• Expecting deal breakthrough from Digital Cash in Q2 2023
• Questions raised regarding additional funding
• We maintain our valuation of SEK 51.70 per share

Crunchfish reported a quarter in line with our previous expectations. The company continues to showcase increased market activity which even led to an international award. Furthermore, the company is getting closer to its first major deal within Digital Cash in India, which we expect to close during Q2 2023. In terms of financials, we expect Crunchfish to raise additional capital in 2023, but see risk of non-occurrence regarding the previously communicated investment from Socio Aps. In summary, we chose to maintain a fair value of SEK 51.70 per share.

The full report is available here.