HGBL
Heritage Global Inc.1.3400
-0.0500-3.6%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
DebtX details, Q1 momentum surface
Q&A drilled into DebtX details absent from remarks, confirming $800,000 in 2025 operating income and over 50% revenue in Q4 from bank cleanups, with accretion expected on operating and net income bases amid CRE and private credit tailwinds. Management blamed 2025's small deals on macro hesitation—geopolitics, tariffs—now easing into Q1 larger industrial auctions like oil & gas. Specialty lending turned modestly negative from funding restraint; more self-funding planned. Deals are breaking loose. Analysts' private credit probe drew CRE optimism. Tone stays bullish; investors eye Q1 conversions for needle-movers.
Key Stats
Market Cap
46.55MP/E (TTM)
16.75Basic EPS (TTM)
0.08Dividend Yield
0%Recent Filings
10-K
FY2025 results
Heritage Global posted FY2025 revenues of $51.0M, up 12% y/y from $45.4M, yet net income fell to $3.6M from $5.2M as equity method earnings cratered $2.6M from nonaccrual loans in Specialty Lending. Gross profit held steady at $31.0M, but shifted to industrial assets—Auction and Liquidation up to $10.9M gross profit, Refurbishment & Resale surging $1.7M—while financial segments dropped $1.2M. Q4 saw nonaccrual loans climb to $23.9M amid borrower default, squeezing lending returns. Cash dipped to $20.5M after $8.5M facility capex and $2.6M buybacks, with $4.1M mortgage debt. Working capital steady at $18.1M. Largest borrower default threatens recoveries.
8-K
HG buys DebtX assets for $8.45M
Heritage Global's subsidiary acquired DebtX's assets for $8.45M cash on January 9, 2026, effective January 1, covering loan-portfolio advisory, valuation, and execution for banks and investors. DebtX integrates into HG's Financial Assets Division, led by Bruce Hounsell as Co-President through March 31 then President on a $400K salary plus performance bonus. Deal holds $1.5M escrow; accretive expected in 2026.
10-Q
Q3 FY2025 results
Heritage Global grew total revenues 9% y/y to $11.4M in Q3 ended September 30, 2025, with asset sales up 66% y/y to $3.9M offsetting a 7% dip in services revenue; gross profit edged up 1% y/y to $7.3M while operating income slipped 12% y/y to $1.3M. Brokerage led with $1.5M operating income, yet equity method earnings halved to $0.1M from nonaccrual loans in Specialty Lending. Cash sits at $19.4M with $4.1M mortgage debt (6.5%, due 2035); ops cash flow YTD $4.6M but FCF not disclosed in the 10-Q. Share repurchases totaled $2.6M YTD. Largest borrower default clouds recoveries.
10-Q
Q2 FY2025 results
Heritage Global posted Q2 revenues of $14.3M, up 19% y/y, with services up 21% to $10.3M and asset sales up 14% to $4.0M; yet operating income fell 37% y/y to $2.2M as equity method earnings plunged 95% to $0.1M from nonaccrual loans. Brokerage led segments at $2.0M operating income, while corporate absorbed $1.2M loss. Cash sits at $19.8M after $4.5M operating inflow; new $4.1M mortgage funds HQ buyout, total debt $4.2M. Repurchased $2.6M shares, exhausting prior program. Largest borrower default clouds recoveries.
8-K
Shareholders elect directors, ratify auditor
Heritage Global shareholders elected Samuel Shimer, Kelly Sharpe, and Ross Dove as Class I directors at the June 4, 2025 Annual Meeting, with votes ranging 12.2-12.4M for amid 13.2M broker non-votes. UHY LLP won ratification as auditor for 2025, securing 24.9M for votes over 1.8M abstentions. Board continuity locked in.
ABL
Abacus Global Management, Inc.
8.25-0.06
BAKR
Baker Global Asset Management Inc.
6.00+0.00
FRGE
Forge Global Holdings, Inc.
44.45+0.10
GROW
U.S. Global Investors, Inc.
2.35-0.08
HFWA
Heritage Financial Corporation
25.31-0.12
HTZ
Hertz Global Holdings, Inc
5.10+0.06
MARA
MARA Holdings, Inc.
10.69-0.01
RBA
RB Global, Inc.
104.19+1.43
RELI
Reliance Global Group, Inc.
0.61-0.02
VIRT
Virtu Financial, Inc.
33.85+0.47