Heritage Global Inc.
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Range $3 – $3
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About the company
Heritage Global Inc. , through its various subsidiary companies, operates as a specialized asset services firm, primarily concentrating on transactions involving both financial and industrial assets. The company offers a diverse array of services, including market facilitation, the acquisition and divestiture of assets, professional valuations, and asset-backed lending.
- CEO
- Ross Dove
- IPO
- 1993
- Employees
- 84
- HQ
- San Diego, CA, US
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Similar companies
Peers in the same neighborhood.
- Market Cap
- $37.87M
- P/E
- -2.63
- Fwd P/E
- 6.61
- PEG
- 0.01
- P/S
- 0.79
- P/B
- 0.73
- EV/EBITDA
- -1.75
- Div Yield
- 0.00%
- Gross Margin
- 49.03%
- Op Margin
- 0.36%
- Net Margin
- -29.63%
- ROE
- -22.57%
- ROIC
- 0.24%
Latest fiscal year · YoY change
- Revenue
- $50.98M+12.4%
- Gross Profit
- $13.80M-2.9%
- Op Income
- $5.59M
- Net Income
- $3.59M-30.8%
- EPS
- $0.10-28.6%
- OCF Growth
- -20.8%
- FCF Growth
- -130.7%
- 52W High
- $1.98
- 52W Low
- $1.01
- 50D MA
- $1.19
- 200D MA
- $1.29
- Beta
- 0.45
- RSI (14)
- 43
- Avg Volume
- 143.99K
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Heritage Global took a large second-quarter hit from winding down Heritage Global Capital, but management is repositioning the company around industrial assets and newly acquired financial-asset brokerage platforms.· August 13, 2026
- Revenue was $12.3 million, down from $14.3 million a year ago; adjusted EBITDA was $1.2 million versus $2.8 million last year.
- The company recorded about $21.7 million of noncash charges tied to writing down nonperforming loans in HGC, driving a consolidated operating loss of $20.9 million.
- Industrial Assets stayed profitable with about $600,000 of operating income, though management said larger auctions were still limited in the market.
- DebtX and Boston Note are being positioned together with NLEX as a broader, asset-light financial assets platform.
- Management said the second half should improve as the pipeline of larger auctions grows and the new acquisitions are integrated.
Second-quarter 2026 revenue was $12.3 million, down from $14.3 million in the second quarter of 2025. Adjusted EBITDA was $1.2 million versus $2.8 million in the prior-year period. Net loss was $15.9 million, or $0.46 per diluted share, compared with net income of $1.6 million, or $0.05 per diluted share, a year ago. Consolidated operating loss was $20.9 million versus operating income of $2.2 million in the prior-year quarter, with approximately $21.7 million in noncash charges from the HGC wind-down. Industrial Assets operating income was about $600,000 versus $1.3 million last year; Financial Assets reported an operating loss of $20.4 million versus operating income of $2.2 million due to the wind-down. On the balance sheet, stockholders’ equity was $51.9 million, net working capital was $9.4 million, cash was $13.2 million, and net available cash was $6.5 million. No formal quarterly or full-year financial guidance was given; management instead said the pipeline is growing, larger auctions are being signed, and DebtX revenue is seasonally weighted toward Q4.
Ross Dove framed the HGC wind-down as a necessary step to remove a management distraction and shift focus to businesses he described as profitable, strong, and core to the company’s future. He was upbeat about combining DebtX, NLEX, and Boston Note into an asset-light platform spanning performing and nonperforming financial assets, and said the group can build a broader, more scalable distribution network. On the industrial side, he said the company has expanded its sales force and is seeing a more diverse pipeline across bankruptcy, transportation, construction, pharma, food and beverage, EV, and cannabis-related opportunities. His tone was relieved and optimistic, with repeated emphasis on “move forward,” “grow it strong,” and “built to last.”
Brian Cobb said the second quarter included approximately $21.7 million of noncash charges related to writing down nonperforming loans in HGC, which drove the consolidated operating loss and the financial assets segment loss. He highlighted the reported figures: revenue of $12.3 million, adjusted EBITDA of $1.2 million, net loss of $15.9 million, and operating loss of $20.9 million, all versus better prior-year results. He also pointed to a balance sheet he described as a strength, with $51.9 million of stockholders’ equity, $9.4 million of net working capital, $13.2 million of cash, and $6.5 million of net available cash after client/seller-related liabilities. He added that Industrial Assets continued steady auction activity and that refurbishment/resale improvements were translating into better asset turnover and profitability.
Analysts focused on how DebtX and Boston Note fit together, whether DebtX had improved from Q1, and how the industrial auction pipeline looks for the second half. Ross said Boston Note became more compelling after DebtX was acquired, because the three businesses together can cover seller-financed residential, commercial, and nonperforming-loan opportunities; he also said the trial produced 8 transactions and over $0.5 million in revenue. On DebtX, management said the business is seasonal, with roughly 50% to 60% and sometimes as much as 2/3 of revenue historically coming in Q4, so they expect a clearer read after year-end. On industrial activity, Ross said larger auctions are now in the pipeline and that the company is signing several, which he believes supports a positive second half.
The bull case from this call is that Heritage Global is simplifying its business and redirecting management attention toward higher-quality, core platforms. Management believes DebtX, NLEX, and Boston Note can create a broader financial-assets brokerage with meaningful cross-selling opportunities, while Industrial Assets is seeing a more diverse pipeline and better inventory turnover. The company also ended the quarter with cash and working capital still intact, giving it flexibility to execute the new plan.
The main bear case is that second-quarter results were heavily distorted by the HGC wind-down, including $21.7 million of noncash charges and a $15.9 million net loss. Industrial Assets was softer year over year, with management still seeing fewer large auctions in the market, and DebtX remains seasonally dependent on Q4 volume. The company is also integrating multiple acquisitions at once, so the new strategy still has to prove itself in execution and revenue generation.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 74.1%
- Shares Outstanding
- 34.74M
- Float Shares
- 25.75M
of shares held by institutions
41 13F filers
Buy/sell ratio 0.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Vanguard Group Inc | 1.87M | ▲ 14.01K |
| Militia Capital Partners, LP | 563.87K | 0 |
| Perritt Capital Management Inc | 360.87K | ▲ 65.00K |
| Parkside Advisors LLC | 34.14K | 0 |
Held by 24 ETFs
Biggest fund positions in HGBL by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Aug 20, 26 | COBB BRIAN J. | buy | 20,000 |
| Aug 17, 26 | Hounsell Bruce Kenneth | buy | 10,000 |
| Aug 17, 26 | Dove Nicholas Kirk | buy | 60,000 |
| May 21, 26 | Dove Nicholas Kirk | buy | 26,000 |
| May 14, 26 | Ludwig Thomas Van | other | 31,875 |
| May 14, 26 | Ludwig Thomas Van | other | 23,919 |
| May 14, 26 | Ludwig Thomas Van | other | 31,875 |
| May 1, 26 | Sklar James Edward | sell | 3,734 |
| Apr 1, 26 | Sklar James Edward | sell | 3,734 |
| Mar 5, 26 | Sharpe Kelly S | other | 20,000 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our HGBL coverage
Recent articles, reports, and earnings notes.
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Generate HGBL report →Heritage Global Inc. (HGBL) Q2 2026 Earnings Call Transcript
seekingalpha.com · Aug 13
Heritage Global Inc. Reports Second Quarter 2026 Results
businesswire.com · Aug 13
Heritage Global Expands Into Seller and Carryback Notes With Acquisition of Boston Note Company
businesswire.com · Aug 3
Heritage Global Announces Strategic Wind Down of Heritage Global Capital; Reschedules Second Quarter 2026 Earnings Conference Call to Thursday, August 13, 2026
businesswire.com · Jul 31
Heritage Global Partners to Conduct Online Auction of Cannabis Processing and Production Equipment from The Cannabist Company
businesswire.com · Jul 28
Heritage Global to Announce Second Quarter 2026 Results and Host Webcast on Thursday, August 6, 2026
businesswire.com · Jul 7
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