COMP <GO>

HRZN vs HTT // EV/EBITDA & P/E VALUATION

Horizon Technology Finance Corporation (NASDAQ) VS. High Templar Tech Limited each representing one Class A ordinary share (NYSE) • 15-METRIC TALLY: HRZN 2 — HTT 2

■ METRIC PARITY

HRZN — Horizon Technology Finance Corporation ROARABLE D+ • RQD 58/100

LAST: $4.13 (+2.74%) • MKT CAP: $276.9M

DES <GO> FA <GO> 10-K RED <GO>

valuation

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HTT — High Templar Tech Limited each representing one Class A ordinary share ROARABLE D- • RQD 41/100

LAST: $1.82 (-3.19%) • MKT CAP: $282.6M

DES <GO> FA <GO> 10-K RED <GO>

valuation

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15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (HRZN VS. HTT) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	HRZN	HTT	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	—	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	-0.80%	-5.20%	+4.40	HRZN	/roic <GO>
EV/EBITDA & P/E Valuation ACTIVE	—	—	—	TIE	/valuation <GO>
Free Cash Flow Yield	20.45%	—	—	TIE	/fcf-yield <GO>
Operating Margin	—	-60.00%	—	TIE	/operating-margins <GO>
Net Profit Margin	—	68.00%	—	TIE	/net-margins <GO>
Revenue Growth (YoY)	—	-65.00%	—	TIE	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	0.00%	0.00%	0.00	TIE	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	—	—	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	4/9	5/9	-1.00	HTT	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	37.2	15.6	+21.55	HRZN	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	—	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	—	—	—	TIE	/forward-pe <GO>
Enterprise Scale & Market Cap	$276.9M	$282.6M	-$5.8M	HTT	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	HRZN REV	HTT REV	HRZN GROSS %	HTT GROSS %	HRZN FCF	HTT FCF
FY 2025	$0	$5.9M	—	—	$56.6M	$98.2M
FY 2024	$0	$29.7M	—	—	$3.9M	-$15.2M
FY 2023	$0	$17.8M	—	—	-$5.3M	$49.6M

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

HRZN // BETA —

HTT // BETA —