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01/11 02:37
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Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
The earnings call highlights strong investment in AI and significant growth potential in portfolio companies like CoreWeave and OpenAI. Despite a slight decrease in NAV and liquid assets, the EPS beat expectations, and the share repurchase program is robust. Management's optimism about IPO activities and the positive impact of ServiceTitan's IPO further bolster sentiment. While the Q&A reveals some uncertainty, the overall outlook is positive, driven by strategic investments and growth prospects.
Earnings Per Share (EPS) Reported EPS is $-0.01, compared to expectations of $-0.19.
Net Asset Value (NAV) NAV per share is $6.68, a decrease from $6.73 at the end of Q3, primarily driven by a $0.22 decrease from net change in unrealized appreciation, a $0.16 decrease due to net investment loss, and a $0.06 decrease from stock-based compensation, offset by a $0.39 increase from net realized gains.
Liquid Assets Total liquid assets are approximately $23.6 million, including $20 million in cash and $3.6 million in unrestricted public securities.
Investment in CoreWeave Total investment in CoreWeave is $25 million, following a $5 million follow-on investment during the quarter.
Investment in OpenAI Investment in OpenAI is $17.5 million, with expectations of significant valuation increase if a financing at $300 billion valuation is completed.
Investment in Vast Data Investment in Vast Data is $12 million, with the company achieving over $200 million in ARR and being cash flow positive for the last three years.
PublicSquare Investments Exited position in PublicSquare with net proceeds of approximately $5.3 million and a realized gain of approximately $4 million.
Share Repurchase Program $64.3 million authorized for share repurchase program, with approximately $39.3 million deployed to date.
ServiceTitan IPO ServiceTitan priced its IPO at $71 per share, raising approximately $625 million, and closed the first day at $101 per share, reflecting a 42% increase.
Canva Annual Revenue Canva is generating approximately $2.5 billion in annualized revenue, up from a $26 billion valuation in April.
New Product Launches: Liquid Death introduced soda-inspired sparkling waters, including flavors like Killer Cola, Doctor Death, and Rootbeer Wrath.
Market Expansion: Canva reported over 220 million monthly users, up from 200 million, and is generating approximately $2.5 billion in annualized revenue.
Market Positioning: CoreWeave filed for an IPO targeting a valuation greater than $35 billion, with a significant contract signed with OpenAI worth up to $11.9 billion. OpenAI is in talks to raise $40 billion at a $300 billion valuation, with revenue expected to triple this year. Vast Data reached over $200 million in ARR and has been cash flow positive for the last three years.
Operational Efficiencies: Vast Data's all-flash storage solution allows instant access to all data, enhancing efficiency for AI applications.
Strategic Shifts: SuRo Capital is focusing on AI infrastructure investments, with nearly $55 million invested in 2024 alone.
Market Volatility: The company acknowledges the potential impact of market volatility on its business, portfolio companies, and the global economy, which could lead to actual results differing from expectations.
Regulatory Risks: The company mentions that forward-looking statements involve risks and uncertainties, including regulatory issues that could affect performance.
Supply Chain Challenges: While not explicitly detailed, the mention of economic factors and market conditions implies potential supply chain challenges that could arise.
Economic Factors: The company highlights that various economic factors could lead to discrepancies between projected and actual results, indicating a risk related to economic conditions.
Investment Risks: The company discusses the risks associated with its investments in private companies, particularly in the context of anticipated IPOs and market conditions.
Investment in CoreWeave: SuRo Capital made a total investment of $25 million in CoreWeave, which is expected to have a valuation greater than $35 billion and is seeking to raise approximately $4 billion in its IPO.
Investment in OpenAI: SuRo Capital invested $17.5 million in OpenAI, which is in talks to raise $40 billion at a $300 billion valuation.
Investment in Vast Data: SuRo Capital invested $12 million in Vast Data, which has reached over $200 million in ARR and is cash flow positive.
Share Repurchase Program: SuRo Capital's Board authorized a $64.3 million share repurchase program, with approximately $25 million remaining as of December 31, 2024.
Revenue Expectations for CoreWeave: CoreWeave expects to generate $8 billion in revenue for 2025, up from $1.9 billion in 2024.
Revenue Expectations for OpenAI: OpenAI expects revenue to triple from $3.7 million to over $12.5 million in 2024, with projections of $28 billion in 2026.
NAV per Share: SuRo Capital ended Q4 2024 with a NAV per share of $6.68, a slight decrease from $6.73 in Q3.
Liquid Assets: As of year-end, SuRo Capital had approximately $23.6 million in liquid assets.
Total Distributions: Approximately $9 per share in distributions declared and paid during the previous robust market cycle.
Share Repurchase Program: Authorized a $64.3 million share repurchase program, with approximately $25 million remaining as of December 31, 2024.
Shares Repurchased: Over 6 million shares repurchased for approximately $39.3 million since the inception of the program.
Expiration of Repurchase Program: The share repurchase program is set to expire on October 31, 2025.
The earnings call summary indicates strong financial performance with significant NAV growth and monetization gains. The strategic focus on AI and potential growth in sectors like wearable fitness technology and fintech are promising. The shareholder return plan, including dividends and share repurchases, adds positive sentiment. While there are concerns about competitive pressures and supply chain constraints, the overall outlook is optimistic. The Q&A section didn't reveal significant negative sentiment, and the dividend declaration further supports a positive outlook.
The earnings call highlights strong financial performance with significant gains from CoreWeave's IPO and robust growth in AI investments, particularly OpenAI. The declaration of a cash dividend and plans for future distributions are positive indicators for shareholder returns. Despite market volatility and strategic risks, the company's diversified portfolio and realized gains provide a solid foundation. The Q&A session did not reveal any major concerns, further supporting a positive sentiment. Given these factors, the stock price is likely to experience a positive movement of 2% to 8% over the next two weeks.
The earnings call summary presents a mixed picture: strong financial metrics like revenue increases and successful IPOs are countered by economic uncertainties, regulatory risks, and competitive pressures. The Q&A session highlighted management's vague responses on key issues, raising concerns. Despite positive elements like a share repurchase program and strong investments, the lack of clear guidance and potential risks balance the overall sentiment to neutral. The absence of market cap data prevents precise impact assessment, but the mixed factors suggest limited short-term stock movement.
The earnings call highlights strong investment in AI and significant growth potential in portfolio companies like CoreWeave and OpenAI. Despite a slight decrease in NAV and liquid assets, the EPS beat expectations, and the share repurchase program is robust. Management's optimism about IPO activities and the positive impact of ServiceTitan's IPO further bolster sentiment. While the Q&A reveals some uncertainty, the overall outlook is positive, driven by strategic investments and growth prospects.
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