HENNESSY ADVISORS INC Annual Report - How They Did This Year

Hey there, fellow investor! Let's dive into how Hennessy Advisors (HNNA) performed in their fiscal year ending September 30, 2025.

The Big Picture Hennessy Advisors, an investment management company based out of Novato, California, trades on the Nasdaq Stock Market under the ticker symbol HNNA for its common stock and HNNAZ for its 4.875% Notes due 2026.

What's Happening with Shares? The number of shares investors own, known as "common stock outstanding," saw a slight increase this year. As of September 30, 2025, there were 7,889,941 shares out there, up from 7,778,335 shares at the end of the previous fiscal year (September 30, 2024). This roughly 1.4% increase in shares can happen for a few reasons.

For example, the company has a "Dividend Reinvestment and Stock Purchase Plan," which allows shareholders to automatically use their dividends to buy more company stock. They also use "Restricted Stock Units" (RSUs) as a way to compensate employees, which means employees receive company stock as part of their pay, potentially adding to the outstanding shares when they vest. The company also has a "Stock Buyback Program" in place, which usually aims to reduce the number of shares. However, the issuance of new shares through plans like the dividend reinvestment or employee compensation outweighed any shares bought back this year, leading to a net increase.

Other Important Bits:

• Debt: Hennessy Advisors has debt in the form of "4.875% Notes due 2026." These notes are loans the company took out that pay a fixed interest rate of 4.875% and are set to be repaid in 2026. This is something to keep in mind as that maturity date approaches.
• Operations: The company maintains its main office in Novato, California, and continues to invest in its operational backbone, including IT infrastructure and software development, to ensure smooth business operations.

What's Next? Shortly after the fiscal year ended, specifically on October 29, 2025, the company declared dividends for the first quarter of fiscal year 2026. This is a positive sign that they continue to return value to shareholders.

Key Takeaways:

• Hennessy Advisors (HNNA) is an investment management company based in Novato, California.
• The number of common shares outstanding increased by approximately 1.4% during the fiscal year, reaching 7,889,941 shares.
• This increase was influenced by programs like the Dividend Reinvestment Plan and Restricted Stock Units, which added more shares than were repurchased through the Stock Buyback Program.
• The company has 4.875% Notes due for repayment in 2026.
• Hennessy Advisors continues to invest in its operational infrastructure, including IT and software.
• The declaration of dividends for the first quarter of fiscal year 2026, shortly after the fiscal year-end, indicates an ongoing commitment to returning value to shareholders.