HTGC · Hercules Capital, Inc.

Hercules Capital reported Q1 FY2026 net income of $42.5 million, down 15.6% from $50.3 million in the prior year quarter, with diluted EPS of $0.23 versus $0.29. This decline reflects the impact of unrealized depreciation outweighing underlying investment activity in a volatile market for venture-backed companies.

Management highlights that key assumptions for future performance include the ability to originate new investments, achieve targeted margins and profitability, secure additional capital, and maintain requisite debt-to-asset ratios. Changes in portfolio company investment grading may arise from performance shifts or timing of liquidity events. Investors should note that forward-looking statements amid uncertainties do not guarantee achievement of plans or objectives.