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Horizon Kinetics (HKHC) investor relations material
Horizon Kinetics Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary19 Aug, 2025
Executive summary
Total revenue for Q2 2025 increased 66% year-over-year to $19.8 million, driven by higher management fees and new consumer product sales after the August 2024 merger.
Assets under management reached $10.5 billion as of June 30, 2025, up 43% year-over-year but down 3% sequentially due to market value declines in key holdings.
Net loss attributable to shareholders was $10.5 million, or $(0.56) per share, compared to net income of $14.0 million in Q2 2024, mainly due to $15.5 million in investment losses and a $0.9 million goodwill impairment.
Operating income improved to $2.5 million from a loss of $0.7 million in Q2 2024.
Board declared a $0.071 per share dividend, a 27% increase from Q1, payable September 15, 2025.
Financial highlights
Management and advisory fees rose to $18.8 million, up 66% year-over-year.
Operating expenses increased 43% year-over-year to $17.3 million, driven by higher compensation, marketing, and G&A costs.
Cash and cash equivalents at June 30, 2025, were $38.9 million, up from $14.4 million at year-end 2024.
Net cash provided by investing activities was $23.8 million for the first half of 2025.
Net cash used in operating activities was $22.3 million for the first half of 2025.
Segment performance
Asset management segment revenue for Q2 2025 was $20.6 million, with operating income of $2.5 million.
Consumer products segment contributed $1.7 million in revenue and recorded a $0.9 million goodwill impairment.
Management and advisory fee revenue growth attributed to increases in AUM across separately managed accounts, ETFs, mutual funds, and private funds.
Advisor-only operating income (non-GAAP) was $4.4 million, up $3.0 million year-over-year.
Proprietary capital returns were negative this quarter, and episodic performance fees are mainly assessed at year-end.
Explain the impact of TPL's decline on investment losses.
How did the merger affect the consumer products portfolio?
Clarify the purpose of advisor-only presentation.
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Next Horizon Kinetics earnings date
Q3 202513 Nov, 2025
Next Horizon Kinetics earnings date
Q3 202513 Nov, 2025
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Frequently asked questions
Horizon Kinetics Holding Corporation is an investment management firm that provides asset management, research, and advisory services. The company specializes in fundamental, long-term investment strategies across various asset classes, including equities, fixed income, and alternative investments. It serves institutional and individual investors through mutual funds, separately managed accounts, and other investment vehicles. The company is headquartered in New York, New York, and its shares are listed on the OTC Markets.
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