fact that Vanir Finance AS, which was acquired from Klein Group in December, is now included in the Group's financial statements.
Torbjørn Bull Jenssen, CEO of Arcario & K33, comments: “With K33 at the forefront, a profitable quarter behind us, and a new bull market emerging, I am firmly convinced that we are ready for a solid turnaround. The future looks bright and we expect a lot of good news that we will share with you in the coming quarters.”
Here are the main figures for Q1 2024, with the figures for Q1 2023 in parentheses.
Revenue: 148,892 (38,551)
Operating expenses: - 147,469 (-45,558)
EBITDA: 4,189 (- 6,951)
Total assets: 69 661 (88 100)
Total Liabilities: 37 566 (32 807)
Equity: 32,095 (55,293)
Prior to the announcement of the results for Q1, Arcario went out and corrected the previously published figures for Q4 2023. Arcario has, among other things, made a further write-down of the values of the mining company Green Data of 31.8 MSEK, as the halving of Bitcoin has made its operations unprofitable. In addition, a quality assurance of internal transactions has resulted in both net sales and cost of goods being reduced by SEK 29.3 million, with no profit effect. In sum, gross sales for Q4 have thus decreased from SEK 85.7 million to SEK 56.4 million and operating profit from — SEK 11.1 million to — SEK 41.3 million.
Arcario, the listed parent company of K33, has now released the figures for Q1 2024, which show an increase and a positive operating profit. CEO Torbjørn Bull-Jensen says in a comment that “the future looks bright”. However, just before the quarterly figures were released, Arcario also had to go out and downgrade the figures for Q4 last year due to unprofitable operations at mining company Green Data.
Arcario, the listed parent company of K33, has now released the figures for Q1 2024, which show an increase and a positive operating profit. CEO Torbjørn Bull-Jensen says in a comment that “the future looks bright”. However, just before the quarterly figures were released, Arcario also had to go out and downgrade the figures for Q4 last year due to unprofitable operations at mining company Green Data.
According to the interim report, the figures for the first quarter of this year show a growth in turnover of 286% to SEK 148.9 million, compared to Q1 2023. The Group also achieved a net profit and a positive cash flow with an EBITDA of SEK 4.2 million. The growth in revenue is mainly attributable to organic growth in K33 Markets. However, all indications are that the operating margin in K33 is low, as Operating expenses amount to SEK 147.6 million. The improvement in EBITDA is therefore primarily due to the fact that Vanir Finance AS, which was acquired from Klein Group in December, is now included in the Group's financial statements.
Torbjørn Bull Jenssen, CEO of Arcario & K33, comments: “With K33 at the forefront, a profitable quarter behind us, and a new bull market emerging, I am firmly convinced that we are ready for a solid turnaround. The future looks bright and we expect a lot of good news that we will share with you in the coming quarters.”
Here are the main figures for Q1 2024, with the figures for Q1 2023 in parentheses.
Revenue: 148,892 (38,551)
Operating expenses: - 147,469 (-45,558)
EBITDA: 4,189 (- 6,951)
Total assets: 69 661 (88 100)
Total Liabilities: 37 566 (32 807)
Equity: 32,095 (55,293)
Prior to the announcement of the results for Q1, Arcario went out and corrected the previously published figures for Q4 2023. Arcario has, among other things, made a further write-down of the values of the mining company Green Data of 31.8 MSEK, as the halving of Bitcoin has made its operations unprofitable. In addition, a quality assurance of internal transactions has resulted in both net sales and cost of goods being reduced by SEK 29.3 million, with no profit effect. In sum, gross sales for Q4 have thus decreased from SEK 85.7 million to SEK 56.4 million and operating profit from — SEK 11.1 million to — SEK 41.3 million.
