2026 Q2 -tulosraportti
Tänään
‧16 min
Tarjoustasot
Ei dataa
Viimeisimmät kaupat
| Aika | Hinta | Määrä | Ostaja | Myyjä |
|---|---|---|---|---|
| - | - | - | - |
Huomioi, että vaikka osakkeisiin säästäminen on pitkällä aikavälillä tuottanut hyvin, tulevasta tuotosta ei ole takeita. On olemassa riski, että et saa sijoittamiasi varoja takaisin.
Välittäjätilasto
Dataa ei löytynyt
Yhtiötapahtumat
Datan lähde: Quartr| Seuraava tapahtuma | |
|---|---|
2026 Q3 -tulosraportti 30.11. |
| Menneet tapahtumat | ||
|---|---|---|
2026 Q2 -tulosraportti 31.8. | ||
2026 Q1 -tulosraportti 29.5. | ||
2025 Q4 -tulosraportti 31.3. | ||
2025 Q3 -tulosraportti 28.11.2025 | ||
2025 Q2 -tulosraportti 29.8.2025 |
Asiakkaat katsoivat myös
Foorumi
Liity keskusteluun Nordnet Socialissa
Kirjaudu
·1 t sittenIt really looks completely bleak for this stock, I mean... -23.000 kr by now
The company is penalized when the market perceives that communication and facts are not consistent. Possibly the company now gets good tailwind in a market where Bitcoin turns bullish and the conversion of the pipeline increases. It can't be far off from signing "big tickets" either, can it?
·2 t sittenFra Megler som vurderer caset: Hilbert: Is this the flush? Down 12% on Q2 numbers, but the market appears to be missing the bigger picture. Hilbert has delivered remarkably well through one of the toughest crypto environments in years: Bitcoin fell 26% in H1 and 14% in Q2, yet Hilbert generated positive returns. Crypto hedge funds were down ~11% on average. Any traditional asset manager delivering this kind of relative performance would be considered a rockstar. More importantly, the underlying engine is accelerating from low levels. Fee-paying AUM compounded +136% in Q1 and a further +8.5% in Q2, with growth in five of the first six months of 2026. Management fee revenue increased 74% q/q in USD terms (170% in BTC terms), and even in June, the worst month for Bitcoin since 2022, monthly fee revenue was nearly 2x the Q1 average. At just USD 232k, however, the absolute revenue base remains tiny, reflecting limited performance fees and leaving significant operating leverage ahead. The real FOMO is what is coming next. Hilbert Finance went live in July and is targeting a ~USD 56bn addressable digital-asset lending market. The infrastructure is now in place, financing providers secured and borrowers engaged, with an aggressive ramp toward ~USD 100m/month in lending volume through autumn 2026. At ~USD 200m of volume, this could generate around USD 3m of third-party spread revenue, while own-capital-funded loans can generate materially higher 600–800bps returns. The first earn-out milestone has already been achieved, with ~4.95m shares earned, while 75% of the remaining earn-out is tied to actual revenue and profitability, strong alignment to execute. Syntetika adds another potentially powerful AUM channel. Launched in August, it enables on-chain distribution of Basis+ BTC with independent custody and third-party NAV attestation, already with >USD 10m deposited. This opens up a new distribution model that is less dependent on traditional fund subscriptions. And then there is Enigma, which is being integrated into Hilbert's operating platform as another systematic return engine rather than remaining a standalone business. Here there are plenty of alternatives as its proven to deliver stellar returns in its trial period with real money. The key point is that Hilbert's newest growth engines have so far been largely a cost drag. That is about to change. Asset management is at cash break-even, while Hilbert Finance, Syntetika and Enigma transition from investments/costs into revenue-generating and potentially high-margin platforms. With SEK 55m of cash versus a quarterly burn of ~SEK 16m, the balance sheet provides time for this operating leverage to emerge. Bottom line: the stock is down 62% YTD, despite Hilbert outperforming dramatically through the crypto downturn and continuing to build multiple new revenue streams. If Bitcoin momentum improves and execution continues, the delta between today's cost base and tomorrow's revenue contribution from Finance, Syntetika and Enigma could be enormous. The market may be pricing Hilbert on what it has cost to build these platforms, just as they are starting to pay for themselves.
I naturally have a couple of questions and comments, which are worth asking. So I invite everyone to mute me, if it feels uncomfortable ;) The first is whether this broker is paid or independent. Many brokers are paid, and that's quite common. but still(!!!) Yes, they have done a good job compared to peers. And a good explanation for that could be low AUM relatively speaking. Which means they can maneuver faster when liquidity is low, and overall generate better return than significantly larger DAMs (digital asset managers. If this term isn't taken, I'm coining/tokenizing it now). Worth thinking about, and not quite rockstars. But good! I'm looking at what they call fee paying AUM, and what they call AUM.... Don't they have all AUM as fee paying AUM? It looks that way if you look at the numbers and do some calculations. Very strange to use these two terms side by side, or am I being completely unreasonable here? I would have liked to see 2/20 fee revenue, and byzantine revenue clearly presented. FOMO and Hilbert Finance. They clearly target an enormous market. And this is something I personally find very exciting, but it becomes somewhat similar to the pipeline on the AUM part, which has demonstrably been very weak, and with significantly more aggressive language at the start of the year... When there's nothing there yet, one cannot guarantee anything. And I'm a bit surprised by a couple of things in the report: We didn't get to see any details about the loan book currently, which at least I expected to see. And this first "earn-out" milestone, which I was also genuinely positive about, was only that they had submitted this MICA application. Not terribly impressive. The rest of the earnouts come at given revenue targets, I understand, so the earn outs that actually would have meant something, still haven't delivered. A lot of empty promises there, then. Syntetika launched with 10 musd, which everyone was very happy with, and they sell this as 10musd in under 72 hours; wow. But they knew most of this, at least I think. So a lot of sales talk, bordering on hyping, and the 2. cutoff was, as we know, quite meager. Still early days in Syntetika, so we'll have to give them a few months to prove they can get traction. Enigma contributed negatively. The machine is built, with clear synergy effects, if they manage to deliver. Was cautiously optimistic about CBE in Q3, but it will probably be postponed until at least Q4/Q1 if sentiment turns in the autumn, which many people think it will.
·2 t sitten · MuokattuRed flags Hilbert triggers new sell signals today. The stock signals by falling below 3,6 3,6-3,8 will now act as a resistance level Next technical support level is 1,8 sek Good luck with your choices
·2 t sittenThings take time, and perhaps longer than many have been led to believe.. Revenues must increase sharply, preferably within not too long a time. If this drags out, it could become expensive for current shareholders considering dilution and cash burn. Some of the costs had no cash effect, but regardless, as of Q2, it costs a lot of money to earn one krone. Economically speaking, the management itself is on the right track. Let's hope for more optimism in the market and a stable increase in AUM now that btc has hopefully turned around. The price is what the price is. As I see it, this is still a case where one believes and hopes that the management's thesis is correct. Things are slowly but surely creeping forward in the right direction, but this stands and falls on the interest among "asset allocators" and the market for bitcoin management.I find quite a few inconsistencies throughout the report, including reported cash, and presented liquidity. There are more orange/red flags than green ones, and more than estimated. I will of course send my questions to this Q&A they are inviting to, then we will see what answers they can cough up, or if they continue to ignore completely legitimate, important questions.
Yllä olevat kommentit ovat peräisin Nordnetin sosiaalisen verkoston Nordnet Socialin käyttäjiltä, eikä niitä ole muokattu eikä Nordnet ole tarkastanut niitä etukäteen. Ne eivät tarkoita, että Nordnet tarjoaisi sijoitusneuvoja tai sijoitussuosituksia. Nordnet ei ota vastuuta kommenteista.
Tämän sivun uutiset ja/tai sijoitussuositukset tai otteet niistä sekä niihin liittyvät linkit ovat mainitun tahon tuottamia ja toimittamia. Nordnet ei ole osallistunut materiaalin laatimiseen, eikä ole tarkistanut sen sisältöä tai tehnyt sisältöön muutoksia. Lue lisää sijoitussuosituksista.
2026 Q2 -tulosraportti
Tänään
‧16 min
Tämän sivun uutiset ja/tai sijoitussuositukset tai otteet niistä sekä niihin liittyvät linkit ovat mainitun tahon tuottamia ja toimittamia. Nordnet ei ole osallistunut materiaalin laatimiseen, eikä ole tarkistanut sen sisältöä tai tehnyt sisältöön muutoksia. Lue lisää sijoitussuosituksista.
Foorumi
Liity keskusteluun Nordnet Socialissa
Kirjaudu
- ·1 t sittenIt really looks completely bleak for this stock, I mean... -23.000 kr by nowThe company is penalized when the market perceives that communication and facts are not consistent. Possibly the company now gets good tailwind in a market where Bitcoin turns bullish and the conversion of the pipeline increases. It can't be far off from signing "big tickets" either, can it?
- ·2 t sittenFra Megler som vurderer caset: Hilbert: Is this the flush? Down 12% on Q2 numbers, but the market appears to be missing the bigger picture. Hilbert has delivered remarkably well through one of the toughest crypto environments in years: Bitcoin fell 26% in H1 and 14% in Q2, yet Hilbert generated positive returns. Crypto hedge funds were down ~11% on average. Any traditional asset manager delivering this kind of relative performance would be considered a rockstar. More importantly, the underlying engine is accelerating from low levels. Fee-paying AUM compounded +136% in Q1 and a further +8.5% in Q2, with growth in five of the first six months of 2026. Management fee revenue increased 74% q/q in USD terms (170% in BTC terms), and even in June, the worst month for Bitcoin since 2022, monthly fee revenue was nearly 2x the Q1 average. At just USD 232k, however, the absolute revenue base remains tiny, reflecting limited performance fees and leaving significant operating leverage ahead. The real FOMO is what is coming next. Hilbert Finance went live in July and is targeting a ~USD 56bn addressable digital-asset lending market. The infrastructure is now in place, financing providers secured and borrowers engaged, with an aggressive ramp toward ~USD 100m/month in lending volume through autumn 2026. At ~USD 200m of volume, this could generate around USD 3m of third-party spread revenue, while own-capital-funded loans can generate materially higher 600–800bps returns. The first earn-out milestone has already been achieved, with ~4.95m shares earned, while 75% of the remaining earn-out is tied to actual revenue and profitability, strong alignment to execute. Syntetika adds another potentially powerful AUM channel. Launched in August, it enables on-chain distribution of Basis+ BTC with independent custody and third-party NAV attestation, already with >USD 10m deposited. This opens up a new distribution model that is less dependent on traditional fund subscriptions. And then there is Enigma, which is being integrated into Hilbert's operating platform as another systematic return engine rather than remaining a standalone business. Here there are plenty of alternatives as its proven to deliver stellar returns in its trial period with real money. The key point is that Hilbert's newest growth engines have so far been largely a cost drag. That is about to change. Asset management is at cash break-even, while Hilbert Finance, Syntetika and Enigma transition from investments/costs into revenue-generating and potentially high-margin platforms. With SEK 55m of cash versus a quarterly burn of ~SEK 16m, the balance sheet provides time for this operating leverage to emerge. Bottom line: the stock is down 62% YTD, despite Hilbert outperforming dramatically through the crypto downturn and continuing to build multiple new revenue streams. If Bitcoin momentum improves and execution continues, the delta between today's cost base and tomorrow's revenue contribution from Finance, Syntetika and Enigma could be enormous. The market may be pricing Hilbert on what it has cost to build these platforms, just as they are starting to pay for themselves.I naturally have a couple of questions and comments, which are worth asking. So I invite everyone to mute me, if it feels uncomfortable ;) The first is whether this broker is paid or independent. Many brokers are paid, and that's quite common. but still(!!!) Yes, they have done a good job compared to peers. And a good explanation for that could be low AUM relatively speaking. Which means they can maneuver faster when liquidity is low, and overall generate better return than significantly larger DAMs (digital asset managers. If this term isn't taken, I'm coining/tokenizing it now). Worth thinking about, and not quite rockstars. But good! I'm looking at what they call fee paying AUM, and what they call AUM.... Don't they have all AUM as fee paying AUM? It looks that way if you look at the numbers and do some calculations. Very strange to use these two terms side by side, or am I being completely unreasonable here? I would have liked to see 2/20 fee revenue, and byzantine revenue clearly presented. FOMO and Hilbert Finance. They clearly target an enormous market. And this is something I personally find very exciting, but it becomes somewhat similar to the pipeline on the AUM part, which has demonstrably been very weak, and with significantly more aggressive language at the start of the year... When there's nothing there yet, one cannot guarantee anything. And I'm a bit surprised by a couple of things in the report: We didn't get to see any details about the loan book currently, which at least I expected to see. And this first "earn-out" milestone, which I was also genuinely positive about, was only that they had submitted this MICA application. Not terribly impressive. The rest of the earnouts come at given revenue targets, I understand, so the earn outs that actually would have meant something, still haven't delivered. A lot of empty promises there, then. Syntetika launched with 10 musd, which everyone was very happy with, and they sell this as 10musd in under 72 hours; wow. But they knew most of this, at least I think. So a lot of sales talk, bordering on hyping, and the 2. cutoff was, as we know, quite meager. Still early days in Syntetika, so we'll have to give them a few months to prove they can get traction. Enigma contributed negatively. The machine is built, with clear synergy effects, if they manage to deliver. Was cautiously optimistic about CBE in Q3, but it will probably be postponed until at least Q4/Q1 if sentiment turns in the autumn, which many people think it will.
- ·2 t sitten · MuokattuRed flags Hilbert triggers new sell signals today. The stock signals by falling below 3,6 3,6-3,8 will now act as a resistance level Next technical support level is 1,8 sek Good luck with your choices
- ·2 t sittenThings take time, and perhaps longer than many have been led to believe.. Revenues must increase sharply, preferably within not too long a time. If this drags out, it could become expensive for current shareholders considering dilution and cash burn. Some of the costs had no cash effect, but regardless, as of Q2, it costs a lot of money to earn one krone. Economically speaking, the management itself is on the right track. Let's hope for more optimism in the market and a stable increase in AUM now that btc has hopefully turned around. The price is what the price is. As I see it, this is still a case where one believes and hopes that the management's thesis is correct. Things are slowly but surely creeping forward in the right direction, but this stands and falls on the interest among "asset allocators" and the market for bitcoin management.I find quite a few inconsistencies throughout the report, including reported cash, and presented liquidity. There are more orange/red flags than green ones, and more than estimated. I will of course send my questions to this Q&A they are inviting to, then we will see what answers they can cough up, or if they continue to ignore completely legitimate, important questions.
Yllä olevat kommentit ovat peräisin Nordnetin sosiaalisen verkoston Nordnet Socialin käyttäjiltä, eikä niitä ole muokattu eikä Nordnet ole tarkastanut niitä etukäteen. Ne eivät tarkoita, että Nordnet tarjoaisi sijoitusneuvoja tai sijoitussuosituksia. Nordnet ei ota vastuuta kommenteista.
Tarjoustasot
Ei dataa
Viimeisimmät kaupat
| Aika | Hinta | Määrä | Ostaja | Myyjä |
|---|---|---|---|---|
| - | - | - | - |
Huomioi, että vaikka osakkeisiin säästäminen on pitkällä aikavälillä tuottanut hyvin, tulevasta tuotosta ei ole takeita. On olemassa riski, että et saa sijoittamiasi varoja takaisin.
Välittäjätilasto
Dataa ei löytynyt
Asiakkaat katsoivat myös
Yhtiötapahtumat
Datan lähde: Quartr| Seuraava tapahtuma | |
|---|---|
2026 Q3 -tulosraportti 30.11. |
| Menneet tapahtumat | ||
|---|---|---|
2026 Q2 -tulosraportti 31.8. | ||
2026 Q1 -tulosraportti 29.5. | ||
2025 Q4 -tulosraportti 31.3. | ||
2025 Q3 -tulosraportti 28.11.2025 | ||
2025 Q2 -tulosraportti 29.8.2025 |
2026 Q2 -tulosraportti
Tänään
‧16 min
Tämän sivun uutiset ja/tai sijoitussuositukset tai otteet niistä sekä niihin liittyvät linkit ovat mainitun tahon tuottamia ja toimittamia. Nordnet ei ole osallistunut materiaalin laatimiseen, eikä ole tarkistanut sen sisältöä tai tehnyt sisältöön muutoksia. Lue lisää sijoitussuosituksista.
Yhtiötapahtumat
Datan lähde: Quartr| Seuraava tapahtuma | |
|---|---|
2026 Q3 -tulosraportti 30.11. |
| Menneet tapahtumat | ||
|---|---|---|
2026 Q2 -tulosraportti 31.8. | ||
2026 Q1 -tulosraportti 29.5. | ||
2025 Q4 -tulosraportti 31.3. | ||
2025 Q3 -tulosraportti 28.11.2025 | ||
2025 Q2 -tulosraportti 29.8.2025 |
Foorumi
Liity keskusteluun Nordnet Socialissa
Kirjaudu
- ·1 t sittenIt really looks completely bleak for this stock, I mean... -23.000 kr by nowThe company is penalized when the market perceives that communication and facts are not consistent. Possibly the company now gets good tailwind in a market where Bitcoin turns bullish and the conversion of the pipeline increases. It can't be far off from signing "big tickets" either, can it?
- ·2 t sittenFra Megler som vurderer caset: Hilbert: Is this the flush? Down 12% on Q2 numbers, but the market appears to be missing the bigger picture. Hilbert has delivered remarkably well through one of the toughest crypto environments in years: Bitcoin fell 26% in H1 and 14% in Q2, yet Hilbert generated positive returns. Crypto hedge funds were down ~11% on average. Any traditional asset manager delivering this kind of relative performance would be considered a rockstar. More importantly, the underlying engine is accelerating from low levels. Fee-paying AUM compounded +136% in Q1 and a further +8.5% in Q2, with growth in five of the first six months of 2026. Management fee revenue increased 74% q/q in USD terms (170% in BTC terms), and even in June, the worst month for Bitcoin since 2022, monthly fee revenue was nearly 2x the Q1 average. At just USD 232k, however, the absolute revenue base remains tiny, reflecting limited performance fees and leaving significant operating leverage ahead. The real FOMO is what is coming next. Hilbert Finance went live in July and is targeting a ~USD 56bn addressable digital-asset lending market. The infrastructure is now in place, financing providers secured and borrowers engaged, with an aggressive ramp toward ~USD 100m/month in lending volume through autumn 2026. At ~USD 200m of volume, this could generate around USD 3m of third-party spread revenue, while own-capital-funded loans can generate materially higher 600–800bps returns. The first earn-out milestone has already been achieved, with ~4.95m shares earned, while 75% of the remaining earn-out is tied to actual revenue and profitability, strong alignment to execute. Syntetika adds another potentially powerful AUM channel. Launched in August, it enables on-chain distribution of Basis+ BTC with independent custody and third-party NAV attestation, already with >USD 10m deposited. This opens up a new distribution model that is less dependent on traditional fund subscriptions. And then there is Enigma, which is being integrated into Hilbert's operating platform as another systematic return engine rather than remaining a standalone business. Here there are plenty of alternatives as its proven to deliver stellar returns in its trial period with real money. The key point is that Hilbert's newest growth engines have so far been largely a cost drag. That is about to change. Asset management is at cash break-even, while Hilbert Finance, Syntetika and Enigma transition from investments/costs into revenue-generating and potentially high-margin platforms. With SEK 55m of cash versus a quarterly burn of ~SEK 16m, the balance sheet provides time for this operating leverage to emerge. Bottom line: the stock is down 62% YTD, despite Hilbert outperforming dramatically through the crypto downturn and continuing to build multiple new revenue streams. If Bitcoin momentum improves and execution continues, the delta between today's cost base and tomorrow's revenue contribution from Finance, Syntetika and Enigma could be enormous. The market may be pricing Hilbert on what it has cost to build these platforms, just as they are starting to pay for themselves.I naturally have a couple of questions and comments, which are worth asking. So I invite everyone to mute me, if it feels uncomfortable ;) The first is whether this broker is paid or independent. Many brokers are paid, and that's quite common. but still(!!!) Yes, they have done a good job compared to peers. And a good explanation for that could be low AUM relatively speaking. Which means they can maneuver faster when liquidity is low, and overall generate better return than significantly larger DAMs (digital asset managers. If this term isn't taken, I'm coining/tokenizing it now). Worth thinking about, and not quite rockstars. But good! I'm looking at what they call fee paying AUM, and what they call AUM.... Don't they have all AUM as fee paying AUM? It looks that way if you look at the numbers and do some calculations. Very strange to use these two terms side by side, or am I being completely unreasonable here? I would have liked to see 2/20 fee revenue, and byzantine revenue clearly presented. FOMO and Hilbert Finance. They clearly target an enormous market. And this is something I personally find very exciting, but it becomes somewhat similar to the pipeline on the AUM part, which has demonstrably been very weak, and with significantly more aggressive language at the start of the year... When there's nothing there yet, one cannot guarantee anything. And I'm a bit surprised by a couple of things in the report: We didn't get to see any details about the loan book currently, which at least I expected to see. And this first "earn-out" milestone, which I was also genuinely positive about, was only that they had submitted this MICA application. Not terribly impressive. The rest of the earnouts come at given revenue targets, I understand, so the earn outs that actually would have meant something, still haven't delivered. A lot of empty promises there, then. Syntetika launched with 10 musd, which everyone was very happy with, and they sell this as 10musd in under 72 hours; wow. But they knew most of this, at least I think. So a lot of sales talk, bordering on hyping, and the 2. cutoff was, as we know, quite meager. Still early days in Syntetika, so we'll have to give them a few months to prove they can get traction. Enigma contributed negatively. The machine is built, with clear synergy effects, if they manage to deliver. Was cautiously optimistic about CBE in Q3, but it will probably be postponed until at least Q4/Q1 if sentiment turns in the autumn, which many people think it will.
- ·2 t sitten · MuokattuRed flags Hilbert triggers new sell signals today. The stock signals by falling below 3,6 3,6-3,8 will now act as a resistance level Next technical support level is 1,8 sek Good luck with your choices
- ·2 t sittenThings take time, and perhaps longer than many have been led to believe.. Revenues must increase sharply, preferably within not too long a time. If this drags out, it could become expensive for current shareholders considering dilution and cash burn. Some of the costs had no cash effect, but regardless, as of Q2, it costs a lot of money to earn one krone. Economically speaking, the management itself is on the right track. Let's hope for more optimism in the market and a stable increase in AUM now that btc has hopefully turned around. The price is what the price is. As I see it, this is still a case where one believes and hopes that the management's thesis is correct. Things are slowly but surely creeping forward in the right direction, but this stands and falls on the interest among "asset allocators" and the market for bitcoin management.I find quite a few inconsistencies throughout the report, including reported cash, and presented liquidity. There are more orange/red flags than green ones, and more than estimated. I will of course send my questions to this Q&A they are inviting to, then we will see what answers they can cough up, or if they continue to ignore completely legitimate, important questions.
Yllä olevat kommentit ovat peräisin Nordnetin sosiaalisen verkoston Nordnet Socialin käyttäjiltä, eikä niitä ole muokattu eikä Nordnet ole tarkastanut niitä etukäteen. Ne eivät tarkoita, että Nordnet tarjoaisi sijoitusneuvoja tai sijoitussuosituksia. Nordnet ei ota vastuuta kommenteista.
Tarjoustasot
Ei dataa
Viimeisimmät kaupat
| Aika | Hinta | Määrä | Ostaja | Myyjä |
|---|---|---|---|---|
| - | - | - | - |
Huomioi, että vaikka osakkeisiin säästäminen on pitkällä aikavälillä tuottanut hyvin, tulevasta tuotosta ei ole takeita. On olemassa riski, että et saa sijoittamiasi varoja takaisin.
Välittäjätilasto
Dataa ei löytynyt