AS Kalve Coffee Accelerates Growth with 58% Revenue Increase in Q3 2025.
AS Kalve Coffee continued its strong growth trajectory, achieving unaudited consolidated revenue of EUR 3.74 million for the first nine months of 2025 (9M 2025), representing a 51% overall increase compared to the same period in 2024 (9M 2024).
In the third quarter of 2025, the Company generated revenue of EUR 1.57 million, up 58% year-on-year.
Revenue from coffee shops reached EUR 2.29 million in 9M 2025, marking a significant 66% year-over-year expansion. Growth was driven by double-digit increases in existing locations and the opening of six new coffee shops across Latvia, Estonia, and Lithuania.
The B2B business line achieved a healthy 27% increase in revenue, reaching EUR 1.34 million in 9M 2025. The third quarter delivered particularly strong performance, with revenue up 32% compared to Q3 2024. Growth was supported by higher coffee sales volumes, improved pricing, and increased contribution from non-coffee product offerings.
E-commerce revenue reached EUR 114 thousand in 9M 2025, representing an exceptional 133% increase year-over-year (albeit off a low base). Growth was driven by higher order volumes and an increase in average order value.
In the first nine months of the year, Kalve Coffee continued to strengthen its operational foundation, while maintaining a dynamic pace of growth across all business lines. The expansion of the coffee shop network in the Baltics demonstrated the team’s ability to grow efficiently while maintaining brand quality and customer experience consistency. In parallel, we have optimised production and logistics processes, improving the overall efficiency of the roastery, which increases our long-term resilience to raw material price fluctuations.
The strong performance in the e-commerce and B2B segments reflects our commitment to diversifying revenue sources and deepening customer relationships. We also continued to invest in the team and management structure, preparing KALVE for the next stage of development as a transparent and professionally managed public company.
In the coming months, our focus will be on increasing the efficiency of the existing network and opening the first coffee shops in Paris and Lisbon, an important step in Kalve’s international growth story.
| Revenue (‘000 EUR) |
Unaudited data for 9 months 2025 |
Unaudited data for 9 months 2024 |
Delta, % |
| B2B | 1,335 | 1,050 | +27% |
| Coffee Shops | 2,294 | 1,385 | +66% |
| E-Commerce | 114 | 49 | +133% |
| Total Revenue | 3,743 | 2,484 | +51% |
The Company’s updated EBITDA financial guidance for 2025 (from 5 August 2025) of approximately €0.3 million remains intact.
As an additional note management understands that the Company’s shares are now tradeable on the Interactive Broker platform, providing investors outside of the Baltics easier access to the stock.
Management Board of AS “Kalve Coffee”
The shares of AS “Kalve Coffee” are admitted to trading un Nasdaq Baltic First North Market.
The certified advisor of AS “Kalve Coffee” is ZAB Eversheds Sutherland Bitāns SIA.
AS Kalve Coffee is a brand created by coffee professionals, aiming to develop and strengthen the culture of specialty coffee roasting, brewing, and appreciation in the Baltic region. Kalve Coffee began operations in early 2019. The core values of KALVE are outstanding coffee and service quality, honesty, excellent product design, and responsible practices in all processes. As we continue to grow as a B-Corp company, sustainability is key – both through products and services with a positive long-term impact and by caring for environmental quality at every stage of the coffee production chain.
Contact information:
Gatis Zēmanis
Chairman of the Management Board
+371 27303355
ir@kalvecoffee.com
Certified Advisor:
ZAB Eversheds Sutherland Bitāns SIA
Kārlis Jēkabs Īvāns
M: +371 20 380 986
E-pasts: k-j.ivans@eversheds-sutherland.lv