Crunchfish AB (CFISH) AI Stock Analysis

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Crunchfish AB

(Nasdaq OMX AB:CFISH)

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Rating:49Neutral

Price Target:SEK 2.50▲(22.55% Upside)

Action:reiterated

Date:11/05/26

The score is held down primarily by weak financial performance (shrinking revenue, persistent losses, and continued cash burn). Technicals are moderately supportive in the short term (price above key short/medium moving averages), but the longer-term trend remains weaker (below the 200-day) and momentum indicators are mixed. Valuation remains challenged because profitability is negative (negative P/E) and there is no dividend support.

Positive Factors

Low LeverageVery low debt relative to equity gives Crunchfish a stronger financial cushion than its weak earnings profile would otherwise suggest. Limited leverage reduces refinancing pressure and interest-related strain, preserving more flexibility to continue development while management works toward improved profitability.

Negative Factors

Revenue ContractionShrinking revenue weakens the company’s ability to absorb its fixed cost base and makes future profitability harder to reach. Continued contraction would also limit the resources available for product development and reduce the operating leverage expected from broader software deployments.

Crunchfish AB (CFISH) vs. iShares MSCI Sweden ETF (EWD)

Market Cap: SEK 169.04M
Dividend Yield: ―
Average Volume (3M): 109.98K
Price to Earnings (P/E): -7.8
Beta (1Y): 0.44
Revenue Growth: -47.90%
EPS Growth: 36.77%
Country: Sweden
Employees: 11
Sector: General
Sector Strength: 55
Industry: Software - Application

Crunchfish AB Business Overview & Revenue Model

Company Description

Crunchfish AB (CFISH) is a Sweden-based technology company focused on software for digital payments and related services. The company develops and commercializes solutions aimed at enabling fast and secure transactions, including functionality design...

How the Company Makes Money

Crunchfish primarily makes money by licensing its payment-related software/technology to other companies (e.g., payment ecosystem participants such as payment service providers, issuers, acquirers, and/or device or platform partners). Revenue is gene...

Crunchfish AB Financial Statement Overview

Summary

Overall fundamentals are weak: the income statement shows shrinking revenue, deeply negative gross profit, and persistent net losses, while cash flow indicates ongoing operating and free-cash-flow burn. The main offset is a comparatively strong, low-leverage balance sheet (very low debt-to-equity), which reduces near-term financial risk but does not solve the underlying profitability and cash-burn issues.

Income Statement

12Very Negative

Balance Sheet

58Neutral

Cash Flow

18Very Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	665.49K	709.25K	2.93M	987.83K	6.19M	3.96M
Gross Profit	-16.90M	-21.08M	-7.61M	-7.61M	-1.99M	-5.30M
EBITDA	-21.13M	-20.82M	-23.10M	-48.84M	-17.87M	-29.13M
Net Income	-20.37M	-20.23M	-26.53M	-49.30M	-25.90M	-40.90M
Balance Sheet
Total Assets	60.96M	55.81M	54.97M	61.52M	66.49M	64.19M
Cash, Cash Equivalents and Short-Term Investments	13.12M	11.66M	17.28M	30.73M	29.29M	32.76M
Total Debt	648.76K	754.50K	957.49K	1.42M	383.49K	560.58K
Total Liabilities	6.43M	6.28M	7.80M	9.25M	7.72M	8.35M
Stockholders Equity	54.53M	49.53M	47.16M	52.26M	58.77M	55.84M
Cash Flow
Free Cash Flow	-24.17M	-28.01M	-34.75M	-42.62M	-30.47M	-33.73M
Operating Cash Flow	-20.45M	-19.91M	-22.04M	-24.91M	-16.85M	-19.39M
Investing Cash Flow	-7.65M	-8.10M	-12.71M	-17.71M	-13.62M	-15.84M
Financing Cash Flow	28.04M	22.48M	21.25M	43.87M	26.78M	59.25M

Crunchfish AB Technical Analysis

Technical Analysis SentimentNegative

Last Price2.04

Price Trends

50DMA2.06Negative

100DMA2.22Negative

200DMA2.53Negative

Market Momentum

MACD-0.01Negative

RSI49.51Neutral

STOCH45.24Neutral

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 2.04 is above the 20-day moving average (MA) of 2.04, below the 50-day MA of 2.06, and below the 200-day MA of 2.53, indicating a neutral trend. The MACD of -0.01 indicates Negative momentum. The RSI at 49.51 is Neutral, neither overbought nor oversold. The STOCH value of 45.24 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

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

SE:CFISH against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SE:LITI	60Neutral	SEK 182.66M	-100.86	-1.46%	―	26.50%	-137.53%
SE:TRUE.B	60Neutral	SEK 7.17B	34.98	18.48%	1.22%	-15.84%	-74.24%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
SE:LOYAL	55Neutral	SEK 91.58M	32.59	―	―	41.33%	―
SE:PREC	51Neutral	SEK 151.82M	-2.01	-18.04%	―	-19.38%	-78.61%
SE:CFISH	49Neutral	SEK 207.16M	-7.75	―	―	-47.90%	36.77%
SE:SFL	43Neutral	SEK 62.58M	-3.31	-73.73%	―	-0.38%	-1081.91%

* General Sector Average

Performance Comparison

SE:CFISH and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
SE:CFISH	Crunchfish AB	2.04	-1.40	-40.70%
SE:PREC	Precise Biometrics AB	0.54	-1.69	-75.75%
SE:LITI	Litium AB	9.32	-3.48	-27.19%
SE:SFL	Safello Group AB	3.03	-2.61	-46.28%
SE:TRUE.B	Truecaller AB Class B	22.99	-3.06	-11.75%
SE:LOYAL	Loyal Solutions A/S	9.02	6.00	198.68%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Nov 05, 2026

Crunchfish AB AI Stock Analysis