Hennessy Advisors (HNNA) Q3 2025 earnings summary

Executive summary

• Q3 FY2025 revenue rose 3.5% YoY to $8.05M, net income increased 4.5% to $2.12M, and diluted EPS held at $0.26.

• June 30 AUM was $4.28B, up 6.3% YoY; average AUM rose 5.3% to $4.10B in Q3 and 31.6% to $4.6B for 9M.

• 9M revenue rose 29.6% to $27.04M and net income increased 58.1% to $7.5M.

Financial highlights

• Q3 advisory fees were $7.51M, up 3.7% YoY; shareholder service fees were $546K, up 0.7%.

• 9M advisory fees rose 30.5% to $25.24M and shareholder service fees increased 17.8% to $1.80M.

• 9M diluted EPS was $0.95 versus $0.62; dividends declared totaled $0.41 per share for 9M.

• Q3 diluted weighted average shares increased 3.0% to 7.96M YoY.

Outlook and guidance

• Cash and other liquid assets at June 30 were expected to cover capital requirements for one year and longer-term needs; additional financing could be pursued if resources and operating cash flow proved insufficient.

• The pending STF ETFs asset purchase was expected to close in calendar Q3 2025, subject to customary conditions, including shareholder approval.

• Management expressed confidence in market resilience and future performance, citing economic data and fiscal legislation passed in early July.

• Management was focused on completing the process to assume management of the two STF ETFs and expand ETF offerings.