REG - Seraphim Space I.T. - Q3 Results

Seraphim Space Investment TrustAnnouncement

04/06/2025 07:00

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RNS Number : 2965L  Seraphim Space Investment Trust PLC  04 June 2025

SERAPHIM SPACE INVESTMENT TRUST PLC

(the 'Company' or 'SSIT')

Q3 Results

Seraphim Space Investment Trust plc (LSE: SSIT), the world's first listed
SpaceTech investment company, announces its third quarter results for the
three-month period ended 31 March 2025 (the 'Period').

The factsheet can be found here
(https://investors.seraphim.vc/results/documents/factsheetq3-fy24-25-as-at-31-march-2025/)
. A summary is set out below.

Financial Summary

                            31 March  31 December  Change

2025
2024
 NAV                        £239.0m   £239.7m      -0.3%
 NAV per share              100.78p   101.04p      -0.3%
 Portfolio valuation        £222.7m   £216.3m      3.0%
 Fair value vs. cost        111.8%    112.0%       -20bp
 Liquid resources           £16.5m    £23.5m       -29.9%
 Market capitalisation      £130.9m   £129.0m      1.5%
 Share price                55.2p     54.4p        1.5%
 -Discount/+premium         -45.2%    -46.2%       100bp
 Ongoing charges            1.69%     1.70%        -1bp
 Number of shares in issue  237.2m    237.2m       0.0%

Financial Highlights

·      Portfolio valuation increase in the quarter of £6.5m to
£222.7m, driven by a £4.9m unrealised fair value increase, additions of
£4.1m and follow-ons of £2.0m, which were partially offset by a £4.5m
unrealised FX loss. NAV was roughly flat over the quarter due to increased
portfolio valuation being offset by a reduction in liquid resources.

·      Roughly half of the portfolio representing 74% of fair value has
a robust cash runway, with 62% fully funded and 11% funded for 12 months or
more from 31 March 2025.

·      During the quarter, the Company invested £6.1m through one new
investment, Zeno, and follow-on investments into two existing portfolio
companies, ALL.SPACE and Skylo.

·      As at 31 March 2025, the Company had £16.5m of cash reserves (31
December 2024: £23.5m), with a further £11.2m  of potential liquidity via
holdings in listed companies.

Transactions Completed During the Period

 Company    Segment       HQ  Type            Cost

£m
 Zeno       Beyond Earth  US  New Investment  4.1
 Skylo      Downlink      US  Follow-on       1.1
 ALL.SPACE  Downlink      UK  Follow-on       1.0

Portfolio Funding Developments

·      AST SpaceMobile (NASDAQ: ASTS, 3.2% of NAV) is well capitalised
following a $460m raise of Convertible Senior Notes.

·      Skylo (2.1% of NAV) announced a $30m raise for expansion of its
direct-to-cell connectivity.

·      SSIT completed an initial investment in the nuclear battery
company Zeno Power (1.6% of NAV) as part of a $50m Series B financing round.

·      Spire Global (0.8% of NAV) completed the $241m sale of its
commercial maritime tracking business to Belgian firm Kpler.

Portfolio Commercial Developments

·      ICEYE (25.5% of NAV) signed a memorandum of understanding during
the quarter with the Swedish aerospace and defence company Saab AB, alongside
a corporation agreement with NATO to provide synthetic aperture radar ('SAR')
data to its Situation Centre in Brussels.

·      HawkEye 360 (9.0% of NAV) had a record quarter for commercial
bookings. Clusters 12 and 13 of its geolocating microsatellite constellation
are on track for launch in 2025.

·      LeoLabs (5.3% of NAV) and Xona Space Systems (2.5% of NAV) each
selected by SpaceWERX, the commercial arm of the US Space Force, to receive
funding through a Strategic Funding Increase ('STRATFI') agreements.

·      AST SpaceMobile (3.2% of NAV) secured a $43m contract with the US
Space Development Agency to support the Proliferated Warfighter Space
Architecture. Separately, the company announced that it has partnered with
Vodafone to create a jointly owned European satellite operator focused on
providing direct-to-smartphone services.

·      Xona Space Systems (2.5% of NAV) announced a commercial
partnership with Trimble to provide high-precision satellite positioning for
applications ranging from geospatial to low-power mass mobile and IoT.

Post Period Highlights

·      ICEYE (25.5% of NAV) announced a deal worth up to €200m with
the Polish Government, the second contract of such magnitude signed since the
start of the year. Under the deal, the Polish Armed Forces will acquire an
initial batch of three SAR satellites designed to provide independent border
monitoring and enable rapid responses to emerging threats, particularly along
NATO's eastern frontier, with an option to acquire a further three satellites
in the next 12 months. ICEYE also announced plans to establish a joint venture
with the German technology manufacturing group Rheinmetall to develop SAR
satellites. Finally, ICEYE signed a memorandum of understanding with Japanese
heavy industries group IHI Corporation to start co-operating on the
development of a SAR constellation of up to 24 satellites, to provide the
Japanese market with earth observation data for military, civilian and
commercial purposes.

·      D-Orbit (13.7% of NAV) completed the acquisition of Italian
geospatial analytics firm Planetek to drive innovation in space data
processing, artificial intelligence and cloud computing.

·      95% of SSIT's listed holding in AST SpaceMobile (3.2% of NAV) has
been realised since the end of the quarter for net proceeds of c.$10.5m
(£7.9m) at 187% of cost.

·      Voyager (1.0% of NAV) continued its strategic expansion on
multiple fronts. Its joint venture, Starlab Space, co-founded with Airbus,
welcomed Mitsubishi Corporation as a strategic partner and equity owner.
Meanwhile, Voyager also announced two acquisitions:  LEOcloud, a space-based
cloud computing company deploying micro datacentres to the International Space
Station to strengthen its capabilities in real-time data processing, AI
analytics and autonomous systems, and Optical Physics Company, a developer of
star trackers and other optical systems for space applications. In addition,
Voyager filed a preliminary prospectus with the US Securities and Exchange
Commission for its planned IPO.

·      As at 2 June 2025, the Company had £22.6m of cash reserves, with
a further £4.7m of potential liquidity via remaining holdings in listed
companies following the AST SpaceMobile realisations outlined above.

Will Whitehorn, Chair of Seraphim Space Investment Trust plc, commented: "The
strategic importance of space has never been clearer. As geopolitical tensions
rise and defence priorities shift, governments are turning to space-based
technologies to secure their borders, enhance intelligence capabilities and
ensure technological sovereignty. This is driving a new wave of procurement in
the space sector.

Landmark deals with the US government and growing partnerships with NATO,
European governments and defence primes continue to illustrate how well
aligned SSIT's portfolio is with the rapidly evolving demands for sovereign
space capabilities from governments around the world.

Despite the ongoing broader market volatility, the outlook for space remains
robust. We believe this is just the beginning of a generational shift in how
space is valued, not just as a commercial frontier, but as a critical pillar
of defence infrastructure."

Mark Boggett, Chief Executive Officer, Seraphim Space Manager LLP, said: "The
space sector is continuing to experience a structural uplift, fuelled by a
surge in defence-related demand and a commensurate rise in defence spending
from governments across the globe.

Through the quarter, SSIT's portfolio companies have continued to perform well
when measured against a range of key metrics. Fundraising activity within the
portfolio has remained strong, with the majority of the portfolio remaining
well capitalised. Commercial traction continues to strengthen, and it is
encouraging to see the range of new partnerships with major industry players
that have been announced in recent months.

We are especially pleased by the recent progress made by SSIT's most important
portfolio company, ICEYE, which has had an exceptionally strong start to the
year having closed multiple nine figure contracts and announced a slew of
partnerships in both Europe and Asia. We expect ICEYE to be at the forefront
of developing efforts to address Europe's acute deficit in sovereign
space-based intelligence capabilities.

Post period, we elected to take some liquidity and lock in profits from the
Company's investment in AST SpaceMobile at 187% of cost, boosting cash
reserves by c.£7.9m. We are encouraged by the prospect of another portfolio
company, Voyager, now approaching its own IPO."

Analyst and Investor Presentations

There will be a webinar for equity analysts at 09:00 am (UK time) today and an
online presentation for retail investors at 11:00am (UK time) today. To
register for either event, please contact SEC Newgate by email
at seraphim@secnewgate.co.uk.

Both presentations will be hosted by 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
 Clotilde Gros / George Esmond / Harry Handyside           +44 (0) 20 3757 6767
 Deutsche Numis
 Mark Hankinson / Gavin Deane/ 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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