Seraphim Space Investment Trust (SSIT) announced its third quarter results for the three-month period ended 31 March 2024. The company saw a NAV total return of 0.8% for the period, a portfolio valuation increase of 1.4%, and a significant jump in the share price of 43%. The strong return was driven by a number of positive developments within the portfolio including several funding updates. 72% of the portfolio by fair value is funded for at least 12 months, with 61% fully funded based on latest projections from the companies’ management teams and 11% funded for 12 months or more from 31 March 2024.
Will Whitehorn, chair of Seraphim Space Investment Trust plc, commented: “During the period, SSIT’s portfolio has continued to exhibit a healthy growth trajectory and an ongoing ability to attract fresh investment from public and private capital markets, with several of the portfolio announcing the closure of new and significant investment rounds. The portfolio continues to remain well capitalised, with multiple key holdings securing substantial contracts, and several of our more mature holdings remain on track to become EBITDA positive during 2024.
“We remain increasingly positive about the prospects for the portfolio in 2024, and we are satisfied that SSIT continues to have the cash reserves required to meet the anticipated funding needs of the portfolio for the year ahead and beyond. The strategic decision to divest the early-stage portfolio to Seraphim Space Ventures II LP means SSIT can continue to concentrate its cash resources on its more mature growth assets, whilst simultaneously retaining a holding in the LP fund to access exciting new companies at Seed and Series A stages, investing in the next generation leading space companies and generating a larger pipeline for future growth round investments.”
Mark Boggett, chief executive officer, Seraphim Space Manager LLP, said: “The period has seen a continuation of the strong performance for SSIT’s portfolio that we reported at the end of 2023, reflective of the continued recovery and growth in the wider SpaceTech ecosystem.
“The portfolio has continued to go from strength to strength, with three of the company’s biggest holdings, ICEYE, D-Orbit and HawkEye 360, having closed sizeable new rounds since the start of the year, allied to several of the company’s listed holdings, Spire Global and AST SpaceMobile, having both closed landmark partnerships with the likes of NVIDIA, Verizon and AT&T and successfully raised additional funding from public market investors.
“Astroscale’s IPO on the Tokyo Stock Exchange reflects the continued appetite of public markets for high growth potential SpaceTech companies which we believe augurs well for other portfolio companies that are contemplating their own potential public offerings over the coming years. Although the issue price of Astroscale’s IPO was somewhat disappointing, it did enable Astroscale to achieve a heavily oversubscribed IPO with yesterday’s closing price reflecting an increase in pricing that puts SSIT’s holding at close to being back to the implied fair value at the end of the previous quarter.”
SSIT : Strong momentum for Seraphim Space