Earnings call transcript: Crunchfish Q3 2025 highlights tech strides

Crunchfish AB reported its Q3 2025 earnings, revealing strategic advancements but facing a notable stock decline. The company's focus on digital payment innovations, including the next-generation infrastructure for India's Digital Rupee, is juxtaposed with higher external costs and a stock price drop of 7.58% to 3.17.

Key Takeaways

• Crunchfish raised 40 million SEK through a direct share issue.
• The company is developing infrastructure for the Digital Rupee.
• Stock price fell by 7.58% following the earnings call.
• Higher external costs impacted financial performance.
• No new hiring indicates a focus on operational efficiency.

Company Performance

Crunchfish is positioning itself at the forefront of digital payment solutions, particularly with its involvement in India's Digital Rupee project. Despite these advancements, the company faces increased external costs and operational constraints, such as a hiring freeze. This mixed performance reflects the broader challenges in the digital payments sector, where innovation needs to be balanced with cost management.

Financial Highlights

• Raised 40 million SEK through direct share issue.
• Credit facility of 10 million SEK secured.
• Potential for 12-16 million SEK from warrant exercise.
• External costs increased by approximately 1 million SEK.

Market Reaction

Crunchfish's stock fell by 7.58% to 3.17, reflecting investor concerns over increased costs and operational constraints. The stock is closer to its 52-week low, indicating a challenging market perception despite strategic advancements in digital payments.

Outlook & Guidance

Crunchfish aims to implement its infrastructure for the Digital Rupee by Q1, targeting expansion into 20 global payment networks. The company is exploring revenue models such as subscription fees and potential interest revenue from reserved funds, anticipating increased global interest in its deferred settlement approach.

Executive Commentary

CEO Joachim Samuelsson emphasized the company's strategic direction: "We are getting our product into the infrastructure of the leading network in the world, in India." He expressed confidence in the company's trajectory: "We think we have turned the corner," highlighting growing market acceptance of their approach.

Risks and Challenges

• Increased external costs could pressure profitability.
• Operational constraints, such as no new hiring, may limit growth.
• The stock's proximity to its 52-week low reflects market skepticism.
• Scalability and interoperability remain key challenges in global markets.

Q&A

During the earnings call, analysts inquired about the Digital Rupee infrastructure project and the company's partnership strategy with technology providers. CEO Samuelsson clarified their approach to offline payment technologies and highlighted the importance of their patent and technology development.

Full transcript - Crunchfish AB (CFISH) Q3 2025:

Joachim Samuelsson, CEO/Spokesperson, Crunchfish: It is what it is. It's big. the project involves, obviously us who are coming with a, a solution that they, would like to integrate. It involves MPCI, who are the, they are in-integrating in their payment network our receiving component, as, as they call it. this is the terminal that we have said the is the ability to receive payments, and that needs integration both in the common library in the front end, and there is a backend integration as well. And then we have, agreed to with MPCI to involve, two banks, in this project as well. One is IDFC, and another one is, Axis Bank. Axis is one of the four largest banks of India. They are part of it. And, in the background, there is RBI, because this is, this is for the digital roofie.

RBI is involved in a way because it's their product. It's, even if NPCI implements the solution, RBI needs to be sort of also approving things that is happening.

Martin, Interviewer/Analyst: Yeah.

Joachim Samuelsson, CEO/Spokesperson, Crunchfish: But they have a they, they, they are behind it. They have approved it, and they, they like what we do. So this is going on right now, and, it's, i-i-it's a big project, but, yeah, plodding along, as it should be.

Martin, Interviewer/Analyst: Yeah.

Joachim Samuelsson, CEO/Spokesperson, Crunchfish: Yeah.

Martin, Interviewer/Analyst: So is it is this the same project that RBI is, are pushing for to for, for banks to handle offline payments, or is it a side project or a different project? Could you just describe us for us how, how it's all connected?

Joachim Samuelsson, CEO/Spokesperson, Crunchfish: Well, th-th-th-this is this is a project that RBI, we have we've for long had a good dialogue with RBI, and they have said that in order to implement this, you need to talk to MPCI because MPCI are the ones that are building our the infrastructure for the digital roofie. and, now we, we have, and that's what we announced, that we have, the got this project with MPCI. So this is the next generation, infrastructure for the digi-digital roofie that we are busy working with MPCI to implement. it's, yeah, I wha-what can I say? It's, th-there were things shown at the, GFF that w we were in October, but that was already planned for before we came with this project. So that was previous generation, I would say, but we are working on what will now come next, as, as the infrastructure for the digital roofie.

Martin, Interviewer/Analyst: Okay. So, so could you tell us anything about the timeline for, for the project that you're in?

Joachim Samuelsson, CEO/Spokesperson, Crunchfish: We are, I would say it will be we will have this infrastructure in place with NPCI in Q1. This is what the project plan, the first phase of the project was to write, in a way, the project plan, and that is done, and that's been approved. Now we are in the setting the specs for it. Then it will go into development, and then there will be a few weeks of testing. That will be a quite a short phase, and that will be done for, with IDFC and Axis for use cases both for P2P that you pay from a person to another person, but also for P2M that you pay from a person to a merchant.

Martin, Interviewer/Analyst: Okay.

Joachim Samuelsson, CEO/Spokesperson, Crunchfish: Q1, is, where this project will be, sort of ready for, prime time to roll out to, where other banks can sort of also join.

Martin, Interviewer/Analyst: Yeah. And you obviously have discussions with several banks, and I just wonder, if they don't choose your solution, is there any alternative, or have they developed their own solution, or, is there any competition?

Joachim Samuelsson, CEO/Spokesperson, Crunchfish: Are you thinking of the banks now?

Martin, Interviewer/Analyst: Yeah, the banks, next step.

Joachim Samuelsson, CEO/Spokesperson, Crunchfish: I think the solution is in two parts. This is, again, according to our new strategy, that there is one part which goes into the network that becomes like a standard in the payment network. So that will only be there, there won't be different standards. The payment network, which is owned by for the digital rupee, is owned by RBI, and it's developed by NPCI. There will be one standard. We are part of setting that standard, with NPCI that will be for everybody. Then the strategy is that the banks are then free to choose a secure wallet for their users so they can make payments, in that payment network that, yeah, in that standard that the payment network has provided. There, the banks are free to choose alternative sort of solutions.

but, I, I think we have a good chance given that we are part of actually setting the standard of what the network will do.

Martin, Interviewer/Analyst: Yeah.

Joachim Samuelsson, CEO/Spokesperson, Crunchfish: But the th-there is, this is where there will be competition that banks can choose other solutions that conform with this, strategy, or this standard that we're setting in the network.

Martin, Interviewer/Analyst: Yeah. That's that is actually what, what I wondered.

Joachim Samuelsson, CEO/Spokesperson, Crunchfish: Yeah.

Martin, Interviewer/Analyst: In the next step, there will be, some sort of competition between your solution and MPCI.

Joachim Samuelsson, CEO/Spokesperson, Crunchfish: Yeah. Th-th-this is, th-this is yeah, th-that's possible. here are we hope our patents will play, a role as well. We, we are getting some key patents. They are at the final stage of being approved in India, and they, they could play a positive role for us as well. but, th-the idea is to set a create sort of an, one standard in the payment network and then have the ability for the, banks and payment services to choose what secure wallet they need they want to have for their users so they can make offline payments.

Martin, Interviewer/Analyst: Yeah. And, speaking of different infrastructures, we have a question regarding, the, the co-cooperation with CMA Small Systems, for some specific markets, like Pakistan. Or is it more general, this collab collaboration?

Joachim Samuelsson, CEO/Spokesperson, Crunchfish: This is broader. they, they have about they're, they are they are already in about 10 payment networks around the world, and, and they in many of those countries, they go in on a national level, essentially delivering the system that the country's using for real-time payment systems. Like MPCI is sort of doing, they're providing the UPI system in India. CMA is delivering that infrastructure for, for other countries. and, th-this is why this, this partnership is good for us because we are we are becoming a partner of someone that played the role of MPCI, in, well, at least as a technology provider to a l a local sort of equivalent of MPCI. I, I wouldn't say they are MPCI, but they are th-they deliver the payment platform that those countries are using to do their, payment systems.

And in those payment systems, there are requirements for offline payments, and this is where we come in.

Martin, Interviewer/Analyst: Okay. I see. So, so AltPayNet, is also s a, a similar player like, CMA?

Joachim Samuelsson, CEO/Spokesperson, Crunchfish: They, they are less of a player on a national level, but they have, major banking relationships, in the Philippines. And, so I we in the Philippines, we, we are using them as a working with them as a way to get interest from the national payment switches that they, they can set, a, yeah, set the precedence. But th-there we are further away from the national payment level than we are with the relationship with CMA because the CMA delivers directly the, national payment switches, of, of several countries.

Martin, Interviewer/Analyst: I see. So, let's go back to, to India for, for a moment and, just talk about the, the project that that's rolling. and you say Q1 is your projected endpoint. will we could we expect some revenue from, from users in this project in Q1, or what-what's your, what's your forecast?

Joachim Samuelsson, CEO/Spokesperson, Crunchfish: It depends on how we structure in a way, what, what we will, will be able to, to engage the banks with. we, we can do deals with the banks, for earlier, revenue. but I, I would say the majority of the market, there are 21 banks currently in the, for the digital roofie, and RBI has made it mandatory for those banks to have an, an offline solution. They need to they need to move. and we, we can certainly talk to them, whether we will get revenue from that may th-that all th-all these other mark other banks, before we have get this project approved. I think that will probably be difficult. the one that we, we are closest to would be, would be Axis Bank, who has already agreed to be part of it.

But th-there is also all the banks, they are, they are working with a technology partner who helps the bank to implement their, payment system. And Axis has one payment technology partner. they're called Olive. They are now becoming a partner of us as well. And IDFC Bank, they have a-another one. The, the name is Savatra, and they have Savatra has seven other banks. Olive have four other banks. So here is an opportunity to work with those technology partners who are working with the banks to get our because they are at the end of the day, they will help the bank with, with this, integration on the banking side of this solution. So here, here we have a, a chance to, in this project, work with two of those technology providers that in turn serve more than half of the banks that eventually will have this solution.

So th-th-this creates an opportunity for us as well. So th-there are we, we it's, it's still it's still a bit of early days, but, we are we are we are well aware that we are want to have revenue, and, we are looking at ways of, accelerating of how to get to those to, to get the revenue as early as we can.

Martin, Interviewer/Analyst: Yeah. So, so working with those technology partners could be a way to reach broader and faster,

Joachim Samuelsson, CEO/Spokesperson, Crunchfish: Yes. We don't have to go to 21 banks one by one. I think we can work with, a technology partner and then via them reach Olive have four, four banks, for instance. Savatra, as I said, have seven. That's 11 out of the 21. And then there are, we, we, we, we met at, at, GFF, some of the other technology providers as well for the other banks as well. So we are w-we, we, we see that as a way to more quickly actually get our solution into, those, those banks via those technology partners.

Martin, Interviewer/Analyst: So there are also some sort of, revenue sharing, I would imagine, with those technology partners.

Joachim Samuelsson, CEO/Spokesperson, Crunchfish: It could be. We, we haven't defined those yet. We, we it's still, as I said, we at GFF in October, we, we met with, Ol-Olive and, Savatra and, and another player as well. And they we, we haven't discussed any, any sort of model yet. They make money out of doing the integration with the banks. They, they are, they, they have a lot of consultancy services for the banks, and they, they are selling their own their own platform. And, we're gonna strengthen that platform now so it can include also offline payments that they can deliver to the banks.

Martin, Interviewer/Analyst: Okay. Thank you. we've received a question from a viewer, regarding hackathon and why it is prolonged. didn't, Crunchfish already run the offline module?

Joachim Samuelsson, CEO/Spokesperson, Crunchfish: Well, the, the, the RBI, they, they do hackathons every year. And, the hackathon they do this year is a, i-is a hackathon for actually the entire system. They, they, they want to get a grasp of the entire system. We are currently working with the MPCI on the network side. We are working on that standard that will be set on the network side. But there will be there will be, as we have we said earlier, also on the banking side. So they are going now in this hackathon and asking the market, really, give us a solution. And, and they've said that it should be secure. It should be scalable, which I take it i-it, it will probably it's hard to do that scalability unless it's software. So I think they are they are endorsing our software approach.

And they want it to be interoperable, which is means that it needs to be interoperable in the first place with UPI as well in the Indian market. And that means that they, they will need to go away from sending a token from a, in offline mode because then it will never be interoperable. They, they will go for, the approach that we have patented, and it's our approach where you do a an IOU. You, you, you have an, a payment instruction, which you send from, from me to, say, you, Martin, in offline mode, and then that later settles. That is that mode that, India is now going for.

Previously, they actually were sending tokens in offline mode, but, they are now moving to towards the, the design that we have, yeah, that, that has been our, our, our way of our, our approach all along, that, rather do a payment instruction or an IOU in offline mode. So, so RBI is, is asking the market for give us ideas for this entire solution. I think we are a good fit already because we are on the network side, but th-there is still, as, as we said, where your question before, Martin, will there be competition? So there will still be, on the, banking side, secure wallets that is needed there as well. And, and, and I guess they are just scanning the market to see what, what will people come up with.

Martin, Interviewer/Analyst: Okay.

Joachim Samuelsson, CEO/Spokesperson, Crunchfish: But I, I think we are we are in a good position given our project, which is approved by RBI, that we're working with MPCI into the on the network side. But then th-there is still the, the issue of, on the banking side, what will be, be the solutions there as well. So, we will go in and, and present what we are working on, which includes what we're gonna do on the banking side, but also what we do on the network side. That will be our, our proposition into the, Harbinger hackathon.

Martin, Interviewer/Analyst: Yeah. A-and the ongoing project, is all, obviously is, proof of concept for, for the whole, approach, I guess.

Joachim Samuelsson, CEO/Spokesperson, Crunchfish: What, what, what was your I didn't hear.

Martin, Interviewer/Analyst: the, the, the, the yeah, I mean, the, the ongoing project with MPCI is, is something that you can showcase not only in India but elsewhere as well. we have a question regarding the SEPA system, SEPA payment. And there were earlier talks about with Microsoft. Any outcome on this or updates?

Joachim Samuelsson, CEO/Spokesperson, Crunchfish: we, we don't have with Microsoft, I can't recall that we have talked about Microsoft when it comes to, yeah, we, we, we're not we're not doing anything with Microsoft, within, sort of payment.

Martin, Interviewer/Analyst: Okay.

Joachim Samuelsson, CEO/Spokesperson, Crunchfish: SEPA is sort of the European sort of, system, and, w-we, we have dialogues, in Europe, as we sh we have released that we were one of the pioneers that showed our way of doing offline payments, with a reserve pay and settlement approach. we have showed that for ECB in the digital euro sandbox. And, we are in yeah, we th-th-that is what we think is the better approach in offline payments. I think that's what's happening right now in India, where they are going away from an approach where they are not having tokens to be sent in offline mode, which essentially is a digital bank note. They're going for digital IOUs instead, which is the approach that, we've been, arguing for all along. I think Europe.

Martin, Interviewer/Analyst: Okay.

Joachim Samuelsson, CEO/Spokesperson, Crunchfish: Eur-Europe is, they have announced in, Q3 here that, the winner was G&D, and this was on a spec that they developed, back in 2023, 2024. Now, yeah, they, they will, th-there is a lot of momentum around doing this. I think it will be hard to get scalability and interoperability with this approach in Europe. But we have this IOU approach, which now India is going for, which.

Martin, Interviewer/Analyst: Yeah.

Joachim Samuelsson, CEO/Spokesperson, Crunchfish: I hope to position as well for, for Europe as an, as an alternative to what they're currently doing with their digital bank notes.

Martin, Interviewer/Analyst: Yeah. so, so, so why do you think, Crunchfish didn't win? What, what, why, why did it choose, this, this other solution, do you think?

Joachim Samuelsson, CEO/Spokesperson, Crunchfish: Which one? In, in,

Martin, Interviewer/Analyst: in, in, in Europe. Yes. Sorry.

Joachim Samuelsson, CEO/Spokesperson, Crunchfish: Because it was specified as a digital bank note, approach.

Martin, Interviewer/Analyst: Okay.

Joachim Samuelsson, CEO/Spokesperson, Crunchfish: they, they, they decided on digital bank note, which means that you, you do offline payments where you have just like you hand over a bank note, you have finality. you are you're done. There is no settlement whatsoever. The approach that we have always th-the approach we are going for, which I think is where the market actually is, is, is going towards, I think India is, is a is a great example of that because they've tried doing the, approach with digital bank notes, but they're giving it giving it up. And they're going now for th-the approach that we've been saying. And this is which has what's called a deferred settlement, that there is a settlement step. You reserve money, you move basically a payment instruction or an IOU, and then you settle. That, that has always been our approach.

But the specification that was done by ECB was more or less saying, "We, we want offline finality." So they, they went for that architecture from the start. And that's it's never been our approach. We, we think for scalability reasons, for interoperability reasons, it's, it's not a good a it's not a good approach.

Martin, Interviewer/Analyst: I see. Well, let's stay for a moment in, in, in Europe. in your report, you mentioned something, an organization called P19. What is that?

Joachim Samuelsson, CEO/Spokesperson, Crunchfish: Well, we were we were invited by Bank of Austria, in relation to the digital euro into a meeting in Austria at their central bank, the Österreichische Nationalbank. We were and, and this was a meeting that was organized by the, Central Bank of Austria, but also an organization called P19. I don't know what 19 really stands for, but, th-they call themselves the P19 Payment Circle. And it is, I think it is an Austrian organization that has been put together for driving innovation when it comes to payments right now. And they, they were emphasizing what the pioneers have been have done for the digital euro. And, as you know, we are one of the pioneers. So we were invited to discuss what's next now with the digital euro.

And I, I, I, I talked about that, that yes, there is a decision on offline payments for doing digital bank notes, but it, it will be difficult then to do scalability and to do interoperability. Isn't that what you're interested in? And, and I think the conversation was, "Yes, these are important." So yeah, but the solution you're building right now is not delivering that. However, you can do it with these conditional payments that we as a pioneer have, been showing. And, we had that dialogue with, with them, with the P19 organization and the Österreichische Nationalbank, around it.

Martin, Interviewer/Analyst: Okay. So, physically, Joachim, where are you now? Are you able to switch on video or how, how is it going on the?

Joachim Samuelsson, CEO/Spokesperson, Crunchfish: Soon. I, I'm moving now, but I, I need to I'm still on the highway, so I need to.

Martin, Interviewer/Analyst: Okay.

Joachim Samuelsson, CEO/Spokesperson, Crunchfish: Drive off of the highway to in order to stop. But I, I, I think I can do that. I'm coming to an exit soon.

Martin, Interviewer/Analyst: Okay. Just wondering. I think the, the viewers are, are tired of watching at me watching me all the time. But, let's move on to some of the financial issues, in the report, or at least news during the, the Q in Q3. you raised, 40 million SEC, in a direct-to-share issue, with a criti credit facility also, of 10, with warrant exercise in March, that could add another 12 to 16, million. How long will this funding take you?

Joachim Samuelsson, CEO/Spokesperson, Crunchfish: It will take us through 2026, as we have communicated. In the.

Martin, Interviewer/Analyst: Okay.

Joachim Samuelsson, CEO/Spokesperson, Crunchfish: In its worst in a worst-case scenario that we're not getting any revenue. But, but, the, the money itself is, sufficient for, for, to the end of 2026.

Martin, Interviewer/Analyst: Yeah. and, in the report also, we were a bit surprised by the, higher external costs. It was a bit higher than our estimate, at, at least. could you describe what could you explain what that was caused by?

Joachim Samuelsson, CEO/Spokesperson, Crunchfish: Yeah. W-well, one of the things is, is all the exhibitions. traveling costs and the exhibition itself, it probably accounts for 300,000 of that. But the, the main part, 700, is actually that we had, during, during that quarter, we had higher patenting costs. and, and that's that, that follows a little bit the, that, that follows the, the, the, the schedule around patents, really, that some patents were due for, that we had to, extend them for going national. and that usually, has, has sort of quite a high cost, to, when, when we are, going from a international PCT phase into a national phase. That's usually, say 300,000, given how many countries we choose to, nationalize our patenting.

Martin, Interviewer/Analyst: Okay. welcome back, by the way. Nice to see you again. and the on, on the other hand, the personal costs were lower, than our forecast. are you comfortable with the level of, of this segment, in Q3 and, and, and, going forward?

Joachim Samuelsson, CEO/Spokesperson, Crunchfish: Yeah, we're not we're not hiring right now. I, I think the, the level that you saw, it, it, it is somewhat also affected by vacation period, that is, ha a lot of people take vacation in July, August. So that's, that's certainly part of it as well. But then, we, we were having lower costs because now all the people from the gesture side, it has left the business. So now the full effect of that is seen. and yeah, I, I think we are we're not hiring. So, the level that you see is, is the level that, I think we, we are budgeting for, for the for the, yeah, coming, coming period here in terms of personnel.

Martin, Interviewer/Analyst: Yes. Yep. I'm running out of questions. And, let's see if there's any other out there from the viewers. we've talked about m-many of the topics. we have a question regarding the business model. Have you I mean, have you validated that towards shareholders during the, the, the quarter? someone asks.

Joachim Samuelsson, CEO/Spokesperson, Crunchfish: Validated the business?

Martin, Interviewer/Analyst: I mean, I.

Joachim Samuelsson, CEO/Spokesperson, Crunchfish: I don't understand the question. We have explained it with shareholders. We had a lunch talk, and I had a presentation, which was an investor presentation up at the Stora Aksjedagen, where we talked about the business model, during that was in all in September. So, I don't know if we discussed the business model. Essentially, our business model is based on a subscription-based model that we it's per user per annum. That's what we have with IDFC. But we are also in discussing of adding to that a component where we will make money out of the interest on the amount of money that people have reserved. This you the user is not getting interest, but the money is still with the banking system.

That creates an opportunity to get part of that interest as part of our, the money we make out of our solution.

Martin, Interviewer/Analyst: Oh, okay. Thank you. well, no further questions have arisen. And, I think it's time to wrap up things.

Joachim Samuelsson, CEO/Spokesperson, Crunchfish: Yeah.

Martin, Interviewer/Analyst: as a final question, if, if I ask you to summarize the quarter, what are the three most important takeaways, would you say?

Joachim Samuelsson, CEO/Spokesperson, Crunchfish: I think yeah. The main thing that has happened is that we are what we've always worked for, get our product into the infrastructure of the leading network in the world, in India, is sort of a great, that's a great achievement of this quarter. We are starting with it with the Digital Rupee. They now have the same sort of architecture for the Digital Rupee that they go for this Reserve Pay and Settle, which they also can use for UPI. This really opens up the opportunity to make money out of our system in India. That is, that is great for us. Given that we are getting ourselves into this network of India, of NPCI of India, that is happening, that is opening doors all over the place.

And the other takeaway is that we are now in dialogue. I think I said it earlier. I think there is about 20 payment networks right now in the world where, I think half of them we have come further, in our discussions. And, we will start sort of taking steps towards now even integration. I hope to announce more of those, steps, soon. And that means that we are getting an even wider footprint around the world with our, our, our technology. And that means that as a subsequent step, we will be able to address all those payment services in those networks as well. So we are the achievement that we're getting in India is sort of really quite a remarkable, achievement of us that we are getting into the, in such a leading place as India with our technology.

It's, it's, it's, it's very strong. And now that, that opens up for revenues locally in India and then later on into other networks and then revenues from those as well. So we are we I think we have, we've turned the corner. It's been, really exciting, that the, the new strategy that we announced here in, in May, that it has already then got us to where we are right now, which is, much further along that, that, that sort of track that we announced, in, in the Q1 report. So, I'm happy with that. And then,

Martin, Interviewer/Analyst: Okay.

Joachim Samuelsson, CEO/Spokesperson, Crunchfish: Now it's just about executing and, getting our, our product spread. The other last thing I would say is that feeling that we're having not just in with India, but, there was a note from Bank of England as well that clearly says that they will not go for a Digital Bank Note in terms of a Digital Pound. They won't have that in offline mode, but they will go for an approach with, Deferred Settlement. Again, another testimony of, that more and more people are understanding that the approach that we've been saying all along, where we have all our patents, is the approach that is winning ground in the market.

I think Europe is the exception, now going full speed ahead, with a solution that is actually implementing digital bank notes for Europe, whereas I think many other places, many important other places, are going for an approach which is, based on deferred settlement, which has been our, our recommendation for offline payments all along.

Martin, Interviewer/Analyst: Okay. Well, thank you very much, Joachim. it seems as if, even if you don't press release everything, things you're, you're busy coming forward.

Joachim Samuelsson, CEO/Spokesperson, Crunchfish: Yeah, we're very busy. We're, we're, we're very busy. I would I would say we are more busy than ever, right now in, certainly our tech team are, are working really, long hours right now to, not only support what we're doing here in India, but, presenting, with new payment networks, around the world with our solution. so it's, it is very busy times at the moment. It is.

Martin, Interviewer/Analyst: Yeah. So thank you very much, Joachim, for joining. And drive safely to the office. thanks everyone who's watching, watching. And, please don't, don't forget to subscribe to our YouTube channel, so you don't miss our next update. Thank you all.

Joachim Samuelsson, CEO/Spokesperson, Crunchfish: Thank you, Martin.

Martin, Interviewer/Analyst: See you later.

Joachim Samuelsson, CEO/Spokesperson, Crunchfish: Thank you, Martin. Bye.

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