The earnings call presented a positive outlook with significant revenue growth, strategic advances in cryptocurrency and ETF offerings, and strong financial positioning. However, challenges such as platform fees affecting profit margins and marketing difficulties due to concentrated funds were noted. The sentiment is generally optimistic with strategic plans to address existing challenges.

Company Guidance -

Q1 2025

During the call, Horizon Kinetics provided several key metrics and insights into their financial performance for the first quarter of 2025. The company reported revenues of $19.8 million, a significant increase from $12.1 million in Q1 2024, largely due to a rise in assets under management. When excluding consolidated investment products, quarterly revenues were $22 million, up from $14 million in the prior year. The consolidated funds saw $70 million in investment returns, with $59 million allocated to client accounts and redeemable non-controlling interests. The company holds substantial cash and investments, bolstered by the collection of 2024 incentive fees, resulting in a cash position of $34 million. Horizon also holds 131 Bitcoin, mined internally, and emphasized their commitment to long-term investment strategies that leverage private placements, which are valued at $194 million. Furthermore, the company's substantial deferred tax liability, nearly $100 million, reflects unrealized gains from their investments, emphasizing their strategic focus on long-term growth and tax efficiency.

Significant Revenue Increase

The company reported revenues of $19.8 million for the quarter, which is a meaningful increase from the $12.1 million in the first quarter of 2024, primarily due to an increase in assets under management. Additionally, the advisor-only model revenues were $22 million, a notable increase from $14 million in the previous year.

Performance and Cash Position

The company had $70 million in investment returns during the quarter, with $59 million allocated to client accounts. The company's cash position was significantly bolstered during the quarter, reaching $34 million, due to the collection of incentive fees earned in 2024.

Strategic Investment in Cryptocurrency

Horizon Kinetics has invested in cryptocurrency mining through Consensus Mining, which will soon be quoted and traded on OTC Markets. This strategic move aims to increase profitability and explore tax advantages.

ETF Growth and New Offerings

The INFL ETF reached over $1.2 billion in AUM, and a new Japan Owner Operator fund has been launched, focusing on owner-operated businesses in Japan, which present unique investment opportunities.

Significant Deferred Tax and Long-term Investment Strategy

The company has almost $100 million in deferred tax liability, which allows for strategic long-term investment benefits. Horizon Kinetics has over $400 million of its own capital invested with clients, indicating confidence in its investment strategies.

Horizon Kinetics Holding Corporation (HKHC) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

Daily Earnings Calendar >

HKHC Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
May 14, 2025	2025 (Q1)	- / 1.23	-0.757	261.96% (+1.98)	―	―
Mar 26, 2025	2024 (Q4)	- / 4.07	-3.755	208.28% (+7.82)	―	―
Nov 12, 2024	2024 (Q3)	- / -2.07	4.609	-144.98% (-6.68)	―
Aug 09, 2024	2024 (Q2)	- / -0.69	-0.702	1.42% (+0.01)	―	―
May 10, 2024	2024 (Q1)	- / -0.04	0.029	-231.03% (-0.07)	―	―
Nov 07, 2023	2023 (Q3)	- / 4.61	-1.167	494.94% (+5.78)	―	―
Aug 11, 2023	2023 (Q2)	- / -0.04	-0.34	89.71% (+0.31)	―	―
May 12, 2023	2023 (Q1)	- / 0.03	-0.035	182.86% (+0.06)	―	―
Mar 22, 2023	2022 (Q4)	- / -0.25	-0.507	51.08% (+0.26)	―	―
Nov 14, 2022	2022 (Q3)	- / -1.17	-3.904	70.11% (+2.74)	―	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

HKHC Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
May 14, 2025	$33.95	$33.95	0.00%
Mar 26, 2025	$34.45	$34.95	+1.45%
Nov 12, 2024	$35.78	$37.77	+5.56%
Aug 09, 2024	$23.36	$22.86	-2.14%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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