Crunchfish (CFISH) Q2 2025 earnings summary

Executive summary

• Revised go-to-market strategy, splitting product into network and wallet components, has gained strong traction and industry acceptance, especially in India, with NPCI implementing the approach.

• Industry validation from IMF and Bank of Canada supports the scalability and security of the software-based, layer two solution for offline payments.

• Partnerships and pilots are underway with major banks and payment networks in India and globally, including renewed and expanded agreement with IDFC FIRST Bank.

• Participation in major industry events and global standards organizations has increased international exposure and influence.

• White paper with NPCI has played a key role in industry consensus.

Financial highlights

• Q2 2025 net sales: SEK 156 thousand (Q2 2024: SEK 432 thousand); H1 2025 net sales: SEK 441 thousand (H1 2024: SEK 2,097 thousand).

• Q2 2025 EBITDA: SEK -4,583 thousand (Q2 2024: SEK -5,867 thousand); H1 2025 EBITDA: SEK -9,134 thousand (H1 2024: SEK -9,787 thousand).

• External costs in Q2 2025 were $800,000 higher than Q1, mainly due to a $250,000 cost misallocated from Q1 and higher legal costs; not indicative of a structural increase.

• Operating costs and personnel costs have dropped significantly year-over-year due to the closure of the gesture technology business.

• Cash and cash equivalents at end of Q2: SEK 13,175 thousand (Q2 2024: SEK 12,503 thousand).

Outlook and guidance

• Company requires new funding by end of 2025 if revenue targets are not met; alternative financing options are being prioritized over a rights issue.

• Exploring multiple financing options to extend cash runway into 2027.

• Focus remains on scaling in India, expanding in Europe, and pursuing global partnerships, with anticipated accelerated scale-up as network adoption enables broader user reach.