Heritage Global Inc. HGBL
We are an asset services company specializing in financial and industrial asset transactions. We provide a full suite of services including market making, acquisitions, refurbishment, dispositions, valuations and secured lending. We focus on identifying, valuing, acquiring and monetizing underlying tangible assets across more than twenty-five global sectors. We act as an advisor as well as a principal, acquiring or brokering turnkey manufacturing facilities, surplus industrial machinery and equipment, industrial inventories, and charged-off receivable portfolios.
Our operations are organized into two divisions, Industrial Assets and Financial Assets. Within these two divisions, we group our business activities into the following four operating segments to manage performance:
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $51.0M | $45.4M | $60.5M | $46.9M | $25.8M | $26.2M | $26.2M | $23.7M | $20.1M | $23.8M |
| Cost of revenue | $37.0M | — | — | — | — | — | — | — | $3.0M | $4.2M |
| Gross profit | $14.0M | — | — | — | — | — | — | — | $17.1M | $19.6M |
| SG&A | $25.0M | $24.3M | $26.0M | $21.3M | $14.8M | $14.4M | $15.9M | $15.2M | $13.6M | $12.0M |
| Total operating expenses | $45.4M | $39.0M | $47.3M | $42.8M | $22.7M | $23.9M | $24.5M | $19.6M | $19.8M | — |
| Operating income | $5.7M | $9.1M | $14.3M | $11.1M | $3.0M | $6.1M | $3.0M | $4.1M | $364.0K | $190.0K |
| Interest expense | — | — | — | — | — | — | — | — | — | $182.0K |
| Pre-tax income | $5.8M | $9.0M | $14.0M | $11.0M | $3.0M | $6.0M | $3.0M | $4.0M | -$669.0K | $35.0K |
| Income tax | $2.3M | $3.8M | $1.5M | $4.5M | $61.0K | $3.6M | $913.0K | $270.0K | $420.0K | $21.0K |
| Net income | $3.6M | $5.2M | $12.5M | $15.5M | $3.1M | $9.7M | $3.9M | $3.8M | -$249.0K | $14.0K |
| EPS, basic | 0.10 | 0.14 | 0.34 | 0.43 | 0.09 | 0.32 | 0.14 | 0.13 | -0.01 | 0.00 |
| EPS, diluted | 0.10 | 0.14 | 0.33 | 0.42 | 0.08 | 0.30 | 0.13 | 0.13 | -0.01 | 0.00 |
| Shares, diluted (wtd. avg.) | 35.4M | 37.1M | 37.6M | 37.1M | 36.9M | 32.7M | 29.3M | 28.9M | 28.5M | 28.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $20.5M | $21.7M | $12.3M | $12.7M | $13.6M | $23.4M | $2.7M | $4.3M | $2.1M | $2.5M |
| Receivables | $1.9M | $1.6M | $1.9M | $988.0K | $2.7M | $1.5M | $1.9M | $400.0K | $384.0K | — |
| Inventory | $5.9M | $5.3M | $5.1M | $4.6M | $3.2M | $235.0K | $104.0K | $2.4M | $170.0K | $263.0K |
| Total current assets | $33.6M | $33.1M | $26.3M | $23.9M | $23.3M | $27.0M | $6.8M | $7.7M | $3.0M | $4.4M |
| Property, plant and equipment | $10.9M | $1.6M | $1.7M | $1.6M | $1.5M | $130.0K | $221.0K | $175.0K | $145.0K | $156.0K |
| Goodwill | $7.4M | $7.4M | $7.4M | $7.4M | $7.4M | $5.6M | $5.6M | $6.2M | $6.2M | $6.2M |
| Other intangibles | $3.1M | $3.4M | $3.8M | $4.1M | $2.1M | $686.0K | $955.0K | $1.2M | $1.4M | $1.7M |
| Total assets | $88.4M | $81.3M | $83.2M | $67.6M | $50.5M | $44.6M | $21.9M | $20.6M | $13.4M | $15.1M |
| Accounts payable | $6.5M | $5.4M | $7.2M | $8.9M | $4.8M | $13.6M | $8.1M | $8.1M | $5.0M | $6.7M |
| Total current liabilities | $15.5M | $14.6M | $14.7M | $16.2M | $14.2M | $14.0M | $9.1M | $10.2M | $8.7M | $8.6M |
| Long-term debt | — | — | $7.2M | — | — | — | — | — | — | — |
| Total liabilities | $21.5M | $16.1M | $22.1M | $19.3M | $17.8M | $14.6M | $10.1M | $13.0M | $10.0M | $11.7M |
| Retained earnings | -$224.3M | -$227.8M | -$233.0M | -$245.3M | -$260.8M | -$263.8M | -$273.5M | -$277.4M | -$281.1M | -$280.9M |
| Total equity | $67.0M | $65.2M | $61.1M | $48.3M | $32.6M | $29.9M | $11.8M | $7.6M | $3.5M | $3.5M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $6.1M | $7.7M | $13.0M | $6.5M | -$2.6M | $9.1M | $794.0K | $7.5M | $1.2M | $3.9M |
| Depreciation and amortisation | $200.0K | $200.0K | $100.0K | $100.0K | $100.0K | $94.0K | $70.0K | $69.0K | $68.0K | $56.0K |
| Stock-based compensation | $900.0K | $1.3M | $776.0K | $540.0K | $408.0K | $353.0K | $283.0K | $289.0K | $246.0K | $99.0K |
| Capital expenditure | $8.5M | $137.0K | $257.0K | $215.0K | $1.4M | $7.0K | $116.0K | $99.0K | $44.0K | $99.0K |
| Investing cash flow | -$9.4M | $10.9M | -$15.9M | -$7.5M | -$10.2M | $4.5M | -$1.2M | -$2.9M | -$44.0K | -$79.0K |
| Financing cash flow | $2.0M | -$9.1M | $2.5M | $78.0K | $3.1M | $7.0M | -$1.2M | -$2.5M | -$1.6M | -$4.1M |
| Buybacks | $2.6M | $2.2M | $400.0K | $395.0K | $0 | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-104062.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $23.8M | $20.1M | $23.7M | $26.2M | $26.2M | $25.8M | $46.9M | $60.5M | $45.4M | $51.0M |
| Gross profit | $19.6M | $17.1M | — | — | — | — | — | — | — | $14.0M |
| Net income | $14.0K | -$249.0K | $3.8M | $3.9M | $9.7M | $3.1M | $15.5M | $12.5M | $5.2M | $3.6M |
Recent filings and events
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Restructuring or exit costs A restructuring: layoffs, a plant closure, a business being wound down. Item 2.05
- Material impairment The company has written down the carrying value of an asset - often goodwill from an acquisition that did not work out. Item 2.06
- Regulation FD disclosure Item 7.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Acquisition or disposal completed A purchase or sale of a significant business or asset has closed. Item 2.01
- Regulation FD disclosure Item 7.01
- Shareholder vote Item 5.07
- Annual report filed Form 10-K
- Material agreement signed Item 1.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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