Interim Results

Seraphim Space Investment Trust plc (LSE: SSIT), the world’s first listed SpaceTech fund, announces maiden interim results covering the period from incorporation on 14 May 2021 to 31 December 2021.

Financial & Investment Highlights as at 31 December 2021

• Oversubscribed IPO in July 2021 raising £150.0m of fresh capital
• Additional £89.4m of new equity raised via completion of acquisition of Initial Portfolio and Retained Portfolio comprising 19 investments with aggregate cost of £91.3m
• Six further follow-on transactions and two new investments closed during the period with aggregate cost of £72.9m, increasing the portfolio to 21 companies
• Two portfolio companies listed on public markets in the period (Arqit Quantum, Spire Global)
• 11.1% increase in fair value of portfolio at 31 December 2021 vs. cost of portfolio
• Net asset value (NAV) up 43.2% to £250.6m
• NAV per share of 104.7p
• Share price premium to NAV of 19.8%
• Liquid resources of £70.0m (27.9% of NAV) at 31 December 2021
• £135m of capital deployed since IPO, in line with expectations and strong investment pipeline

Transactions Completed During the Period: £135.8m:

• Arqit Quantum (Platforms/Satcoms, UK): – £27.3m (Retained Asset)
• ICEYE (Platforms/Earth Observation, EU): –  £20.8m (Retained Asset)
• ICEYE (Platforms/Earth Observation, EU): – £18.7m (Follow on)
• HawkEye 360* (Platforms/Earth Observation, US): – £18.6m (New Investment)
• Isotropic Systems (Downlink/Antennas, UK): -£18.0m (Follow on)
• Astroscale (Beyond Earth/In Orbit Services, Asia): – £9.4m (New Investment)
• Spire Global (Platforms/Earth Observation US): – £7.4m (Retained Asset)
• D-Orbit* (Beyond Earth/In Orbit Services, EU): – £7.3m (Retained Asset)
• Satellite Vu* (Platforms/Earth Observation, US): – £4m (Follow on)
• LeoLabs* (Product/Platform, US):- £2.1m (Follow on)
• Xona Space Systems* (Platforms/Navigation, US):- £1.9m (Follow on)
• Other (seed investment):-  £0.1m (Follow-on)

*Participant in Seraphim Space Camp Accelerator and/or Amazon AWS Space Accelerator affiliated to Seraphim

Post Period Investment Highlights

• Portfolio company D-Orbit expected to publicly list through a business combination with Breeze Holdings Acquisition Corp. (NASDAQ: BREZ), a publicly traded special purpose acquisition company (SPAC). This transaction remains subject to a number of outstanding conditions, but if consummated could result in a substantial increase in the value of the Company’s holding in D-Orbit.
• Activity has continued apace since the end of the reporting period. Three further investments totalling £4.2m have been completed. Two of these were follow-on investments into existing portfolio companies, and the other an addition to the seed portfolio through a small investment into an undisclosed company that remains in stealth mode.
• The Company continues to benefit from a very healthy pipeline of investment opportunities, with two further climate related potential additions to the portfolio expected to complete in the near term.

Will Whitehorn, Chair of Seraphim Space Investment Trust plc, commented: “Since launch, SSIT has been moving at pace. Highlights include: two portfolio companies listing on the New York Stock Exchange and NASDAQ; Seraphim leading investment rounds in five companies; and SSIT investing in category leading companies in the UK, US, EU and Asia, with more than half being sourced through accelerator programmes managed by affiliates of the Investment Manager.

“The Board is very pleased with the progress made to date. Our Investment Manager is actively pursuing an extensive pipeline of investment opportunities, taking a discerning approach to progressing those opportunities that offer the best risk adjusted returns for our shareholders, with quality of the investment thesis paramount. Overall, the Board remains very positive about the scale of opportunity for the Company and is confident SSIT is well placed to achieve its investment objective.”

Mark Boggett, Chief Executive Officer, Seraphim Space (Manager) LLP, said: “We are delighted to report strong performance across all key measures. In particular the strong cadence of deployment has been driven by high quality opportunities available to Seraphim as the recognised leading global investor within this domain. Through a combination of our deal-flow and associated accelerator programmes, we are confident that the Company is well placed to continue to support the most promising SpaceTech companies and continue to drive value for shareholders. We see continued positive momentum through revenue growth, sizeable financing rounds and preparations for exits/IPOs. Alongside our robust pipeline of new investment opportunities, we anticipate maintaining a strong pace of investment throughout 2022.”

In the video below, CEO Mark Boggett outlines Seraphim’s Investment Strategy