Crunchfish (CFISH) Q3 2025 earnings summary

Executive summary

• Integration of Digital Cash technology into India's NPCI payment infrastructure progressed, with broader rollout expected in Q1 and significant revenue potential unlocked.

• Strategic shift to targeting payment networks globally, now in dialogue with around 20 networks and initiating partnerships and pilot projects in India, Pakistan, Southeast Asia, and Europe.

• Participation in major industry events (CBDC Bahamas, Sibos, GFF) increased visibility, led to new partnership discussions, and resulted in industry awards and media coverage.

• New business model based on per-user, per-annum subscription, with potential for additional revenue from interest on reserved funds and micro-loan fees.

• Financing secured through share issues and credit facilities ensures capital for operations through at least 2026.

Financial highlights

• Raised SEK 40 million in a direct share issue, with an additional SEK 10 million credit facility and potential SEK 12–16 million from warrant exercise in March; Q3 2025 net sales were SEK 155 thousand, down from SEK 274 thousand in Q3 2024.

• EBITDA for Q3 2025 was SEK -4,796 thousand, an improvement from SEK -5,142 thousand in Q3 2024.

• Loss before tax for Q3 2025 was SEK -5,260 thousand, compared to SEK -6,997 thousand in Q3 2024.

• Cash and cash equivalents at quarter-end were SEK 17,427 thousand, up from SEK 9,062 thousand a year earlier.

• External costs increased due to higher exhibition and patenting expenses, totaling approximately SEK 1 million for the quarter.

Outlook and guidance

• Integration with NPCI in India targeted for completion in Q1, enabling other banks to join and opening revenue opportunities; RBI mandates for offline payments position for scalable growth.

• Early revenue possible through deals with technology partners serving multiple banks; focus on accelerating revenue generation.

• Expansion into new markets, including Pakistan and Southeast Asia, is expected to drive future revenue.

• Financing secured during the quarter supports operations through at least 2026.