REG - TMT Investments - Half-year Report
TMT Investments PLC (AIM: TMT) reported unaudited interim results for the six months to 30 June 2026. NAV per share rose to US$7.92 (+11.1%) and total NAV to US$239.7m (+8.6%). Cash and equivalents increased to US$11.7m. The company made US$0.75m new investments, received US$9.6m disposals and dividends, and completed a US$1.45m buyback at US$2.46. NAV gains were driven by a US$25.6m revaluation of Backblaze, Inc.
How this was made
The 30-second read
Why it matters
The half-year report provides new valuation and liquidity metrics (NAV per share, total NAV, cash reserves) and confirms buyback execution, with NAV uplift attributed mainly to Backblaze’s positive revaluation after a major storage agreement.
Market read
Traders can reassess TMT’s near-term valuation support from NAV growth, higher cash, and buyback activity, while monitoring concentration risk tied to Backblaze marks.
What to watch
The article notes a 60%+ discount to NAV and ongoing macro/geopolitical volatility; buybacks may support the discount but do not remove underlying portfolio dispersion risk.
Background
TMT is an AIM-listed venture capital company that marks portfolio investments to reflect revaluations and periodically executes share buybacks when trading at a discount to NAV.
Ticker impact
CoreWeave is named as the counterparty to a major 5-year $335m agreement with Backblaze, which TMT links to a Backblaze share price revaluation.
Limited direct impact expected from this text alone, but it may reinforce the perceived strategic momentum around CoreWeave’s infrastructure demand.
CoreWeave’s own financials or guidance are not provided; the contract is described as a driver of Backblaze and TMT outcomes rather than a new CoreWeave disclosure.
Market effects
Highlights how AI infrastructure and storage agreements can translate into mark-to-market gains for venture-style portfolios.
AIM-listed VC reporting may influence UK small-cap sentiment around tech venture valuations and buyback appetite.
Backblaze and CoreWeave are US-linked names, reinforcing cross-border AI infrastructure demand narratives.
Counterpoint
NAV strength is heavily concentrated in a single portfolio revaluation (Backblaze), so the headline improvement may be less durable if that mark-to-market reverses.
Key entities
- issuerTMT Investments PLC
Reports unaudited interim results for six months ended 30 June 2026, including NAV per share, cash reserves, and completed share buyback.
- portfolio companyBackblaze, Inc.
NASDAQ-traded portfolio company whose investment revaluation is cited as the main driver of TMT’s NAV increase after a major agreement.
- counterpartyCoreWeave, Inc.
Named as the counterparty in a $335m, 5-year storage-capacity agreement with Backblaze that is linked to Backblaze share price strength.
