REG - Seraphim Space I.T. - 3rd Quarter Results

Seraphim Space Investment TrustAnnouncement

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RNS Number : 7310G  Seraphim Space Investment Trust PLC  03 June 2026

SERAPHIM SPACE INVESTMENT TRUST PLC

(the "Company" or "SSIT")

Third Quarter Results

Seraphim Space Investment Trust plc (LSE: SSIT), the world's first listed
SpaceTech investment company, announces its results for the three months ended
31 March 2026 (the "Period").

The factsheet can be found here
(https://investors.seraphim.vc/results/documents/factsheet-q3-fy25-26-as-at-31-march-2026/)
. A summary is set out below.

Financial Summary

                                       31 March 2026  31 December 2025  Change
 NAV                                   £421.3m        £337.5m           24.8%
 NAV per share                         177.63p        142.30p           24.8%
 Portfolio valuation                   £433.3m        £331.6m           30.7%
 Fair value vs. cost                   257.8%         198.1%            5970bp
 Liquid resources                      £20.9m         £22.1m            -5.1%
 Market capitalisation                 £355.8m        £284.6m           25.0%
 Share price                           150.0p         120.0p            25.0%
 -Discount/+premium                    -15.6%         -15.7%            10bp
 Ongoing charges                       1.52%          1.79%             -27bp
 Number of shares in issue             237.2m         237.2m            0.0%

Financial Highlights

·     Another record period for SSIT. Portfolio valuation increase of
30.7% in the Period to £433.3m, driven by an increase in unrealised fair
value of £101.7m, largely due to continued strong performance of ICEYE,
funding rounds at Xona Space Systems and Tomorrow.io and the HawkEye 360
indicative IPO pricing, £5.5m FX gain and £0.7m of acquisitions.

·     NAV increase of 24.8% from £337.5m to £421.3m, due to the
private portfolio fair value gain less performance fee provision and costs in
the quarter.

·     A large proportion of the portfolio, representing 85% of fair
value, has a robust cash runway, with c.73% fully funded and a further c.13%
funded for 12 months or more from 31 March 2026.

·     As at 31 March 2026, the Company had £20.9m of cash reserves (31
December 2025: £22.1m), with a potential £4.1m of additional liquidity via
holdings in listed companies.

·     On 7 May 2026, the Company raised £136.5m through its C Share
equity issue.

Transactions Completed During the Period

 Company    Segment   HQ  Type       Cost

(£m)
 ALL.SPACE  Downlink  UK  Follow-on  0.7
 Total                               0.7

Portfolio Developments During the Period

·     ICEYE (47.1% of NAV): Reported unaudited 2025 revenue of more than
€250m (c.$270m), EBITDA in excess of €100m (c.$108m) and a €1.5bn
(c.$1.6bn) contracted order backlog, reflecting continued growth,
profitability and cash generation during the year. Operationally, ICEYE
launched six new satellites, bringing the total number of launched satellites
to 70. New contracts awarded, including with the Polish Armed Forces' MikroSAR
program and CTI Aeroespacial, representing the Portuguese Air Force.

·      ALL.SPACE (13.6% of NAV): Closed debt and equity funding in
February 2026.

·      HawkEye 360 (9.8% of NAV): Raised a further $23m, following its
$150m Series E round announced in December 2025 to support the integration of
its acquisition of Innovative Signal Analysis, expanding its capabilities in
signal processing and classified intelligence systems and strengthening ties
with ⁠US agencies.

·     Xona Space Systems (6.7% of NAV): Raised oversubscribed $170m
Series C round as the business scales up production to build a 258-satellite
network for position, navigation and timing (GPS) services.

·     LeoLabs (3.7% of NAV): Won significant cross-government contracts
for its TraCSS orbital traffic co-ordination platform, in addition to a
further US Space Force contract win for radar development.

·     SatVu (2.6% of NAV): Secured £30m ($38m) in new funding,
including backing from the NATO Innovation Fund and the British Business Bank,
to scale its thermal intelligence satellite constellation.

·     Tomorrow.io (2.1% of NAV): Completed a $175m financing, led by
Stonecourt Capital and HarbourVest, at over a $1bn valuation to accelerate
deployment of DeepSky, its AI-native weather satellite constellation to expand
its constellation and scale its AI-driven weather intelligence platform across
critical industries.

·     Voyager (0.4% of NAV;  NYSE: VOYG): Secured a follow-on
multi-million dollar NASA contract under the Expendable Launch Vehicle
Integrated Support (ELVIS 3) programme, which manages launch services for
robotic science and exploration missions. Selected by NASA to support the
seventh Private Astronaut Mission to the International Space Station,
scheduled for launch in 2028.

Post Period Highlights

·    ALL.SPACE (13.6% of NAV): Signed binding documents to sell the
company to York Space Systems (NYSE: YSS), subject to regulatory approvals and
customary closing conditions. The consideration will be satisfied through a
combination of cash and York Space Systems' equity, and, accordingly, the
final value of the consideration cannot be determined until the transaction
closes, although SSIT does not currently expect the final value of the
consideration to be materially different from the 31 March 2026 valuation.

·     HawkEye 360 (9.8% of NAV): Went public on the New York Stock
Exchange on 7 May 2026. The business raised $416m, with the share price
opening at $33.80, above the IPO price of $26, at a valuation of approximately
$2.84bn. As at close of business on 1 June 2026, SSIT's investment in HawkEye
360 was valued at $76.9m, an uplift of 41.0% to its valuation as at 31 March
2026.

·    SatVu (2.6% NAV): Successfully launched its second high-resolution
infrared satellite at the end of March 2026. It subsequently released
first-light imagery in May, demonstrating real-world detection of industrial
activity in Cuba, evidencing the ability to see what is actually operating,
not just what exists i.e. commercially actionable insights, including early
warning signals.

·      C Share fund raising: On 7 May 2026, SSIT announced the
completion of a £137m equity raise via an issue of C Shares. The raise saw
strong participation from both existing shareholders and new investors across
the spectrum of endowment funds, institutions, family offices and wealth
managers, alongside robust demand from retail investors.

Fair Value Change (£m)

 Company                               31 December 2025  31 March 2026            31 March 2026                         31 March 2026               31 March 2026  31 March 2026

                                       fair value        additions/ (disposals)   fair value movement over Period £m    fair value                  % of NAV       cost

£m(1)
                                       £m                over Period £m                                                 £m
 ICEYE                                 131.6             -                        66.9                                  198.4                       47.1%          39.6
 ALL.SPACE                             53.8              0.7                      2.9                                            57.4               13.6%          31.3
 HawkEye 360                           34.1              -                        7.2                                            41.4               9.8%           18.6
 D-Orbit                               41.9              -                        (0.6)                                          41.3               9.8%           11.6
 Xona Space Systems                    10.5              -                        17.9                                           28.4               6.7%           7.0
 LeoLabs                               12.4              -                        3.4                                            15.8               3.7%           11.7
 SatVu                                 11.2              -                        -                                     11.2                        2.6%           7.0
 Tomorrow.io                           4.3               -                        4.5                                               8.8             2.1%           4.2
 Skylo                                 6.8               -                        0.1                                               6.9             1.6%           2.8
 Zeno                                  3.7               -                        0.1                                               3.8             0.9%           4.1
 Other investments                     21.4              (0.0)                    (1.5)                                 20.0                        4.7%           30.1
 Total investments                     331.6             0.7                      101.0                                 433.3                       102.8%         168.1
 Cash                                  22.1                                                                             20.9                        5.0%
 Performance fee accrual/provision(2)  (16.6)                                                                           (32.3)                      (7.7)%
 Net current assets/(liabilities)      0.4                                                                              (0.6)                       (0.1)%
 Net asset value                       337.5                                                                                     421.3              100.0%

(1)       Includes new and follow-on investments and excludes disposals,
where relevant, made since 31 December 2025, representing a net cost of
£0.7m.

(2)       The calculation period for a performance fee is the 12 months
to 30 June 2026. Timing of the payout of any performance fee is subject to
various conditions, including sufficient cash being available and the
aggregate of net realised gains, unrealised IPO gains, listed holding fair
value change and investment income exceeding the amount to be paid out. In
addition, 15% of any performance fee paid must be re-invested by the
Investment Manager in SSIT shares.

Will Whitehorn OBE, Chair of Seraphim Space Investment Trust plc, commented:
"This has been another strong period for the Company, with continued portfolio
appreciation captured by a number of successful equity raises across the
mature holdings and the successful sale of one company, underlining the
quality of our assets and validating the Investment Manager's disciplined
investment strategy. The Investment Manager's ability to select
category‑leading SpaceTech businesses is increasingly translating into both
operational progress and tangible value creation.

The recent successful completion of our recent C Share issue further
strengthens the Company's position to capture the next wave of opportunities
across the space domain at one of the most exciting times for the sector."

Mark Boggett, Chief Executive Officer, Seraphim Space Manager LLP, said: "The
Manager's conviction in ICEYE continues to be vindicated, with another
standout quarter as rapidly scaling defence revenues drive valuation
progression. Across the portfolio, there has been a breadth of positive
momentum: Xona Space Systems closed one of the largest funding rounds in its
category to accelerate production of its next-generation GPS constellation;
SatVu has begun publishing imagery from the world's highest-resolution thermal
satellites; and Tomorrow.io secured a $175m financing led by HarbourVest to
advance its AI-driven weather intelligence platform.

Since the period end, value realisation has also gathered pace. The
announcement of the conditional sale of ALL.SPACE at a valuation broadly in
line with the 31 December results, alongside HawkEye 360's $3bn NYSE IPO,
underscore the growing maturity and commercial traction across the portfolio.
Momentum continues to build, and we remain confident that NAV will continue to
appreciate, supported by strong defence tailwinds and a structural shift in
investor appetite, further catalysed by the anticipated SpaceX IPO, which
could prove transformational, by being a catalyst for generating billions of
new capital into the market. Against this backdrop, the SSIT portfolio remains
uniquely well positioned."

Analyst and Investor Presentations

There will be a webinar for equity analysts at 09.00 (UK time) today. To
register for the event, please contact SEC Newgate by email
at seraphim@secnewgate.co.uk (mailto:seraphim@secnewgate.co.uk) .

A further presentation for retail investors will be provided at 11.00 (UK
time) on the same day by Investor Meet Company (IMC). Investors can register
for the event through the following link:
https://www.investormeetcompany.com/seraphim-space-investment-trust-plc/register-investor
(https://www.investormeetcompany.com/seraphim-space-investment-trust-plc/register-investor)
.

- Ends -

Media Enquiries

 Seraphim Space Manager LLP (via SEC Newgate)
 Mark Boggett, CEO / James Bruegger, CIO / Rob Desborough
 SEC Newgate (Communications advisers)                     seraphim@secnewgate.co.uk (mailto:seraphim@secnewgate.co.uk)
 Clotilde Gros / George Esmond / Harry Handyside           +44 (0) 20 3757 6767
 Deutsche Numis
 Nathan Brown / Vicki Paine                                +44 (0) 20 7545 8000
 J.P. Morgan Cazenove
 William Simmonds / Rupert Budge                           +44 (0) 20 3493 8000
 Ocorian Administration (UK) Limited                       seraphimteam@ocorian.com (mailto:seraphimteam@ocorian.com)
 Lorna Zimny / Birgitte Horn                               +44 (0) 28 9078 5880

Notes to Editors

About Seraphim Space Investment Trust plc

Seraphim Space Investment Trust plc (the "Company") is the world's first
listed investment company focused on SpaceTech. The Company seeks exposure
predominantly to growth stage private financed SpaceTech businesses that have
the potential to dominate globally and that are sector leaders with first
mover advantages in areas such as climate, communications, mobility and cyber
security.

The Company is listed on the Main Market of the London Stock Exchange.

Further information is available at: https://investors.seraphim.vc
(https://investors.seraphim.vc) .

About Seraphim Space Manager LLP

Seraphim Space Manager LLP ("Seraphim Space" or the "Manager") is based in the
UK and manages Seraphim Space Investment Trust plc.

Further information is available at www.seraphim.vc (http://www.seraphim.vc) .

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