Trustpilot Group PLC (LSE:TRST) has US$36mln (£20mln) in cash held with Silicon Valley Bank’s UK entity, the global review platform disclosed on Monday.
$18m is currently in transfer out of SVB, but is still pending confirmation.
The company confirmed that it has immediately accessible cash of US$24mln, representing a third of its total cash on the balance sheet.
“Given this morning’s news on SVB UK being sold to HSBC, the liquidity situation should be under control,” said broker Peel Hunt, though Trustpilot shares fell around 5.4% to 92.5mln following the announcement regardless.
Peel Hunt has forecasted full-year EBITDA losses of US$6.2mln in the build-up to Trustpilot’s preliminary results on March 21, or US$5,4mln in a best-case scenario.
“Faster than expected break-even is very encouraging but we still need more colour on the rest of the financials and top-line trading," said Peel Hunt, adding that shares are trading on 2.5 times forward enterprise-value-to-sales ratio.