NASDAQ$HRZN

Horizon Technology Finance Corporation · Q4 2025 earnings

Q4 2025 earnings · · After market close · Investor relations

Briefing

Horizon Technology Finance reported Q4 2025, net income of $8.3M, diluted EPS of $0.18.

For Q4 2025, Horizon Technology Finance reported net income of $8.3M, diluted EPS was $0.18. Management discusses segment performance, capital allocation, and macro risks in the quarterly filing.

  • Net income $8.3M.
  • Diluted EPS $0.18.
  • Horizon Technology Finance MD&A covers liquidity, capital, and operating priorities.

Headline financials

Total Revenue

$20.7M

Previous: $23.5M-12.1%
EPS (adj)

$0.18

Previous: $0.27-33.3%
NAV per Share

$6.98

Previous: $8.43-17.2%
Debt Portfolio Fair Value

$596M

Previous: $639M-6.7%
Available Liquidity

$189M

No prior period
Committed Backlog

$154M

No prior period
Debt Portfolio Yield

14.3%

Previous: 14.9%-4.0%
Spillover Income per Share

$0.65

No prior period
Net Debt to Equity Ratio

105.0%

No prior period
Asset Coverage Ratio

167.0%

No prior period
Net Income

$8.3M

Previous: $10.4M-20.2%
Operating Income

$8.25M

Previous: $10.4M-20.9%

Revenue & EPS history

Horizon Technology · Revenue · Quarterly

$20.7M

Q4 2025-12.1%vs Q4 2024
Beat estimate in 2 of 13 quarters(15%)
ActualEstimate

Forward guidance

BDC outlook emphasizes portfolio yield, originations, NAV, and distributions.

Tailwinds

  • Portfolio growth and yield on debt investments.
  • NAV and spillover income support distributions.
  • Balance sheet amendments improve flexibility.

Headwinds

  • Credit quality and venture market conditions.
  • Prepayment activity affects NII.
  • Rate environment impacts borrowing costs.

Historical earnings impact

How earnings announcements have historically affected this stock's price.

Avg. return before/after earnings

Based on 19 quarterly earnings reports · overlaid with Q4 2025

Historical avgQ4 2025

-1.9%

Avg return

Earnings day

-3.3%

Avg return

5 days after

-4.3%

Avg return

30 days after

42%

8 / 19 earnings

Positive

+8.2%

Q3 2022

Best reaction

-16.8%

Q1 2025

Worst reaction

Earnings price reactions
QuarterReport dateReaction (Day 0)+5 days+30 days
Q1 2026+1.2%+8.6%+11.0%
Q4 2025-0.8%-31.6%-30.0%
Q3 2025-1.0%+6.8%+9.7%
Q1 2025-16.8%-17.1%-15.3%
Q4 2024-9.9%-2.2%-11.5%
Q3 2024-4.3%-6.8%-8.3%
Q2 2024-4.4%-7.8%-9.5%
Q1 2024-1.5%+1.6%-0.3%
Q4 2023-6.2%-8.5%-12.6%
Q3 2023+6.4%+8.8%+13.1%
Q2 2023+1.1%-5.4%-9.5%
Q1 2023+0.3%-1.1%+1.1%
Q4 2022-5.5%-9.1%-10.9%
Q3 2022+8.2%+13.5%+13.5%
Q2 2022+3.1%+1.2%-5.9%
Q1 2022+0.1%-0.3%-2.7%
Q4 2021-0.3%-2.6%-10.7%
Q3 2021+2.3%+1.6%-0.8%
Q4 2020-9.0%-11.5%-1.9%

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