Firsthand Technology Value Fund announces financial results for the fiscal year, NAV of $4.44 per share

SAN JOSE, California, March 31, 2023–(BUSINESS WIRE)–Firsthand Technology Value Fund, Inc. (NASDAQ: SVVC) (the “Fund”), a publicly traded venture capital fund that invests in technology and cleantech companies, today announced its financial results for the fiscal year ended December 31, 2022 .

As of December 31, 2022, the fund's net assets were approximately $30.6 million, or $4.44 per share, compared to net assets of approximately $94.8 million, or $13.75 per share, as of December 31, 2021. As of December 31, 2022 where the fund's portfolio included public and private securities valued at approximately $40.1 million, or $5.82 per share, which includes approximately $0.10 per share in cash and cash equivalents.

Portfolio summary (as of 31/12/22)

During the fourth quarter of 2022, the Valuation Committee, which consisted of four independent board members, adjusted the fair values ​​of the private companies in our portfolio. In arriving at these determinations and in accordance with the Fund's valuation procedures and ASC 820, the Valuation Committee considered information from an independent valuation firm and considered many factors, including the performance of the portfolio companies, recent transactions in the companies' securities, and the effects of changes in market multiples within certain sectors.

For the fiscal year ending December 31, 2022, the Fund reported a total investment loss of approximately $10.0 million. After fees and expenses, the fund reported a net investment loss of approximately $12.4 million. The fund reported net realized and unrealized losses on investments of approximately $51.7 million for the year.

The story continues

Throughout the year, the Fund continued its efforts to prudently manage its portfolio, including working with its portfolio companies and their management teams to seek to improve performance and identify potential exit opportunities.

About Firsthand Technology Value Fund

Firsthand Technology Value Fund, Inc. is a publicly traded venture capital fund that invests in technology and environmental technology companies. More information about the fund and its holdings is available online at www.firsthandtvf.com.

The Fund is a non-diversified, closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The Fund's investment objective is to seek long-term capital growth. Under normal circumstances, the Fund will invest at least 80% of its total assets for investment purposes in technology and environmental technology companies. An investment in the Fund involves significant risks, some of which are highlighted below. See the fund's public announcements for more information on fees, expenses and risks. Previous investment results do not provide guarantees of future results.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release contains “forward-looking statements” as defined in the US federal securities laws. In general, the words “believes,” “expects,” “intends,” “estimates,” “anticipates,” “projects,” “will” and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the Fund's historical experience and its current expectations or projections set forth in any forward-looking statement. These risks include, but are not limited to, changes in economic and political conditions, regulatory and legal changes, technology and cleantech industry risks, valuation risk, non-diversification risk, interest rate risk, tax risk and other risks discussed in the Fund's filings with the SEC. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Fund undertakes no obligation to publicly update or revise any forward-looking statements made herein. There is no guarantee that the fund's investment objectives will be achieved. We are aware that, notwithstanding the foregoing, the safe harbor for forward-looking statements under the Private Securities Litigation Reform Act of 1995 does not apply to investment companies like us.

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Contacts

Phil Mosakowski
Firsthand Capital Management, Inc.
(408) 624-9526
vc@firsthandtvf.com