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Crunchfish AB
(CFISH)
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Rating:48Neutral
Price Target:
kr2.50
▲(10.13% Upside)
Action:Reiterated
Date:10/02/26
The score is held down primarily by weak financial performance—shrinking revenue, persistent losses, and continued negative free cash flow—despite low balance-sheet leverage. Technicals are mixed with some near-term strength but a still-weak longer-term trend, and valuation remains unattractive/unclear due to negative earnings and no dividend data.
Positive Factors
Recurring software licensing model
A licensing-based model can support repeatable revenue from commercial deployments, renewals, and expansions rather than relying only on one-time product sales. Ongoing fees tied to support or usage may also deepen customer relationships as payment technology becomes embedded in operations.
Negative Factors
Declining revenue
Falling revenue points to weak commercial traction or reduced deployment scale, which directly limits the company’s ability to absorb fixed operating costs. Continued contraction would make it harder for Crunchfish to fund product development, expand customer adoption, and achieve sustainable operating leverage.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring software licensing model
A licensing-based model can support repeatable revenue from commercial deployments, renewals, and expansions rather than relying only on one-time product sales. Ongoing fees tied to support or usage may also deepen customer relationships as payment technology becomes embedded in operations.
Read all positive factors
Crunchfish AB (CFISH) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr189.35M
Dividend YieldN/A
Average Volume (3M)127.94K
Price to Earnings (P/E)―
Beta (1Y)0.55
Revenue Growth-47.90%
EPS Growth36.77%
CountrySE
Employees11
SectorGeneral
Sector StrengthN/A
IndustrySoftware - Application
Share Statistics
EPS (TTM)-0.26
Shares Outstanding82,865,010
10 Day Avg. Volume138,487
30 Day Avg. Volume127,936
Financial Highlights & Ratios
PEG Ratio0.14
Price to Book (P/B)3.07
Price to Sales (P/S)214.30
P/FCF Ratio-5.43
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.19
Revenue Forecast (FY)kr10.82M
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 des...
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 g...
Crunchfish AB Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
58
Neutral
Cash Flow
18
Very Negative
| 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 | -20.75M | -20.82M | -20.85M | -48.84M | -23.79M | -36.48M |
| 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
Positive
2.27
Price Trends
2.18
Positive
2.39
Negative
2.59
Negative
Market Momentum
-0.03
Negative
55.31
Neutral
48.32
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:CFISH, the sentiment is Positive. The current price of 2.27 is above the 20-day moving average (MA) of 2.05, above the 50-day MA of 2.18, and below the 200-day MA of 2.59, indicating a neutral trend. The MACD of -0.03 indicates Negative momentum. The RSI at 55.31 is Neutral, neither overbought nor oversold. The STOCH value of 48.32 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:CFISH.
Crunchfish AB Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | kr7.29B | 30.48 | 21.22% | 1.21% | -15.19% | -47.39% | |
62 Neutral | kr199.30M | -87.76 | -2.10% | ― | 25.37% | -69.77% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
53 Neutral | kr85.50M | 32.24 | ― | ― | 41.33% | ― | |
48 Neutral | kr189.35M | -8.40 | ― | ― | -47.90% | 36.77% | |
47 Neutral | kr81.80M | -4.51 | -73.73% | ― | -0.38% | -1081.91% | |
45 Neutral | kr138.08M | -1.90 | -18.04% | ― | -19.38% | -78.61% |
* General Sector Average
SE:CFISH
Crunchfish AB
2.21
-1.36
-38.10%
SE:PREC
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SE:LITI
Litium AB
10.25
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-15.64%
SE:SFL
Safello Group AB
4.13
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-25.72%
SE:TRUE.B
Truecaller AB Class B
23.08
-15.94
-40.85%
SE:LOYAL
Loyal Solutions A/S
9.14
6.16
206.71%
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.