Crunchfish (CFISH) Q1 2026 earnings summary

Executive summary

• Q1 was marked by limited sales, with most revenue from non-recurring engineering fees, primarily from the NPCI project in India, and advanced integration of governed offline payment systems to enhance resilience.

• Strategic partnerships expanded, notably with Mercury in the Middle East and Africa, and continued progress with NPCI in India.

• Rights issue completed post-Q1, raising SEK 14.5–15 million, fully subscribed by management and shareholders, strengthening liquidity.

• Selected by the Bank of England for the Digital Pound Lab, reinforcing leadership in CBDC and resilient payment infrastructure.

• The company is actively seeking strategic investors to support global expansion.

Financial highlights

• Q1 2026 net sales: SEK 324 thousand, up from SEK 285 thousand in Q1 2025, mainly from project integration fees.

• EBITDA: SEK -3,995 thousand, improved from SEK -4,552 thousand year-over-year.

• Loss before tax: SEK -4,666 thousand, compared to SEK -5,109 thousand in Q1 2025.

• Cash and cash equivalents at quarter-end: SEK 4,707 thousand, down from SEK 14,082 thousand a year earlier.

• Investments in intangible assets: SEK 1,847 thousand in Q1 2026.

Outlook and guidance

• Product revenue is expected as projects move from integration to live deployment.

• Focus on scaling governed offline payments through system operators and service providers globally.

• Ongoing onboarding of banks and payment providers in India and the Philippines, with further expansion planned.

• Management is optimistic about increasing opportunities, with up to 20 active prospects globally.

• Continued engagement in CBDC initiatives and payment modernization projects in multiple regions.