Today, Crunchfish AB (“Crunchfish”) publishes the company’s half-year report for the second quarter and the first six months of 2024. Below is a brief summary of the report.

The report is available as an attached document to this press release as well as through the company’s website.

“Crunchfish has a unique position in the market by offering device-agnostic trusted applications for offline use. Key market segments with demand for offline services without device dependencies are CBDC and emerging markets. We are busy making proposals for such opportunities and presenting at events to explain our technology. We need to sustain the business as it will take time before outcomes of these sales processes are known. We are therefore considering our financing options where revenue-sharing of future revenues looks most attractive. “, says Joachim Samuelsson, Crunchfish’s CEO.

For more information, please contact:

Joachim Samuelsson, CEO of Crunchfish AB

+46 708 46 47 88

joachim.samuelsson@crunchfish.com

This information is Crunchfish AB obliged to publish in accordance with the EU Market Abuse Regulation. The information was provided by the contact person above for publication on 23rd August 2024 at 08:30 CET.

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

About Crunchfish – crunchfish.com

Crunchfish is a deep tech company developing a device-agnostic generic trusted client application platform for offline payments, tokenized card payments as well as other mobile client / server systems. Crunchfish has been listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with a subsidiary in India.

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On Friday, August 23rd at 08.30 CET / 12.00 IST, Crunchfish publishes its Q2 report for 2024. At 09.00 CET / 12.30 IST, a webinar about the report will be hosted on Zoom where Crunchfish CEO Joachim Samuelsson will be interviewed by Chief Analyst Martin Dominique from Västra Hamnen Corporate Finance.

During the webinar, the chat function will be active, and the participants will be able to ask question regarding the report. In order to participate, registration is done via the following link.  

A recording of this webinar will also be available afterward on Crunchfish’s website as well as Västra Hamnen Corporate Finance’s website. 

For more information, please contact:

Joachim Samuelsson, CEO of Crunchfish AB

+46 708 46 47 88

joachim.samuelsson@crunchfish.com 

This information was provided by the above for publication on 22nd August 2024 at 08:30 CET.

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

About Crunchfish – crunchfish.com

Crunchfish is a deep tech company developing a device-agnostic generic trusted client application platform for offline payments, tokenized card payments as well as other mobile client / server systems. Crunchfish has been listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with a subsidiary in India.

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Retail CBDC systems are challenging to implement in practice. There are many features of cash that are desirable to replicate in digital form, such as the ability to pay offline and with privacy. This whitepaper highlights the problems of making premature design decisions on form without realizing its limiting consequences on the function and presents alternatives that are more suited for delivering the desired function. Defining function before form is of paramount importance for a successful implementation of CBDC in practice.

This whitepaper discusses two pre-mature design decisions on form for retail CBDC systems that has negative consequences on function. First, the assumption of representing retail CBDC as a digital banknote. A layer-2 approach which improves privacy and has better ability to pay with exact amounts is discussed in the whitepaper. The second example of pre-mature assumptions on form relates to hardware-based secure elements. The whitepaper discusses trusted client applications in virtual secure elements as a better form for implementing the retail CBDC function. Find the whitepaper on this link.

This Crunchfish whitepaper is also published today on pages 12-15 in Currency Research bulletin Central Bank Payment News, July 2024 edition.

“Crunchfish argued early that it is not ideal to implement retail CBDC for offline payments in the form of a digital banknote. We also believe in delivering trust in mobile devices for offline payments by means of virtual secure elements, in contrast to using hardware-based secure elements. I believe Crunchfish will be proven right on both counts", says Joachim Samuelsson, Crunchfish’s CEO.

For more information, please contact:

Joachim Samuelsson, CEO of Crunchfish AB

+46 708 46 47 88

joachim.samuelsson@crunchfish.com 

This information was provided by the above for publication on 29th July 2024 at 16:15 CET.

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se Telephone +46 40 200 250.

About Crunchfish – crunchfish.com

Crunchfish is a deep tech company developing a device-agnostic generic trusted client application platform for offline payments, tokenized card payments as well as other mobile client / server systems. Crunchfish has been listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with a subsidiary in India.

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Crunchfish Digital Cash AB (“Crunchfish”) has received a Notice of Allowance from the US Patent and Trademark Office (USPTO) for its initial Digital Cash patent application indicating that all claims are deemed patentable. US is the first jurisdiction to grant a patent for this innovation. The patent with application number US 17/796 050 is valid until January 2040, 20 years from the original filing date.

This patent protects many fundamental aspects of offline payments. The basic scope is that the transaction is digitally signed by the payer and transmitted locally to the payee as a token providing the payee with a digitally signed commitment. When any of the parties gets online access, the transaction, stored by both parties, is communicated to the back-end ledger independently of each other. 

This patent application has previously received a positive International Preliminary Report on Patentability and it is now in the process of being nationalized in the US, Europe, India, China, and Taiwan.

” It is extremely pleasing that our first and very fundamental Digital Cash patent application for offline payments is now granted in the US. This is strategically important for several reasons; the patent application has an early priority date January 2020, a very wide scope that protects many technical aspects and we expect that our many other Digital Cash patent applications may also later be granted in other jurisdictions”, says Joachim Samuelsson, CEO of Crunchfish.

For more information, please contact:

Joachim Samuelsson, CEO of Crunchfish AB

+46 708 46 47 88

joachim.samuelsson@crunchfish.com 

This information is such information as Crunchfish AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 11:45 CET on July 1st, 2024.

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

About Crunchfish – crunchfish.com

Crunchfish is a deep tech company developing a device-agnostic generic trusted client application platform for offline payments, tokenized card payments as well as other mobile client / server systems. Crunchfish has been listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with a subsidiary in India.

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Crunchfish and Tata Consultancy Services (TCS) have entered into an alliance agreement targeting Central Bank Digital Currency (CBDC) projects around the world where Crunchfish will augment the Quartz solution for CBDCs with offline payments capabilities. A part of the Tata group, India’s largest multinational business group, TCS has over 601,000 of the world’s best-trained consultants in 55 countries. 

Quartz™ provides foundational technology, tools and business components that harness the power of next-gen technologies including DLT, AI/ML for organizations across varied industries. As a highly resilient technology, DLT can seamlessly integrate CBDCs with data-intense banking operations in a secure manner and enable a retail digital payments transformation. Crunchfish complements by providing resilience on the edge by device-agnostic trusted client applications that may be used for offline payments in both CBDCs and commercial payments systems.

Crunchfish and TCS have entered into an alliance agreement to augment the Quartz solution for CBDCs with offline payments enabled by Crunchfish’s patented Digital Cash solution. Offline payment availability is considered essential in CBDC projects to enable cash-like functionality in digital form. Crunchfish and TCS will work together to offer this combined solution for customers looking to integrate CBDCs into their business landscape.   

“We are extremely pleased to complement TCS’s Quartz solution with device-agnostic trusted client applications. “We will work closely with TCS to promote solutions to central banks and other parties that require secure, scalable, and resilient solutions in the backend as well as the frontend.", says Joachim Samuelsson, Crunchfish’s CEO.

For more information, please contact:

Joachim Samuelsson, CEO of Crunchfish AB

+46 708 46 47 88

joachim.samuelsson@crunchfish.com 

This information was provided by the above for publication on 1st July 2024 at 08:30 CET.

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

About QUARTZ – https://www.tcs.com/quartz

Quartz provides foundational technology, tools and business components that harness the power of next-gen technologies including DLT, AI/ML for organizations across varied industries. Quartz caters to organizations across Industry segments including Financial Services, Banking, Supply Chain, Energy & Utilities and eGovernance. Backed by awards from the Asian Banker (Best Fraud Prevention Technology Implementation 2023), Financial Technology Forum (Best New Post Trade Solution of the Year 2022), Asset Servicing Times (Outstanding Innovation Award 2022) and recognition from Analysts (ranked #1 Best Performing Fraud Management Solution by IBS Intelligence 2022) Quartz can help organizations operate at the forefront of technology innovation. To know more about Quartz, please visit: https://www.tcs.com/quartz

About TATA CONSULTANCY SERVICES (TCS) – http://www.tcs.com

Tata Consultancy Services is an IT services, consulting and business solutions organization that has been partnering with many of the world’s largest businesses in their transformation journeys for over 56 years. Its consulting-led, cognitive powered, portfolio of business, technology and engineering services and solutions is delivered through its unique Location Independent Agile™ delivery model, recognized as a benchmark of excellence in software development.

A part of the Tata group, India's largest multinational business group, TCS has over 601,000 of the world’s best-trained consultants in 55 countries. The company generated consolidated revenues of US $29 billion in the fiscal year ended March 31, 2024, and is listed on the BSE and the NSE in India. TCS' proactive stance on climate change and award-winning work with communities across the world have earned it a place in leading sustainability indices such as the MSCI Global Sustainability Index and the FTSE4Good Emerging Index. For more information, visit http://www.tcs.com.

TCS media contacts:

About Crunchfish – crunchfish.com

Crunchfish is a deep tech company developing a device-agnostic generic trusted client application platform for offline payments, tokenized card payments as well as other mobile client / server systems. Crunchfish has been listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with a subsidiary in India.

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The interest in the new 2024/2028 warrant programme for employees and key resources has been strong. Some warrants from the 2022/2026 programme have been repurchased and the warrants in the 2020/2024 programme is about to expire without value. The net amount the company will receive is SEK 821,205.

On May 21st, 2024, the Annual General Meeting of Crunchfish AB (“Crunchfish” or the “Company”) decided on an incentive programme consisting of 750,000 warrants of series TO2024/2028 for employees and key resources of the Company with a strike price of SEK 18.93 for exercise in June 2028.

On June 27th, 2024, 577,024 warrants in the series TO2024/2028 have been subscribed to at a market price of SEK 1.47 each, based on the Black & Scholes valuation model using parameters from an independent valuation advisor. The holders of these warrants shall pay a total of SEK 848,225 to Crunchfish in August 2024. The TO2024/2028 warrants entitle the holders to subscribe for one Crunchfish share for SEK 18.93 per warrant in June 2028.

The company has allowed employees with warrants in the previous TO2022/2026 incentive programme to sell those warrants back to the company at SEK 0.14 each, a market prices calculated by the Black & Scholes valuation model with equivalent parameters used by the third-party valuation advisor. 193,000 TO2022/2026 warrants have been repurchased for a total of SEK 27,020. Most of those warrants were purchased in 2022 for SEK 2.14 per warrant. 506,500 warrants of the TO2022/2026 series are still outstanding having a strike price of SEK 35.49 in June 2026.

The 675,000 outstanding warrants in the TO2020/2024 series are about to expire at the end of June 2024, and most likely expire without any value as the strike price is SEK 46.22. No other warrants are outstanding in the Company than above-mentioned incentive programmes. Excluding the warrants in the TO2020/2024 programme there are 1,083,524 outstanding warrants representing a dilution of 2.7% if these warrants are exercised in June 2026 and 2028 respectively.

For more information, please contact:

Joachim Samuelsson, CEO of Crunchfish AB

+46 708 46 47 88

joachim.samuelsson@crunchfish.com 

This information was provided by the above for publication on 27th June 2024 at 14:30 CET.

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

About Crunchfish – crunchfish.com

Crunchfish is a deep tech company developing a device-agnostic generic trusted client application platform for offline payments, tokenized card payments as well as other mobile client / server systems. Crunchfish has been listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with a subsidiary in India.

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