Klarna debuted on the NYSE last September with a $1.37 billion IPO and was valued at $15 billion at the time. The company's full year 2025 results showed gross merchandise volume of $127.9 billion and revenue of $3.5 billion, both up more than 20% year on year. Klarna reported 118 million active consumers and crossed 1 million merchants, but its lack of near-term profitability has put a spotlight on the plunge in its valuation.
Klarna Group plc issued a clarification about the mechanics of its lock-up expiration on March 9, 2026. Of 378 million total ordinary shares outstanding, approximately 335 million are subject to lock-up restrictions expiring March 9, 2026. The 335 million locked-up shares fall into two categories: 159 million held by depository receipt holders and 177 million held by non-affiliate holders.
Approximately 97 million locked-up shares are held by affiliates subject to ongoing trading restrictions under Rule 144. As of the date of the release, no affiliate of Klarna has filed forms with the SEC to sell shares. Approximately 62 million locked-up shares are held by non-affiliate shareholders through depositary receipts, retaining Class B voting rights. Approximately 177 million locked-up shares are held by non-affiliate pre-IPO shareholders who must complete a conversion process before selling through US broker-dealers.
Since January, four senior executives have left Klarna: Andrea Ferraz Estrada, Andrew Pietro, Yuri Gusev, and Joao Tonon. Klarna declined to comment on the specific executive departures. The company stated that with around 3,000 employees and an average tenure of five years, natural attrition produces about 50 departures per month.
Klarna has more than halved its workforce since 2022, from more than 7,000 employees to less than 3,000. The company launched an OpenAI-powered customer service chatbot in early 2024 that can do the work equivalent of 800 full-time agents.
Klarna Card has reached 5 million active customers across 16 countries.
The identity of the executive leaving Klarna today and their specific role within the company have not been disclosed. The exact reasons behind the departures of the four senior executives since January also remain unknown.
Confusion persists over whether the lock-up expiration has already occurred or is scheduled for March 2026, and the specific date of 'Monday' referenced in reports is unclear. The current exact stock price decline percentage since IPO is uncertain, given conflicting reports.
The specific impact of the AI chatbot on current workforce numbers and future attrition rates beyond the stated equivalent of 800 full-time agents is not fully detailed.
Market concerns have intensified due to the lock-up expiration and executive departures, potentially affecting investor sentiment. Klarna sought to ease concerns over a selloff, reassuring investors that no major shareholder had filed with the US Securities and Exchange Commission. The company's efforts to highlight growth metrics, such as the Klarna Card reaching 5 million active customers, aim to counterbalance negative perceptions.