After a period of financial challenges, the announcement finally came. The District Court has appointed a bankruptcy administrator for Bite Studios AB. The decision follows a period in which the company carried out several new share issues – as recently as in spring and May 2026 – to try to turn around developments.
The company has had cash flow problems in recent years. Both in 2024 and 2025, the board of directors had to draw up balance sheets because there were suspicions that more than half of the share capital had been consumed.
E-commerce Focus
To get the company back on its feet, a strategic shift was chosen in 2025.
The goal was to achieve profitability and focus was placed on developing the brand's own e-commerce platform. In the latest annual report, revenue amounted to SEK 21.4 million. This was a decrease of 4 percent from the SEK 22.3 million reported the previous year (for a period of 15 months).
Operating profit landed at -SEK 22 million. Although this was an improvement compared to last year's loss of -SEK 42.2 million, it was not enough to secure survival.
In the final year, organizational changes were also implemented. The company’s CEO William Lundgren and co-founder Veronika Kant chose to move the headquarters to Stockholm and a new board of directors took shape, with investor Vi Patel as chairman.
Auditor's Warning
The company had no current debts to the Swedish Enforcement Administration (Kronofogden) at the time of bankruptcy and had recently brought in external capital. Nevertheless, there was concern.
The company’s auditor previously warned about the uncertainty surrounding the company’s ability to continue operating unless further financing was secured. The money ultimately did not suffice and now the bankruptcy proceedings are initiated.