Q1 25 EPS
$0.27
MISS 17.13%
Est. $0.33
Q1 25 Revenue
$24.5M
MISS 8.09%
Est. $26.7M
vs S&P Since Q1 25
-68.7%
TRAILING MARKET
HRZN -33.1% vs S&P +35.6%
Market Reaction
Did HRZN Beat Earnings? Q1 2025 Results
Horizon Technology Finance delivered a disappointing first quarter of 2025, missing on both the top and bottom lines as rising credit stress and portfolio yield compression weighed on results. The company posted earnings of $0.27 per share, falling s… Read more Horizon Technology Finance delivered a disappointing first quarter of 2025, missing on both the top and bottom lines as rising credit stress and portfolio yield compression weighed on results. The company posted earnings of $0.27 per share, falling short of the $0.33 consensus estimate by 17.13%, while total investment income of $24.52 million trailed expectations by 8.09%, despite representing a 31.0% increase year-over-year. The most material blow came from a sharp surge in net unrealized depreciation of $32.16 million, which drove net assets per share down to $7.57 from $8.43 at year-end 2024, with the stock touching a 52-week low of $7.55 around the time of the report. Credit quality also showed signs of strain, with high-risk loans rising from four to seven, carrying a fair value of just $15.50 million against a cost of $66.70 million. On a more constructive note, Horizon funded $100.30 million in new loans during the quarter and enters Q2 with a $236 million committed backlog, while maintaining its $0.33 quarterly distribution, supported by $1.00 per share in spillover income.
Key Takeaways
- • Lower interest income on investments from the debt portfolio drove decline in total investment income
- • Debt portfolio yield of 15.0% annualized, down from 15.6% year-over-year
- • Funded nine loans totaling $100.3 million in Q1 2025
- • Net unrealized depreciation on investments of $32.2 million ($0.80 per share) significantly impacted NAV
- • Interest expense increased by $0.5 million year-over-year
- • Five liquidity events from portfolio companies during the quarter
HRZN YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
“We grew our portfolio of debt investments for the third straight quarter, while further expanding our committed backlog, which provides us with high-quality opportunities to continue growing both our venture debt portfolio and our NII in the quarters ahead.”
— Robert D. Pomeroy, Jr., Q1 2025 Earnings Press Release
HRZN Earnings Trends
HRZN vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
HRZN EPS Trend
Earnings per share: estimate vs actual
HRZN Revenue Trend
Quarterly revenue: estimate vs actual
HRZN Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 MISS | $0.19 | $0.19 | -0.99% | $24.1M | +1.65% |
| Q4 25 MISS FY | $0.29 | $0.18 | -37.91% | $20.7M | -19.41% |
| FY Full Year | $1.15 | $1.05 | -8.40% | $96.0M | -5.02% |
| Q3 25 BEAT | $0.28 | $0.32 | +15.15% | $26.3M | +14.46% |
| Q2 25 BEAT | $0.28 | $0.28 | +0.83% | $24.5M | +0.23% |
| Q1 25 MISS | $0.33 | $0.27 | -17.13% | $24.5M | -8.09% |