HRZN

MKT CAP:$187M

Horizon Technology Finance Corporation

Market Cap

$187M

Financial Services·Asset Management·🇺🇸 United States·NASDAQ

Financials·Asset Management·🇺🇸·NASDAQ

Stock Price

$4.23-$2.39 (-36.10%)

Apr 21, 2026

Company Details

Horizon Technology Finance Corporation is a business development company specializing in lending and and investing in development-stage investments. It focuses on making secured debt and venture lending investments to venture capital backed...

CEO

Michael Phillip Balkin

IPO Date

Oct 29, 2010

Website

horizontechfinance.com

Key Metrics TTM

Revenue

$18M

-70.9% YoY

Net Income

-$24M

EPS (Diluted)

$0.10

Free Cash Flow

$42M

Revenue / Share

$0.40

Gross Margin

-78.7%

Operating Margin

-121.5%

Net Margin

-129.6%

FCF Margin

226.0%

P/S

10.2x

P/E

—

Earnings Reports

Q4 2025

May 5, 2026

PENDING

FY 2025

Mar 3, 2026

$41M+20.5%EPS $1.05

Q3 2025

Oct 28, 2025

$42M+144.3%EPS $0.67

Q2 2025

Aug 7, 2025

-$10M-1737.3%EPS -$0.50

Q1 2025

Apr 29, 2025

-$11M-157.8%EPS $0.27

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$7M	$4M	$2M
Q1 22	$8M	$5M	$4M
Q2 22	$13M	$9M	$8M
Q3 22	$13M	$7M	$6M
Q4 22	$12M	$6M	$4M
Q1 23	$14M	$7M	$5M
Q2 23	$9M	$2M	$331.0K
Q3 23	-$3M	-$11M	-$12M
Q4 23	$27M	$23M	-$3M
Q1 24	$19M	$11M	$9M
Q2 24	$604.0K	-$7M	-$9M
Q3 24	$17M	$9M	$8M
Q4 24	-$2M	-$11M	-$12M
Q1 25	-$11M	-$20M	-$21M
Q2 25	-$10M	-$18M	-$20M
Q3 25	$42M	$34M	$31M

Valuation

Quarter	P/S	P/E
Q4 21	4.1x	6.7x
Q1 22	4.3x	7.4x
Q2 22	4.1x	7.2x
Q3 22	4.6x	9.7x
Q4 22	4.1x	8.9x
Q1 23	3.6x	8.2x
Q2 23	3.9x	12.1x
Q3 23	5.9x	—
Q4 23	4.0x	—
Q1 24	3.7x	—
Q2 24	4.4x	—
Q3 24	3.0x	—
Q4 24	5.5x	—
Q1 25	42.6x	—
Q2 25	—	—
Q3 25	10.2x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	$8M	$8M
Q1 22	-$55M	-$55M
Q2 22	-$55M	-$55M
Q3 22	$11M	$11M
Q4 22	-$85M	-$85M
Q1 23	$13M	$13M
Q2 23	$8M	$8M
Q3 23	-$24M	-$24M
Q4 23	$13M	$13M
Q1 24	$8M	$8M
Q2 24	$10M	$10M
Q3 24	$13M	$13M
Q4 24	-$26M	-$26M
Q1 25	$10M	$10M
Q2 25	$50M	$50M
Q3 25	$8M	$8M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+18.7%	+36.9%
Q1 22	-16.4%	+21.4%
Q2 22	+16.2%	+20.0%
Q3 22	-26.6%	+51.5%
Q4 22	+69.0%	+64.3%
Q1 23	+69.9%	+84.0%
Q2 23	-31.5%	+63.2%
Q3 23	-127.2%	+30.2%
Q4 23	+124.6%	+294.3%
Q1 24	+32.3%	+11.8%
Q2 24	-93.2%	+9.8%
Q3 24	+599.1%	+11.6%
Q4 24	-108.9%	-67.7%
Q1 25	-157.8%	+5.7%
Q2 25	-1737.3%	+12.1%
Q3 25	+144.3%	+11.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$0	0.0%
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	—
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	—
Q1 25	$0	—
Q2 25	$0	—
Q3 25	$0	0.0%

OpEx Breakdown

Quarter	G&A
Q4 21	$1M
Q1 22	$1M
Q2 22	$1M
Q3 22	$1M
Q4 22	$1M
Q1 23	$2M
Q2 23	$1M
Q3 23	$1M
Q4 23	$1M
Q1 24	$2M
Q2 24	$1M
Q3 24	$1M
Q4 24	$1M
Q1 25	$2M
Q2 25	$2M
Q3 25	$1M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$12M	$0	$12M
Q2 22	$54M	$0	$54M
Q3 22	$24M	$0	$24M
Q4 22	$21M	$0	$21M
Q1 23	$20M	$0	$20M
Q2 23	$24M	$0	$24M
Q3 23	$35M	$0	$35M
Q4 23	$47M	$0	$47M
Q1 24	$47M	$0	$47M
Q2 24	$81M	$0	$81M
Q3 24	$52M	$0	$52M
Q4 24	$70M	$0	$70M
Q1 25	$33M	$0	$33M
Q2 25	$25M	$0	$25M
Q3 25	$128M	$2M	$131M
Q4 25	$106M	$0	$106M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	21M	+1.7%	+9.7%
Q1 22	22M	+6.2%	+13.1%
Q2 22	24M	+10.9%	+22.5%
Q3 22	26M	+5.9%	+27.0%
Q4 22	27M	+4.6%	+30.5%
Q1 23	28M	+4.9%	+28.9%
Q2 23	30M	+5.4%	+22.4%
Q3 23	32M	+9.1%	+26.1%
Q4 23	33M	+2.7%	+23.9%
Q1 24	34M	+0.7%	+19.0%
Q2 24	35M	+5.5%	+19.1%
Q3 24	37M	+3.2%	+12.7%
Q4 24	36M	-1.3%	+8.3%
Q1 25	40M	+11.4%	+19.8%
Q2 25	41M	+2.5%	+16.3%
Q3 25	46M	+11.2%	+25.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$374.5K	19
Q1 22	$438.4K	19
Q2 22	$681.8K	19
Q3 22	$659.9K	19
Q4 22	$632.7K	19
Q1 23	$744.9K	19
Q2 23	$466.9K	19
Q3 23	-$179.4K	19
Q4 23	$1M	19
Q1 24	$985.3K	19
Q2 24	$31.8K	19
Q3 24	$895.5K	19
Q4 24	-$126.1K	19
Q1 25	-$569.4K	19
Q2 25	-$520.5K	19
Q3 25	$2M	19

Revenue / Employee