Seraphim Space Investment Trust (SSIT) Q3 2025 earnings summary

Executive summary

• Q3 portfolio fair value rose 3.0% to £222.7m; NAV was £239.0m and NAV per share was 100.78p, both down 0.3% QoQ.

• £6.1m was invested during the quarter; post-period sales of 95% of the AST SpaceMobile holding generated £7.9m net proceeds at 187% of cost.

• More than 70% of NAV was predominantly defence-focused, with over 60% invested in U.K. and European companies.

Financial highlights

• Portfolio value rose £6.5m to £222.7m, including £4.9m of unrealised fair-value gains, £4.1m of additions and £2.0m of follow-ons; a £4.5m unrealised FX loss partly offset gains.

• NAV was £239.0m versus £239.7m at 31 Dec 2024; NAV per share was 100.78p versus 101.04p.

• Liquid resources fell 29.9% to £16.5m, or 6.9% of NAV; listed holdings were £11.2m, or 4.7% of NAV, at period-end.

• Portfolio fair value was 111.8% of cost, down from 112.0% at 31 Dec 2024.

Outlook and guidance

• Management cited rising defence demand, government procurement and demand for sovereign space capabilities as support for the sector outlook.

• At 31 Mar, portfolio companies representing 74% of fair value had robust cash runway; 62% was fully funded and 11% funded for at least 12 months.

• Voyager filed a preliminary US IPO prospectus; uncertain global capital markets could weigh on IPO prospects for late-stage portfolio businesses.

• Quadsat reported emerging defence-related opportunities, including those linked to Ukraine; a fuller update was expected next quarter.