Horizon Technology Finance
Provides secured venture loans to development-stage companies across four target sectors.
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Profile
Provides secured venture loans to development-stage and venture-backed businesses across four target sectors. Debt investments and warrants pursue current income and capital appreciation, while an external adviser manages the business.
Secured Venture Loans finance development-stage and venture-backed businesses in technology, life science, healthcare information and services, and sustainability. The portfolio also includes warrants, pairing current income from debt investments with potential capital appreciation.
As a business development company, its stated investment objective is to generate current income and capital appreciation from warrants. An external adviser directs investment activity and day-to-day operations under Board supervision. Debt investments generally sit in first-lien positions or first liens behind a secured facility. The merger with Monroe Capital Corporation left Horizon as the surviving company and retained the external-management structure.
Company facts
Categories
Key statistics
Year to date −28.9% · Average volume (30d) 678.4K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 26, 2026 | Compass Point | Initiate | Buy | $8.25 | $5.50 | |
| Aug 7, 2026 | Oppenheimer | Reiterate | Perform | $5 | ||
| May 18, 2026 | UBS | Reiterate | Neutral | $6.50 | $4.25 | |
| Nov 19, 2025 | UBS | Reiterate | Neutral | $6.25 | $6.50 | |
| Oct 14, 2025 | UBS | Reiterate | Neutral | $6.25 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 4, 2026Q2 FY26 | $0.13 | $0.11 | −12.8% | $25.2M | $25.0M | −0.7% | −3.74% |
| May 5, 2026Q1 FY26 | $0.19 | $0.19 | 0.0% | $21.1M | $24.1M | +14.2% | +8.27% |
| Mar 3, 2026Q4 FY25 | $0.29 | $0.18 | −38.3% | $21.6M | $20.7M | −4.2% | −23.40% |
| Oct 28, 2025Q3 FY25 | $0.28 | $0.31 | +10.7% | $25.7M | $41.6M | +61.5% | +9.32% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | −$10.8M | −$9.9M | $41.6M | $19.2M | $23.9M | $18.9M | |
| Gross profit | −$19.5M | −$18.1M | $33.7M | $11.1M | $18.4M | $15.4M | |
| Operating income | −$21.1M | −$20.4M | $31.1M | $8.8M | $12.4M | −$25.0M | |
| Net income | −$21.4M | −$20.8M | $30.7M | $8.8M | $2.8M | −$37.3M | |
| Diluted EPS | −$0.53 | −$0.50 | $0.67 | $0.19 | $0.06 | −$0.57 | |
| Gross margin | — | — | 81.0% | 58.1% | 76.9% | 81.1% | |
| Operating margin | — | — | 74.8% | 45.7% | 51.8% | -132.2% |
Fiscal years (4-quarter sums)FY21 $45.3M · FY22 $45.8M · FY23 $46.6M · FY24 $33.9M · FY25 $40.0M
Balance sheet, Jun 30, 2026Cash & short-term investments $135.0M · Total debt $402.4M · Total assets $832.0M · Shareholders' equity $417.5M
Dividends
Raised for 8 straight years. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 17, 2026 | Aug 17 | Sep 15 | $0.09 | special dividend |
| Jul 16, 2026 | Jul 16 | Aug 14 | $0.09 | special dividend |
| Jun 17, 2026 | Jun 17 | Jul 15 | $0.09 | special dividend |
| May 18, 2026 | May 18 | Jun 16 | $0.06 | |
| Apr 16, 2026 | Apr 16 | May 15 | $0.06 | |
| Mar 16, 2026 | Mar 16 | Apr 15 | $0.06 | cut from $0.11 |
| Feb 17, 2026 | Feb 17 | Mar 13 | $0.11 | |
| Jan 16, 2026 | Jan 16 | Feb 13 | $0.11 |
Ownership
Shares outstanding 50.08M · Float 49.69M · 99.2% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Morgan Stanley | 1.06M | 2.11% | 13F | Aug 13, 2026 |
| Bulldog Investors, LLP | 658.6K | 1.32% | 13F | Aug 14, 2026 |
| Marshall Wace, LLP | 592.2K | 1.18% | 13F | Aug 13, 2026 |
| Caprock Group, LLC | 454.4K | 0.91% | 13F | Jul 27, 2026 |
| Green Alpha Advisors, LLC | 429.9K | 0.86% | 13F | Aug 11, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 9, 2026 | Kimberley Ann O'Connor | director | +10,000 | $4.37 |
| Jun 9, 2026 | Thomas J. Allison | director | +6,000 | $4.36 |
| Jun 9, 2026 | Michael Balkin | director, officer: Chief Executive Officer | +100,000 | $4.34 |
| Jun 9, 2026 | Paul G. Seitz | officer: Chief Investment Officer | +11,477 | $4.35 |
| Jun 10, 2026 | Daniel R. Trolio | officer: Executive VP and CFO | +11,500 | $4.34 |
Peers
- Hercules Capital
Senior secured venture-growth lender for technology and life sciences.
- Trinity Capital
Private-credit provider across tech lending and life sciences.
- Runway Growth Finance
Venture-debt provider to late- and growth-stage technology and healthcare firms.
- TriplePoint Venture Growth BDC
Customized debt, warrant and equity financing for venture-growth companies.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Horizon Technology Finance | $4.75 | +0.85% | $235.4M | 13.5 | 6.6 | 2.3 | +2.1% |
| Hercules Capital | $17.52 | +0.22% | $3.27B | 8.8 | 9.0 | 5.6 | +86.7% |
| Trinity Capital | $18.75 | +1.05% | $1.67B | 9.7 | 8.9 | 5.8 | +41.2% |
| Runway Growth Finance | $6.66 | +1.37% | $279.8M | 59.9 | 4.9 | 4.5 | +10.1% |
| TriplePoint Venture Growth BDC | $5.43 | 0.00% | $220.5M | 5.5 | 6.1 | 2.6 | −4.7% |
| Median | 9.2 | 7.5 | 5.1 | +25.6% |