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Heritage Global (HGBL) investor relations material
Heritage Global Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Achieved $1.4 million in EBITDA and $1.3 million in operating income for Q3 2025, with net income of $0.6 million ($0.02 per diluted share), reflecting resilience amid a slow transaction environment and economic uncertainty.
Revenue for the nine months ended September 30, 2025 was $39.1 million, up 13% year-over-year, but net income declined 39% to $3.3 million due to higher costs and a significant loan default in Specialty Lending.
Management is focused on tactical M&A execution to drive sector and geographic growth, maximize shareholder value, and expand service offerings.
Positioned to capture increased asset flow as regional banks report more distressed assets and industrial consolidation rises.
Maintained profitability in both industrial and financial asset segments despite smaller auction sizes and client caution.
Financial highlights
Q3 2025 total revenues were $11.4 million, up from $10.4 million in Q3 2024; nine-month services revenue was $25.4 million, and asset sales revenue rose 51% to $13.7 million.
Adjusted EBITDA for Q3 2025 was $1.6 million, down from $1.9 million in the prior year; nine-month adjusted EBITDA was $6.0 million, down from $8.8 million.
Net income for Q3 2025 was $600,000, down from $1.1 million in Q3 2024; nine-month net income was $3.3 million, down 39% year-over-year.
Stockholders' equity increased to $66.5 million as of September 30, 2025, from $65.2 million at year-end 2024.
Cash and cash equivalents stood at $19.4 million at quarter end.
Outlook and guidance
Anticipates increased asset flow from regional banks and industrial consolidation, with Q4 historically stronger for financial asset transactions.
Near-term emphasis on executing accretive and strategic M&A deals.
Management expects to fund operations and debt service for at least 12 months through working capital, operating cash flows, and available credit.
The company does not expect recent tax law changes to materially impact its 2025 effective tax rate.
M&A: What defines 'plugging the gaps'?
What drives the 'wait-and-see' for large assets?
Update on Heritage Capital portfolio resolution.
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Next Heritage Global earnings date
Q4 202512 Mar, 2026
Next Heritage Global earnings date
Q4 202512 Mar, 2026
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Frequently asked questions
Heritage Global Inc. is an asset services company specializing in financial and industrial asset valuations, acquisitions, and dispositions. The company provides a range of services including auction, appraisal, and asset advisory services for surplus and distressed assets. Heritage Global serves clients across industries such as manufacturing, wholesale, and financial services, helping businesses manage excess assets and liquidations through its platform. The company is headquartered in San Diego, California, and its shares are listed on the NASDAQ.
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