HNNA earnings analysis
What we found in HNNA's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Hennessy Advisors, Inc. reported a challenging quarter, with total revenue decreasing by 12.3% year-over-year to $8.1 million, while diluted EPS fell by 26.1% to $0.24. The company's net income also declined significantly, driven by decreases in average assets under management following net outflows from their funds.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Decline vs Prior Year
- Total revenue decreased by 12.3% YoY from $9.3 million to $8.1 million.
- Decreased EPS Impact
- Diluted EPS fell 26.1% YoY from $0.33 to $0.24.
- Controlled Operating Expenses
- Operating expenses fell by 5.2% from $5.8 million to $5.5 million despite revenue decline.
- Cash Holdings Strong
- Cash and cash equivalents remained relatively stable at $73.0 million.
- Less Redemption Pressure
- Redemptions as a percentage of assets under management decreased from 5.5% to 2.6% MoM.
- Increased Dividend Yield
- Quarterly dividend maintained at $0.15 per share, yielding 6.0%.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Declining Assets Under Management
- Total assets under management fell by 7.8% YoY, from $4.2 billion to $3.9 billion.
- Geopolitical and Market Uncertainty
- Increased geopolitical risks have negatively affected investor confidence and fund inflows.
- Profitability Decline
- Net income dropped by 29.1% from $5.4 million to $3.8 million, highlighting challenges in maintaining profitability.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.24
- Gross margin
- 100.0%
- Operating margin
- 32.1%
What they said about what is next.
No numeric guidance provided, outlook remains cautious due to market conditions.
The filing reads worse than the one before it.
What came before.
- 10-Q · February 5, 2026
- Hennessy Advisors reported quarterly revenue of $8.32 million and diluted EPS of $0.24 for the three months ended December 31, 2025. Revenue and margins declined vs. the prior year (revenue down $1.388 million YoY) and…
- 10-K · December 3, 2025
- Hennessy Advisors positions itself as a boutique investment-manager that earns fees as a percentage of fund NAVs and pursues organic growth plus strategic purchases of management-related assets. The filing reports…
- 10-Q · August 6, 2025
- Hennessy reported quarterly revenue of $8,054,000 (up $270,000 vs. the three months ended June 30, 2024) and net income of $2,121,000 (up $92,000 YoY) with diluted EPS of $0.26 (unchanged YoY). Operating income…
- 10-Q · May 7, 2025
- Hennessy reported quarterly revenue of $9,276,000 and diluted EPS of $0.33 for the three months ended March 31, 2025, up from $6,940,000 and $0.20 in the prior-year quarter. Operating margin expanded to 37.2% (net…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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