• Offering a business opportunity to system operators
• Identifying the potential in closed-loop systems
• We keep our fair value of SEK 5.88 per share

Crunchfish's Q4 report was largely in line with our expectations. The company ended the year with a cash balance of SEK 11.7 million, which probably means that the credit facility will be utilised in Q2. The focus is on the commercialisation of the company's new business model, where the company licenses its technology to system operators and to service providers via a software licensing fee. India remains at the top of the priority list, with the National Payment Corporation of India pilot project expected to be completed in Q2. A successful result is an important validation for Crunchfish's solution. At the same time, CEO Joachim Samuelsson highlights the potential of closed-loop wallets, which can become a faster route to market. With minor adjustments to the model, we maintain our fair value of SEK 5.88 per share.

The full report is available here.