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Crunchfish (CFISH) investor relations material
Crunchfish Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Revised go-to-market strategy, splitting the product into network and wallet components, has gained strong traction and industry acceptance, especially in India, with MPCI implementing the approach.
Major Indian payment network (MPCI) has adopted the approach, with pilot projects involving multiple banks underway.
Industry validation from IMF and Bank of Canada supports the scalability and security of the virtual secure element-based solution for offline payments.
Renewed and expanded agreement with IDFC First Bank, now with higher revenue potential and broader network involvement.
Participation in major industry events has increased international exposure and interest in the Digital Cash solution.
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 were SEK 800,000 higher than Q1, mainly due to an accounting issue; actual increase is closer to SEK 300,000.
Personnel and operating costs have dropped significantly year-over-year due to divestment and closure of the gesture business.
Cash and cash equivalents at end of Q2: SEK 13,175 thousand (Q2 2024: SEK 12,503 thousand).
Outlook and guidance
Focus remains on scaling in India, with MPCI and RBI backing, and expanding to other major markets including Europe, Africa, and South America.
Targeting cash flow positivity by revenue from payment service providers equipping users or merchants with Digital Cash Wallets.
Exploring multiple financing options to extend cash runway into 2027.
Anticipates accelerated scale-up as network adoption enables broader user base and further implementations with additional banks and payment service providers.
Ongoing discussions with global organizations and payment networks for potential partnerships.
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