Slide 1: Half-Year Report
crunchfish> RETHINKING PAYMENTS HALF-YEAR REPORT
Slide 2: New go-to-market strategy is working
New go-to-market A week after the release of the Q1 report decided to offer the payment networks I went to the Digital Currency Conference the ability to receive for free as we then in Bangkok to announce the new go-to- open the market for us to sell wallets to market strategy which essentially is a
Slide 3: Industry validation and financing and closing remarks
Industry validation Standards Organization (CBSO), a global non profit dedicated to defining We are happy to note that Crunchfish comprehensive technical and operational approach is being validated by industry standards for central banks. By this professionals. Recently, the International collaborat
Slide 4: Rethinking Payments Online, Offline, and Cash
Rethinking Payments In today’s financial landscape, end users merchants. Handling cash involves logistical and merchants rely on a variety of burdens such as ensuring sufficient change, payment options—cash, cards, and online managing security risks, and dealing with methods—to facilitate transactio
Slide 5: The Superior Approach
By utilizing an isolated runtime execution clients as well as between clients and The Superior Approach environment, Crunchfish ensures servers. With private key in a trusted client that payment data integrity during in a PKI-based architecture, TAP ensures Crunchfish shows with its Digital Cash cry
Slide 6: The layered approach: L2 solutions built on L1 payment systems
The layered approach: An L2 solutions The seamless approach: A hybrid payment built on top of L1 payment systems system merges transactions that has been provides multiple key design objectives, cleared offline in L2 with a subsequent such as resilience, privacy, scalability, L1 online settlement. T
Slide 7: Digital Cash in India
Digital Cash in India Digital Rupee During 2023, Crunchfish and IDFC FIRST Crunchfish and IDFC FIRST Bank are Bank signed a software license agreement at the forefront of implementing and to integrate Digital Cash into the bank’s adopting this new architecture. As a result, payment apps. As part of
Slide 8: Digital Cash in the Rest of the World
Unified Payment Interface Digital Cash in the more user friendly and secure offline solution than currently is available with UPI Unified Payments Interface (UPI) is the Lite X. At the same time, it would provide world’s most successful real-time payment the same kind of business opportunity Rest of
Slide 9: CBDC in the Rest of the World
CBDC in the Rest of the World layer-2 solution augmenting the underlying layer-1 CBDC payment system with desired The IMF published in August a Fintech features. It is designed to respect the roles Note, like many other papers that cover and responsibilities of payment networks offline payments, the
Slide 10: Central Banking Standards Organization and SaaS Expand Agency
the market. The Central Banking Standards Payments concept resonates very well Organization (CBSO) is a global non-profit with their ambitions. They will start design, committed to defining standards for implementation and testing second central banking operations and technology. half of 2025. Two w
Slide 11: One night in Bangkok....
One night in Crunchfish fresh thinking on offline in the payments industry. The payment payments that solutions have to respect service / application providers that serve the roles and responsibilities of payment end-users should implement Wallets to networks and payment service providers have suffi
Slide 12: ....and the world's your oyster
....and the world’s your oyster 2025-08-29 2025-09-29 Financial Meetings Malmö Sibos Frankfurt Our participation in Bangkok was a great success, even if it was just “One night in Bangkok” for our CEO Joachim Samuelsson it showed that the world’s our oyster. The Digital Currency Conference demonstrat
Slide 13: A Detailed Payment System Comparison
SYSTEM OPTIONS: Real-Time Payment on EMVCo Xpay HCE on EMVCo Bank Issued on Crunchfish Digital Cash on CBDC Solution on Mobiles Mobile Device Mobiles Smartcard Mobiles or Smartcard or Smartcard A Detailed Payment SYSTEM DESIGN Online Payment Yes Yes Yes Yes Yes Offline Payment No Few MCC only Yes Ye
Slide 14: Ranking of System Design, Security and Implementation
Ranking of System Design, Security and Implementation This ranking reinforces Crunchfish Digital Cash L2 solution as the most well-rounded, future-proof solution, excelling across solution design, security, and implementation. While legacy systems like EMVCo and RTP retain their relevance in online
Slide 15: Analysis and Best Practise Ranking for Eight Key Design Objectives
Overall Ranking: Privacy Examines how well the Crunchfish Digital Cash offers configurable Crunchfish Digital 1. Crunchfish Digital Cash L2 solution: yet constrained by limited configurability payment system protects privacy, balancing user anonymity for low- Cash L2 solution Excels in all categorie
Slide 16: Significant news during and after Q2
Significant news during and after Q2 2025-08-21 2025-07-02 2025-06-05 2025-05-21 Crunchfish gets Industry validations of its Crunchfish provided a high-level Crunchfish solved key pain point of Crunchfish published the 2025 Q1 report, way of rethinking payments. description of its modular, packet- p
Slide 17: Financials
Financials Sales and earnings for the in intangible fixed assets and SEK 0 (0) quarter thousand in tangible fixed assets. Net sales amounted to SEK 156 (432) During the first half year, the Group thousand for the second quarter and invested SEK 4,381 (8,423) thousand operating expenses amounted to S
Slide 18: Sales and earnings for the quarter, parent company
Sales and earnings for the Sales and earnings for the half Financial calendar Certified Adviser quarter, parent company year parent company Crunchfish AB publishes financial reports Västra Hamnen Corporate Finance AB is The parent company’s net sales amounted The parent company’s net sales amounted
Slide 19: Financial report: Group income statement
Financial report Group income statement (SEK) Q2 2025 Q2 2024 Q1-Q2 2025 Q1-Q2 2024 2024 Operating income Net sales 156 262 431 893 441 436 2 097 231 2 933 125 Own work capitalized 2 307 904 4 159 236 4 380 882 8 423 407 12 708 120 Other operating income 685 600 635 467 1 272 243 1 228 029 2 393 788
Slide 20: Group balance sheet and changes in group equity
Group balance sheet (SEK) Group balance sheet cont. (SEK) Jun 30, 2025 Jun 30, 2024 Dec 31, 2024 Equity and liabilites Jun 30, 2025 Jun 30, 2024 Dec 31, 2024 Assets Equity Fixed assets Equity attributable to parent company shareholders Intangible assets Share capital 3 396 773 1 823 758 2 645 414 Ca
Slide 21: Group cash flow statement and parent company income statement
Group cash flow statement (SEK) Parent company income statment (SEK) Q2 2025 Q2 2024 Q1-Q2 2025 Q1-Q2 2024 2024 Q2 2025 Q2 2024 Q1-Q2 2025 Q1-Q2 2024 2024 Operating activities Operating income Operating profit or loss -5 038 399 -7 939 019 -10 069 406 -14 228 482 -26 387 990 Net sales 3 739 126 4 14
Slide 22: Parent company balance sheet
Parent company balance sheet (SEK) Parent company balance sheet cont. (SEK) Assets Jun 30, 2025 Jun 30, 2024 Dec 31, 2024 Equity and liabilites Jun 30, 2025 Jun 30, 2024 Dec 31, 2024 Equity Fixed assets Restricted equity Tangible fixed assets Share capital 3 396 773 1 823 758 2 645 413 Equipment 21
Slide 23: Parent company cash flow statement
Parent company cash flow statement (SEK) Q2 2025 Q2 2024 Q1-Q2 2025 Q1-Q2 2024 2024 Operating activities Operating profit or loss 68 522 -117 615 175 086 113 312 282 679 Adjustments for non-cash intems 3 010 3 010 6 020 6 020 12 041 Interest received etc. 55 892 68 666 82 869 84 030 438 436 Interest
Slide 24: Crunchfish – Rethinking Payments
crunchfish> RETHINKING PAYMENTS