Crunchfish’s Q3 report highlights a widening gap between the company’s technological and
commercial potential and its immediate financial constraints. While progress in India and other
key markets continues, management acknowledges that commercialisation is taking longer
than anticipated. The recently announced SEK 10m shareholder credit facility provides
important additional financial flexibility, but also underscores the need for commercial
breakthroughs or further financing. Meanwhile, a granted Indian patent has potentially
broadened the scope of commercial discussions to include licensing rights across major
payment systems. Our rNPV estimate continues to support a rough estimate of a potential value
of SEK 5 per share, albeit resting on a number of highly speculative assumptions, with funding
requirements and commercial timing remaining the principal uncertainties.