REG - Seraphim Space I.T. - Q1 Results

Seraphim Space Investment TrustAnnouncement

26/11/2024 07:00

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RNS Number : 5950N  Seraphim Space Investment Trust PLC  26 November 2024

SERAPHIM SPACE INVESTMENT TRUST PLC
(the "Company" or "SSIT")

Q1 Results

Seraphim Space Investment Trust plc (LSE: SSIT), the world's first listed
SpaceTech investment company, announces its first quarter results for the
three-month period ended 30 September 2024.

The Q1 report can be found here
(https://investors.seraphim.vc/results/documents/q1-report-to-30-september-2024-manager-presentation-video/)
. A summary is set out below.

Financial Summary

                                        30 September 2024  30 June 2024  Change
 NAV                                    £222.9m            £228.1m       -2.3%
 NAV per share(1)                       93.96p             96.18p        -2.3%
 Portfolio valuation                    £198.4m            £201.5m       -1.5%
 Fair value vs. cost(1)                 103.1%             104.7%        -160bp
 Liquid resources                       £24.9m             £27.0m        -7.6%
 Market capitalisation                  £127.4m            £129.5m       -1.6%
 Share price(1)                         53.7p              54.6p         -1.6%
 -Discount/+premium(1)                  -42.8%             -43.2%        40bp
 Ongoing charges(1)                     1.73%              1.83%         -10bp
 Number of shares in issue              237.2m             237.2m        0.0%

(1) Alternative performance measure

Financial Highlights

·      Portfolio valuation in the quarter was down £3.1m to £198.4m.
The change was driven by a £9.1m unrealised FX loss, a realised fair value
loss of £0.9m and £3.0m in disposals more than offsetting a £6.1m
unrealised fair value gain and a follow-on investment of £3.8m.

·      71% of the portfolio by fair value has a robust cash runway, with
58% fully funded and 13% funded for 12 months or more from 30 September 2024,
based on management projections and including raises completed post the
quarter end.

·      As at 30 September 2024, the cash balance was £24.9m and £12.5m
of the portfolio was invested in publicly listed companies.

Portfolio Developments

·      ICEYE (20.2% of NAV) won a five-year contract with NASA to
provide data from its satellites to support NASA's Earth Science Division.
ICEYE also announced a multi-satellite deal with the Greek government.

·      D-Orbit (14.6% of NAV) reached a final close on its €150m
Series C funding round. The round will allow D-Orbit to continue developing
its ION Satellite Carriers, with seven launches planned for 2025.
Additionally, the funding will accelerate its collaborations with governments
and space agencies and be used to make strategic acquisitions to broaden the
company's product set.

·      ALL.SPACE (11.9% of NAV) announced a $44m funding round led by
BOKA Group with participation by SSIT. Paul McCarter was also appointed as
ALL.SPACE's new CEO. Paul is a specialist in helping scale global businesses
in fast-growing sectors and has previously held several senior roles at global
organisations, including Thales, Cobham and Serco.

·      AST SpaceMobile (NASDAQ: ASTS, 3.9% of NAV) confirmed the
successful deployment of its first five commercial satellites following their
launch on 12 September 2024. On the back of this news the share price saw a
125% uplift over the quarter to $26.15 at 30 September 2024.

·      Skylo (0.8% of NAV) was chosen by Google as an exclusive partner
to provide satellite connectivity to its new flagship Google Pixel 9 mobile
phone. Verizon, the largest mobile network operator in the US, partnered with
the company, to provide satellite-based emergency services to its customers.

·      Astroscale (TYO: 186A, 0.6% of NAV): SSIT disposed of a further
550,840 shares during the period and a further 78,400 shares post-period,
resulting in an additional £3.5m cash proceeds.

Post Period Portfolio Developments

·      D-Orbit announced a €119.6m contract with the European Space
Agency (the "ESA") to enter the satellite servicing market. The ESA's RISE
project is a commercial in-orbit servicing mission that will demonstrate that
it can safely rendezvous and dock to a geostationary client satellite.
Following the mission, D-Orbit will start commercial life extension services
for the ESA's geostationary satellites.

·      As at 30 September 2024, the USD/GBP rate was 1.341. Since the US
elections on 5 November 2024, the US Dollar has strengthened significantly.
Using the USD/GBP rate as of 22 November 2024 (all other variables unchanged),
the fair value of the portfolio as at 30 September 2024 would have been
£208.2m, up from £198.4m using the 30 September 2024 USD/GBP rate.

Transactions Completed During Q1

 Company     Segment    HQ  Type       Proceeds (-)/Cost

£m
 Astroscale  Platforms  JP  Disposal   -3.9
 ALL.SPACE   Downlink   UK  Follow-on  3.8
 Total                                 -0.1

Will Whitehorn, Chair of Seraphim Space Investment Trust plc,
commented: "During the period, SSIT's portfolio has continued to deliver
commercially, with the portfolio especially well positioned to benefit from
the surge in defence spending globally following the US election. Particularly
in Europe we expect to witness a substantial increase in long-term government
contracts reflecting the growing use of space-derived information and
communications for defence applications."

Mark Boggett, Chief Executive Officer, Seraphim Space Manager LLP, said: "The
period saw a continuation of the performance for SSIT's portfolio that we
reported at the full year results, namely sustained revenue growth and
fundraising activity. Overall, the portfolio companies are well capitalised,
with some of SSIT's largest, more mature holdings expected to have sufficient
cash to reach profitability. We remain confident that SSIT will continue to
have adequate resources to support the needs of the portfolio over the year
ahead and the ability to make additional investments in new exciting and
industry-leading companies that are helping to shape and transform nascent
markets."

Analyst and Investor Presentations: There will be a webinar for equity
analysts at 09:00 (UK time) today and an online presentation for retail
investors at 10:00 (UK time) today. To register for either event, please
contact SEC Newgate by email at seraphim@secnewgate.co.uk.

Presentations will be hosted by the Chair Will Whitehorn and Seraphim Space
Manager LLP's CEO Mark Boggett, CIO James Bruegger and COO Sarah Shackleton.

- 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
 Mark Hankinson / David Benda / 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
early and 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 security
(including cyber security).

The Company's shares are traded on the of the London Stock Exchange's main
market.

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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