Financial Performance - Total revenue for the three months ended December 31, 2023, was $6,144,000, slightly down from $6,145,000 in the same period of 2022, representing a decrease of 0.02%[14] - Net income for the three months ended December 31, 2023, was $1,200,000, an increase of 7.25% compared to $1,119,000 for the same period in 2022[14] - Earnings per share for the three months ended December 31, 2023, were $0.16, consistent with the same period in 2022[14] - Total operating expenses for the three months ended December 31, 2023, were $4,719,000, an increase of 3.95% compared to $4,540,000 in the same period of 2022[14] - Total revenue for the three months ended December 31, 2023, remained flat at $6.1 million, with investment advisory fees also flat at $5.7 million, while shareholder service fees decreased by 2.4%[87] - Total operating expenses increased by 3.9%, from $4.5 million to $4.7 million, and as a percentage of total revenue, operating expenses increased to 76.8%[94] - Net income for the three months ended December 31, 2023, was $1.2 million, representing 19.5% of total revenue, compared to $1.1 million, or 18.2%, for the same period in 2022[86] - Net income increased by 7.2%, from $1.1 million to $1.2 million, primarily due to increased interest income[110] Assets and Liabilities - Total current assets decreased to $62,889,000 as of December 31, 2023, from $63,701,000 as of September 30, 2023, a decline of 1.28%[12] - Total liabilities decreased to $56,845,000 as of December 31, 2023, from $57,967,000 as of September 30, 2023, a reduction of 1.93%[12] - Stockholders' equity increased to $88,161,000 as of December 31, 2023, from $87,752,000 as of September 30, 2023, an increase of 0.47%[12] - Cash and cash equivalents at the end of the period were $59,605,000, a decrease from $60,476,000 at the beginning of the period, representing a decline of 1.44%[21] - Accrued liabilities and accounts payable totaled $1,616,000 as of December 31, 2023, down from $3,165,000 as of September 30, 2023[53] - Total assets under management as of December 31, 2023, was $3.3 billion, an increase of $0.3 billion, or 9.0%, compared to December 31, 2022[82] Cash Flow - The company reported a net cash provided by operating activities of $416,000 for the three months ended December 31, 2023, compared to a net cash used of $32,000 in the same period of 2022[21] - Cash provided by operating activities increased by $0.4 million, primarily due to timing of cash payments and increased net income[117] - The company anticipates that cash and liquid assets will be sufficient to meet capital requirements for at least one year[114] Expenses - General and administrative expenses increased by 9.9%, from $1.6 million to $1.7 million, primarily due to increased professional services expense[96] - Fund distribution and other expenses increased by 56.8%, from $0.10 million to $0.15 million, as a percentage of total revenue increased to 2.4%[102] - Sub-advisory fees expense decreased by 6.0%, from $1.0 million to $0.9 million, representing 14.8% of total revenue, a decrease of 1.0 percentage point[104] - Depreciation expense increased by 40.8%, from $0.05 million to $0.07 million, accounting for 1.1% of total revenue[105] Shareholder Information - Cash dividends declared per share remained stable at $0.14 for both the three months ended December 31, 2023, and 2022[14] - The Company issued 2,770 shares under the Dividend Reinvestment and Stock Purchase Plan during the three months ended December 31, 2023[61] - The Company paid a quarterly cash dividend of $0.1375 per share on November 27, 2023[65] Market and Economic Conditions - The market is pricing in six rate cuts in 2024, indicating a potential shift in monetary policy[77] - The Japanese equity market increased by 8.00% in U.S. dollar terms over the three months ended December 31, 2023[78] Investment and Management - As of December 31, 2023, the Company completed an asset purchase adding approximately $12 million to its assets under management[36] - The Company reported total assets under management reflecting a valuation of $59.417 million as of December 31, 2023[47] - The Company has 16 Hennessy Mutual Funds and the Hennessy Stance ESG ETF under its investment advisory agreements[39] - The Company performed a qualitative analysis and determined there was no impairment of management contracts as of December 31, 2023[34] - The management contract asset had a net balance of $81.5 million as of December 31, 2023, compared to $81.3 million as of September 30, 2023[83] - The average daily net assets of the Hennessy Funds for both the three months ended December 31, 2023, and 2022, remained unchanged at $3.0 billion[89] Taxation - The effective income tax rate for the three months ended December 31, 2023, was 27.0%, compared to 25.8% for the same period in 2022[56] Other Financial Information - The Company has unrecognized compensation expense related to RSUs amounting to $2,140,000 as of December 31, 2023[60] - The Company completed a public offering of 4.875% notes due 2026 with an aggregate principal amount of $40,250,000[54] - The fair value of the 2026 Notes was approximately $38.2 million as of December 31, 2023[48] - The weighted average common shares outstanding for basic earnings per share increased to 7,672,191 in Q4 2023 from 7,572,454 in Q4 2022[64] - The weighted average remaining lease term for the Company's operating lease right-of-use assets is 0.6 years[51] - The Company recognized rent expense for all offices totaling $0.1 million for the three months ended December 31, 2023[51] - The Company has no long-term operating leases as of December 31, 2023[49] - Total operating lease liabilities as of December 31, 2023, amounted to $186,000[52] - Interest income rose from $0.47 million to $0.79 million, attributed to higher interest rates and an increased cash balance[107][108] - Interest expense slightly increased from $0.56 million to $0.57 million due to accounting principles related to the 2026 Notes[106] - No changes in internal control over financial reporting were reported during the fiscal quarter ended December 31, 2023[120]

Financial Performance - Average assets under management for fiscal year 2023 were $3.0 billion, with total assets under management also at $3.0 billion[14]. - Assets under management increased to $3,032,042,000 in 2023 from $2,895,717,000 in 2022, reflecting a growth of 4.7%[48]. - Organic inflows for 2023 were $598,119,000, compared to $656,491,000 in 2022, indicating a decrease of 8.9%[48]. - Redemptions in 2023 totaled $915,397,000, down from $1,147,888,000 in 2022, showing a reduction of 20.2%[48]. - The ending assets under management in 2023 were significantly lower than the $4,065,922,000 reported in 2021, indicating a decline of 25.5%[48]. - Total revenue for fiscal year 2023 decreased by 19.0% to $24.0 million, with investment advisory fees down 19.6% to $22.1 million and shareholder service fees down 12.2% to $1.9 million[169]. - Revenue, net of sub-advisory fees, was $20,261,000 in 2023, down from $23,940,000 in 2022, representing a decrease of 15.2%[49]. - Net income decreased by 22.9%, from $6.2 million to $4.8 million, primarily due to decreased average assets under management[185]. - The company reported a total of $24,020,000 in subtotal revenues for 2023, down from $29,667,000 in 2022, a decrease of 19.1%[49]. Investment Advisory Services - The company’s revenue is primarily derived from investment advisory services, calculated as a percentage of the average daily net asset values of the Hennessy Funds[12]. - The investment advisory fees vary by fund, while shareholder service fees remain consistent across all Hennessy Mutual Funds[12]. - As of the end of fiscal year 2023, the investment advisory fees for Hennessy Funds range from 0.40% to 1.25% of fund assets, with the Hennessy Energy Transition Fund having the highest fee at 1.25%[54]. - The investment advisory fees and shareholder service fees are calculated as a percentage of the average daily net asset value of the Hennessy Funds, making revenues sensitive to market fluctuations[97]. - The company’s investment advisory fees are calculated as a percentage of the average daily net assets of each Hennessy Fund, affecting revenue fluctuations[158]. Fund Performance - Hennessy Cornerstone Large Growth Fund achieved a one-year return of 29.28% for Institutional Class shares, outperforming the Russell 1000® Index which returned 21.19%[35]. - Hennessy Total Return Fund's Investor Class shares returned 11.86% over the past year, compared to 15.66% for the blended DJIA/Treasury Index[35]. - Hennessy Cornerstone Value Fund's Institutional Class shares returned 16.57% over the past year, outperforming the Russell 1000® Value Index which returned 14.44%[35]. - For the one-year period ended September 30, 2023, 14 of the 17 Hennessy Funds posted positive returns, with 13 funds showing positive returns over three and five years[162]. Asset Management Strategy - The company has a business strategy focused on organic growth through marketing and sales efforts, as well as growth through strategic purchases of management-related assets[14]. - The firm manages a total of 16 mutual funds and one ETF, categorized into Domestic Equity, Multi-Asset, and Sector and Specialty products[24]. - The company aims to expand its product offerings by identifying investor needs and reviewing asset allocation tables[45]. - The company aims to expand its base of financial advisors and investment professionals to increase assets under management, which will enhance revenues[79]. - The company’s business strategy focuses on future acquisitions and organic growth through retention of fund assets and generation of inflows[156]. Market and Competitive Landscape - The competitive landscape includes numerous global and U.S. investment managers, which may pose challenges for the company[85]. - The company faces intense competition in the investment advisory industry, which could impact its ability to attract and retain investors[126]. - Industry trends favoring lower-fee, passive products may negatively impact the company's profitability and market share[128]. Regulatory and Compliance - The company has a compliance program that includes ongoing reviews of service providers and monitoring of fund expense accruals and payments[52]. - The Hennessy Funds' Board of Trustees comprises five disinterested trustees, ensuring compliance with the Investment Company Act of 1940[53]. - Increased regulatory scrutiny and compliance costs could adversely affect the company's financial condition and operational results[137]. Risks and Challenges - The outbreak of contagious diseases, such as COVID-19, has negatively impacted the company's revenues and operations[101]. - Adverse ratings or assessments from third parties could lead to increased redemptions and decreased new investments in the Hennessy Funds[99]. - Key personnel are critical to the company's success, and their loss could materially affect operations and financial condition[108]. - The company has significant debt, which may increase financial risk and affect its ability to obtain additional financing[111]. - Cybersecurity risks pose significant threats to the company's operations, potentially leading to financial losses and reputational damage[132]. Shareholder Information - As of the end of fiscal year 2023, there were 2,104 shareholders, including 127 holders of record and 1,977 individual shareholders through brokerage accounts[151]. - The company has consistently paid dividends since 2005, but the declaration and amount are subject to the discretion of the Board of Directors[145]. - Dividend payments totaled $4.2 million in fiscal year 2023, consistent with the previous year[191]. Financial Position and Capital Management - The company may need to raise additional capital to fund new business initiatives, which could adversely impact operations if financing is not available on acceptable terms[141]. - The company plans to raise additional capital if liquid resources are insufficient to meet long-term capital requirements[186]. - The principal liability on the balance sheet related to the 2026 Notes is $39.2 million, net of issuance costs[168]. - Interest income rose significantly from $0.2 million to $2.5 million, attributed to rising interest rates[183].

Financial Performance - Total revenue for the three months ended June 30, 2023, was $5,701,000, a decrease of 17.5% compared to $6,909,000 for the same period in 2022[16] - Net income for the three months ended June 30, 2023, was $1,116,000, down 14.2% from $1,301,000 in the same period last year[16] - Basic earnings per share for the three months ended June 30, 2023, was $0.15, compared to $0.17 for the same period in 2022[16] - Investment advisory fees for the nine months ended June 30, 2023, were $16,325,000, down 24.0% from $21,499,000 for the same period in 2022[16] - Net income for the nine months ended June 30, 2023, was $3,430 million, a decrease of 29% from $4,816 million in 2022[23] - Net cash provided by operating activities decreased to $4,646 million from $6,251 million, reflecting a decline of 25.7%[23] - Total operating expenses for the three months ended June 30, 2023, decreased by 5.7% to $4.3 million, but as a percentage of total revenue, increased by 9.5 percentage points to 75.8%[101] - Compensation and benefits expense for the three months ended June 30, 2023, decreased by 2.3% to $1.9 million, with an increase in percentage to 34.1% of total revenue[103] - General and administrative expense for the three months ended June 30, 2023, increased by 6.3% to $1.3 million, representing 22.9% of total revenue[106] - Sub-advisory fees expense for the three months ended June 30, 2023, decreased by 24.9% to $0.9 million, accounting for 15.8% of total revenue[114] Assets and Liabilities - Total assets as of June 30, 2023, were $144,396,000, a slight increase from $143,652,000 as of September 30, 2022[13] - Total stockholders' equity increased to $87,425,000 as of June 30, 2023, from $86,298,000 as of September 30, 2022[13] - Total current liabilities decreased to $3,489,000 as of June 30, 2023, from $4,717,000 as of September 30, 2022, representing a reduction of 26.0%[13] - Cash and cash equivalents increased to $59,399,000 as of June 30, 2023, from $58,487,000 as of September 30, 2022[13] - Total accrued liabilities and accounts payable decreased from $3.320 million as of September 30, 2022, to $2.569 million as of June 30, 2023, a reduction of approximately 22.6%[54] - Cash and cash equivalents as of June 30, 2023, totaled $59.4 million[127] Dividends and Shareholder Returns - The company declared cash dividends of $0.14 per share for the three months ended June 30, 2023, consistent with the same period in 2022[16] - Dividend payments for the nine months ended June 30, 2023, were $3,077 million, compared to $3,025 million in 2022, an increase of 1.7%[23] - The Company paid a quarterly cash dividend of $0.1375 per share on June 5, 2023, to shareholders of record as of May 23, 2023[69] - The Company did not repurchase any shares under the stock buyback program during the nine months ended June 30, 2023, with 1,096,368 shares remaining available for repurchase[67] Market and Fund Performance - As of June 30, 2023, total assets under management were $3.0 billion, a decrease of $0.2 billion, or 6.1%, compared to June 30, 2022, primarily due to net outflows from the Hennessy Funds[89] - For the nine months ended June 30, 2023, 15 out of 17 Hennessy Funds generated positive returns, with all funds having at least 10 years of operating history posting positive returns over the five-year and ten-year periods[86] - The average assets under management for the Hennessy Mutual Funds decreased to $2.85 billion for the quarter ended June 30, 2023, down from $3.44 billion for the same quarter in 2022[90] - The Hennessy Focus Fund experienced the largest net outflow of $(32) million for the three months ended June 30, 2023[100] - Redemptions as a percentage of assets under management decreased from an average of 3.2% per month during the three months ended June 30, 2022, to 2.1% during the same period in 2023[100] Strategic Initiatives - The company is focused on both organic growth and future acquisitions as part of its business strategy, aiming to retain fund assets and generate inflows[79] - The company has entered into a new sub-advisory agreement with Vident Advisory, following the acquisition that resulted in a change of control of the previous sub-advisor, VIA[72] - The Hennessy Stance ESG ETF's shareholders approved the implementation of a manager of managers structure, allowing the company to appoint and replace unaffiliated sub-advisors without shareholder approval[73] - The company expects to complete the acquisition of CCM Equity Funds, which includes customary representations and warranties[38] - The company capitalized $0.1 million in legal costs related to the acquisition of CCM Equity Funds, expected to close in 2023[38] Tax and Interest Expenses - The effective income tax rate for the nine months ended June 30, 2023, was 26.2%, up from 23.0% for the same period in 2022[57] - Interest income for the three months ended June 30, 2023, rose significantly from $0.02 million to $0.71 million, attributed to rising interest rates[120] - Interest expense for the nine months ended June 30, 2023, increased to $1.7 million, reflecting a full period of interest expense for the 2026 Notes[119] - Income tax expense for the three months ended June 30, 2023, decreased by 15.1% to $0.4 million[121] Other Financial Metrics - The company reported a decrease in stock-based compensation to $784 million from $974 million, a decline of 19.5%[23] - The unrealized gain on marketable securities was $(1) million for the nine months ended June 30, 2023, compared to $0 million in 2022[23] - The principal asset on the balance sheet, management contracts, had a net balance of $81.2 million as of June 30, 2023, reflecting an increase from $80.9 million as of September 30, 2022[91] - The 2026 Notes have a fair value of approximately $36.93 million as of June 30, 2023, based on the last trading price[49] - The total undiscounted cash flows for future maturities of the Company's operating lease liabilities are $381,000, with a present value discount of $9,000[53] - The Company has a total expected compensation expense related to RSUs of $18.082 million, with $1.744 million remaining unrecognized as of June 30, 2023[64]

PART I: Financial Information [Item 1: Unaudited Condensed Financial Statements](index=4&type=section&id=Item%201%20Unaudited%20Condensed%20Financial%20Statements) This section presents unaudited condensed financial statements for the periods ended March 31, 2023, detailing the company's financial position, performance, and cash flows [Balance Sheets](index=4&type=section&id=Balance%20Sheets) As of March 31, 2023, total assets were $143.0 million, a slight decrease from $143.7 million at September 30, 2022 Condensed Balance Sheet Data (in thousands) | Account | March 31, 2023 | September 30, 2022 | | :--- | :--- | :--- | | **Total Assets** | **$142,974** | **$143,652** | | Cash and cash equivalents | $57,869 | $58,487 | | Management contracts | $81,071 | $80,868 | | **Total Liabilities** | **$55,885** | **$57,354** | | Notes payable, net | $39,014 | $38,870 | | **Total Stockholders' Equity** | **$87,089** | **$86,298** | [Statements of Income](index=5&type=section&id=Statements%20of%20Income) For the six months ended March 31, 2023, total revenue decreased 25.9% year-over-year to $12.1 million, while net income fell 34.2% to $2.3 million Income Statement Highlights (in thousands, except per share data) | Metric | Six Months Ended Mar 31, 2023 | Six Months Ended Mar 31, 2022 | Change | | :--- | :--- | :--- | :--- | | Total Revenue | $12,061 | $16,279 | -25.9% | | Net Operating Income | $3,197 | $5,460 | -41.4% | | Net Income | $2,314 | $3,515 | -34.2% | | Diluted EPS | $0.30 | $0.46 | -34.8% | | Cash dividends declared per share | $0.28 | $0.28 | 0.0% | [Statements of Changes in Stockholders' Equity](index=6&type=section&id=Statements%20of%20Changes%20in%20Stockholders'%20Equity) Stockholders' equity increased to $87.1 million at March 31, 2023, driven by net income that was partially offset by dividend payments - For the six months ended March 31, 2023, stockholders' equity increased by **$0.8 million**, reflecting net income of **$2.3 million** less dividends paid of **$2.1 million**, along with contributions from stock-based compensation and dividend reinvestment plans[17](index=17&type=chunk) [Statements of Cash Flows](index=7&type=section&id=Statements%20of%20Cash%20Flows) Net cash from operating activities decreased to $2.0 million for the six months ended March 31, 2023, resulting in a net decrease in cash of $0.6 million Summary of Cash Flows (in thousands) | Activity | Six Months Ended Mar 31, 2023 | Six Months Ended Mar 31, 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $1,955 | $3,543 | | Net cash used in investing activities | ($526) | ($100) | | Net cash (used in) provided by financing activities | ($2,047) | $36,556 | | **Net (decrease) increase in cash** | **($618)** | **$39,999** | [Notes to Unaudited Condensed Financial Statements](index=8&type=section&id=Notes%20to%20Unaudited%20Condensed%20Financial%20Statements) The notes detail accounting policies and provide further information on key acquisitions, outstanding debt, and subsequent events - The company's main business is providing investment advisory services to 16 open-end mutual funds and one ETF branded as the Hennessy Funds[25](index=25&type=chunk) - On December 22, 2022, the company acquired assets related to the management of the Stance Equity ESG Large Cap Core ETF, which added approximately **$43 million** to assets under management at closing[34](index=34&type=chunk) - The company has **$40.25 million** in aggregate principal of 4.875% unsecured notes outstanding, which mature on December 31, 2026[51](index=51&type=chunk) - Subsequent to the quarter end, on April 26, 2023, the company signed a definitive agreement to acquire the management of two CCM Equity Funds, which will be reorganized into the Hennessy Stance ESG ETF[69](index=69&type=chunk) [Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operations](index=20&type=section&id=Item%202%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses a 25.9% revenue decrease driven by a 25.2% decline in assets under management (AUM), which impacted overall net income [Overview and Business Strategy](index=21&type=section&id=Overview%20and%20Business%20Strategy) The company's strategy focuses on acquisitions and organic growth, with revenues tied to AUM in a challenging economic environment - The company's business strategy centers on (a) identification, completion, and integration of future acquisitions and (b) organic growth through asset retention and generation of inflows[77](index=77&type=chunk) - Revenues are derived from investment advisory and shareholder service fees, which are calculated as a percentage of the average daily net assets of each Hennessy Fund and fluctuate with market performance and fund flows[79](index=79&type=chunk) - Despite a challenging economic backdrop, **15 out of 17 Hennessy Funds** generated positive returns for the six months ended March 31, 2023[84](index=84&type=chunk) [Assets Under Management (AUM)](index=23&type=section&id=Assets%20Under%20Management) Total AUM decreased by 25.2% to $2.8 billion as of March 31, 2023, from a year prior due to market depreciation and net outflows Quarterly Changes in Assets Under Management (in thousands) | Quarter Ended | Beginning AUM | Net Flows & Acquisitions | Market Appreciation (Depreciation) | Ending AUM | | :--- | :--- | :--- | :--- | :--- | | Mar 31, 2023 | $3,009,458 | ($190,441) | $24,946 | $2,843,963 | | Dec 31, 2022 | $2,895,717 | ($140,895) | $254,636 | $3,009,458 | | Sep 30, 2022 | $3,155,566 | ($94,074) | ($165,775) | $2,895,717 | | Jun 30, 2022 | $3,804,028 | ($167,894) | ($480,568) | $3,155,566 | | Mar 31, 2022 | $4,072,849 | ($136,730) | ($132,091) | $3,804,028 | - Total AUM was **$2.8 billion** as of March 31, 2023, a decrease of **$1.0 billion**, or **25.2%**, compared to March 31, 2022, due to net outflows and market depreciation[88](index=88&type=chunk)[97](index=97&type=chunk) [Results of Operations](index=24&type=section&id=Results%20of%20Operations) A 25.9% revenue decrease outpaced an 18.1% reduction in operating expenses, leading to a significant drop in net operating income Revenue Comparison (in thousands) | Revenue Source | Six Months Ended Mar 31, 2023 | Six Months Ended Mar 31, 2022 | Change | | :--- | :--- | :--- | :--- | | Investment advisory fees | $11,089 | $15,124 | -26.7% | | Shareholder service fees | $972 | $1,155 | -15.8% | | **Total Revenue** | **$12,061** | **$16,279** | **-25.9%** | Operating Expense Comparison (in thousands) | Expense Category | Six Months Ended Mar 31, 2023 | Six Months Ended Mar 31, 2022 | Change | | :--- | :--- | :--- | :--- | | Compensation and benefits | $3,788 | $4,373 | -13.4% | | Sub-advisory fees | $1,899 | $3,447 | -44.9% | | General and administrative | $2,845 | $2,563 | +11.0% | | **Total Operating Expenses** | **$8,864** | **$10,819** | **-18.1%** | - The decrease in sub-advisory fees was due to lower average AUM in sub-advised funds and the termination of sub-advisory payments for two funds after January 31, 2022[114](index=114&type=chunk) - Net income for the six months ended March 31, 2023, decreased by **34.2% to $2.3 million**, primarily due to decreased assets under management which resulted in lower revenues[122](index=122&type=chunk) [Liquidity and Capital Resources](index=30&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains a solid liquidity position with $57.9 million in cash, which is deemed sufficient to meet near-term obligations - As of March 31, 2023, the company had cash and cash equivalents of **$57.9 million**[127](index=127&type=chunk) - The company's principal liability is **$40.25 million** in 4.875% notes, which mature on December 31, 2026[126](index=126&type=chunk) Cash Flow Summary (in thousands) | Activity | Six Months Ended Mar 31, 2023 | Six Months Ended Mar 31, 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $1,955 | $3,543 | | Net cash used in investing activities | ($526) | ($100) | | Net cash (used in) provided by financing activities | ($2,047) | $36,556 | [Item 4: Controls and Procedures](index=31&type=section&id=Item%204%20Controls%20and%20Procedures) Management evaluated and concluded that the company's disclosure controls and procedures were effective as of March 31, 2023 - Based on an evaluation, management concluded that the Company's disclosure controls and procedures are **effective** as of the end of the period covered by this report[132](index=132&type=chunk) - **No changes** in internal control over financial reporting occurred during the fiscal quarter that have materially affected, or are reasonably likely to materially affect, internal controls[133](index=133&type=chunk) PART II: Other Information [Item 6: Exhibits](index=32&type=section&id=Item%206%20Exhibits) This section lists all exhibits filed with the report, including officer certifications and financial statements formatted in XBRL - The exhibits listed include Rule 13a-14a certifications from the Principal Executive Officer and Principal Financial Officer, statements pursuant to 18 U.S.C. § 1350, and financial statements formatted in XBRL[137](index=137&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Table of Contents WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended December 31, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-36423 HENNESSY ADVISORS, INC. (Exact name of registrant as specified in its charter) California 68-0176227 (State or othe ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended September 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from _____ to _____ (415) 899-1555 Commission File Number 001-36423 HENNESSY ADVISORS, INC. (Exact name of registrant as specified in its charter) California 68-0176227 (State or ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Exact name of registrant as specified in its charter) California 68-0176227 (State or other jurisdiction of incorporation or organization) 7250 Redwood Boulevard, Suite 200 Novato, California 94945 (Address of principal executive office) (Zip code) (I.R.S. Employer Identification No.) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period From _____ to _____ Commission File Number 001-36423 HENNESSY ADVISORS, INC. (Exact name of registrant as specified in its charter) California 68-0176227 (State ...