REG - Seraphim Space I.T. - First Quarter Results

Seraphim Space Investment TrustAnnouncement

25/11/2025 07:00

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RNS Number : 8190I  Seraphim Space Investment Trust PLC  25 November 2025

SERAPHIM SPACE INVESTMENT TRUST PLC

(the "Company" or "SSIT")

First Quarter Results

Seraphim Space Investment Trust plc (LSE: SSIT), the world's first listed
SpaceTech investment company, announces its first quarter results for the
financial year ended 30 September 2025.

The factsheet can be found here
(https://investors.seraphim.vc/results/documents/factsheet-q1-fy25-26-as-at-30-september-2025/)
. A summary is set out below.

Financial Summary

                                       30 September 2025  30 June 2025  Change
 NAV                                   £283.6m            £281.1m       0.9%
 NAV per share                         119.55p            118.52p       0.9%
 Portfolio valuation                   £264.7m            £259.8m       1.9%
 Fair value vs. cost                   133.4%             131.9%        150bp
 Liquid resources                      £19.4m             £21.5m        -9.7%
 Market capitalisation                 £167.9m            £203.0m       -17.3%
 Share price                           70.8p              85.6p         -17.3%
 -Discount/+premium                    -40.8%             -27.8%                      -1300bp
 Ongoing charges                       1.51%              1.77%         -26bp
 Number of shares in issue             237.2m             237.2m        0.0%

 

Financial Highlights

·      Portfolio valuation increase in the quarter of £4.9m to
£264.7m, driven by a £0.4m unrealised fair value decrease more than offset
by a £3.8m FX gain and follow-on investments of £1.5m.

·      NAV increased slightly from £281.1m to £283.6m, due to the fair
value gain less costs and investments in the quarter.

·      HawkEye 360 fair value increased by £9.0m during the period,
reflecting a combination of strong performance in the underlying business and
corporate activity currently underway.

·     ICEYE fair value adjusted to £98.5m (£105.1m as of 30 June 2025)
to fully reflect the terms of corporate activity currently underway.

·      In line with the Company's valuation policy and given the growth
trajectory of both businesses, we expect both HawkEye 360 and ICEYE to revert
to the comparable multiples methodology within 6 months.

·      Roughly half of the portfolio, representing 69% of fair value,
has a robust cash runway, with 58% fully funded and a further 11% funded for
12 months or more from 30 September 2025.

·      As at 30 September 2025, the Company had £19.4m of cash reserves
(30 June 2025: £21.5m), with a potential £8.7m of additional liquidity via
holdings in listed companies.

Transactions Completed During the Period

 Company    Segment   HQ  Type       Cost

(£m)
 ALL.SPACE  Downlink  UK  Follow-on  1.1
 QuadSAT    Downlink  EU  Follow-on  0.3
 Taranis    Analyse   US  Follow-on  0.1

 Total                               1.5

 

 

Portfolio Developments During the Quarter

·      ICEYE (34.7% of NAV) signed a $168m contract with the Finnish
Defence Forces for Synthetic Aperture Radar Satellites (SAR) and supporting
systems, providing sovereign, all-weather, day-and-night surveillance
capability. The company also released its fourth-generation satellites,
delivering the world's highest-fidelity commercial SAR imagery, and launched a
deployable 20-foot intelligence, surveillance and reconnaissance (ISR) cell,
enabling frontline units to task satellites, downlink imagery, and run AI
analytics on-site.

·      ALL.SPACE (10.5% of NAV) announced a partnership with Aalyria to
deliver autonomous multi-orbit network orchestration and implementation.

·      HawkEye 360 (10.4% of NAV) successfully launched its 12th
satellite cluster in July 2025, strengthening its leadership in radio
frequency (RF) signals intelligence for defence customers globally, and also
participated in Exercise Talisman Sabre 2025, integrating its RF data with
Lockheed Martin systems to enhance situational awareness and threat detection.

·      Skylo (1.6% of NAV) launched a new voice gateway enabling
satellite-based voice calling via a Non-Terrestrial Network (NTN). This means
voice calls can be made directly through satellites, without relying on
traditional cell towers, following the successful completion of end-to-end
satellite voice calls.

·      Tomorrow.io (1.3% of NAV) announced a strategic partnership with
Palantir Technologies to integrate Tomorrow.io's proprietary weather
intelligence and satellite data into Palantir's platforms.

 

Post Period Highlights

 

·      ICEYE (34.7% of NAV) has strengthened its global presence with
new agreements in Japan and Slovakia, supporting government and defence
applications with its SAR technology.

·      ICEYE is building a constellation with IHI Corporation in Japan,
starting with four satellites and options for up to 20 more.

·      ICEYE and the technology defence group Rheinmetall completed the
establishment of their joint venture. The first satellite will be manufactured
locally in 2026 and support Ukrainian forces' capabilities in surveillance,
target identification, and battlefield positioning.

·      ALL.SPACE (10.5% of NAV) has secured $1.1m from the European
Space Agency's Navigation Innovation and Support Program to develop navigation
that works when GPS is jammed, offering reliable positioning and timing as a
Software-as-a-Service.

·      Arqit (0.9% of NAV) was fully exited on the back of a share price
rally in early October 2025, when the price reached levels not seen since
February 2023. £3.3m proceeds were received for the holding at a sale price
of 15% of the initial Sterling cost of the holding.

·      Spire Global (0.8% of NAV) was fully exited in October 2025.
£2.9m proceeds were received for the holding at a sale price of 29% of the
initial Sterling cost of the holding.

 

Fair Value Change (£m)

 

 Company                             Cost   Opening fair value  Additions/ (Disposals)  Fair value movement  Closing fair value          % of NAV
 ICEYE                               39.6   105.1               -                       (6.6)                98.5                        34.7%
 D-Orbit                             11.6   33.5                -                       0.6                           34.2               12.1%
 ALL.SPACE                           29.2   28.1                1.1                     0.6                           29.8               10.5%
 HawkEye 360                         18.6   20.6                -                       9.0                           29.6               10.4%
 LeoLabs                             11.7   12.0                -                       0.4                           12.4               4.4%
 SatVu                               7.0    11.2                -                       -                             11.2               3.9%
 Xona Space Systems                  7.0    10.3                -                       0.2                  10.5                        3.7%
 Skylo                               2.8    4.4                 -                       0.1                              4.5             1.6%
 Zeno                                4.1    3.6                 -                       0.1                              3.7             1.3%
 Tomorrow.io                         4.2    3.6                 -                       0.1                              3.7             1.3%
 Other investments                   62.7   27.4                0.3                     (1.1)                26.6                        9.4%
 Total investments                   198.5  259.8               1.5                     3.4                  264.7                       93.3%
 Cash                                                                                                        19.4                        6.8%
 Performance fee provision                                                                                   -                           -
 Net current assets / (liabilities)                                                                          (0.5)                       (0.2)%
 Net asset value                                                                                                      283.6              100.0%

 

Will Whitehorn OBE, Chair of Seraphim Space Investment Trust plc,
commented: "The space investment sector continues to accelerate at an
unprecedented rate, with record funding and a maturing ecosystem where capital
is spread across multiple growth segments. This expansion is being driven by
significant government initiatives in the US, China and Europe to bolster
domestic space and defence capabilities and where the SSIT portfolio is
positioned to capture market share. This momentum will continue to grow into
next year, fuelled by the rollout of commercial satellite networks and
increased government procurement, creating substantial opportunities for
dual-use technologies in these markets. As we look ahead, the Board remains
confident in the Company's ability to deliver long-term value by backing some
of the sector's most innovative and impactful businesses that continue to
achieve operational and commercial milestones."

Mark Boggett, Chief Executive Officer, Seraphim Space Manager LLP, said: "Our
portfolio is accelerating its trajectory, with key companies continuing to
secure landmark contracts with governments and leading global organisations.
Follow-on investments across the portfolio underscore both our conviction and
the expanding market influence of these businesses. The convergence of AI with
evolving defence and security dynamics is rapidly transforming the sector,
supported by a well-capitalised portfolio."

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 10.00 (UK
time) on the same day. Investors can register for the event by
emailing seraphim@secnewgate.co.uk (mailto:seraphim@secnewgate.co.uk)

Capital Markets Day

The Company will be hosting a Capital Markets Day in London on Wednesday, 26
November 2025. To register to attend, please
contact: seraphim@secnewgate.co.uk (mailto:seraphim@secnewgate.co.uk) .

 

- 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 / Olivia Snaith   +44 (0) 20 3757 6767
 Deutsche Numis
 Mark Hankinson / Nathan Brown / Vicki Paine                       +44 (0) 20 7545 8000
 J.P. Morgan Cazenove
 William Simmonds / Jérémie Birnbaum / Rupert Budge                +44 (0) 20 7742 4000
 Ocorian Administration (UK) Limited                               seraphimteam@ocorian.com
 Lorna Zimny                                                       +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 fund 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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