Seraphim Space Investment Trust (SSIT) Q3 2024 earnings summary

Executive summary

• NAV rose 0.8% to £226.2m, or 95.37p per share, at 31 March 2024; portfolio fair value increased 1.4% to £200.8m.

• The share price gained 43% to 49.2p, narrowing the discount to NAV to 48.4% from 63.6%.

• A post-period transfer of nine early-stage holdings refocused the portfolio on mature growth assets while retaining indirect exposure.

Financial highlights

• Portfolio fair value rose £2.8m, including a £1.9m unrealised fair-value gain and £0.9m FX gain; fair value was 102.5% of cost.

• Xona Space Systems (+£4.0m), D-Orbit (+£1.3m) and Spire Global (+£1.0m) were the largest positive valuation movements; Astroscale (-£3.9m) and AST SpaceMobile (-£1.2m) were the largest reductions.

• Liquid resources were £25.7m, or 11.4% of NAV, at 31 March 2024.

• No investments were made during the period.

Outlook and guidance

• Several mature holdings remained on track to become EBITDA positive during 2024; profitability is a milestone ahead of potential IPO preparation, subject to market conditions.

• Available cash reserves were considered sufficient for anticipated portfolio funding needs for the year ahead and beyond.

• 72% of portfolio fair value had at least 12 months of funding; 61% was fully funded on latest management projections, while the remaining 39% had a fair-value-weighted average 10-month runway.