Crunchfish’s Q1 report reinforces the strategic and commercial positioning already highlighted in the April financing update. The oversubscribed SEK 15m rights issue, completed at SEK 3.00 per share and heavily backed by Chairman and CEO, materially improves near-term funding visibility while also signaling growing shareholder support around the company’s resilient payments positioning. Operationally, the quarter was characterized by continued ecosystem expansion around governed offline payments, including deeper engagement with NPCI in India, onboarding of participating banks IDFC First Bank and Axis Bank, a strategic partnership with Mercury in the Middle East and Africa, and continued CBDC-related discussions globally. Our rNPV estimate continues to support a potential value of SEK 5 per share, albeit resting on a number of highly speculative assumptions.