Crunchfish’s Q2 report largely reinforces the investment case outlined in our previous update, with the company entering the second half of 2026 from a stronger financial and strategic position but still awaiting the commercial agreements needed to validate the long-term revenue potential.
The SEK 15m rights issue has strengthened the balance sheet, while continued engagement with payment infrastructure players and central-bank initiatives supports management’s view that discussions are gradually shifting from technical validation toward implementation and commercialisation.
At the same time, Crunchfish has broadened the conceptual positioning of its technology through the recently introduced Portable Trust framework and continued to strengthen its IP portfolio.
Our rNPV estimate continues to support a potential value of SEK 5 per share, albeit resting on a number of highly speculative assumptions, while we also note that the company is better positioned today than it was a year ago.