Västra Hamnen Corp. Finance

• Stronger than expected net result in Q1 due to lower OPEX
• Central banks eager to learn how Crunchfish could foster CBDC
• We maintain our valuation interval SEK 41.60 – 66.20 per share

Crunchfish reported a stronger net result than we had expected in Q1, largely because of lower operating expenses compared to our estimates. There were few surprises in the report otherwise. Operationally, the focus remains on engaging with central banks, banks and payment providers within digital cash and on positioning the gesture technology for a host of applications, primarily within AR and in-car monitoring systems. The overall picture is consistent with the projections in our latest research update from late March and we maintain the valuation interval unchanged at SEK 41.60 – 66.20 per share.

The full report is available here.