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HTFC

Horizon Technology Finance Corp

HTFC

Horizon Technology Finance Corp • NYSE
$24.90 ▲ 0.13% (+0.03)
Market Cap $1.06 B
52w High $24.96
52w Low $23.84
Dividend Yield 1.56%
P/E 0
Volume 4.49K
Outstanding Shares 12.36M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $41.56M ▲ $2.568M ▲ $30.722M ▲ 73.922% ▼ $0.32 ▲ $31.095M ▲
Q2-2025 $-9.889M ▲ $2.314M ▲ $-20.777M ▲ 210.102% ▲ $-0.5 ▼ $-20.404M ▲
Q1-2025 $-10.819M ▼ $1.558M ▲ $-21.436M ▼ 198.133% ▼ $0.27 ▲ $-21.058M ▼
Q4-2024 $-2.396M ▼ $1.459M ▲ $-12.432M ▼ 518.865% ▲ $-0.34 ▼ $-12.065M ▼
Q3-2024 $17.015M $1.419M $7.278M 42.774% $0.2 $7.651M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $130.907M ▲ $759.212M ▲ $443.511M ▲ $315.701M ▲
Q2-2025 $24.664M ▼ $726.797M ▼ $443.002M ▼ $283.795M ▼
Q1-2025 $33.033M ▼ $789.592M ▼ $484.135M ▼ $305.457M ▼
Q4-2024 $70.264M ▲ $821.833M ▲ $485.65M ▲ $336.183M ▼
Q3-2024 $52.302M $793.074M $450.541M $342.533M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $30.722M ▲ $8.486M ▼ $42.152M ▲ $-882K ▲ $50.565M ▲ $8.486M ▼
Q2-2025 $-20.777M ▲ $49.602M ▲ $0 ▲ $-45.915M ▼ $3.687M ▲ $49.602M ▲
Q1-2025 $-21.436M ▼ $9.758M ▲ $-22.943M ▼ $-10.219M ▼ $-23.529M ▼ $9.758M ▲
Q4-2024 $-12.432M ▼ $-26.136M ▼ $0 ▲ $40.356M ▲ $14.22M ▲ $-26.136M ▼
Q3-2024 $7.278M $13.109M $-41.366M $-1.969M $-30.271M $13.109M

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past five years, showing that Horizon has been able to expand its lending activity and fee income. Core operating profitability has generally been positive, which suggests the basic lending model works and the portfolio generates attractive spreads. However, net income has swung from profits earlier in the period to small losses in the most recent years. That shift points to pressure from items below the operating line, such as higher interest costs, credit losses, or other non‑operating charges. Earnings per share have followed the same pattern, moving from solidly positive to negative, which indicates that, while the business engine is still turning, the benefits are not fully reaching the bottom line at the moment. Overall, the income statement shows a seasoned platform facing a tougher earnings environment rather than a broken business model.

Balance Sheet

Balance Sheet The balance sheet has grown meaningfully, with total assets increasing over time as Horizon has expanded its loan book. Equity has also risen, showing that the company has been able to build its capital base and retain some value over the years. At the same time, debt has grown faster, meaning the company now relies more heavily on borrowing to fund its assets than it did in the past. Cash balances are modest but have trended upward, providing a bit more liquidity than in prior years. The picture is of a leveraged lending platform that has scaled up: stronger in size and capital, but also more exposed to funding and credit cycles because leverage has crept higher relative to equity.

Cash Flow

Cash Flow Cash generation has been volatile. A few years ago, operating and free cash flow were clearly negative, reflecting a period of heavy portfolio growth and possibly some stress from repayments and credit events. More recently, cash flows have improved toward break‑even to mildly positive levels, suggesting that the portfolio is now more mature and cash movements are more balanced between new lending and repayments. Capital spending is essentially negligible, which is normal for a financial firm that does not require large physical investments. Overall, the cash flow story is one of past strain gradually stabilizing, but not yet showing a long track record of consistently strong cash generation.

Competitive Edge

Competitive Edge Horizon operates in a specialized corner of finance: venture debt to technology, life science, healthcare information, and sustainability companies. Its edge comes from deep experience in this niche, strong relationships with venture capital firms that feed it deals, and a willingness to structure tailored lending solutions rather than standardized loans. The upcoming merger with Monroe Capital Corporation is a major strategic step, likely to increase Horizon’s size, lending capacity, and access to funding markets. This should strengthen its position against other venture and private credit lenders, but it also introduces integration risk and may gradually change its risk profile and culture. In simple terms, Horizon is a focused specialist that is transforming into a larger, more diversified platform.

Innovation and R&D

Innovation and R&D As a financial services company, Horizon’s innovation is less about traditional research labs and more about how it prices risk, structures deals, and uses data. The firm emphasizes a “predictive pricing” approach, using historical patterns in venture‑backed companies and sector trends to set loan terms, fees, and warrant positions more intelligently. Its main “products” are structured debt solutions—flexible senior secured loans often paired with equity warrants—designed to fit the growth paths of young, high‑potential companies. The Monroe Capital merger opens the door to further innovation, such as broader product menus, new types of credit structures, and potentially heavier use of analytics and technology. Observers may want to watch whether Horizon can turn this data‑driven, bespoke approach into consistently better risk‑adjusted outcomes than its peers.

Summary

Horizon Technology Finance has grown its revenue base and asset footprint, confirming that it has a real position in the venture debt ecosystem. The core lending operation appears sound, but recent years show pressure at the net income level, reflecting higher costs, credit or funding headwinds, or both. The balance sheet is larger and better capitalized than in the past, yet also more leveraged, which increases sensitivity to interest rates and borrower performance. Cash flow has moved from notably negative to closer to stable, but the record is still somewhat uneven. Competitively, Horizon benefits from specialization, relationships, and deal‑structuring expertise, and the Monroe Capital merger could meaningfully enhance its scale and capabilities if executed well. Overall, the company looks like an experienced niche lender in the middle of a major strategic transition, with a mix of growing strengths and evolving risks that will likely shape its financial profile over the next few years.