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Crunchfish presents Q1 2024

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After evaluating different funding options, Crunchfish conducted a preferential rights issue in November 2024 raising a gross of MSEK 26. With short-term funding secured, the company can focus on its eight potential revenue streams highlighted in the Q3 report. These include the agreement with IDFC First Bank in India, discussions with the National Payments Corporation of India, and digital wallet providers. The company has also decided to close its Gesture Interaction business after efforts to divest it. Given the future revenue prospects, forecasting lower costs, accounting for the financial risk, and adjusting for dilution, our model suggests a fair value of SEK 7.42 per share.

Crunchfish: Awaiting commercial break-through

During the second quarter, Crunchfish entered a collaboration with Tata Consulting Services with the potential for greater global reach. The company is also engaged in activities with a leading payment service provider. The capital need is becoming increasingly relevant and the company is considering new financing solutions. Crunchfish reported net sales of MSEK 0.43 million and an operating loss of MSEK 5.9 million. We maintain our fair value at SEK 12.70 per share.

Crunchfish: Considering strategic options

In the first quarter of 2024, Crunchfish introduced new opportunities after the filing of several new patents. In the webcast following the release of the Q1 report, CEO Joachim Samuelsson explained how the company could take advantage of its secure and scalable technology within mobile payments and application security.   Financially, Crunchfish reported net sales of MSEK 1.7, mainly explained by a final payment from OPPO of MSEK 1.5 regarding the Gesture business. We had estimated net sales of MSEK 0.35, mostly consisting of revenue from the project with IDFC First Bank in India.  We maintain our fair value of SEK 12.70 per share.

Crunchfish: Patent filings broaden the scope

In Q4 2023, Crunchfish reached a milestone when the Reserve Bank of India (RBI) approved the company's solution for offline payments, following a successful pilot project with IDFC First Bank and HDFC. IDFC First Bank will now implement Digital Cash telecom for the digital rupee. Crunchfish also launched a new product, Digital Cash Protector, which increases the security of offline payments. Furthermore, Crunchfish writes down the value of gesture interaction and announces that the business area will be divested.  The write-down has little impact on our model and we maintain our fair value of SEK 12.70 per share.

Crunchfish: Paving the way for Digital Cash

Crunchfish recently announced the intention to divest its Gesture Inter-action business. After a strategic review, the company decided that the gesture business has better prospects in a different strategic setting. The company has engaged EY Corporate Finance to find a partner for the business area.

Crunchfish: Intention to divest Gesture Interaction

During the preceding quarter, the company achieved an important milestone by securing its first commercial deal in the Digital Cash business area with IDFC First Bank in India. However, the company has faced delays in the commercialisation process in connection with the introduction of UPI Lite X from NPCI. Revisions in our model have resulted in a fair value for the company of SEK 12.70 per share.

Crunchfish: Competition on the horizon

Crunchfish’s report for Q2 2023 is a story of high and lows. We have reassessed the risk-profile of Crunchfish, and revised short-term projections which has resulted in an updated fair value of SEK 25.80 (51.70) per share.

Crunchfish: Recalibrating risk metrics

Crunchfish reported a quarter in line with our previous expectations. The company continues to showcase increased market activity which  even led to an international award.  In  summary, we chose to maintain a fair value of SEK 51.70 per share.

Crunchfish: Market activity around the globe

Crunchfish’s report for Q4 2022 is yet another showcase of continued  technical improvements, especially within Digital Cash. Our new forecast and updated assessment of the company’s risk has  resulted in a fair value of SEK 51.70 per share.

Crunchfish: A reassessment of assumptions

Crunchfish reported a stronger net result than expected in Q3. We choose to maintain our valuation interval of SEK 41.60 – 66.20 per share.

Crunchfish: Fishing for bigger deals

Crunchfish’s report for Q2 2022 showcased a revenue in line with expectations and a net loss that came in better than expected. We choose to maintain our valuation interval of SEK 41.60 – 66.20 per share.

Crunchfish: Moving forward

Crunchfish delivered a stronger report than expected for Q1. Interest in the company's solutions for central banks is reportdely strong.

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Tobias Karlsson

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