Seraphim Space Investment Trust the world’s first listed SpaceTech investment company, announces its results for the financial year ended 30 June 2024.

Full Year Highlights

• Portfolio valuation up £14.1m to £201.5m at 30 June 2024, driven by additional investments, increased fair value net gains and minimal FX gain.
• The private companies in the top 10 holdings (81.8% of the overall portfolio fair value and 72.2% of NAV) collectively saw their revenues increase year-on-year by an average of 71% (in Sterling) and 224% (on a fair value weighted basis).
• 77% of the portfolio by fair value has a robust cash runway, with 60% fully funded and 17% funded for 12 months or more from 30 June 2024, based on management projections and including raises completed post period end.
• Approximately $540m raised by the private portfolio during the year.
• £11.0m deployed in four new portfolio companies (including the in specie £3.8m investment into Seraphim Space Ventures II LP) and six existing portfolio companies.
• SSIT sold its interest in nine early-stage companies to Seraphim Space’s new early stage venture fund.
• Cash balance of £27.0m at year end.

The annual report and accounts can be found here.

Will Whitehorn, Chair of Seraphim Space Investment Trust plc, commented:

“The year to 30 June 2024 was one of significant milestones for both SSIT’s portfolio and the space sector as a whole. The heightened role of SpaceTech in the context of geopolitics continues to grow apace. In the last year, this has seen countries pushing for sovereign space capabilities not just in orbit, but increasingly on the moon too. With the commercial sector playing an ever-greater role in delivering these capabilities to nation states, many of SSIT’s portfolio companies are well aligned with servicing the growing demand from government customers. This has enabled 17 existing portfolio companies (12 of which are private and five of which are publicly traded) to raise c.$900m in additional funding (including further closes on previous rounds) between them during the year, ensuring that the portfolio is well capitalised to continue its positive trajectory.

The Company has both boosted its available liquidity and reduced the number of holdings that could require additional capital through the combination of the disposal of nine early stage holdings and the IPO of portfolio company Astroscale. With six portfolio companies, representing 60% of the portfolio by fair value, now indicating they are fully funded, the Company’s reserves are expected to be sufficient to continue to meet the needs of the portfolio during the year ahead whilst enabling the Investment Manager to continue to seek exceptional new potential additions to the portfolio.”

Mark Boggett, Chief Executive Officer, Seraphim Space Manager LLP, said:

“Once again, the portfolio has defied the difficulties of the wider macroeconomic climate by collectively managing to raise c.$900m from both the private and public capital markets over the course of the year. This is a testimony to the portfolio’s enduring attractiveness to both other existing investors and new investors that such substantial levels of capital raising were achieved.

Besides these high levels of fundraising activity, the underlying performance of the portfolio was also encouraging. Buoyed by increasing demand from government customers, the private companies within the top 10 holdings (which together constitute 81.8% of the portfolio fair value and 72.2% of NAV) collectively saw their revenues increase year-on-year by an average of 71% (in Sterling) and 224% (on a fair value weighted basis).

On the back of such growing revenues and recent fundraising activity, we are pleased to see that the portfolio is largely well capitalised, with some of the Company’s largest, more developed holdings now projecting that they have sufficient cash to reach profitability. Taken together with the increased potential liquidity represented by the listed portfolio, this strengthens our view that SSIT will continue to have adequate resources to support the needs of the portfolio as required over the year ahead.”

News in full

Our overview video of Seraphim Space below