TLDR
- H100 Group posts SEK 98.2M Q2 loss as Bitcoin impairment weighs on results
- H100 expands its Bitcoin treasury to 3,506.4 BTC after August acquisition
- Non-cash items account for SEK 93.3M of H100 Group’s second-quarter loss
- H100 records SEK 253.6M first-half loss as Bitcoin impairment costs rise
- H100 strengthens its balance sheet with an 86% equity ratio at June-end
H100 Group reported a SEK 98.2 million pre-tax loss for the second quarter of 2026. The Swedish company linked most losses to non-cash charges from lower Bitcoin values. Meanwhile, its expanded treasury reached 3,506.4 BTC after an August acquisition.
Bitcoin Impairment Drives H100 Group Q2 Loss
H100 Group recorded an operating loss of SEK 88.7 million during the second quarter. That figure widened sharply from SEK 11.5 million one year earlier. However, SEK 83.5 million involved items that did not affect cash flow.
The company also reported a SEK 98.2 million loss before income tax. Non-cash items represented SEK 93.3 million of that quarterly figure. Bitcoin impairment charges accounted for most of the difference as cryptocurrency values declined during the reporting period.
Meanwhile, operating income remained stable at SEK 3 million during the quarter. Net sales reached SEK 2.9 million, compared with SEK 3 million last year. Operating cash flow improved to negative SEK 5.1 million from negative SEK 14.9 million.
H100 First-Half Loss Reaches SEK 253.6 Million
H100 Group reported a SEK 253.6 million pre-tax loss for the first half. That compared with a SEK 26.5 million loss during the corresponding 2025 period. Non-cash items accounted for SEK 241.8 million of the latest loss.
Operating losses reached SEK 234.6 million during the six-month period. Meanwhile, depreciation, amortization, currency effects, and impairment charges totaled SEK 222.5 million. These expenses increased substantially after H100 adopted its Bitcoin treasury strategy during 2025.
Still, first-half operating income increased to SEK 6.1 million from SEK 5.8 million. Net sales remained unchanged at SEK 5.8 million during the same period. H100 ended June with SEK 18.1 million in cash and an 86% equity ratio.
Bitcoin Treasury Expands to 3,506 BTC
H100 held 1,051.03 BTC at the end of June before completing a major acquisition. On August 10, the company acquired NSD AS and related holdings. Consequently, the transaction added 2,455.37 BTC and increased total holdings to 3,506.4 BTC.
The acquisition made H100 one of Europe’s largest listed Bitcoin treasury companies. H100 issued about 790.5 million new shares to complete the transaction. The shares carried a subscription price of SEK 1.86 and valued the consideration near SEK 1.47 billion.
H100 now combines its Bitcoin strategy with health technology and financial technology operations. Its health platforms provide digital tools for trainers and other lifestyle professionals. The company also operates technology for trading and derivatives markets.
H100 Reshapes Strategy After Treasury Expansion
H100 adopted its Bitcoin treasury strategy in June 2025 alongside its existing health technology business. The move significantly changed the company’s balance sheet and capital structure. Bitcoin now serves as its benchmark for evaluating capital deployment decisions.
The company also changed its leadership following the August transaction. Eirik Grøttum became chief executive on August 11, replacing Johannes Wiik. Peter C. Warren became chief investment officer on August 12.
H100 plans to combine Bitcoin holdings with trading, capital allocation, technology, and potential acquisitions. The company aims to increase Bitcoin ownership per share over time. However, H100 provided no financial forecast in its latest interim report.
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