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Crunchfish: In transition from pilots to contracts - VH Corp

CFISHThird party research24.08.2026, 14.24

This is a third party research report and does not necessarily reflect our views or values

Download report (PDF)
* Patent for governed offline payments granted in India
* Several discussions could materialise in agreements
* We adjust our fair value to SEK 5.22 (5.88) per share

Crunchfish's Q2 figures came in line with our expectations, with operating cash flow of MSEK -4.6 and a cash balance of MSEK 13 at the end of June. We now push back our expectation of a commercial agreement from Q2 to year-end, as talks continue to progress in India, the Philippines, the Middle East, and now also with a Caribbean central bank. The company needs to secure a deal before year-end unless it finds external financing. We still see significant potential in India and the Philippines, but postpone revenues in our model to Q2 2027, resulting in a new fair value of SEK 5.22 (5.88) per share.