Shares of Tern PLC (AIM:TERN) (AIM: TERN) fell 17% following the release of its interim results, which showed the technology investment group's net asset value (NAV) dropped to £22.2 million, from £30.0 million a year earlier.
"The first six months of 2023 remained a challenging environment for early-stage technology businesses," said chairman Ian Ritchie.
"However, whilst it is always disappointing to report a decrease in the unrealised fair value of our investments, our portfolio companies continue to make significant progress, assisted by the Tern team, with growth in annual and monthly recurring revenues, which we consider to be a key indicator of progress and ultimately value that can be realised."
He said this point had been underlined in recent weeks by Wyld Networks' agreement with Space X.
At 8.38 am, the shares were changing hands for 5p, down a penny.