Goodbye Kansas Group AB (GBK) AI Stock Analysis

Goodbye Kansas Group AB

(Nasdaq OMX AB:GBK)

Select Model

Rating:40Underperform

Price Target:SEK 1.00▼(-15.54% Downside)

Action:downgraded

Date:10/03/26

The overall score is driven primarily by a very weak but gradually improving financial profile, characterized by negative equity, historical heavy cash burn, and only recent progress toward better revenues and narrower losses. Technical indicators reinforce the cautious view, with a clear downtrend, oversold momentum, and above-market volatility adding near-term risk. Valuation offers limited current support given negative earnings and absent dividend yield data, leaving the investment case speculative and dependent on the company sustaining its recovery.

Positive Factors

Revenue Growth and Gross MarginTTM revenue growth of 12% and a roughly 35% gross margin indicate that demand is expanding while delivered work generates positive contribution. If maintained, this combination can support operating leverage and provide a foundation for the company to move toward sustainable profitability.

Negative Factors

Negative EquityPersistent negative stockholders’ equity signals a structurally weak capital base and limits financial flexibility. It can make leverage measures less meaningful, raise recapitalization risk, and constrain the company’s ability to fund growth or absorb further operating setbacks internally.

Goodbye Kansas Group AB (GBK) vs. iShares MSCI Sweden ETF (EWD)

Market Cap: SEK 48.36M
Dividend Yield: ―
Average Volume (3M): 52.50K
Price to Earnings (P/E): -4.6
Beta (1Y): 1.13
Revenue Growth: 2.71%
EPS Growth: 61.66%
Country: Sweden
Employees: 122
Sector: General
Sector Strength: 55
Industry: Entertainment

Goodbye Kansas Group AB Business Overview & Revenue Model

Company Description

Goodbye Kansas Group AB (publ) specializes in delivering sophisticated visual content driven by technology. The company develops a wide array of products and services, leveraging augmented reality (AR), virtual reality (VR), visual effects (VFX) prod...

How the Company Makes Money

GBK primarily makes money by delivering project-based production services to external customers. Revenue is typically generated under contracts for VFX, animation, and related digital production work where the client (e.g., a film/TV studio, advertis...

Goodbye Kansas Group AB Financial Statement Overview

Summary

Financial performance is weak but improving, with rising revenues and narrower losses offset by ongoing negative operating results, volatile profitability, negative or thin equity, and persistently negative operating and free cash flows despite recent progress.

Income Statement

42Neutral

Balance Sheet

24Negative

Cash Flow

30Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	208.89M	174.96M	172.56M	278.68M	288.33M	262.44M
Gross Profit	73.46M	136.22M	-51.53M	206.62M	219.04M	-140.90M
EBITDA	-4.26M	-30.37M	2.54M	-54.43M	-48.46M	-68.11M
Net Income	-9.43M	-35.12M	-52.47M	-109.09M	-126.41M	-149.76M
Balance Sheet
Total Assets	45.32M	50.38M	43.56M	102.12M	274.40M	343.30M
Cash, Cash Equivalents and Short-Term Investments	10.17M	10.15M	17.50M	2.96M	353.77K	37.80M
Total Debt	14.90M	6.75M	14.77M	16.19M	65.55M	19.39M
Total Liabilities	68.94M	80.31M	62.60M	85.62M	286.54M	221.95M
Stockholders Equity	-23.63M	-29.93M	-19.04M	16.50M	-12.14M	115.19M
Cash Flow
Free Cash Flow	-7.42M	-18.91M	-41.52M	-69.42M	-84.67M	-2.68M
Operating Cash Flow	-6.04M	-15.31M	-41.42M	-58.75M	-34.47M	-634.49K
Investing Cash Flow	-1.38M	-3.60M	3.39M	-10.67M	-54.56M	-36.24M
Financing Cash Flow	14.50M	11.60M	52.51M	67.81M	54.65M	49.41M

Goodbye Kansas Group AB Technical Analysis

Technical Analysis SentimentNegative

Last Price1.18

Price Trends

50DMA1.39Negative

100DMA1.44Negative

200DMA1.40Negative

Market Momentum

MACD-0.02Negative

RSI48.02Neutral

STOCH49.70Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:GBK, the sentiment is Negative. The current price of 1.18 is below the 20-day moving average (MA) of 1.27, below the 50-day MA of 1.39, and below the 200-day MA of 1.40, indicating a neutral trend. The MACD of -0.02 indicates Negative momentum. The RSI at 48.02 is Neutral, neither overbought nor oversold. The STOCH value of 49.70 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:GBK.

Goodbye Kansas Group AB Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

SE:GBK against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SE:NITRO	70Outperform	SEK 33.02M	2.31	―	―	-36.26%	―
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
SE:BRAVE	54Neutral	SEK 119.79M	-2.70	―	―	―	―
SE:CDMIL	54Neutral	SEK 190.70M	71.68	―	―	-21.20%	-39.49%
SE:EMBRAC.B	50Neutral	SEK 20.20B	-3.78	-22.49%	27.90%	-31.46%	-169.01%
SE:GBK	40Underperform	SEK 48.36M	-4.61	33.84%	―	2.71%	61.66%
SE:FRACTL	39Underperform	SEK 401.39M	-17.32	―	―	-27.64%	-147.01%

* General Sector Average

Performance Comparison

SE:GBK and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
SE:GBK	Goodbye Kansas Group AB	1.29	-0.96	-42.67%
SE:EMBRAC.B	Embracer Group Ab Class B	95.08	27.56	40.82%
SE:BRAVE	Kinda Brave Entertainment Group AB	2.35	0.47	25.00%
SE:NITRO	Nitro Games Plc	1.32	-0.17	-11.55%
SE:CDMIL	Codemill AB	14.00	-2.90	-17.16%
SE:FRACTL	Fractal Gaming Group AB	13.76	-19.59	-58.74%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Oct 01, 2026

Goodbye Kansas Group AB AI Stock Analysis