While the commercialization of Crunchfish’s solution for offline payments has shown a longer sales cycle than expected, the company continues to build a broader base of potential counterparties and business arrangements. We see particular (albeit binary) potential in the new partnership with the world’s largest IT consulting firm, TCS, as an offline complement to their distributed ledger technology, and in the ongoing trial and proposal process with an undisclosed major payment provider. Strengthened by a new U.S. patent approval, Crunchfish is also exploring alternative ways to secure funding, with sharing future revenues for present-day financing being a shareholder-friendly option, if available. Overall, we see a fair chance for the share to stabilize and regain momentum, provided that a rights issue can be avoided.