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HGBL

Heritage Global Inc.

HGBL

Heritage Global Inc. • NASDAQ
$1.35 ▲ 1.50% (+0.02)
Market Cap $46.90 M
52w High $2.39
52w Low $1.21
Dividend Yield 0%
P/E 16.88
Volume 18.58K
Outstanding Shares 34.74M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $11.36M ▼ $3.124M ▲ $585K ▼ 5.15% ▼ $0.02 ▼ $1.506M ▼
Q2-2025 $14.304M ▲ $1.837M ▼ $1.637M ▲ 11.444% ▲ $0.047 ▲ $2.611M ▲
Q1-2025 $13.459M ▲ $1.977M ▲ $1.064M ▲ 7.905% ▲ $0.03 ▲ $1.477M ▼
Q4-2024 $10.767M ▲ $-1.99M ▼ $-203K ▼ -1.885% ▼ $-0.006 ▼ $4.915M ▲
Q3-2024 $10.41M $3.018M $1.089M 10.461% $0.03 $1.531M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $19.434M ▼ $86.509M ▼ $20.014M ▼ $66.495M ▲
Q2-2025 $19.846M ▲ $87.686M ▲ $21.98M ▲ $65.706M ▲
Q1-2025 $18.788M ▼ $86.683M ▲ $21.257M ▲ $65.426M ▲
Q4-2024 $21.749M ▼ $81.309M ▼ $16.108M ▼ $65.201M ▼
Q3-2024 $26.571M $88.528M $22.401M $66.127M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $585K ▼ $61K ▼ $-339K ▼ $-134K ▲ $-412K ▼ $-233K ▼
Q2-2025 $1.637M ▲ $1.879M ▼ $896K ▲ $-1.717M ▼ $1.058M ▲ $1.72M ▲
Q1-2025 $1.064M ▲ $2.617M ▲ $-9.477M ▼ $3.899M ▲ $-2.961M ▲ $-4.791M ▲
Q4-2024 $-203K ▼ $-5.509M ▼ $1.992M ▼ $-1.305M ▲ $-4.822M ▼ $-5.512M ▼
Q3-2024 $1.089M $3.002M $5.896M $-6.91M $1.988M $2.967M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Product
Product
 $10.00M ▲$10.00M ▲$0 ▼$0 ▲
Service
Service
 $20.00M ▲$10.00M ▼$10.00M ▲$10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Heritage Global shows a pattern of being consistently profitable over the past several years, with revenue that has generally trended higher than it was earlier in the period but has flattened more recently. Profit margins look relatively healthy for a specialized services business, suggesting they can turn a fair share of their fees and commissions into earnings. That said, earnings per share have been quite up and down from year to year, which hints at sensitivity to deal timing, one‑off transactions, or broader market conditions. Overall, the income statement reflects a small but solidly profitable company, with some volatility that investors would want to watch closely.

Balance Sheet

Balance Sheet The balance sheet appears relatively conservative and steadily stronger over time. Total assets and shareholder equity have grown, which indicates the company has been building its underlying value rather than weakening it. Debt is very low and at times essentially absent, which reduces financial risk and interest burden. Cash levels are modest but have improved lately, so the company seems reasonably positioned but not overflowing with excess liquidity, meaning careful capital management remains important.

Cash Flow

Cash Flow Cash generation from the core business has generally been positive over the period, which is a good sign that accounting profits are backed by real cash. Free cash flow closely tracks operating cash flow, because the company spends very little on heavy capital investments, reflecting an asset‑light, service‑oriented model. This pattern suggests a business that can convert a decent share of its activity into discretionary cash that could be used for growth initiatives, debt avoidance, or potential shareholder returns. However, the scale is still relatively small, so any disruption in volumes or margins could quickly show up in cash flow swings.

Competitive Edge

Competitive Edge Heritage Global operates in a specialized niche at the intersection of auctions, asset liquidation, refurbished equipment, and distressed loan sales, which gives it multiple ways to earn fees from surplus and distressed assets. Its long operating history, deep industry expertise, and wide network of buyers and sellers create a relationship and knowledge base that are not easy for new entrants to replicate. The company has leaned into online platforms and global reach, allowing it to run many auctions and transactions efficiently across a wide range of industries. At the same time, it competes in markets that can be cyclical and crowded, and it depends on steady deal flow in distressed and surplus assets, so its competitive strength is meaningful but not risk‑free.

Innovation and R&D

Innovation and R&D Although this is not a classic R&D‑heavy tech or pharma company, Heritage Global has invested in technology and process innovation within its subsidiaries. Its online auction and loan sale platforms, data‑rich client portals, and large curated inventory of refurbished lab equipment show a clear focus on digital tools and specialized know‑how rather than on physical research labs. The company is also expanding its refurbishment capabilities, including a new facility to support growth in life sciences equipment, and using analytics and online reach to better match buyers and sellers. Future innovation seems likely to come more from platform enhancements, data and workflow tools, and smart acquisitions than from traditional R&D spending.

Summary

Overall, Heritage Global looks like a small, specialized financial services and asset solutions company with a lean, profitable, and relatively low‑debt profile. Its business model is diversified across auctions, refurbished equipment, and loan sales, giving it multiple revenue streams tied to the broader theme of the circular economy and distressed assets. Financially, it has generated consistent profits and cash, while gradually strengthening its balance sheet, but earnings can be bumpy from year to year and the company remains sensitive to economic cycles and transaction volumes. Its use of online platforms, deep sector expertise, and long relationships provide a meaningful competitive edge, yet its scale and exposure to cyclical markets introduce uncertainty. Taken together, the story is one of a niche, tech‑enabled asset specialist with solid fundamentals for its size, but also with the typical volatility and sensitivity that come with operating in transaction‑driven, cyclical markets.

NEWS

November 18, 2025 · 2:05 PM UTC

Heritage Global Partners to Auction Brewing and Restaurant Equipment from Nine Iron Hill Sites Under Bankruptcy Order

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November 12, 2025 · 2:05 PM UTC

Heritage Global Partners to Conduct Court-Ordered Auction of $4M+ in Brand-New Maternity Apparel from Seraphine USA, Inc.

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November 6, 2025 · 4:05 PM UTC

Heritage Global Inc. Reports Third Quarter 2025 Results

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October 6, 2025 · 4:00 PM UTC

Heritage Global to Announce Third Quarter 2025 Results and Host Webcast on Thursday, November 6, 2025

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