Horizon Technology Finance Corporation (HRZN) Income Statement
HRZN 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsHRZN revenue and net income
Where HRZN's revenue goes
2025Each bar shows an amount and its share of revenue. HRZN kept −6.6% of revenue as net income.
HRZN profit margins
HRZN growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +17.9% | +14.5% | +31.1% | +10.3% |
| Gross profit | +327.9% | −35.3% | −6.9% | +0.2% |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | −15.0% | −7.8% | −1.4% | −1.0% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
HRZN quarterly EPS vs estimates
Horizon Technology Finance beat the analyst EPS estimate in 3 of the last 8 quarters. Next report: October 27, 2026 (estimate $0.18).
HRZN income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $40.0M | $33.9M | $19.1M | $26.6M | $33.3M | $10.3M | $21.3M | $21.3M | $12.4M | $0 |
| Cost of revenue | $32.8M | $32.3M | $29.0M | $20.0M | $16.0M | $12.7M | $21.4M | $6.4M | $6.1M | $7.7M |
| Gross profit | $7.2M | $1.7M | −$9.9M | $26.6M | $33.3M | $10.3M | $21.3M | $14.9M | $6.3M | −$9.5M |
| Research & development | — | — | $0 | $0 | $0 | $0 | $0 | $0 | $2 | $0 |
| Sales, general & admin | $6.0M | $5.8M | $5.7M | $4.8M | $4.7M | $3.7M | $3.4M | $3.0M | $2.9M | $3.2M |
| Total operating expenses | $8.8M | $5.8M | $5.8M | $4.8M | $5.1M | $3.7M | $1.6M | $1.9M | $2.8M | $3.2M |
| Operating income | −$1.6M | −$4.2M | −$15.7M | $41.1M | $28.2M | $6.6M | $19.7M | $13.0M | $12.3M | $17.0M |
| Interest income | $90.5M | $97.0M | $110.1M | $77.4M | $54.4M | $42.2M | $37.1M | $28.8M | $23.8M | $31.4M |
| Interest expense | $32.8M | $32.3M | $29.0M | $19.2M | $12.0M | $9.7M | $8.3M | $6.4M | $5.2M | $5.9M |
| Income before taxes | −$1.6M | −$4.2M | −$15.7M | $21.9M | $28.2M | $6.6M | $19.7M | $13.0M | $9.6M | −$5.0M |
| Income taxes | $1.1M | $1.5M | $1.5M | $715,000 | $401,000 | $222,000 | $239,000 | $34,000 | $25,000 | −$87,000 |
| Net income | −$2.7M | −$5.6M | −$17.2M | $21.2M | $27.8M | $6.4M | $19.5M | $13.0M | $9.6M | −$4.9M |
| EBITDA | $1.0M | −$4.2M | −$15.7M | $41.1M | $73.5M | $7.6M | $19.7M | $20.0M | $15.6M | $1.4M |
| EPS (diluted) | $1.13 | $1.33 | $1.98 | $1.44 | $1.41 | $1.21 | $1.50 | $1.21 | $1.07 | $1.48 |
| Gross margin | 18.0% | 5.0% | −51.7% | 100.0% | 100.0% | 100.0% | 100.0% | 70.1% | 50.7% | — |
| Operating margin | −4.0% | −12.2% | −82.2% | 154.1% | 84.7% | 63.7% | 92.7% | 61.3% | 99.3% | — |
| Net margin | −6.6% | −16.6% | −90.0% | 79.4% | 83.5% | 61.6% | 91.5% | 61.2% | 77.3% | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $25.0M | $23.9M | $19.2M | $41.6M | $0 | $0 | $0 | $17.0M | $604,000 | $18.7M | $27.0M | $0 |
| Cost of revenue | $3.1M | $5.5M | $8.0M | $7.9M | $8.2M | $8.7M | $8.2M | $7.9M | $7.9M | $8.2M | $3.6M | $7.1M |
| Gross profit | $21.9M | $18.4M | $11.1M | $33.7M | −$18.1M | −$19.5M | −$10.6M | $9.1M | −$7.3M | $10.6M | $23.4M | −$10.5M |
| Sales, general & admin | $2.0M | $1.8M | $1.6M | $1.3M | $1.5M | $1.6M | $1.5M | $1.4M | $1.4M | $1.5M | $1.5M | $1.3M |
| Total operating expenses | $6.4M | $6.0M | $2.4M | $2.6M | $2.3M | $1.6M | $1.5M | $1.4M | $1.4M | $1.5M | $26.4M | $1.3M |
| Operating income | $15.5M | $12.4M | $8.8M | $31.1M | −$20.4M | −$21.1M | −$12.1M | $7.7M | −$8.8M | $9.0M | −$2.9M | −$11.8M |
| Interest income | $24.1M | $23.1M | $20.1M | $24.3M | $22.6M | $23.5M | $23.3M | $23.2M | $24.7M | $25.9M | $27.1M | $29.0M |
| Interest expense | $7.8M | $8.2M | $8.0M | $7.9M | $8.2M | $8.7M | $8.2M | $7.9M | $7.9M | $8.2M | $7.6M | $7.1M |
| Income before taxes | −$37.0M | $2.8M | $8.8M | $31.1M | −$20.4M | −$21.1M | −$12.1M | $7.7M | −$8.8M | $9.0M | −$10.7M | −$11.8M |
| Income taxes | $265,000 | — | −$60,000 | $373,000 | $373,000 | $378,000 | $367,000 | $373,000 | $357,000 | $379,000 | $948,000 | $179,000 |
| Net income | −$37.3M | $2.8M | $8.8M | $30.7M | −$20.8M | −$21.4M | −$12.4M | $7.3M | −$9.1M | $8.7M | −$10.7M | −$12.0M |
| EBITDA | −$29.2M | $11.0M | $9.4M | $31.1M | −$19.7M | −$20.4M | −$11.6M | $7.7M | −$8.8M | $9.0M | −$2.9M | −$11.8M |
| EPS (diluted) | $0.11 | $0.19 | $0.27 | $0.31 | $0.28 | $0.27 | $0.27 | $0.32 | $0.36 | $0.38 | $0.45 | $0.53 |
| Gross margin | 87.4% | 76.9% | 58.1% | 81.0% | — | — | — | 53.3% | −1,214.6% | 56.4% | 86.7% | — |
| Operating margin | 61.7% | 51.8% | 45.7% | 74.8% | — | — | — | 45.0% | −1,453.0% | 48.2% | −10.9% | — |
| Net margin | −148.8% | 11.6% | 46.1% | 73.9% | — | — | — | 42.8% | −1,512.1% | 46.2% | −39.5% | — |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in HRZN's financial statements (latest annual report filed March 3, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
HRZN financial results
In fiscal year 2025 (ended December 31, 2025), Horizon Technology Finance reported revenue of $40.0 million, up 17.9% from the year before. It had a net loss of $2.7 million, a net profit margin of −6.6%. Diluted earnings per share came to $1.13. Over five years revenue grew at an average rate of 31.1% a year.
See the HRZN stock overview for the latest quote and news, or the HRZN chart for price history and technical indicators.
HRZN income statement FAQ
What is Horizon Technology Finance's annual revenue?
Horizon Technology Finance reported total revenue of $40.0 million for fiscal year 2025, which ended on December 31, 2025. That was up 17.9% from $33.9 million the previous year.
Is Horizon Technology Finance profitable?
No. Horizon Technology Finance reported a net loss of $2.7 million in fiscal 2025, a net profit margin of −6.6%; its operating margin was −4.0%.
What is Horizon Technology Finance's gross margin?
Horizon Technology Finance's gross margin was 18.0% in fiscal 2025: for every $100 of revenue, Horizon Technology Finance kept $18 after the direct cost of its products and services.
How fast is Horizon Technology Finance growing?
Revenue grew 31.1% a year on average over the last five fiscal years, from $10.3 million to $40.0 million.
What are Horizon Technology Finance's earnings per share?
Horizon Technology Finance earned $1.13 per diluted share in fiscal 2025, compared with $1.33 a year earlier.
When will Horizon Technology Finance report its next earnings?
Horizon Technology Finance is expected to report results for the quarter ending September 30, 2026 on October 27, 2026 after the market closes.
When does Horizon Technology Finance's fiscal year end?
Horizon Technology Finance's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 3, 2026.