This is the output of the Fibonacci example:

(module (import "spectest" "print_i32" (func $printi (param $i i32))) (memory $rael.memory (export "memory") 1) (table $rael.global funcref (elem)) (func $fib.fn/2 (param $n/1 i32) (result i32) (local $x/12 i32) (local.get $n/1) (local.set $x/12) (block $join:11 (local.get $x/12) (i32.const 0) (i32.eq) (if (result i32) (then (i32.const 0)) (else (local.get $x/12) (i32.const 1) (i32.eq) (if (result i32) (then (i32.const 1)) (else (br $join:11))))) (return)) (local.get $n/1) (i32.const 1) (i32.sub) (call $fib.fn/2) (local.get $n/1) (i32.const 2) (i32.sub) (call $fib.fn/2) (i32.add)) (func $fib2.fn/1 (param $num/2 i32) (result i32) (local $n/4 i32) (local $acc1/5 i32) (local $acc2/6 i32) (local $x/16 i32) (block $join:3 (local.get $num/2) (i32.const 0) (i32.const 1) (local.set $acc2/6) (local.set $acc1/5) (local.set $n/4) (br $join:3)) (loop $join:3 (result i32) (local.get $n/4) (local.set $x/16) (block $join:15 (block $join:14 (block $join:13 (local.get $x/16) (i32.const 0) (i32.eq) (if (result i32) (then (br $join:13)) (else (local.get $x/16) (i32.const 1) (i32.eq) (if (result i32) (then (br $join:14)) (else (br $join:15))))) (return)) (local.get $acc1/5) (return)) (local.get $acc2/6) (return)) (local.get $n/4) (i32.const 1) (i32.sub) (local.get $acc2/6) (local.get $acc1/5) (local.get $acc2/6) (i32.add) (local.set $acc2/6) (local.set $acc1/5) (local.set $n/4) (br $join:3))) (func $init/3 (i32.const 3) (call $fib.fn/2) (call $printi) (i32.const 46) (call $fib2.fn/1) (call $printi)) (export "_start" (func $init/3)))