Following last year’s breakthrough integration into India’s payment ecosystem, Crunchfish enters 2026 with a continued focus on governed offline payments and a commercial breakthrough. With architecture and positioning largely defined, the coming quarters will be decisive in determining whether system-level traction can convert into revenues. The directed share issue in late Q3’25 provided runway for another two quarters, but at the current share price the warrants are unlikely to be exercised, leaving the company to generate revenues quickly, draw on the 1.5% per month credit facility, or seek other external financing soon. Our revenue and rNPV estimates continue to support a potential value of SEK 5 per share, albeit resting on a number of highly speculative assumptions.
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