Crunchfish AB (CFISH) AI Stock Analysis

• Market Cap: kr204.34M
• Dividend Yield: N/A
• Average Volume (3M): 269.44K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.50
• Revenue Growth: -57.18%
• EPS Growth: 72.75%
• Country: SE
• Employees: 20
• Sector: General
• Sector Strength: N/A
• Industry: Software - Application
• EPS (TTM): -0.06
• Shares Outstanding: 77,842,890
• 10 Day Avg. Volume: 153,848
• 30 Day Avg. Volume: 269,442
• PEG Ratio: 0.15
• Price to Book (P/B): 3.07
• Price to Sales (P/S): 214.30
• P/FCF Ratio: 0.00
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): -0.11
• Revenue Forecast (FY): kr20.83M

• Rating: 46 Neutral
• Price Target: kr2.50 ▼(-13.79% Downside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 02/18/26

The score is held down primarily by weak financial performance: contracting revenue, structurally negative profitability (including negative gross profit), and persistent negative operating cash flow. Technicals are neutral with only modest near-term support, and valuation is constrained by ongoing losses and no dividend yield.

Positive Factors

Low leverage & equity cushion

Very low leverage and a sizable equity base materially reduce near-term solvency risk and provide strategic flexibility. This gives management time to iterate product-market fit or fund commercialization without immediate distressed financing, supporting durability while operating performance is addressed.

Offline-capable payments niche

Specialization in offline-capable payment technology targets a structural gap where connectivity is limited (emerging markets, intermittent networks, IoT). This differentiated technical capability can provide durable competitive positioning and licensing or partnership opportunities if adopted by larger payments players.

Lean software-focused team

A small, software-centric workforce implies a low fixed-cost base and the potential for high operating leverage if revenue growth resumes. Software products can scale with limited incremental headcount, enabling margin expansion over time once unit economics and demand stabilize.

Negative Factors

Structurally negative profitability

Negative gross profit means the core product economics are currently loss-making, not just elevated operating costs. Without improving unit margins or changing revenue mix, fundamental profitability cannot be achieved through SG&A cuts alone, threatening the long-term viability of the business model.

Persistent operating cash burn

Consistent negative operating cash flow erodes financial flexibility and forces reliance on financing or asset sales. Over a multi-quarter horizon this burn rate risks depleting reserves and increasing dilution or leverage unless the company achieves a clear path to sustained positive cash generation.

Declining, volatile revenue

Sharp, persistent revenue declines and volatility indicate weak demand or product-market fit, making scaling and forecasting difficult. Falling top line exacerbates losses and undermines the ability to leverage the low-cost structure, prolonging the path to breakeven and margin recovery.

Crunchfish AB Business Overview & Revenue Model

Company Description

Crunchfish AB (publ) develops and offers technology solutions. The company develops Digital Cash online, which provides payment availability and load balancing to banks, mobile operators, and payment services; and Digital Cash offline that is integrated with Digital Cash online. It also develops and offers Gesture Interaction, which is a touchless interaction that enable users to interact with devices without touching displays or physical buttons. Crunchfish AB (publ) was incorporated in 2010 and is headquartered in Malmö, Sweden.

How the Company Makes Money

Crunchfish AB generates revenue through multiple streams, including licensing its technology to partners in the mobile payment and augmented reality sectors. The company develops software solutions that enable gesture control and contactless payment functionalities, which are then integrated into third-party applications and devices. Key revenue streams include fees from licensing agreements, software subscriptions, and potential royalties based on the usage of its technology. Additionally, Crunchfish collaborates with significant industry players to expand its market reach and enhance its product offerings, which further contributes to its earnings.

Crunchfish AB Financial Statement Overview

Summary

Overall fundamentals are weak despite a strong balance sheet. Revenue is volatile and contracted sharply in 2025 (~39% YoY), gross profit is negative across all provided years, and margins remain deeply negative. Operating cash flow is consistently negative, indicating ongoing cash burn. Low leverage and relatively solid equity cushion reduce near-term solvency risk but do not offset poor operating performance.

Income Statement

Revenue has been volatile and is contracting in the most recent year (2025 revenue down ~39% vs. 2024). Profitability is structurally weak: gross profit is negative across all provided years, and operating and net margins are deeply negative (2025 net margin roughly -29%, with even worse levels in 2023). Losses have narrowed from 2023’s very large deficit, but the business remains far from breakeven and shows limited evidence of a durable improving trend.

Balance Sheet

Leverage is very low, with debt-to-equity consistently around ~0.7%–2.7%, which reduces solvency risk and gives financial flexibility. Equity remains sizable relative to total assets (e.g., 2025 equity ~49.5m vs. assets ~55.8m), but persistent net losses translate into meaningfully negative returns on equity (where provided), indicating ongoing erosion risk if losses continue. Overall balance sheet strength is a key offset to weak earnings, but it is not a substitute for improving operating performance.

Cash Flow

Cash generation is weak: operating cash flow is negative every year shown (roughly -13m to -25m range), indicating the core business is consuming cash rather than funding itself. Free cash flow is also negative in most years (notably 2021–2024), reflecting continued cash burn; the 2025 free cash flow value is listed as 0, but operating cash flow remains materially negative, so underlying funding needs likely persist. While cash losses are generally smaller than the 2023 peak burn, the overall cash-flow profile remains high risk without a clear path to sustained cash breakeven.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	709.25K	2.93M	987.83K	6.19M	3.96M
Gross Profit	-22.61M	-7.61M	-7.61M	-1.99M	-5.30M
EBITDA	-20.82M	-20.85M	-48.84M	-23.79M	-36.48M
Net Income	-20.23M	-26.53M	-49.30M	-25.90M	-40.90M
Balance Sheet
Total Assets	55.81M	54.97M	61.52M	66.49M	64.19M
Cash, Cash Equivalents and Short-Term Investments	11.66M	17.28M	30.73M	29.29M	32.76M
Total Debt	754.50K	957.49K	1.42M	383.49K	560.58K
Total Liabilities	6.28M	7.80M	9.25M	7.72M	8.35M
Stockholders Equity	49.53M	47.16M	52.26M	58.77M	55.84M
Cash Flow
Free Cash Flow	0.00	-34.75M	-42.62M	-30.47M	-33.73M
Operating Cash Flow	-19.91M	-22.04M	-24.91M	-16.85M	-19.39M
Investing Cash Flow	-8.10M	-12.71M	-17.71M	-13.62M	-15.84M
Financing Cash Flow	22.48M	21.25M	43.87M	26.78M	59.25M

Crunchfish AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 2.90
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:CFISH, the sentiment is Negative. The current price of 2.9 is above the 20-day moving average (MA) of 2.65, above the 50-day MA of 2.61, and below the 200-day MA of 3.10, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 48.36 is Neutral, neither overbought nor oversold. The STOCH value of 38.64 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:CFISH.

Crunchfish AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CDMIL	62 Neutral	kr198.88M	-4,838.71	―	3.25%	-18.05%	-71.19%
Sector *	55 Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
SFTR	54 Neutral	kr131.23M	168.00	―	―	―	―
RPLAN	48 Neutral	kr86.37M	-4.31	―	―	―	―
CFISH	46 Neutral	kr204.34M	-8.99	―	―	-57.18%	72.75%
GREAT	44 Neutral	kr272.35M	-2.84	―	―	-69.94%	-7367.66%
TERRNT.B	42 Neutral	kr148.33M	-2.13	-188.09%	―	―	24.94%