Crunchfish reported a financially quiet first quarter of 2026 with net revenues of KSEK 357 and an operating loss of MSEK 4.4. At the beginning of Q2, a rights issue of MSEK 15 was carried out and subscribed to 120 per cent. The ongoing pilot project with the National Payment Corporation of India (NPCI) has reached a stage where participating banks are being prepared for onboarding, and the outcome will be crucial for the commercialisation of the company's governed offline payment solution. Crunchfish is also active on multiple fronts, including discussions with GCash in the Philippines and a new partnership with Mercury in the Middle East. We maintain our fair value of SEK 5.88 per share.
The full report is available here.