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Visual21 Nov 2025
Data center suppliers
Crunchfish (CFISH) investor relations material
Crunchfish Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
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.
How does RBI's shift to IOU impact Crunchfish?
How to accelerate global network adoption?
Europe's digital euro approach vs. Crunchfish?
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Next Crunchfish earnings date
Q4 202512 Feb, 2026
Next Crunchfish earnings date
Q4 202512 Feb, 2026
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Frequently asked questions
Crunchfish is a deep tech company specializing in the development of technology solutions, including a Digital Cash platform aimed at facilitating offline payment capabilities for banks, payment services, and Central Bank Digital Currency (CBDC) implementations. Additionally, Crunchfish is known for its Gesture Interaction technology, which is designed to enable touchless interaction with devices, finding applications in augmented reality/virtual reality (AR/VR) and the automotive industry. The company is headquartered in Malmö, Sweden, and its shares are listed on the Nasdaq First North.
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