Crunchfish (CFISH) Q4 2024 earnings summary

Executive summary

• Strategic focus shifted exclusively to commercializing offline payment technology and Digital Cash, with India as the primary target market due to significant opportunities and regulatory changes.

• Active discussions and pilot projects are ongoing with the Reserve Bank of India (RBI), National Payment Corporation of India (NPCI), and major Indian banks to integrate the offline payment solution into the national digital currency infrastructure.

• The company is engaged in CBDC projects in Europe and Africa, with pilots, tenders, and patent grants in the US and Europe, and a notice of allowance in Europe for its core offline payment technology.

• Rights issue in late 2024 raised SEK 26 million, with further funding expected from warrants in 2025, and operational costs reduced by 25% after discontinuing Gesture Interaction.

• Positioned for growth in India, emerging markets, and global CBDC projects, supported by strong patent positions.

Financial highlights

• Q4 2024 net sales: SEK 562 thousand (Q4 2023: SEK 333 thousand); full year 2024 net sales: SEK 2,933 thousand (2023: SEK 988 thousand).

• Q4 EBITDA: SEK -6,073 thousand (Q4 2023: SEK -7,476 thousand); full year EBITDA: SEK -21,001 thousand (2023: SEK -26,545 thousand).

• Q4 loss before tax: SEK 5,261 thousand (Q4 2023: SEK 26,815 thousand); full year loss before tax: SEK 26,447 thousand (2023: SEK 49,305 thousand).

• Cash and cash equivalents at year-end: SEK 17,276 thousand (2023: SEK 30,725 thousand).

• December 2024 share issue raised SEK 20.7 million after costs.

Outlook and guidance

• The company expects a major breakthrough deal in India within the first half of 2025, which could significantly scale its business and validate its technology globally.

• Optimism remains high for 2025, with management confident that recent market shifts and regulatory changes align well with their technology.

• Financing in place to pursue business opportunities outlined in the 2024 rights issue prospectus.

• Ongoing discussions with RBI, NPCI, and major Indian banks for further Digital Cash integration.