TMT Investments 2025 results: NAV up 8.9% as AI wins offset write-downs
TMT Investments has posted a solid year in a tough venture market. Net asset value (NAV) per share rose 8.9% to US$7.13 at 31 December 2025 (2024: US$6.55), pushing total NAV to US$220.8 million. The lift came from a mix of FX tailwinds, a big step-up in Scentbird, and AI exposure – most notably Scale AI’s June 2025 round led by Meta.
Against a backdrop of subdued IPO and M&A activity, management stayed cautious on new deals, trimmed weaker positions, and bought back shares trading at a deep discount to NAV. The result: a US$16.6 million profit versus a US$2.2 million loss in 2024, with no financial debt and cash of US$5.0 million year-end (US$6.2 million as at 23 March 2026, unaudited).
Key numbers investors should know
| Metric | 2025 outcome |
|---|---|
| NAV per share | US$7.13 (+8.9% YoY) |
| Total NAV | US$220.8 million (2024: US$205.9 million) |
| IRR since inception | 14% per annum (2024: 14.5%) |
| Investments made | US$1.5 million |
| Cash disposals & dividends received | US$5.5 million (plus US$1.5 million post-period) |
| Share buyback | US$1.7 million for 651,688 shares at US$2.65 average |
| Cash & equivalents (31 Dec 2025) | US$5.0 million |
| Cash & equivalents (23 Mar 2026, unaudited) | US$6.2 million |
| Issued shares | 30,961,538 at year-end; 30,799,850 after January 2026 cancellation |
| Admin expenses | US$1.44 million (2024: US$1.38 million) |
What drove the NAV gain in 2025
Seven portfolio names were positively revalued, with AI and consumer subscription models doing the heavy lifting. FX also helped non-USD holdings by US$2.16 million at year-end.
- Scale AI – valued at over US$29 billion after Meta’s investment; TMT’s position marked up by 138% (+US$708,501) and paid a US$600,000 cash dividend.
- Scentbird – +US$8,528,115 (+61%) on comparable peers, reflecting continued growth and net profit positivity at the portfolio company level.
- Bolt – +US$11,358,465 (+17% including FX) following a partial disposal; company reports double-digit revenue growth, EBIT positive, and >800 cities live.
- Global Work AI – +US$1,100,000 (+220%) on a new SAFE round.
- Spin.ai – +US$1,097,434 (+114%) after a partial disposal; a further US$1.5 million cash disposal completed post year-end.
- Rhino – +US$520,000 (+87%) on a new SAFE round.
- Whizz – +US$491,719 (+27%) after a new convertible note.
Cash returns and portfolio pruning
TMT realised US$5.5 million of cash from partial disposals and dividends in the year, plus US$1.5 million after the period from selling 75% of its Spin.ai stake. The Company also:
- Sold part of Backblaze (NASDAQ) for US$3.8 million net.
- Sold part of Bolt for US$0.85 million net.
- Received US$600,000 dividend from Scale AI.
- Had repayments from Timbeter (€50,000 convertible note) and Mobilo (US$50,000 SAFE), and exited Accern for US$30,000.
Share buyback at a 60%+ discount to NAV
With the shares often trading at a 60%+ discount to NAV in 2025, management put US$1.7 million to work buying back 651,688 shares at an average US$2.65. That is NAV-accretive and matches their view that the portfolio itself offered the best risk-reward. Of these, 490,000 shares were cancelled before year-end; a further 161,688 were cancelled in January 2026.
New investments and follow-ons: disciplined and selective
Amid high uncertainty, TMT kept deployment tight at US$1.5 million, adding two new names and doubling down on two winners:
- New – Spendbase (US$500,000), a SaaS subscription management and cost optimisation platform.
- New – Leasy (US$500,000), a Peruvian fintech for vehicle financing aimed at ride-hailing drivers.
- Follow-on – Rhino (US$400,000), armoured car rides in Latin America.
- Follow-on – Global Work AI (US$129,000), AI-powered freelance job sourcing.
Where the portfolio stumbled: write-downs in nine holdings
TMT continues to mark assets prudently. Nine names were written down, totalling US$8,254,351:
- Backblaze – US$2,345,704 (-13%) based on US$4.66 share price at year-end, inclusive of the US$3.8 million partial disposal proceeds.
- Mobilo (Lulu Systems) – US$1,211,100 (-64%) reflecting market challenges.
- SOAX – US$1,000,000 (-25%) on TMT’s estimate of likely current valuation.
- MTL Financial (Outfund) – US$959,540 (-63%) due to a merger transaction.
- Prodly – US$900,000 (-50%) on market headwinds.
- Sonic Jobs – US$676,869 (-76%) on a new equity round.
- Aurabeat – US$515,000 (-100%), prospects unclear.
- Qumata – US$454,706 (-100%), repositioning judged unlikely.
- Go X – US$175,000 (-100%), lack of information and unclear prospects.
It is also worth noting the portfolio’s valuation mix: Level 3 assets at US$163.0 million are the largest component, so ongoing revaluations – up and down – remain part of the journey.
Operational updates from the big five holdings
- Bolt – double-digit revenue growth, >800 cities, EBIT positive.
- Backblaze – revenue up 14%, adjusted EBITDA positive.
- 3S Money – double-digit revenue growth, EBITDA positive.
- Scentbird – double-digit revenue growth, net profit positive.
- PandaDoc – double-digit revenue growth, over 65,000 customers, single-digit negative EBITDA margin.
Balance sheet, cash, and audit
No financial debt, cash and equivalents of US$5.0 million at 31 December 2025 and US$6.2 million as of 23 March 2026 (unaudited). Administrative expenses were stable at US$1.44 million. The auditor issued an unqualified opinion and flagged no going concern issues. No final dividend was recommended. The AGM will be held on 19 May 2026 in St Helier, Jersey at 14:30 (BST).
What this means for shareholders
Positives
- Clear NAV progress (+8.9%) in a muted venture market.
- Real cash back from disposals and a Scale AI dividend; more realised post-period.
- Buyback at a 60%+ NAV discount is value-accretive.
- Top holdings showing profitable or near-profitable operating profiles.
- No debt and steady costs give flexibility to weather volatility.
Watch-outs
- Write-downs across nine holdings underline the binary nature of early-stage assets.
- Level 3 valuations (US$163.0 million) carry inherent estimation risk.
- IRR since inception eased to 14% (from 14.5%).
- No dividend; returns rely on NAV growth and realisations.
Jargon buster
- NAV per share – total assets minus liabilities, divided by shares in issue; a snapshot of intrinsic value.
- IRR – internal rate of return since inception; the annualised return including realised and unrealised gains.
- SAFE – Simple Agreement for Future Equity; converts into shares on a future trigger event.
- Convertible note – a loan that can convert into equity, usually at a discount or with a valuation cap.
- Level 1/2/3 – fair value hierarchy. Level 1 uses market prices, Level 2 uses observable comparables, Level 3 uses unobservable inputs (most subjective).
My take
This is a credible year from TMT. The combination of selective exits at sensible prices, a sizeable uplift from AI exposure, and a meaningful buyback at a steep discount all work in shareholders’ favour. The other side of the ledger – nine write-downs and heavy Level 3 exposure – is the standard price of fishing in early-stage waters.
If the discount to NAV persists and management keeps recycling capital via exits, buybacks and disciplined deployment, there is room for further value creation. Keep an eye on additional realisations, any fresh AI-driven step-ups, and whether the upbeat operating trends at the top holdings translate into more cash events through 2026.
