Crunchfish reported a third quarter of 2026 with net sales of KSEK 75 and a loss before tax of MSEK 4.4. The cash balance amounted to MSEK 6.6 at quarter-end. In November, the major shareholders Corespring Invest and Granitor Growth Management provided a short-term credit facility of MSEK 10, extending the financial runway slightly. The pilot project with the National Payments Corporation of India (NPCI) has reached a technical milestone, but the question of NPCI’s use of the company’s patent-protected solution needs to be resolved before the project can advance. The projects in the Caribbean and the Philippines are also promising although they are taking longer than expected. We maintain our fair value of SEK 5.22 per share.
The full report is available here.