November 28, 2025
The third quarter 2025
(compared to third quarter 2024)
- Revenues amounted to KSEK 51,562.6 (KSEK 31,551.7)
- Operating profit/loss (EBIT) totalled KSEK -21,433.3 (KSEK -12,095.7)
- Results for the period were KSEK -54,330.9 (KSEK-18,820.5)
- Net Cash flow from operating activities amounted to KSEK -58,217.7 (KSEK -11,603.3)
- Earnings per share before and after dilution amounted to SEK -0.66 (SEK -0.29)
Year to date January – September 2025
(compared to January – September 2024)
- Revenues amounted to KSEK 142,764.5 (KSEK 70,786.4)
- Operating profit/loss (EBIT) totaled KSEK -51,354.3 (KSEK -33,830.2)
- Results for the period were KSEK -105,228.0 (KSEK -37,337.6)
- Cash flow from operating activities amounted to KSEK -69,077.6 (KSEK -26,100.8)
- Earnings per share before and after dilution amounted to SEK -1.43 (SEK -0.58)
HILBERT GROUP FINANCIAL REPORTS CAN BE FOUND HERE.
A VIDEO PRESENTATION OF THE Q3 2025 REPORT AND THE BUSINESS OUTLOOK FOR HILBERT GROUP CAN BE FOUND HERE.
Highlights from the CEO’s address:
FINANCIAL PERFORMANCE: REVENUE GROWTH ACCELERATING
Our third quarter revenues climbed +63% year-over-year, driven by strong proprietary trading performance and expanding asset management operations. For the nine-month period, revenues totaled SEK 142.8 million, more than doubling our 2024 comparative period performance.
ASSET MANAGEMENT: INSTITUTIONAL VALIDATION
The standout achievement this quarter was securing a strategic allocation from a $25+ billion institutional investor—a watershed moment that validates our quantitative, risk-managed methodology and institutional-grade operational standards. This allocation provides exceptional growth visibility for our flagship strategies and opens doors across the institutional allocator landscape.
STRATEGIC ACQUISITION: BUILDING THE FULL-STACK PLATFORM
The acquisition of Nordark (Nordfinex Holding AB) through a 100% equity transaction marks a transformative step in our evolution toward Europe’s leading full-stack digital finance platform.
Nordark brings:
- USD 2.5 billion loan pipeline with existing institutional relationships
- Full banking, trading, and lending infrastructure ready for integration
- Proven revenue-generating operations that immediately enhance our financial profile
- Strategic synergies with our asset management and DeFi capabilities
SYNTETIKA: TOKENIZATION PLATFORM REACHING CRITICAL MILESTONES
Our tokenization platform achieved full code completion during Q3—a major milestone representing thousands of development hours and multiple security audits. Following extensive validation through Tier-1 audits and testing by over 4,000 community participants, we’re on track for our Q1 2026 token launch and public rollout.
The market validation has been exceptional:
- $105 million liquidity commitment from Caddy Finance (scalable to $205 million)
- Total capital pipeline now exceeds $250 million
- Strategic partnership with Ledger promises exposure to institutional clients and subsequently to retail users (BTC held on Ledger currently exceeds $100B)
LEADERSHIP & GOVERNANCE EXCELLENCE
We’re honored to welcome Jonathan Morris as Chairman of the Board—a global finance executive with over 20 years of experience at Blackstone, Credit Suisse, and GAIN Capital. Having overseen $850+ million in capital raises and directed $1.3+ billion in investment commitments, Jonathan brings invaluable expertise as we look to expand our institutional shareholder base.
MARKET OUTLOOK: POSITIONED FOR REVENUE ACCELERATION
The digital asset landscape continues its institutional maturation. Accelerating institutional adoption, regulatory clarity improvements (particularly in the U.S. and Europe), and growing sophisticated infrastructure create powerful tailwinds for our business model.
Hilbert’s unique positioning across three synergistic verticals – asset management, banking infrastructure, and decentralized finance – allows us to capture value at multiple layers of the digital finance stack. This integrated approach is deliberately differentiated from single-vertical competitors and creates multiple paths to profitability and shareholder value creation.
For further information, please contact:
Barnali Biswal, CEO or
Niclas Sandström, Co-founder
+46 (0)8 502 353 00
