Horizon Technology Finance Corp HRZN

Nasdaq

We are a specialty finance company that lends to and invests in development-stage companies in the technology, life science, healthcare information and services and sustainability industries, which we refer to as our "Target Industries." Our investment objective is to maximize our investment portfolio's total return by generating current income from the debt investments we make and capital appreciation from the warrants we receive when making such debt investments. We are focused on making secured debt investments, which we refer to as "Venture Loans," to venture capital and private equity backed companies and publicly traded companies in our Target Industries, which we refer to as "Venture Lending." Our debt investments are typically secured by first liens or first liens behind a secured revolving line of credit, or collectively, "Senior Term Loans." Some of our debt investments may also be subordinated to term debt provided by third parties. Venture Lending is typically characterized by (1) the making of a secured debt investment after a venture capital or equity investment in the portfolio company has been made, which investment provides a source of cash to fund the portfolio company's debt service obligations under the Venture Loan, (2) the senior priority of the Venture Loan which requires repayment of the Venture Loan prior to the equity investors realizing a return on their capital, (3) the amortization of the Venture Loan and (4) the lender's receipt of warrants or other success fees with the making of the Venture Loan.

Last close 3.96 2026-10-23
Market cap $265.5M 2026-06-30 share count
52-week range 3.80 - 6.85

Valuation FY2025 figures against the last close

P/S—
P/E—
P/FCF4.7x
EV/EBITDA—
Dividend yield20.0%
Diluted EPS-0.06

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020
SG&A $1.9M$1.9M$1.8M$1.5M$1.5M$1.2M
Total operating expenses $50.5M$50.7M$50.5M$42.3M$31.4M$25.1M
Interest expense $32.8M$32.3M$29.0M$19.2M$12.0M$9.7M
Net income -$2.7M-$5.6M-$17.2M$21.2M$27.8M$6.4M
EPS, basic -0.06-0.16-0.560.861.411.18
EPS, diluted -0.06-0.16-0.560.86——
Shares, diluted (wtd. avg.) 42.3M36.1M31.0M24.7M20.0M17.5M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020
Cash and equivalents $142.7M$100.9M$75.7M$30.5M$47.3M$47.8M
Total assets $811.1M$821.8M$802.4M$766.8M$514.0M—
Long-term debt $473.0M$467.9M$462.2M$434.1M$257.6M—
Total liabilities $492.6M$485.6M$478.4M$448.4M$268.6M—
Retained earnings -$240.9M-$182.1M-$127.0M-$67.5M-$56.0M—
Total equity $318.5M$336.2M$324.0M$318.4M——

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020
Operating cash flow $56.6M$3.9M-$5.3M-$246.3M-$76.0M-$25.3M
Financing cash flow -$14.8M$21.2M$50.5M$229.5M$75.5M$55.7M
Dividends paid $53.1M$46.4M$40.5M$29.8M$24.6M$21.3M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001437749-26-013973.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -20M 0 20M 40M Net income, FY2020: 6.4M Net income, FY2021: 27.8M Net income, FY2022: 21.2M Net income, FY2023: -17.2M Net income, FY2024: -5.6M Net income, FY2025: -2.7M FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2020FY2021FY2022FY2023FY2024FY2025
Revenue — — — — — —
Gross profit — — — — — —
Net income $6.4M $27.8M $21.2M -$17.2M -$5.6M -$2.7M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Auditor changed The company changed auditors. Sometimes routine; historically one of the more reliable warnings that something is wrong. Item 4.01
  • Results announced Item 2.02
  • Other event Item 8.01
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Acquisition or disposal completed A purchase or sale of a significant business or asset has closed. Item 2.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Material agreement signed Item 1.01
  • Regulation FD disclosure Item 7.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.