Crunchfish (CFISH) Q4 2025 earnings summary

Executive summary

• The company underwent a strategic transformation, focusing solely on Digital Cash and offline payments, discontinuing the gesture business to streamline operations and reduce costs.

• The business model was clarified to target both system operators and service providers, enabling broader market reach beyond India.

• Significant progress was made with payment system operators, especially NPCI in India, and expansion into new markets like the Philippines, Pakistan, Southeast Asia, Africa, and selection by the Bank of England for the Digital Pound Lab.

• The company rebranded as a critical infrastructure provider, emphasizing its governed offline payments architecture.

Significant events and developments

• Collaboration with NPCI in India advanced, with daily meetings and integration of SDKs for offline payments; two major banks are participating in the pilot.

• Commercial offers were made to major closed-loop wallet providers like GCash in the Philippines, enabling faster market entry.

• Partnership with CMA Small Systems positions the company for entry into Pakistan's payment infrastructure.

• Selected by the Bank of England for the Digital Pound Lab in early 2026 and showcased solutions at major industry events.

• Released a white paper comparing immediate and deferred offline payment models, highlighting its unique governed approach.

Outlook and guidance

• Focus for 2024 and beyond is on execution, transitioning from pilot projects to system-level commercial deployments, and expanding global system integrations.

• Closed-loop wallets in Asia are identified as fast-track revenue generators due to simpler integration and large user bases.

• Ongoing discussions for FRAND licensing with major payment operators and further global expansion are anticipated.