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Crunchfish: The line is cast
Research update Q4 2025
|2026-02-13
- Offering a business opportunity to system operators
- Identifying the potential in closed-loop wallets
- We keep our fair value of SEK 5.88 per share
Crunchfish's Q4 report was largely in line with our expectations. The company ended the year with a cash balance of SEK 11.7 million, which probably means that the credit facility will be utilised in Q2. The focus is on the commercialisation of the company's new business model, where the company licenses its technology to system operators and to service providers via a software licensing fee. India remains at the top of the priority list, with the National Payment Corporation of India pilot project expected to be completed in Q2. A successful result is an important validation for Crunchfish's solution. At the same time, CEO Joachim Samuelsson highlights the potential of closed-loop wallets, which can become a faster route to market. With minor adjustments to the model, we maintain our fair value of SEK 5.88 per share.
Read our latest research update below.
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Martin Dominique
Chief Analyst
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Jacob Murat
Analyst