Hercules Capital, Inc.
htgc.comWhat Do They Do?
Provides senior secured loans and other financing to venture capital- and institution-backed technology and life sciences companies.
10-K for FY2025, filed Feb 12, 2026
How Do They Make Money?
Earns interest and fees from debt investments and may gain value from warrants and equity investments.
10-K for FY2025, filed Feb 12, 2026
$507.9M
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10-K for FY2025, filed Feb 12, 2026
$507.9M ↗
Who Are Their Customers?
Venture capital and private equity funds help source investments; Hercules provides financing to companies in their portfolios.
10-K for FY2025, filed Feb 12, 2026
Do Revenues Turn Into Profits?
Yes. It kept 67 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$425.9M.
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Jul 30, 2026
$130.2MView ↗
- ▲ +65%
- vs $78.9M in Q2 FY2025
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May 4, 2026
Hercules appointed Andrew Olson CFO, replacing Seth Meyer
Meyer became president after serving as CFO.
Sources
8-K, filed May 4, 2026
On April 29, 2026, the Board of Directors (the "Board") of Hercules Capital, Inc. (the "Company") approved the following changes to the…View ↗
Growing. Revenue grew 2.0x in 4 years, from $253.4M in FY2021 to $507.9M in FY2025, about 19% a year.
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