Heritage Global Inc.

Listed Company

HGBLCIK 0000849145NasdaqNon-AcceleratedSmaller ReportingServices-Business Services, NecFloridaFY ends Dec 31

Period

FY 2025

Revenue

$50.98M

Net Income

$3.59M

Total Assets

$88.44M

Equity

$66.98M

Shares Out

34.74M

Op. Cash Flow

$6.14M

Business

Heritage Global Inc. is an asset services company that specializes in financial and industrial asset transactions. It provides market making, acquisitions, refurbishment, dispositions, valuations, secured lending, auction and appraisal services, charged-off receivable brokerage and specialty financing for nonperforming portfolios. Operations are organized into two divisions—Industrial Assets (Auction & Liquidation; Refurbishment & Resale) and Financial Assets (Brokerage; Specialty Lending)—with subsidiaries executing each function. The company operates globally across more than twenty-five sectors and distributes services through electronic auction platforms, direct sales, auctions, resale channels and strategic joint ventures, with significant activity in the United States and Canada.

Summary from filing dated 2025-03-13

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues	51	45	61	47	26
Selling, general and administrative	25	24	26	21	15
Depreciation and amortization	472,000	591,000	514,000	536,000	460,000
Total operating costs and expenses	45	39	47	43	23
Earnings of equity method investments	123,000	3	1	7	−79,000
Operating income	6	9	14	11	3
Interest income (expense), net	134,000	−93,000	−324,000	−113,000	−22,000
Income before income tax expense	6	9	14	11	3
Income tax expense	2	4	2	−4	−61,000
Net income	4	5	12	15	3
Weighted average common shares outstanding basic	35	36	37	36	35
Weighted average common shares outstanding diluted	35	37	38	37	37
Net income per share basic	0.1	0.14	0.34	0.43	0.09
Net income per share diluted	0.1	0.14	0.33	0.42	0.08

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	21	22	12	13	14
Accounts receivable, net	2	2	2	988,000	3
Current portion of notes receivable, net	5	3	7	5	2
Inventory equipment	6	5	5	5	3
Other current assets	756,000	1	448,000	1	1
Total current assets	34	33	26	24	23
Non-current portion of notes receivable, net	5	7	11	4	2
Equity method investments, net	21	21	21	14	5
Right-of-use assets	2	2	3	3	3
Property and equipment, net	11	2	2	2	1
Intangible assets, net	3	3	4	4	5
Goodwill	7	7	7	7	7
Deferred tax assets	4	6	9	9	4
Other assets	2	64,000	67,000	64,000	49,000
Total assets	88	81	83	68	50
Accounts payable and accrued liabilities	6	5	7	9	5
Payables to sellers	7	7	5	3	6
Current portion of third party debt	0	395,000	2	3	2
Current portion of lease liabilities	829,000	807,000	789,000	703,000	501,000
Other current liabilities	948,000	550,000	—	—	—
Total current liabilities	16	15	15	16	14
Non-current portion of third party debt	4	0	5	871,000	1
Non-current portion of lease liabilities	790,000	2	2	2	2
Other non-current liabilities	1	0	—	—	—
Total liabilities	21	16	22	19	18
Commitments and contingencies (Note 12 and Note 15)	—	—	—	—	—
Preferred stock, $10.00 par value, authorized 10,000,000 shares; issued and outstanding 563 shares of Series N as of both December 31, 2025 and December 31, 2024, with liquidation preference over common stockholders equivalent to $1,000 per share	6,000	6,000	6,000	6,000	6,000
Common stock, $0.01 par value, authorized 300,000,000 shares; issued 37,639,211 and 37,380,944 shares as of December 31, 2025 and December 31, 2024, respectively; and outstanding 34,741,553 and 35,718,361 shares as of December 31, 2025 and December 31, 2024, respectively	376,000	374,000	372,000	369,000	366,000
Additional paid-in capital	296	296	295	294	293
Accumulated deficit	−224	−228	−233	−245	−261
Treasury stock at cost, 2,897,658 shares as of December 31, 2025 and 1,662,583 shares as of December 31, 2024	−6	−3	−794,000	−395,000	0
Total stockholders equity	67	65	61	48	33
Total liabilities and stockholders equity	88	81	83	68	50

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net income	4	5	12	15	3
Amortization of deferred issuance costs and fees, net	−9,000	−90,000	−273,000	279,000	—
Noncash credit loss (recovery) expense	−20,000	−267,000	530,000	—	—
Amortization of right-of-use assets	691,000	657,000	642,000	—	—
Deferred taxes	2	3	418,000	−5	−86,000
Stock-based compensation expense	900,000	1	776,000	540,000	408,000
Accounts receivable	−322,000	351,000	−931,000	2	−826,000
Inventory equipment	−583,000	−274,000	−455,000	−1	−2
Other assets	303,000	−605,000	662,000	328,000	−749,000
Accounts payable and accrued liabilities	476,000	−1	−1	4	−557,000
Payables to sellers	−144,000	2	2	−3	−3
Lease liabilities	−697,000	−657,000	−625,000	−513,000	−61,000
Net cash provided by operating activities	6	8	13	6	−3
Investment in notes receivable	−6	−6	−30	−8	−8
Payments received on notes receivable	7	11	12	3	4
Investment in participating interest	−2	—	—	—	—
Return on investment in participating interest	94,000	—	—	—	—
Investment in equity method investments	−2	−343,000	−17	−15	−3
Return of investment in equity method investments	1	3	10	5	0
Cash distributions from equity method investments	123,000	3	1	7	243,000
Purchase of property, plant and equipment	−8	−137,000	−257,000	−215,000	−1
Net cash (used in) provided by investing activities	−9	11	−16	−8	−10
Proceeds from debt payable to third parties	4	0	13	3	5
Repayment of debt payable to third parties	−395,000	−7	−10	−2	−1
Proceeds from secured borrowing	1	—	—	—	—
Repayments of secured borrowing	−21,000	—	—	—	—
Payments of tax withholdings related to issuance of restricted stock and cashless exercises of stock option awards	−80,000	−117,000	−122,000	−44,000	−987,000
Repurchase of common stock	−3	−2	−400,000	−395,000	0
Net cash provided by (used in) financing activities	2	−9	2	78,000	3
Net Change in cash and cash equivalents	−1	9	−388,000	−955,000	−10
Cash paid for taxes	700,000	640,000	848,000	297,000	116,000
Cash paid for interest	43,000	91,000	411,000	103,000	22,000
Noncash capital expenditures	979,000	0	—	—	—
Noncash transfer of notes receivable to equity method investments	0	2	—	—	—
Noncash change in lease liabilities and right-of-use assets	0	327,000	—	—	—

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