Seraphim Space Investment Trust (SSIT) Q1 2025 earnings summary

Executive summary

• Q1 to 30 September: NAV fell 2.3% to £222.9m, NAV per share to 93.96p and portfolio fair value 1.5% to £198.4m.

• Post-period currency movements implied portfolio fair value of £208.2m at 22 November rates, all else unchanged; net assets rose to £232.9m.

• Portfolio companies continued securing contracts and raising capital; 71% of portfolio value had at least 12 months of projected runway, including 58% fully funded.

Financial highlights

• Portfolio fair value declined £3.1m: £9.1m unrealised FX loss and £0.9m realised fair-value loss, alongside £3.0m disposals, outweighed £6.1m unrealised gain and £3.8m follow-on investment.

• Cash and liquid resources were £24.9m, or 11.2% of NAV; £12.5m was invested in publicly listed companies.

• Market capitalisation was £127.4m, down 1.6%; the 53.7p share price was down 1.6% and represented a 42.8% discount to NAV.

• Portfolio fair value was 103.1% of cost; investments were 89.0% of NAV.

Outlook and guidance

• Management expects adequate resources for portfolio needs and further investment in emerging SpaceTech businesses; some mature holdings are expected to have sufficient cash to reach profitability.

• Management sees defence spending and space-derived information and communications supporting demand and potentially increasing long-term European government contracts.

• Portfolio projections showed 58% of fair value fully funded and 71% fully funded or with at least 12 months of runway; not-fully-funded private holdings averaged 10 months.