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TMT INVESTMENTS PLC
Earnings Release • Aug 12, 2025
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Earnings Release
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National Storage Mechanism | Additional information 
RNS Number : 8860U
TMT Investments PLC
12 August 2025
12 August 2025
TMT INVESTMENTS PLC
("TMT" or the "Company")
Half-year report for the six months to 30 June 2025
TMT Investments Plc (AIM: TMT), the venture capital company investing in high-growth technology companies, is pleased to announce its unaudited interim results for the half-year ended 30 June 2025.
Highlights :
· NAV per share of US$6.80 (up 3.8% from US$6.55 as of 31 December 2024)
· Total NAV of US$ 213.9 million (US$205.9 million as of 31 December 2024)
· IRR from inception to 30 June 2025 of 14.3% per annum (14.5% from inception to 31 December 2024)
· US$0.5 million of additional investments in the first half of 2025 (US$1.9 million in the first half of 2024)
· US$1.9 million of cash disposals and dividends received in the first half of 2025 (US$5.8 million in the first half of 2024)
· As of 30 June 2025, the Company cash and cash equivalent reserves of US$5.3 million (31 December 2024: US$5.2 million); US$5.1 million as of 11 August 2025
Alexander Selegenev, Executive Director of TMT, commented:
" I n the first half of 2025, TMT's net asset value increased 3.8%, mainly as a result of the significant positive currency exchange impact on the Company's Sterling Pound and Euro-denominated investments. This was a period of continuing macroeconomic and political instability, as well as of subdued venture capital, IPO, and M&A activity.
TMT's portfolio benefited from positive revaluations for three of its investee companies (Bolt, Scale AI, and Rhino ) , which have been partly offset by full and partial write-downs in the value of seven of the Company's investments (Backblaze, MTL Financial, Sonic Jobs, Qumata, Soax, Prodly, and Go X), in line with TMT's highly prudent valuation approach.
The majority of TMT's portfolio companies continue to demonstrate good business progress and are adapting well to the challenges of the current environment. Despite the reduced revenue growth rates for some investees in this environment, many of them have managed to reach either profitability or positive operating cash flow levels.
Given the continued high level of market uncertainty and volatility in the first half of 2025, TMT maintained its cautious investment approach, and made one new investment (excluding capitalised transaction costs) of US$500,000 in Spendbase Inc., a SaaS subscription management and software cost optimisation platform backed by Google ( www.spendbase.co ).
With no financial debt and strong cash and cash equivalent reserves, TMT is well positioned to not only ride out the current market volatility, but also continue making investments and realising full and partial disposals when the right opportunities present themselves.
We look forward to keeping shareholders updated on relevant developments in due course . "
For further information contact:
| TMT Investments Plc Alexander Selegenev Executive Director www.tmtinvestments.com |
+44 370 707 4040 (Computershare - Company Secretary) [email protected] |
| Strand Hanson Limited (Nominated Adviser) James Bellman / James Dance |
+44 (0)20 7409 3494 |
| Cavendish Capital Markets Limited (Joint Broker) Ben Jeynes / George Lawson |
+44 (0)20 7220 0500 |
| Hybridan LLP (Joint Broker) Claire Louise Noyce |
+44 (0)20 3764 2341 |
| Kinlan Communications David Hothersall |
+44 (0)20 7638 3435 [email protected] |
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended by virtue of the Market Abuse (Amendment) (EU Exit) Regulations 2019.
About TMT Investments Plc
TMT Investments Plc invests in high-growth technology companies globally across a number of core specialist sectors. Founded in 2010, TMT has a current investment portfolio of over 50 companies and net assets of US$214 million as of 30 June 2025. The Company's objective is to generate an attractive rate of return for shareholders, predominantly through capital appreciation. The Company is traded on the AIM market of the London Stock Exchange. www.tmtinvestments.com .
EXECUTIVE DIRECTOR'S STATEMENT
In the first half of 2025, the venture capital segment, along with the broader markets, continued to experience a higher degree of volatility.
In line with the market, TMT's portfolio has continued to see an increased divergence between its stronger and weaker performers. Despite the ongoing challenges in the macroeconomic and political environment in the first half (which marks the fourth "stress year" for the venture capital industry following the tech market correction in early 2022), investors have continued to back fast-growing, high-quality digital technology companies , especially in the currently popular AI segment, although at notably more subdued levels .
We were pleased to see Scale AI and Rhino receive further validation of their progress by raising fresh capital at valuation levels that have resulted in positive revaluations for TMT as of 30 June 2025. In particular, on 12 June 2025, Scale AI, Inc., the "humanity-first" AI company ( https://scale.com ) , announced a significant new investment from Meta Platforms, Inc. (Nasdaq: META) that valued Scale at over US$29 billion. The transaction represented a revaluation uplift of 138% (US$0.7 million) in the fair value of TMT's holding in Scale, compared to the previous reported amount as of 31 December 2024. As part of the transaction, TMT also received a US$0.6 million cash dividend. This positive revaluation of 2.38 times in only eight months represents another example of how notable returns can be generated from risky, but carefully selected, AI opportunities.
In addition, the current fair value of TMT's investment in Bolt was further updated by an US$0.8 million partial disposal by TMT to an independent buyer.
In parallel, TMT continues to apply a highly prudent approach to valuing its portfolio investments and therefore regularly reviews and writes down investments that are not showing the progress the Board believes is required to justify the previously reported valuation level. As a result, during the period, TMT partially or fully wrote down the value of seven of its investments.
NAV per share
The Company's NAV per share of US$6.80 as of 30 June 2025 was notably driven by the upward revaluations of Bolt, ScaleAI and Rhino, as well as a significant positive currency exchange impact at the period-end.
Operating expenses
In the first half of 2025, the Company's administrative expenses of US$ 0.67 million were broadly in line with the corresponding 2024 levels (H1 2024: US$ 0.66 million) , reflecting the Company's subdued level of investment and business development activities during the period.
Financial position
As of 30 June 2025, the Company had no financial debt and cash and cash equivalent reserves of US$ 5.3 million (31 December 2024: US$5.2 million). As of 11 August 2025, the Company had cash and cash equivalent reserves of US$ 5.1 million.
Outlook
TMT has a globally diversified investment portfolio of over 50 companies, focused primarily on Big Data/Cloud, SaaS (software-as-a-service), Mobility, and FinTech.
Despite the ongoing market and political volatility, investors continue to invest in high-quality technology businesses at appropriate valuation levels. TMT is continuing to identify such opportunities selectively, whilst employing a generally very cautious investment approach. With no financial debt and strong cash and cash equivalent reserves, TMT is well positioned to not only ride out the current market volatility, but also continue making investments and realising full and partial disposals when the right opportunities present themselves.
Alexander Selegenev
Executive Director
11 August 2025
PORTFOLIO DEVELOPMENTS
The following developments have had an impact on, and are reflected in, the Company's NAV and/or unaudited financial statements as of 30 June 2025 in accordance with applicable accounting standards.
Profitable full and partial cash exits, and positive revaluations:
· TMT disposed of a portion of its shareholding in Bolt Technology OÜ for a total net cash consideration of US$0.8 million.
· TMT disposed of a portion of its shareholding in NASDAQ-traded Backblaze for a total net cash consideration of US$0.4 million.
· TMT received a US$0.6 million cash dividend from Scale AI, Inc., as part of a significant new investment Scale AI received from Meta Platforms, Inc. in June 2025. Scale AI, Inc. also announced a significant new investment from Meta Platforms, Inc. (Nasdaq: META) that valued Scale at over US$29 billion. The transaction represented a revaluation uplift of 138% (US$0.7 million) in the fair value of TMT's holding in Scale, compared to the previous reported amount as of 31 December 2024.
· TMT received a US$30,000 cash consideration for the disposal of its entire equity stake in Accern.
The following of the Company's portfolio investments were positively revalued as of 30 June 2025:
| Portfolio company | Portfolio company description | Positive revaluation amount (US$) | As % of fair value reported as of 31 Dec 2024 | Basis for revaluation |
| Bolt Technology OÜ | A leading international ride-hailing and mobility company ( www.bolt.e u ) | 11,318,531* | 17% | Partial disposal |
| Rhinocorn Inc., trading as Rhino | Provider of first-class armoured car rides in Latin America ( www.vamosrhino.com/en ) | 520,000 | 87% | New funding round (simple agreement for future equity ("SAFE")) |
| Scale AI Inc. | A leading data labelling company for the AI industry ( www.scale.com ) | 708,501 | 138% | New funding round (equity) |
| Other | 900 | |||
| Total | 12 ,547,932 |
* - incl. foreign exchange effect
In addition to the above, the following of TMT's non-USD denominated investments increased in value by a total of US$2,676,571 purely thanks to exchange rate fluctuations as of 30 June 2025: eAgronom, Timbeter, 3S Money, Feel, FemTech, Outvio, EstateGuru, Laundryheap, and Entytech.
Negative revaluations:
The following of the Company's portfolio investments were negatively revalued as of 30 June 2025:
| Portfolio Company | Write-down amount (US$) | Reduction as % of fair value reported as of 31 Dec 2024 | Reasons for write-down |
| SOAX | 2,000,000 | 50% | TMT's estimate of likely current valuation |
| Backblaze | 1,492,864 | 8 % | Based on the closing mid-market price of US$5.50 per share on 30 June 2025 ( incl. US$ 0.4 million net partial disposal proceeds received in the first half of 2025) |
| MTL Financial Ltd (trading as Outfund) | 959 ,827 | 63% | Merger transaction |
| Prodly, Inc. | 900,000 | 50% | Challenging current market environment |
| SonicJobs App Ltd. | 676,869 | 76% | New funding round (equity) |
| Qumata | 454,706 | 100% | Chances of repositioning the company's product seem very low |
| Go X | 175,000 | 100% | Lack of information from the company's management; prospects unclear |
| Total | 6,659,265 |
Key developments for the five largest portfolio holdings in the first half of 2025 (Source: TMT's portfolio companies):
Bolt (ride-hailing and food delivery service):
· Double-digit annualised revenue growth
· Active in over 850 cities globally (up from over 700 cities as of 31 December 2024)
· EBIT positive
Backblaze (cloud storage provider):
· 16% annualised revenue growth
· Adjusted EBITDA positive
3S Money (provider of global business accounts and payment solutions):
· Double-digit annualised revenue growth
· Single-digit negative EBITDA margin
Scentbird (Perfume, wellness and beauty product subscription service):
· Double-digit annualised revenue growth
· Net Profit positive
· Launched in the UK
PandaDoc (proposal automation and contract management software):
· Double-digit annualised revenue growth
· Over 65,000 customers (from over 60,000 as of 31 December 2024)
· Single-digit negative EBITDA margin
Further investments:
Given the continued high level of market uncertainty and volatility in the first half of 2025, TMT maintained its cautious investment approach and made the following investment in the period (excluding capitalised transaction costs):
New investments during the reporting period:
· US$500,000 in Spendbase Inc., a SaaS subscription management and software cost optimisation platform ( www.spendbase.co ).
FINANCIAL STATEMENTS
Statement of Comprehensive Income
| For the six months ended 30/06/2025 | For the six months ended 30/06/2024 | |||
| Notes | USD | USD | ||
| Gains on investments | 3 | 8,000,595 | 467,250 | |
| Dividend income | 564,655 | - | ||
| Total investment gain | 8,565,250 | 467,250 | ||
| Expenses | ||||
| Administrative expenses | 5 | (671,255) | (661,876) | |
| Operating gain/(loss) | 7,893,995 | (194,626) | ||
| Finance income , net | 78,947 | 184,770 | ||
| Currency exchange loss | (9,573) | (17,756) | ||
| Gain/(Loss) before taxation | 7,963,369 | (27,612) | ||
| Taxation | 7 | - | - | |
| Gain/(Loss) attributable to equity shareholders | 7,963,369 | (27,612) | ||
| Total comprehensive gain/(loss) for the year | 7,963,369 | (27,612) | ||
| Earnings/(Loss) per share | ||||
| Basic and diluted earnings/(loss) per share (cents per share) | 8 | 25.32 | (0.09) |
Statement of Financial Position
| At 30 June 2025 USD |
At 31 December 2024 USD |
|||
|---|---|---|---|---|
| Unaudited | Audited | |||
| --- | --- | --- | --- | --- |
| Notes | ||||
| Non-current assets | ||||
| Financial assets at FVPL | 4, 9 | 209,210,208 | 202,023,938 | |
| Total non-current assets | 209,210,208 | 202,023,938 | ||
| Current assets | ||||
| Trade and other receivables | 10 | 56,909 | 64,553 | |
| Cash and cash equivalents | 11 | 5,271,258 | 5,200,828 | |
| Total current assets | 5,328,167 | 5,265,381 | ||
| Total assets | 214,538,375 | 207,289,319 | ||
| Current liabilities | ||||
| Trade and other payables | 12 | 661,364 | 1,375,677 | |
| Total current liabilities | 661,364 | 1,375,677 | ||
| Total liabilities | 661,364 | 1,375,677 | ||
| Net assets | 213,877,011 | 205,913,642 | ||
| Equity | ||||
| Share capital | 13 | 53,283,415 | 53,283,415 | |
| Retained earnings | 160,593,596 | 152,630,227 | ||
| Total equity | 213,877,011 | 205,913,642 |
Statement of Cash Flows
| For the six months ended 30/06/2025 | For the six months ended 30/06/2024 | |||
| Notes | USD | USD | ||
| Operating activities | ||||
| Operating gain/(loss) | 7,893,995 | (194,626) | ||
| Adjustments for non-cash items: | ||||
| Changes in fair value of financial assets at FVPL | 3 | (7,999,695) | (526,105) | |
| Dividend income | (564,655) | - | ||
| Currency exchange loss | (9,573) | (17,756) | ||
| Loss on receivables | - | 53,891 | ||
| (679,928) | (684,596) | |||
| Changes in working capital: | ||||
| Decrease in trade and other receivables | 10 | 7,644 | 18,067 | |
| Decrease in trade and other payables | 12 | (714,313) | (182,448) | |
| Net cash used in operating activities | (1,386,597) | (848,977) | ||
| Investing activities | ||||
| Dividends received from portfolio companies | 564,655 | - | ||
| Purchase of financial assets at FVPL | 9 | (500,000) | (1,900,336) | |
| Proceeds from sale of financial assets at FVPL | 9 | 1,313,425 | 5,849,216 | |
| Net cash received from investing activities | 1,378,080 | 3,948,880 | ||
| Financing activities | ||||
| Interest received on treasury bills and deposits | 78,947 | 184,770 | ||
| Net cash received from financing activities | 78,947 | 184,770 | ||
| Increase in cash and cash equivalents | 70,430 | 3,284,673 | ||
| Cash and cash equivalents at the beginning of the period | 11 | 5,200,828 | 6,590,935 | |
| Cash and cash equivalents at the end of the period | 11 | 5,271,258 | 9,875,608 |
Statement of Changes in Equity
| Share capital | Retained earnings | Total | ||
|---|---|---|---|---|
| USD | USD | USD | ||
| --- | --- | --- | --- | --- |
| Balance at 1 January 2024 | 53,283,415 | 154,828,288 | 208,111,703 | |
| Loss for the year | - | (2,198,061) | (2,198,061) | |
| Total comprehensive loss for the year | - | (2,198,061) | (2,198,061) | |
| Balance at 31 December 2024 | 53,283,415 | 152,630,227 | 205,913,642 | |
| Gain for the period | - | 7,963,369 | 7,963,369 | |
| Total comprehensive income for the period | - | 7,963,369 | 7,963,369 | |
| Balance at 30 June 2025 | 53,283,415 | 160,593,596 | 213,877,011 |
The financial statements were approved by the Board of Directors on 11 August 2025 and were signed on its behalf by:
Alexander Selegenev
Executive Director
NOTES TO THE FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2025
- Company information
TMT Investments Plc ("TMT" or the "Company") is a company incorporated in Jersey with its registered office at 13 Castle Street, St Helier, JE1 1ES, Channel Islands.
The Company was incorporated and registered on 30 September 2010 in Jersey under the Companies (Jersey) Law 1991 (as amended) with registration number 106628 under the name TMT Investments Limited. The Company obtained consent from the Jersey Financial Services Commission pursuant to the Control of Borrowing (Jersey) Order 1985 on 30 September 2010. On 1 December 2010 the Company re-registered as a public company and changed its name to TMT Investments Plc. The Company's ordinary shares were admitted to trading on the AIM market of the London Stock Exchange on 10 December 2010.
The memorandum and articles of association of the Company do not restrict its activities and therefore it has unlimited legal capacity. The Company's ability to implement its Investing Policy and achieve its desired returns will be limited by its ability to identify and acquire suitable investments. Suitable investment opportunities may not always be readily available.
The Company seeks to make investments in any region of the world. The Company invests in high‑growth technology companies globally across a number of core specialist sectors. The Company's objective is to generate an attractive rate of return for shareholders, predominantly through capital appreciation.
Financial statements of the Company are prepared by and approved by the Directors in accordance with International Financial Reporting Standards, UK adopted International Accounting Standards and their interpretations issued or adopted by the International Accounting Standards Board ("IFRSs"). The Company's accounting reference date is 31 December.
- Summary of significant accounting policies
2.1. Basis of presentation
Interim financial statements for the six months ended 30 June 2025 and 2024 are unaudited and were approved by the Directors on 11 August 2025. They do not constitute statutory accounts as defined in section 434 of the Companies Act 2006. The financial statements for the year ended 31 December 2024 were prepared in accordance with International Financial Reporting Standards as adopted by the United Kingdom. The report of the auditor on those financial statements was unqualified and did not draw attention to any matters by way of emphasis of matter.
The principal accounting policies applied by the Company in the preparation of these unaudited financial statements are set out below and have been applied consistently.
The financial statements have been prepared on a going concern basis, under the historical cost basis as modified by the fair value of financial assets at ("FVTPL"), as explained in the accounting policies below, and in accordance with IFRS. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
2.2. Foreign currency translation
Functional and presentation currency
Items included in the financial statements of the Company are measured in United States Dollars ('US dollars', 'USD' or 'US$'), which is the Company's functional and presentation currency.
Transactions and balances
Foreign currency transactions are translated into US$ using the exchange rates prevailing at the dates of the transactions. Foreign currency monetary items are translated using the closing rate (i.e. mid‑market price investments).
Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was measured. (i.e. comparable company analysis and cost-based investments as these are effectively re-fair valued at each year-end).
Exchange differences arising from the translation at the year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of comprehensive income.
| Currency | At 30/06/2025 | Average rate, for six months ended 30/06/2025 |
| British pounds, £ | 1.3703 | 1.2984 |
| Euro, € | 1.1738 | 1.0940 |
2.3. New IFRSs and interpretations
The following standards and amendments became effective from 1 January 2025, but did not have any material impact on the Company:
· amendment to IAS 21 - Lack of Exchangeability.
- Gains/(Losses) on investments
| For six months ended 30/06/2025 | For six months ended 30/06/2024 |
|
| USD | USD | |
| Gross interest income from convertible notes receivable | - | 3,098 |
| Net interest income from convertible notes receivable | - | 3,098 |
| Gains on changes in fair value of financial assets at FVPL | 7,999,695 | 526,105 |
| Other gain/(losses) on investment | 900 | (61,953) |
| Total gains on investments | 8,000,595 | 467,250 |
- Segmental analysis
Geographic information
The Company has investments in the following four geographical areas - USA, Estonia, the United Kingdom and the Cayman Islands.
Non-current financial assets
| USA | Cayman Islands | Estonia | United Kingdom | Total | ||
| As at 30/06/2025 | USD | USD | USD | USD | USD | |
| Equity investments | 7 8 , 128 ,016 | - | 79,809,207 | 31,664,924 | 18 9 , 602 , 147 | |
| Convertible notes & SAFEs | 18, 564 , 851 | 515,000 | 528,210 | - | 19 , 608 , 061 | |
| Total | 9 6 , 692 ,867 | 515,000 | 80,337,417 | 31,664,924 | 20 9 , 210 , 208 |
| USA | Cayman Islands | Estonia* | United Kingdom | Total | ||
| As at 31/12/2024 | USD | USD | USD | USD | USD | |
| Equity investments | 78 , 382 , 247 | - | 69,145,646 | 33,551,818 | 18 1 , 079 , 711 | |
| Convertible notes & SAFEs | 1 9 , 963 , 252 | 515,000 | 465,975 | - | 20 , 944 , 227 | |
| Total | 9 8 , 345 ,4 99 | 515,000 | 69,611,621 | 33,551,818 | 20 2 , 023 , 938 |
* As of 1 January 2025, the Company's US$53,990 additional investment in Timbeter made in 2024 was reclassified from Equity to Convertible notes.
- Administrative expenses
Administrative expenses include the following amounts:
| For six months ended 30/06/2025 | For six months ended 30/06/2024 | |
|---|---|---|
| USD | USD | |
| --- | --- | --- |
| Staff expenses (note 6) | 477,795 | 454,170 |
| Professional fees | 127,283 | 136,935 |
| Legal fees | 4,394 | 17,088 |
| Bank and LSE charges | 8,327 | 12,170 |
| Audit and accounting fees | 13,289 | 8,215 |
| Other expenses | 40,167 | 33,298 |
| 671,255 | 661,876 |
- Staff expenses
| For six months ended 30/06/2025 | For six months ended 30/06/2024 | |
| USD | USD | |
| Directors' fees | 123,945 | 117,170 |
| Wages and salaries | 353,850 | 337,000 |
| 477,795 | 454,170 |
Wages and salaries shown above include fees and salaries relating to the six months ended 30 June 2025.
The Directors' fees for the six months ended 30 June 2025 and 2024 were as follows:
| For six months ended 30/06/2025 | For six months ended 30/06/2024 | |
|---|---|---|
| USD | USD | |
| --- | --- | --- |
| Alexander Selegenev | 65,625 | 62,500 |
| Yuri Mostovoy | 31,500 | 30,000 |
| James Joseph Mullins | 16,505 | 15,182 |
| Andrea Nastaj | 10,315 | 9,488 |
| 123,945 | 117,170 |
The Directors' fees shown above are all classified as 'short term employment benefits' under International Accounting Standard 24. The Directors do not receive any pension contributions or other benefits. The average number of staff employed (excluding Directors) by the Company during the six months ended 30 June 2025 was 7 (six months ended 30 June 2024: 7).
Key management personnel of the Company are defined as those persons having authority and responsibility for the planning, directing and controlling the activities of the Company, directly or indirectly. Key management of the Company are therefore considered to be the Directors of the Company. There were no transactions with the key management, other than their fees, bonuses and reimbursement of business expenses.
- Income tax expense
The Company is incorporated in Jersey. No tax reconciliation note has been presented as the Company's current income tax rate in Jersey is 0%.
- Gain/(Loss) per share
The calculation of basic gain per share is based upon the net gains for the six months ended 30 June 2025 attributable to the ordinary shareholders of US$ 7,963,369 (for the six months ended 30 June 2024: net loss US$ 27,612 ) and the weighted average number of ordinary shares outstanding calculated as follows:
| Gain/(Loss) per share | For the six months ended 30/06/2025 | For six months ended 30/06/2024 |
| Basic gain/(loss) per share (cents per share) | 25.32 | (0.09) |
| Gain/(Loss) attributable to equity holders of the entity | 7,963,369 | (27,612) |
The weighted average number of ordinary shares outstanding was calculated as follows:
| For the six months ended 30/06/2025 | For the six months ended 30/06/2024 | ||||
| Weighted average number of shares in issue | |||||
| Ordinary shares | 31,451,538 | 31,451,538 | |||
| 31,451,538 | 31,451,538 | ||||
- Non-current financial assets
Reconciliation of fair value measurements of non-current financial assets:
| At 30 June 2025 USD |
At 31 December 2024 USD |
|
| Investments held at fair value through profit and loss, USD: | ||
| - listed and unlisted shares (i) | 189,602,147 | 181,079,711 |
| - promissory notes (ii) | 2,618,690 | 2,611,775 |
| - SAFEs (iii) | 16,989,371 | 18,332,452 |
| 209,210,208 | 202,023,938 |
| At 30 June 2025 USD |
At 31 December 2024 USD |
|
| Opening valuation | 202,023,938 | 203,086,676 |
| Purchased (including consulting fees) | 500,000 | 5,928,341 |
| Disposal proceeds | (1,313,425) | (5,912,637) |
| Impairment losses in the period | (1,148,771) | (4,358,118) |
| Realised (losses)/gains | (1,993,752) | 1,100,592 |
| Unrealised gains | 11,142,218 | 2,179,084 |
| Closing valuation | 209,210,208 | 202,023,938 |
| Movement in unrealised gains | ||
| Opening accumulated unrealised gains | 131,862,993 | 133,189,507 |
| Unrealised gains | 11,142,218 | 1,928,434 |
| Transfer of previously unrealised losses to realised reserve on disposal of investments | (1,275,904) | (3,254,948) |
| Closing accumulated unrealised gains | 141,729,307 | 131,862,993 |
| Impairment losses above represent the cost value of investments fully impaired in the first half of 2025. The difference between cost and fair value before impairment in the amount of US$519,065 (gain) is shown as unrealised gains movement. The total amount of fully impaired investments in the first half of 2025 was US$629,706, the breakdown of which is presented within the "Write-offs" column for each relevant individual investment in the detailed tables below. Reconciliation of investments, if held under the cost and price of recent investment model: |
||
| Historic cost basis | ||
| Opening book cost | 70,160,945 | 69,897,169 |
| Purchases (including consulting fees) | 500,000 | 5,928,341 |
| Disposal on sale of investment | (2,031,273) | (1,306,447) |
| Impairment losses in the period | (1,148,771) | (4,358,118) |
| Closing book cost | 67,480,901 | 70,160,945 |
| Valuation methodology | ||
| Level 1 ‑ Mid-market price | 16,658,274 | 18,581,103 |
| Level 2 ‑ Comparable company analysis | 30,818,477 | 97,634,716 |
| Level 3 ‑ Cost or price of recent investment | 161,733,457 | 85,808,119 |
| 209,210,208 | 202,023,938 |
The estimate significant to the financial statements during the period and at the period-end is the consideration of the fair value of financial assets at FVPL as set out in the relevant accounting policies. A number of the financial assets at FVPL held by the Company are at an early stage of their development. The Company cannot yet carry out regular reliable fair value estimates of some of these investments. Future events or transactions involving the companies invested in may result in more accurate valuations of their fair values (either upwards or downwards) which may affect the Company's overall net asset value.
Valuation methodologies can be changed from time to time. The following table lists TMT's portfolio companies whose valuation methodology has changed during the period. Those portfolio companies had a total value of US$74,980,609 as of 31 December 2024:
| Company name | 30 June 2025 | 31 December 2024 |
| Bolt | Cost and price of recent investment | Comparable company analysis |
| MTL Financial (OutFund) | Cost and price of recent investment | Comparable company analysis |
| Prodly | Comparable company analysis | Cost and price of recent investment |
| SOAX | Comparable company analysis | Cost and price of recent investment |
The list of fully impaired or materially disposed investments, in which the Company still maintained ownership as of 30 June 2025, was as follows:
| Company name | Investment amount (USD) | Year of impairment/ material disposal |
| Rollapp | 450,000 | 2018 |
| UsingMiles/Help WW/Source Inc. | 250,000 | 2018 |
| Favim | 300,000 | 2018 |
| AdInch | 1,600,000 | 2018 |
| E2C | 124,731 | 2020 |
| Drupe | 285,750 | 2019 |
| Virool/Turgo | 600,000 | 2017 |
| Sixa | 900,000 | 2019 |
| Usual Beverage Co. | 300,000 | 2022 |
| StudyFree | 1,000,000 | 2022 |
| Wanelo | 350,000 | 2023 |
| Rocket Games (Legionfarm) | 1,650,000 | 2023 |
| Scalarr | 1,999,999 | 2023 |
| Academy of change | 1,000,000 | 2023 |
| Conte.ai/Postoplan | 1,784,185 | 2023 |
| Metrospeedy | 1,000,000 | 2023 |
| BaFood | 2,500,000 | 2023 |
| Hinterview Limited | 641,121 | 2024 |
| Hugo Technologies | 1,201,250 | 2024 |
| Moeco IoT, Inc | 1,000,000 | 2024 |
| Bairro (BAIRRÍSSIMO, LDA) | 1,107,638 | 2024 |
| GameOn | 1,000,000 | 2024 |
| Cheetah (Go-X) | 350,000 | 2025 |
| Qumata | 798,771 | 2025 |
| Total | 22,193,445 |
Financial assets at fair value through profit or loss are measured at fair value, and changes therein are recognised in profit or loss.
When measuring the fair value of a financial instrument, the Company uses relevant transactions during the period or shortly after the period end, which gives an indication of fair value and considers other valuation methods to provide evidence of value. The "price of recent investment" methodology is used mainly for venture capital investments, and the fair value is derived by reference to the most recent financing round or sizeable partial disposal. Fair value change is only recognised if that round involved a new external investor. From time to time, the Company may assess the fair value in the absence of a relevant independent equity transaction by relying on other market observable data and valuation techniques, such as the analysis of revenue multiples of comparable companies and/or comparable transactions. The nature of such valuation techniques is highly judgmental and dependent on the market sentiment at the time of the analysis.
(i) Equity investments as at 30 June 2025:
| Investee company | Date of initial investment | Value at 1 Jan 2025, USD |
Conversions from / to loan notes and SAFEs , USD | Gain/(loss) from changes in fair value of equity investments, USD | Disposals, USD | Write-offs, USD | Value at 30 June 2025, USD | Fully diluted equity stake owned |
|---|---|---|---|---|---|---|---|---|
| Backblaze | 24.07.2012 | 18,581,103 | - | (1,492,851) | (429,978) | - | 16,658,274 | 5-10% |
| Remote.it | 13.06.2014 | 131,200 | - | - | - | - | 131,200 | <5% |
| Bolt | 15.09.2014 | 67,659,570 | - | 11,318,531 | (853,447) | - | 78,124,654 | <5% |
| PandaDoc | 11.07.2014 | 8,013,824 | - | - | - | - | 8,013,824 | <5% |
| Full Contact (Fideo) | 11.01.2018 | 244,506 | - | - | - | - | 244,506 | <5% |
| ScentBird | 13.04.2015 | 14,074,244 | - | - | - | - | 14,074,244 | <5% |
| Workiz | 16.05.2016 | 3,971,659 | - | - | - | - | 3,971,659 | <5% |
| MEL Science (Inquisitive) | 25.02.2019 | 905,656 | - | - | - | - | 905,656 | <5% |
| Qumata | 06.06.2019 | 454,706 | - | - | - | (454,706) | - | <5% |
| eAgronom | 31.08.2018 | 372,913 | - | 49,805 | - | - | 422,718 | <5% |
| Timbeter * | 05.12.2019 | 207,100 | - | 27,660 | - | - | 234,760 | <5% |
| 3S Money Club | 07.04.2020 | 18,578,690 | - | 1,740,872 | - | - | 20,319,562 | 10-15% |
| Virtual Mentor (Allright) | 12.11.2020 | 772,500 | - | - | - | - | 772,500 | <5% |
| NovaKid | 13.11.2020 | 2,949,855 | - | - | - | - | 2,949,855 | <5% |
| MTL Financial (OutFund) | 17.11.2020 | 1,521,039 | - | (959,827) | - | - | 561,212 | <5% |
| Accern | 21.08.2019 | 30,000 | - | - | (30,000) | - | - | <5% |
| Feel | 13.08.2020 | 3,801,910 | - | 356,249 | - | - | 4,158,159 | 5-10% |
| Affise | 18.09.2019 | 2,611,317 | - | - | - | - | 2,611,317 | 5-10% |
| 3D Look | 03.03.2021 | 500,000 | - | - | - | - | 500,000 | <5% |
| FemTech | 30.03.2021 | 450,515 | - | 42,214 | - | - | 492,729 | 5-10% |
| Muncher | 23.04.2021 | 1,426,849 | - | - | - | - | 1,426,849 | 5-10% |
| CyberWrite | 20.05.2021 | 1,156,341 | - | - | - | - | 1,156,341 | <5% |
| Outvio | 22.06.2021 | 517,750 | - | 69,150 | - | - | 586,900 | <5% |
| Collectly | 13.07.2021 | 6,449,328 | - | - | - | - | 6,449,328 | <5% |
| VertoFX | 16.07.2021 | 1,132,999 | - | - | - | - | 1,132,999 | <5% |
| EstateGuru | 06.09.2021 | 388,313 | - | 51,862 | - | - | 440,175 | <5% |
| Prodly | 09.09.2021 | 1,800,000 | - | (900,000) | - | - | 900,000 | <5% |
| Sonic Jobs | 15.09.2021 | 888,220 | - | (676,869) | - | - | 211,351 | <5% |
| OneNotary (Adorum) | 01.10.2021 | - | 924,377 | - | - | - | 924,377 | <5% |
| EdVibe (Study Space, Inc) | 02.11.2021 | 750,000 | - | - | - | - | 750,000 | 5-10% |
| 1Fit (Alippe, Inc) | 24.12.2021 | 1,580,320 | - | - | - | - | 1,580,320 | <5% |
| Agendapro | 03.09.2021 | 910,609 | (546,365) | - | - | - | 364,244 | 5-10% |
| Laundryheap | 28.01.2022 | 2,951,082 | - | 276,524 | - | - | 3,227,606 | <5% |
| My Device Inc | 30.11.2021 | 1,789,241 | - | - | - | - | 1,789,241 | 5-10% |
| SOAX | 21.01.2022 | 4,000,000 | - | (2,000,000) | - | - | 2,000,000 | 5-10% |
| Spin.ai | 17.12.2018 | 964,102 | - | - | - | - | 964,102 | <5% |
| Property Mate Inc. (Jome) | 16.02.2024 | 1,030,000 | - | - | - | - | 1,030,000 | <5% |
| ScaleAI | 16.10.2024 | 514,157 | - | 143,846 | - | - | 658,003 | <5% |
| Phoenix | 29.05.2023 | 1,300,020 | - | - | - | 1,300,020 | <5% | |
| Montera | 02.08.2023 | 721,000 | - | - | - | 721,000 | <5% | |
| Rain Technologies Inc. | 17.10.2023 | - | 1,865,389 | - | - | - | 1,865,389 | <5% |
| Praktika.ai Company | 29.12.2023 | 4,977,073 | - | - | - | 4,977,073 | <5% | |
| Total | 181,079,711 | 2,243,401 | 8,047,166 | (1,313,425) | (454,706) | 189,602,147 |
(ii) Convertible loan notes as at 30 June 2025:
| Investee company | Date of initial investment | Value at 1 Jan 2025, USD |
Additions to convertible note investments during the period, USD | Conversions from equity, USD | Gain/(loss) from changes in fair value of convertible notes, USD | Write-offs, USD | Value at 30 Jun 2025, USD |
|---|---|---|---|---|---|---|---|
| Timbeter * | 05.12.2019 | 51,775 | - | - | 6,915 | - | 58,690 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| MedVidi | 27.09.2021 | 2,560,000 | - | - | - | - | 2,560,000 |
| Total | 2,611,775 | - | - | 6,915 | - | 2,618,690 |
* As of 1 January 2025, the Company's US$53,990 additional investment in Timbeter made in 2024 was reclassified from Equity to Convertible loan notes.
(iii) SAFEs as at 30 June 2025:
| Investee company | Date of initial investment | Value at 1 Jan 2025, USD |
Additions to SAFE investments during the period, USD | Conversions from / to equity, USD | Gain/loss from changes in fair value of SAFE investments, USD | Write-offs, USD | Value at 30 June 2025, USD |
|---|---|---|---|---|---|---|---|
| Cheetah (Go-X) | 29.07.2019 | 175,000 | - | - | - | (175,000) | - |
| Adwisely (Retarget) | 24.09.2019 | 800,000 | - | - | - | - | 800,000 |
| Aurabeat | 03.05.2021 | 515,000 | - | - | - | - | 515,000 |
| Synder (CloudBusiness Inc) | 26.05.2021 | 3,428,571 | - | - | - | - | 3,428,571 |
| Agendapro | 03.09.2021 | - | - | 546,365 | - | - | 546,365 |
| OneNotary (Adorum) | 01.10.2021 | 924,377 | - | (924,377) | - | - | - |
| Educate online | 16.11.2021 | 5,694,915 | - | - | - | - | 5,694,915 |
| Mobilo (Lulu Systems, Inc) | 09.12.2021 | 1,885,000 | - | - | - | - | 1,885,000 |
| 1Fit (Alippe, Inc) | 19.04.2023 | 500,000 | - | - | - | - | 500,000 |
| Rain Technologies Inc. | 17.10.2023 | 1,865,389 | - | (1,865,389) | - | - | - |
| Entytech OU | 20.06.2024 | 414,200 | - | - | 55,320 | - | 469,520 |
| For Good AI Inc. (Zencoder) | 20.09.2024 | 1,030,000 | - | - | - | - | 1,030,000 |
| Rhinocorn Inc | 13.12.2024 | 600,000 | - | - | 520,000 | - | 1,120,000 |
| Expert Remote Inc (Global Work AI) | 30.12.2024 | 500,000 | - | - | - | - | 500,000 |
| Spendbase Inc | 15.01.2025 | - | 500,000 | - | - | - | 500,000 |
| Total | 18,332,452 | 500,000 | (2,243,401) | 575,320 | (175,000) | 16,989,371 |
- Trade and other receivables
| At 30 June 2025 |
At 31 December 2024 | |
|---|---|---|
| USD | USD | |
| --- | --- | --- |
| Prepayments | 36,708 | 44,352 |
| Other receivables | 20,201 | 20,201 |
| Interest receivable on promissory notes | - | - |
| Interest receivable on deposit | - | - |
| 56,909 | 64,553 |
The fair values of trade and other receivables approximate to their carrying amounts as presented above. During the six months ended 30 June 2025 and 2024 no balances were past due or impaired, and no credit losses had been expected.
Other receivables as of 30 June 2025 and 31 December 2024 represented amounts due from the disposed investment in Hugo .
- Cash and cash equivalents
The cash and cash equivalents as at 30 June 2025 include cash and cash equivalents in banks and brokers.
Cash and cash equivalents comprise the following:
| At 30 June 2025 |
At 31 December 2024 | |
| USD | USD | |
| Treasury bills | 2,179,456 | 2,473,851 |
| Bank balances | 3,091,802 | 2,726,977 |
| 5,271,258 | 5,200,828 |
The following table represents an analysis of cash and equivalents by rating agency designation based on Moody`s rating or their equivalent:
| At 30 June 2025 |
At 31 December 2024 | |
| Bank balances | USD | USD |
| C rating | 35,915 | 88,982 |
| Caa2 rating | 3,016,285 | 2,606,210 |
| Baa3 rating | 554 | 882 |
| Not rated | 39,048 | 30,903 |
| 3,091,802 | 2,726,977 |
| At 30 June 2025 |
At 31 December 2024 | |
| Treasury bills | USD | USD |
| AAA rating | 2,179,456 | 2,473,851 |
| 2,179,456 | 2,473,851 |
- Trade and other payables
| At 30 June 2025 |
At 31 December 2024 | |
|---|---|---|
| USD | USD | |
| --- | --- | --- |
| Salaries payable | 31,500 | 59,500 |
| Directors' fees payable | 22,516 | 11,891 |
| Bonuses payable | 595,696 | 1,206,217 |
| Trade payables | 8,201 | 44,037 |
| Other current liabilities | - | 45 |
| Accruals | 3,451 | 53,987 |
| 661,364 | 1,375,677 |
The fair value of trade and other payables approximate to their carrying amounts as presented above.
- Share capital
On 30 June 2025 the Company had an authorised share capital of unlimited ordinary shares of no par value and had issued ordinary share capital of:
| At 30 June 2025 |
At 31 December 2024 | |
|---|---|---|
| USD | USD | |
| --- | --- | --- |
| Share capital | 53,283,415 | 53,283,415 |
| Issued capital comprises: | Number | Number |
| Fully paid ordinary shares | 31,451,538 | 31,451,538 |
| Number of shares | Number of shares | |
| Balance at 31 December 2024 | 31,451,538 | 31,451,538 |
| Issue of ordinary shares | - | - |
| Balance at 30 June 2025 | 31,451,538 | 31,451,538 |
There have been no changes to the Company's ordinary share capital between 30 June 2024 and the date of approval of these financial statements.
- Related party transactions
The Company's Directors receive fees and bonuses from the Company, details of which can be found in Note 6.
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