Hercules Capital, Inc. is a business development company. The firm specializing in providing venture debt, debt, senior secured loans, and growth capital to privately held venture capital-backed companies at all stages of development from startups, to expansion stage including select publicly listed companies and select special opportunity lower middle market companies that require additional capital to fund acquisitions, recapitalizations and refinancing and established-stage companies. The firm provides growth capital financing solutions for capital extension; management buy-out and corporate spin-out financing solutions; company, asset specific, or intellectual property acquisition financing; convertible, subordinated and/or mezzanine loans; domestic and international corporate expansion; vendor financing; revenue acceleration by sales and marketing development, and manufacturing expansion. It provides asset-based financing with a focus on cash flow; accounts receivable facilities; equipment loans or leases; equipment acquisition; facilities build-out and/or expansion; working capital revolving lines of credit; inventory. The firm also provides bridge financing to IPO or mergers and acquisitions or technology acquisition; dividend recapitalizations and other sources of investor liquidity; cash flow financing to protect against share price volatility; competitor acquisition; pre-IPO financing for extra cash on the balance sheet; public company financing to continue asset growth and production capacity; short-term bridge financing; and strategic and intellectual property acquisition financings. It also focuses on customized financing solutions, emerging growth, mid venture, and late venture financing. The firm invests primarily in structured debt with warrants and, to a lesser extent, in senior debt and equity investments. The firm generally seeks to invest in companies that have been operating for at least six to 12 months prior to the date of their investment. It prefers to invest in technology, energy technology, sustainable and renewable technology, and life sciences. Within technology the firm focuses on advanced specialty materials and chemicals; communication and networking, consumer and business products; consumer products and services, digital media and consumer internet; electronics and computer hardware; enterprise software and services; gaming; healthcare services; information services; business services; media, content and information; mobile; resource management; security software; semiconductors; semiconductors and hardware; and software sector. Within energy technology, it invests in agriculture; clean technology; energy and renewable technology, fuels and power technology; geothermal; smart grid and energy efficiency and monitoring technologies; solar; and wind. Within life sciences, the firm invests in biopharmaceuticals; biotechnology tools; diagnostics; drug discovery, development and delivery; medical devices and equipment; surgical devices; therapeutics; pharma services; and specialty pharmaceuticals. It also invests in educational services. The firm invests primarily in United States based companies and considers investment in the West Coast, Mid-Atlantic regions, Southeast and Midwest; particularly in the areas of software, biotech and information services. The firm prefers to invest between $10 million to $250 million in equity per transactions. It invests generally between $1 million to $40 million in companies focused primarily on business services, communications, electronics, hardware, and healthcare services. The firm invests primarily in private companies but also have investments in public companies. For equity investments, the firm seeks to represent a controlling interest in its portfolio companies which may exceed 25% of the voting securities of such companies. The firm seeks to invest a limited portion of its assets in equipment-based loans to early-stage prospective portfolio companies. These loans are generally for amounts up to $3 million but may be up to $15 million for certain energy technology venture investments. The firm allows certain debt investments have the right to convert a portion of the debt investment into equity. It also co-invests with other private equity firms. The firm seeks to exit its investments through initial public offering, a private sale of equity interest to a third party, a merger or an acquisition of the company or a purchase of the equity position by the company or one of its stockholders. The firm has structured debt with warrants which typically have maturities of between two and seven years with an average of three years; senior debt with an investment horizon of less than three years; equipment loans with an investment horizon ranging from three to four years; and equity related securities with an investment horizon ranging from three to seven years. The firm prefers to invest through its balance sheet capital. The firm formerly known as Hercules Technology Growth Capital, Inc. Hercules Capital, Inc. was founded in December 2003 and is based in Palo Alto, California with additional offices in Connecticut; Boston, Massachusetts; San Diego, California; Westport, Connecticut; Elmhurst, Illinois; Santa Monica, California; McLean, Virginia; New York, New York; Radnor, Pennsylvania; and Washington, District of Columbia and London, United Kingdom.

Hercules Capital, Inc.

Hercules Capital, Inc. (NYSE: HTGC) is the leading and largest specialty finance company focused on providing senior secured venture growth loans to high-growth, innovative venture capital-backed companies in a broadly diversified variety of technology, life sciences and sustainable and renewable technology industries. Since inception (December 2003), Hercules has committed over $20 billion to over 650 companies and is the lender of choice for entrepreneurs and venture capital firms seeking growth capital financing. Today, Hercules is widely recognized as the largest non-bank source of venture financing in the market, with $4.5 billion in assets under management and a market capitalization of over $2.5 billion.

	Dec '13	Dec '14	Dec '15	Dec '16	Dec '17	Dec '18	Dec '19	Dec '20	Dec '21	Dec '22	Dec '23
revenue	135.76M -	115.06M 15.25%	95.71M 16.82%	111.39M 16.38%	135.58M 21.71%	136.09M 0.37%	243.60M 79.01%	297.77M 22.24%	255.13M 14.32%	184.64M 27.63%	426.50M 130.99%
cost of revenue	16.18M -	16.60M 2.63%	20.71M 24.75%	22.50M 8.63%	24.55M 9.13%	25.06M 2.06%	30.99M 23.67%	29.00M 6.44%	36.97M 27.50%	43.85M 18.62%	50.26M 14.61%
gross profit	119.58M -	98.46M 17.66%	75M 23.83%	88.89M 18.53%	111.02M 24.89%	111.02M 0.00%	212.61M 91.50%	268.78M 26.42%	218.16M 18.83%	140.79M 35.47%	376.24M 167.24%
selling and marketing expenses
general and administrative expenses	9.35M -	10.21M 9.14%	16.66M 63.17%	16.11M 3.31%	16.11M 0.01%	15.49M 3.83%	19.18M 23.86%	18.91M 1.42%	16.11M 14.80%	16.95M 5.20%	18.70M 10.31%
selling general and administrative expenses	9.35M -	10.21M 9.14%	16.66M 63.17%	16.11M 3.31%	16.11M 0.01%	15.49M 3.83%	19.18M 23.86%	18.91M 1.42%	16.11M 14.80%	16.95M 5.20%	18.70M 10.31%
research and development expenses
other expenses	26.96M -	1.58M 94.14%	1K 99.94%	8M 799,900%	40.47M 405.92%	44.10M 8.96%	50.82M 15.24%	51.60M 1.53%	64.87M 25.71%	65.61M 1.14%	96.78M 47.51%
cost and expenses	66.65M -	70.33M 5.53%	83.63M 18.90%	82.71M 1.10%	94.44M 14.18%	59.59M 36.90%	70.01M 17.48%	70.51M 0.72%	80.98M 14.84%	141.94M 75.28%	165.73M 16.76%
operating expenses	36.31M -	43.87M 20.82%	52.80M 20.34%	42.69M 19.14%	56.58M 32.53%	59.59M 5.32%	70.01M 17.48%	70.51M 0.72%	80.98M 14.84%	82.56M 1.95%	89.01M 7.82%
interest expense	30.33M -	28.04M 7.56%	30.83M 9.96%	32.02M 3.83%	37.86M 18.24%	39.44M 4.17%	54.60M 38.45%	59.60M 9.17%	54.45M 8.65%	54.75M 0.55%	67.62M 23.51%
ebitda	130.03M -	99.50M 23.48%	73.94M 25.68%	100.92M 36.48%	117.06M 15.99%	116.13M 0.79%	173.86M 49.71%	227.68M 30.95%	174.47M 23.37%	273.13M 56.55%	268.69M 1.62%
operating income	57.02M -	56.28M 1.30%	56.64M 0.63%	76.02M 34.23%	67.80M 10.81%	115.93M 70.99%	173.60M 49.74%	227.26M 30.91%	174.16M 23.37%	272.93M 56.71%	268.69M 1.55%
depreciation and amortization	252K -	266K 5.56%	193K 27.44%	202K 4.66%	201K 0.50%	199K 1.00%	262K 31.66%	415K 58.40%	317K 23.61%	204K 35.65%	190K 6.86%
total other income expenses net	42.42M -	14.90M 64.87%	-13.72M 192.06%	-7.32M 46.67%	11.20M 253.04%	-39.44M 452.16%	-54.60M 38.45%	-59.60M 9.17%	-58.87M 1.24%	-170.85M 190.23%	68.79M 140.26%
income before tax	99.45M -	71.19M 28.42%	42.92M 39.71%	68.70M 60.09%	79.00M 14.98%	76.50M 3.17%	173.60M 126.94%	227.26M 30.91%	174.16M 23.37%	102.08M 41.38%	337.48M 230.60%
income tax expense	72.76M -	42.95M 40.97%	17.11M 60.15%	24.70M 44.32%	49.05M 98.61%		-54.60M -	-59.60M 9.17%	-58.87M 1.24%	-54.75M 6.99%	-190K 99.65%
net income	99.45M -	71.19M 28.42%	42.92M 39.71%	68.70M 60.09%	79.00M 14.98%	76.50M 3.17%	173.60M 126.94%	227.26M 30.91%	174.16M 23.37%	156.83M 9.95%	337.48M 115.19%
weighted average shs out	58.84M -	61.86M 5.14%	69.48M 12.31%	73.75M 6.15%	82.52M 11.89%	90.93M 10.19%	101.13M 11.22%	111.98M 10.73%	114.74M 2.46%	125.19M 9.10%	144.09M 15.10%
weighted average shs out dil	60.29M -	63.23M 4.86%	69.66M 10.18%	73.78M 5.90%	82.64M 12.02%	91.06M 10.19%	101.57M 11.54%	112.27M 10.53%	115.95M 3.29%	126.66M 9.23%	144.83M 14.34%
eps	1.67 -	1.12 32.93%	0.60 46.43%	0.91 51.67%	0.95 4.40%	0.84 11.58%	1.71 103.57%	2.02 18.13%	1.50 25.74%	1.25 16.67%	2.32 85.60%
epsdiluted	1.63 -	1.10 32.52%	0.59 46.36%	0.91 54.24%	0.95 4.40%	0.84 11.58%	1.71 103.57%	2.01 17.54%	1.49 25.87%	1.24 16.78%	2.31 86.29%

COM:HTGC

Hercules Capital, Inc.

Last Close

19.13

05/11 21:00

Market Cap

3.42B

Beta: -

Volume Today

845.01K

Avg: -

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