Filing Flows › Horizon Kinetics Holding (HKHC) › Q1 2025
Horizon Kinetics Holding (HKHC) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 14, 2025
Horizon Kinetics Holding (HKHC) reported revenue of $19.0M for the first quarter 2025 (Q1 2025), +57% from a year earlier and +4% from the quarter before. Operating margin was 6.9%, net earnings $22.8M (120.1% of revenue).
Horizon Kinetics Holding, Q1 2025: revenue $19.0M (+57% year over year), operating margin 6.9%, net earnings $22.8M, operating cash flow −$14.5M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $19.0M | +4% | +57% |
| Operating profit | $1.3M | — | — |
| Net earnings | $22.8M | -70% | -44% |
| Operating cash flow | −$14.5M | -163% | — |
What changed
Revenue was $19.0M in Q1 2025, up 57% year over year and up 4% from the previous quarter.
Operating profit was $1.3M, a 6.9% margin (up 7.4 points year over year). Net earnings were $22.8M, down 44% year over year. The effective tax rate was 11.2%. Non-operating items added $90.9M, 99% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$14.5M. Non-cash charges added back $499K of depreciation and amortization. Working capital and other items used $96.8M.
Questions
What was Horizon Kinetics Holding's revenue in the first quarter 2025?
Horizon Kinetics Holding (HKHC) reported revenue of $19.0M for the first quarter 2025 (Q1 2025), +57% from a year earlier and +4% from the quarter before.
Was Horizon Kinetics Holding profitable in the first quarter 2025?
Operating profit was $1.3M (6.9% of revenue) and net earnings $22.8M.