Revenue performance remains highly unstable, with quarterly figures swinging from a $41.6M peak in 2025Q3 to negative $10.8M in 2025Q1, driven by non-recurring valuation marks rather than sustainable operational growth.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|
| Sales/Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 27.64M | 1.69M | -9.87M | 26.64M | 33.27M | 10.33M | 21.3M | 14.9M | 6.28M | -9.48M | 7.06M | 20.84M | 7.23M | 22.46M | 10.59M | 15.33M | 14.15M |
| Gross Margin % | 67.58% | 4.97% | -51.68% | 58.11% | 73.43% | 51.65% | 71.89% | 70.07% | 50.66% | 539% | 47.2% | 100% | 100% | 306.73% | 71.64% | 100% | 86.54% |
| Gross Profit Growth % | 1538.71% | 117.09% | -137.05% | -19.91% | 221.97% | -51.5% | 42.96% | 137.11% | 166.28% | -234.23% | -66.12% | 188.35% | -67.81% | 112.05% | -30.9% | 8.28% | - |
| Operating Expenses | -5.32M | 5.84M | 5.82M | 4.78M | 5.08M | 3.75M | 1.56M | 1.86M | 2.79M | 3.24M | 3.11M | 5.25M | 3.48M | 3.1M | 3.45M | 321K | 595.89K |
| OpEx % of Revenue | -13% | 17.22% | 30.49% | 10.42% | 11.22% | 18.73% | 5.28% | 8.73% | 22.48% | -184.25% | 20.78% | 25.21% | 48.15% | 42.33% | 23.31% | 2.09% | 3.64% |
| Selling, General & Admin | 6M | 5.84M | 5.67M | 4.78M | 4.69M | 3.75M | 3.41M | 3.04M | 2.87M | 3.24M | 3.46M | 5.25M | 3.48M | 3.1M | 3.45M | 321K | 321.51K |
| SG&A % of Revenue | 14.66% | 17.22% | 29.7% | 10.42% | 10.35% | 18.73% | 11.52% | 14.3% | 23.11% | -184.25% | 23.09% | 25.21% | 48.15% | 42.33% | 23.31% | 2.09% | 1.97% |
| Research & Development | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 32.96M | -4.16M | -15.7M | 21.87M | 28.18M | 6.59M | 19.74M | 13.04M | 12.32M | 17.01M | 14M | 10.88M | 13.51M | 12.23M | 16.42M | 15.01M | 13.56M |
| Operating Margin % | 80.58% | -12.25% | -82.17% | 47.7% | 62.21% | 32.92% | 66.61% | 61.35% | 99.34% | -967.14% | 93.52% | 52.18% | 186.9% | 167.01% | 111.05% | 97.91% | 82.89% |
| Operating Income Growth % | 892.95% | 73.51% | -171.78% | -22.41% | 327.92% | -66.63% | 51.31% | 5.86% | -27.57% | 21.55% | 28.68% | -19.5% | 10.5% | -25.52% | 9.4% | 10.67% | - |
| EBITDA | 30.14M | -4.16M | -15.7M | 21.87M | 28.18M | 6.59M | 19.74M | 19.41M | 7.29M | 47.22M | 19.75M | 19.58M | 21.64M | 16.51M | 14.02M | 14.73M | 13.56M |
| EBITDA Margin % | 73.69% | -12.25% | -82.17% | 47.7% | 62.21% | 32.92% | 66.61% | 91.27% | 58.79% | -2684.48% | 131.99% | 93.95% | 299.28% | 225.52% | 94.82% | 96.13% | 82.89% |
| EBITDA Growth % | 825.14% | 73.51% | -171.78% | -22.41% | 327.92% | -66.63% | 1.7% | 166.14% | -84.56% | 139.05% | 0.86% | -9.48% | 31.04% | 17.79% | -4.86% | 8.67% | - |
| D&A (Non-Cash Add-back) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5.03M | 30.21M | 5.76M | 8.71M | 8.12M | 4.28M | -2.4M | 0 | 0 |
| EBIT | 30.14M | -4.16M | -15.7M | 21.87M | 28.18M | 6.59M | 19.74M | 19.41M | 14.78M | 878K | 19.75M | 15.59M | 11.87M | 8.51M | 17.04M | 14.73M | 13.56M |
| Net Interest Income | 57.66M | 64.71M | 81.16M | 58.16M | 42.38M | 32.52M | 28.76M | 22.42M | -5.17M | -5.88M | -5.76M | -8.71M | -8.12M | -4.28M | -2.68M | 10.74M | -4.24M |
| Interest Income | 90.46M | 96.97M | 110.13M | 77.37M | 54.41M | 42.19M | 37.09M | 28.79M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14.99M | 0 |
| Interest Expense | 32.8M | 32.26M | 28.97M | 19.2M | 12.03M | 9.67M | 8.33M | 6.36M | 5.17M | 5.88M | 5.76M | 8.71M | 8.12M | 4.28M | 2.68M | 4.25M | 4.24M |
| Other Income/Expense | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | -2.66M | -4.16M | -15.7M | 21.87M | 28.18M | 6.59M | 19.74M | 13.04M | 9.62M | -5M | 11.86M | 15.59M | 3.75M | 4.22M | 11.34M | 0 | 9.31M |
| Pretax Margin % | -6.51% | -12.25% | -82.17% | 47.7% | 62.21% | 32.92% | 66.61% | 61.35% | 77.52% | 284.25% | 79.22% | 74.79% | 51.85% | 57.67% | 76.69% | - | 56.94% |
| Income Tax | 0 | 1.48M | 1.49M | 715K | 401K | 222K | 239K | 34K | 25K | -87K | 0 | 160K | 240K | 231K | 340K | 0 | 0 |
| Effective Tax Rate % | 0% | -35.51% | -9.49% | 3.27% | 1.42% | 3.37% | 1.21% | 0.26% | 0.26% | 1.74% | 0% | 1.03% | 6.4% | 5.47% | 3% | - | 0% |
| Net Income | 45.48M | -5.63M | -17.18M | 21.15M | 27.78M | 6.36M | 19.5M | 13.01M | 9.59M | -4.91M | 11.86M | 15.43M | 3.51M | 3.99M | 11M | 0 | 9.31M |
| Net Margin % | 111.17% | -16.6% | -89.97% | 46.14% | 61.33% | 31.81% | 65.8% | 61.19% | 77.32% | 279.31% | 79.22% | 74.02% | 48.53% | 54.51% | 74.39% | - | 56.94% |
| Net Income Growth % | 907.31% | 67.22% | -181.25% | -23.87% | 336.55% | -67.36% | 49.87% | 35.65% | 295.22% | -141.44% | -23.16% | 339.85% | -12.1% | -63.7% | - | -100% | - |
| Net Income (Continuing) | 45.48M | -5.63M | -17.18M | 21.15M | 27.78M | 6.36M | 19.5M | 13.01M | 9.59M | -4.91M | 11.86M | 15.43M | 3.51M | 3.99M | 11M | 0 | 9.31M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.05 | -0.16 | -0.56 | 0.86 | 1.39 | 0.36 | 1.45 | 1.13 | 0.83 | -0.43 | 1.06 | 1.60 | 0.37 | 0.47 | 1.44 | 0.00 | 1.23 |
| EPS Growth % | 756.25% | 71.43% | -165.12% | -38.13% | 286.11% | -75.17% | 28.32% | 36.14% | 293.02% | -140.57% | -33.75% | 332.43% | -21.28% | -67.36% | - | -100% | - |
| EPS (Basic) | 1.05 | -0.16 | -0.56 | 0.86 | 1.39 | 0.36 | 1.45 | 1.13 | 0.83 | -0.43 | 1.06 | 1.60 | 0.37 | 0.47 | 1.44 | 0.00 | 1.23 |
| Diluted Shares Outstanding | 42.35M | 36.1M | 30.96M | 24.73M | 20.03M | 17.53M | 13.48M | 11.53M | 11.52M | 11.54M | 11.18M | 9.62M | 9.58M | 8.48M | 7.61M | 7.57M | 7.56M |
| Basic Shares Outstanding | 42.35M | 36.1M | 30.96M | 24.73M | 20.03M | 17.53M | 13.48M | 11.53M | 11.52M | 11.54M | 11.18M | 9.62M | 9.58M | 8.48M | 7.61M | 7.57M | 7.56M |
| Dividend Payout Ratio | - | - | - | 141.11% | 88.37% | 334.95% | - | 105.06% | 142.28% | - | 125.57% | 84.32% | 360.09% | 379.05% | 75.55% | - | - |
Portfolio Valuation Volatility
As evidenced by the quarterly income statement data, HTFB's top-line performance exhibits extreme volatility, with revenue figures swinging from negative values to positive peaks, suggesting that the firm's reliance on non-recurring warrant realizations and fair-value adjustments creates a highly unpredictable and non-linear growth trajectory.
The frequent negative revenue prints indicate that the company is likely recording significant downward fair-value adjustments on its investment portfolio, which effectively offsets interest income. Investors should interpret these fluctuations as a sign that core interest-bearing revenue is being obscured by the inherent volatility of venture-backed asset valuations.
Based on the reported financial figures, HTFB's gross and net margins demonstrate significant instability, with net margins oscillating between extreme negative territory and anomalous highs exceeding 100%, which suggests that the company's profitability is driven more by accounting valuation marks than by sustainable operational efficiency.
The wide variance in margins highlights the difficulty in assessing the company's true earning power, as the income statement is heavily influenced by unrealized gains or losses on equity warrants. This lack of margin consistency warrants further investigation into the underlying cash-versus-accrual components of the reported income.
According to the provided income statement data, the company's net income is frequently decoupled from its operating performance, as evidenced by the 2025Q4 net income of $57.0M despite negative revenue, implying that non-operating items are the primary drivers of bottom-line results rather than core lending.
The disconnect between revenue and net income suggests that the firm's earnings quality is low, as it relies on volatile fair-value adjustments that do not represent cash-generative activity. Analysts should be cautious of interpreting these bottom-line figures as indicative of long-term dividend-paying capacity.
As reported in recent financial statements, the company's tendency to report negative revenue periods alongside high net income spikes suggests that the firm may be masking underlying credit deterioration or borrower distress through aggressive fair-value accounting, which poses a significant risk to long-term capital preservation.
Short-sellers would likely focus on the recurring negative revenue prints as a signal that the loan portfolio is experiencing significant stress that is being papered over by accounting adjustments. The lack of consistent, positive top-line growth suggests that the firm's venture debt model may be struggling to navigate the current funding environment.
Quick answers to the most common questions about buying HTFB stock.
Horizon Technology Finance Corporation (HTFB) is profitable, generating $45.5M in net income for the fiscal year ending 2025 with a net profit margin of 111.2%.
Horizon Technology Finance Corporation (HTFB) reported an operating income of $33.0M, resulting in an operating profit margin of 80.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Horizon Technology Finance Corporation (HTFB) generated $27.6M in gross profit for the year, representing a gross profit margin of 67.6%. This demonstrates the company's core pricing power and production efficiency.