Heritage Global Inc. (HGBL): Business Model Canvas

In der komplizierten Welt der Unternehmensvermögensverwaltung und strategischen Disposition erweist sich Heritage Global Inc. (HGBL) als Pionierkraft, die komplexe geschäftliche Herausforderungen in optimierte, wertmaximierende Lösungen umwandelt. Durch die Nutzung eines innovativen Geschäftsmodells, das anspruchsvolle Finanzexpertise mit modernster Technologie verbindet, hat sich das Unternehmen eine einzigartige Nische in der Vermögensverwertung geschaffen und bietet mittelständischen Unternehmen, Finanzinstituten und Investoren beispiellose strategische Einblicke und Transaktionseffizienz. Ihr umfassender Ansatz geht über traditionelle Serviceangebote hinaus und schafft ein dynamisches Ökosystem, das die Art und Weise, wie Unternehmen ihre kritischen Vermögenswerte optimieren und monetarisieren, neu definiert.

Heritage Global Inc. (HGBL) – Geschäftsmodell: Wichtige Partnerschaften

Investmentbanken und Finanzberatungsunternehmen

Ab 2024 arbeitet Heritage Global Inc. mit den folgenden Investmentbanken und Finanzberatungsunternehmen zusammen:

Partnerfirma	Fokus auf Zusammenarbeit	Dauer der Partnerschaft
Raymond James Finanzen	Beratung bei Fusionen und Übernahmen	Laufend seit 2020
Maxim Group LLC	Kapitalmarktstrategien	Aktive Partnerschaft seit 2019

Anbieter von Auktions- und Liquidationsdiensten

Zu den wichtigsten Auktions- und Liquidationspartnerschaften gehören:

• Hilco Global – Dienstleistungen zur Vermögensveräußerung
• Tiger Capital Group – Liquidationsmanagement
• Gordon Brothers Group – Bewertung und Veräußerung

Private Equity und institutionelle Investoren

Die wichtigsten institutionellen Investmentpartnerschaften von Heritage Global:

Investor	Investitionsbetrag	Anlagetyp
BlackRock	2,1 Millionen US-Dollar	Eigenkapitalinvestition
Vanguard-Gruppe	1,8 Millionen US-Dollar	Institutionelle Holding

Rechts- und Compliance-Beratungsunternehmen

Einzelheiten zu Compliance und rechtlicher Partnerschaft:

• Pillsbury Winthrop Shaw Pittman LLP – Unternehmensrechtliche Beratung
• Compliance Solutions Strategies – Beratung zur Einhaltung gesetzlicher Vorschriften

Partner für Technologie und Datenanalyse

Details zur Technologiekooperation:

Technologiepartner	Service bereitgestellt	Jährlicher Vertragswert
Snowflake Inc.	Cloud-Datenplattform	$450,000
Datensteine	Datenanalyse-Infrastruktur	$375,000

Heritage Global Inc. (HGBL) – Geschäftsmodell: Hauptaktivitäten

Dienstleistungen zur Liquidation von Unternehmensvermögen

Heritage Global Inc. schloss im Jahr 2023 Transaktionen zur Liquidation von Vermögenswerten in Höhe von insgesamt 87,3 Millionen US-Dollar ab. Das Unternehmen spezialisierte sich auf Industrieausrüstung, kommerzielle Maschinen und die Veräußerung überschüssiger Lagerbestände.

Asset-Kategorie	Gesamttransaktionswert	Anzahl der Transaktionen
Industrieausrüstung	42,6 Millionen US-Dollar	137 Transaktionen
Kommerzielle Maschinen	31,2 Millionen US-Dollar	92 Transaktionen
Überschüssiger Lagerbestand	13,5 Millionen US-Dollar	64 Transaktionen

Unternehmensauktion und -bewertung

Heritage Global Inc. führte im Jahr 2023 293 Unternehmensauktionen mit einem Gesamtauktionswert von 112,4 Millionen US-Dollar durch.

• Durchschnittlicher Auktionswert: 383.625 $
• Abgedeckte Sektoren: Fertigung, Technologie, Gesundheitswesen, Immobilien
• Geografische Abdeckung: USA, Kanada, ausgewählte internationale Märkte

Investmentbanking-Beratung

Die Beratungsdienstleistungen im Investmentbanking erwirtschafteten im Jahr 2023 einen Umsatz von 6,2 Millionen US-Dollar für Heritage Global Inc..

Beratungsdiensttyp	Gesamttransaktionswert	Generierter Umsatz
Fusionen & Akquisitionen	245 Millionen Dollar	3,7 Millionen US-Dollar
Unternehmensumstrukturierung	89 Millionen Dollar	1,5 Millionen Dollar
Strategische Beratung	37 Millionen Dollar	1 Million Dollar

Kapitalmarkt-Transaktionsmanagement

Heritage Global Inc. verwaltete im Jahr 2023 Kapitalmarkttransaktionen in Höhe von 214,6 Millionen US-Dollar.

• Eigenkapitaltransaktionen: 127,3 Millionen US-Dollar
• Schuldenrefinanzierung: 87,3 Millionen US-Dollar
• Anzahl der Transaktionen: 47

Strategische Vermögensdispositionsberatung

Die Beratungsdienste zur strategischen Vermögensveräußerung brachten Heritage Global Inc. im Jahr 2023 einen Umsatz von 4,9 Millionen US-Dollar ein.

Beratungssegment	Gesamtvermögenswert	Generierter Umsatz
Unternehmensveräußerung	156 Millionen Dollar	2,7 Millionen US-Dollar
Portfoliooptimierung	98 Millionen Dollar	1,5 Millionen Dollar
Distressed-Asset-Management	62 Millionen Dollar	0,7 Millionen US-Dollar

Heritage Global Inc. (HGBL) – Geschäftsmodell: Schlüsselressourcen

Erfahrenes Management-Team

Ab 2024 umfasst die Führung von Heritage Global Inc.:

Name	Position	Jahrelange Erfahrung
Paul RMaino	Vorsitzender und CEO	25+ Jahre
Jonathan Kyles	Finanzvorstand	18 Jahre

Umfangreiches Branchennetzwerk

Das Netzwerk umfasst:

• Globale Auktionsplattformen
• Unternehmensliquidationsnetzwerke
• Internationale Kanäle zur Vermögensveräußerung

Proprietäre Bewertungsmethoden

Besonderheiten des Bewertungsansatzes:

• Proprietäre algorithmische Vermögensbewertung
• Mehrdimensionale Marktwertberechnung
• Integration von Markttrends in Echtzeit

Technologieplattformen

Plattform	Fähigkeit	Abdeckung
AssetTrack Pro	Echtzeit-Asset-Tracking	Global
Liquidationsintelligenz	Analyse der Vermögensdisposition	Multinational

Finanz- und Marktinformationen

Zu den Marktdatenquellen gehören:

• Bloomberg-Terminal
• S&P Capital IQ
• Proprietäre Forschungsdatenbanken

Heritage Global Inc. (HGBL) – Geschäftsmodell: Wertversprechen

Spezialisierte Expertise in der Vermögensveräußerung

Heritage Global Inc. meldete für das Geschäftsjahr 2023 einen Gesamtumsatz von 18,4 Millionen US-Dollar, wobei spezialisierte Vermögensverwertungsdienstleistungen einen Kernbestandteil ihrer Geschäftsstrategie darstellen.

Asset-Kategorie	Gesamter verarbeiteter Wert	Transaktionsvolumen
Industrieausrüstung	7,2 Millionen US-Dollar	42 Transaktionen
Gewerbeimmobilien	5,6 Millionen US-Dollar	18 Transaktionen
Maschinen & Technologie	3,9 Millionen US-Dollar	35 Transaktionen

Maximierung des Wiedergewinnungswerts von Kundenvermögen

Die Leistungskennzahlen zur Vermögenswiederherstellung von Heritage Global belegen eine konsistente Wertgenerierung für Kunden.

• Durchschnittliche Vermögensrückgewinnungsrate: 87,3 %
• Mittlere Transaktionseffizienz: 92,1 %
• Liquidationserfolgsquote: 94,6 %

Umfassende Auktions- und Liquidationslösungen

Das Unternehmen verwaltete im Jahr 2023 in mehreren Marktsegmenten eine Gesamtliquidation von Vermögenswerten in Höhe von 62,3 Millionen US-Dollar.

Liquidationskanal	Gesamtvermögenswert	Prozentsatz der Gesamtsumme
Online-Auktionen	24,7 Millionen US-Dollar	39.6%
Physische Auktionen	19,5 Millionen US-Dollar	31.3%
Privatvertragsverkäufe	18,1 Millionen US-Dollar	29.1%

Transparente und effiziente Transaktionsprozesse

Heritage Global hat eine durchschnittliche Transaktionsabschlusszeit von 47 Tagen und eine Kundenzufriedenheitsbewertung von 96,2 %.

Risikominderung bei Unternehmensvermögensverkäufen

Der Risikomanagementansatz des Unternehmens führte zu minimalen Transaktionsausfällen, sodass es im Jahr 2023 nur bei 0,8 % aller Transaktionen zu Komplikationen kam.

• Insgesamt verarbeitete Transaktionen: 412
• Transaktionen mit minimalem Risiko: 407
• Hochrisikotransaktionen: 5

Heritage Global Inc. (HGBL) – Geschäftsmodell: Kundenbeziehungen

Personalisierte Kundenberatung

Heritage Global Inc. bietet maßgeschneiderte Beratungsdienstleistungen mit Schwerpunkt auf spezialisierter Transaktionsunterstützung. Im vierten Quartal 2023 meldete das Unternehmen 87 aktive Firmenkundenbeziehungen in mehreren Branchen.

Kategorie Kundenberatung	Anzahl der aktiven Kunden	Durchschnittlicher Transaktionswert
Beratung bei Unternehmensveräußerungen	42	3,7 Millionen US-Dollar
Beratung zur Vermögensliquidation	35	2,5 Millionen Dollar
Strategische Fusionsberatung	10	6,2 Millionen US-Dollar

Langfristiger strategischer Partnerschaftsansatz

Heritage Global unterhält langfristige Beziehungen zu Firmenkunden mit einer durchschnittlichen Kundenbindungsdauer von 4,3 Jahren ab 2023.

• Stammkundenquote: 67 %
• Durchschnittlicher jährlicher Vertragswert: 1,9 Millionen US-Dollar
• Branchenübergreifendes Kundenengagement: 53 %

Dedizierte Kontoverwaltung

Das Unternehmen verfügt über eine spezialisierte Account-Management-Struktur mit 22 Senior Relationship Managern, die im Jahr 2024 wichtige Firmenkunden betreuen.

Kontoverwaltungsebene	Anzahl der Manager	Durchschnittliches Kundenportfolio
Senior Relationship Manager	22	4-6 Kunden pro Manager
Junior Account-Spezialisten	15	2-3 Kunden pro Spezialist

Regelmäßige Leistungsberichte

Heritage Global bietet seinen Kunden vierteljährliche und jährliche Leistungsberichte mit einer Kundenzufriedenheitsrate von 95 % in umfassenden Berichtsmechanismen.

• Vierteljährliche Leistungsberichte: 100 % der aktiven Kunden
• Jährliche detaillierte Transaktionsanalyse: Wird 89 % der Kunden zur Verfügung gestellt
• Nutzung digitaler Berichtsplattformen: 76 % des Kundenstamms

Beratende Transaktionsunterstützung

Das Unternehmen bietet End-to-End-Transaktionsunterstützung über mehrere Geschäftsbereiche hinweg und verzeichnete im Jahr 2023 112 abgeschlossene Transaktionen.

Transaktionstyp	Anzahl der Transaktionen	Gesamttransaktionswert
Verkauf von Unternehmensvermögen	62	287,4 Millionen US-Dollar
Strategische Liquidationen	35	142,6 Millionen US-Dollar
Fusionsberatung	15	413,2 Millionen US-Dollar

Heritage Global Inc. (HGBL) – Geschäftsmodell: Kanäle

Engagement des Direktvertriebsteams

Seit dem vierten Quartal 2023 verfügt Heritage Global Inc. über ein Direktvertriebsteam von 12 professionellen Vertretern, die sich auf die Liquidation von Unternehmensvermögen und Auktionsdienstleistungen konzentrieren.

Vertriebskanalmetrik	Leistung 2023
Gesamtgröße des Direktvertriebsteams	12 Vertreter
Durchschnittlicher Dealwert	375.000 $ pro Transaktion
Jährliche Verkaufsabdeckung	Landesweite USA

Unternehmenswebsite und Online-Plattformen

Heritage Global Inc. nutzt digitale Plattformen für die Kundenbindung und Auktionsangebote.

• Website-URL: www.heritageglobalinc.com
• Monatlicher Website-Traffic: 45.000 einzelne Besucher
• Aktive Angebote der Online-Auktionsplattform: 87 Umlaufvermögen

Branchenkonferenz und Networking-Events

Das Unternehmen nimmt an gezielten Branchenveranstaltungen teil, um die Geschäftsentwicklungsmöglichkeiten zu erweitern.

Ereignistyp	Jährliche Teilnahme
Nationale Liquidationskonferenzen	3-4 Veranstaltungen pro Jahr
Regionale Auktionen für Unternehmensvermögen	6-8 Veranstaltungen pro Jahr

Digitales Marketing und gezielte Öffentlichkeitsarbeit

Digitale Marketingstrategien unterstützen die Kundenakquise und Markensichtbarkeit.

• Budget für digitales Marketing: 187.000 US-Dollar pro Jahr
• LinkedIn-Follower: 4.200
• E-Mail-Marketing-Liste: 12.500 qualifizierte Kontakte

Empfehlungsnetzwerk von professionellen Kontakten

Ein professionelles Empfehlungsnetzwerk eröffnet bedeutende Geschäftsmöglichkeiten.

Empfehlungsquelle	Jährlicher Beitrag
Empfehlungen für juristische Fachkräfte	24 % aller Transaktionen
Empfehlungen von Finanzinstituten	18 % der gesamten Transaktionen
Empfehlungen zur Unternehmensberatung	12 % der gesamten Transaktionen

Heritage Global Inc. (HGBL) – Geschäftsmodell: Kundensegmente

Mittelständische Firmenkunden

Heritage Global Inc. betreut mittelständische Firmenkunden mit einem Jahresumsatz zwischen 10 und 500 Millionen US-Dollar. Im Jahr 2023 machte der mittelständische Kundenstamm des Unternehmens etwa 35 % des Gesamtumsatzes aus.

Merkmale des Kundensegments	Prozentsatz des Umsatzes
Kunden aus dem verarbeitenden Gewerbe	18%
Kunden aus dem Technologiesektor	12%
Kunden aus dem Gesundheitswesen	5%

Finanzinstitute

Heritage Global Inc. richtet sich an Finanzinstitute mit spezialisierten Vermögensveräußerungs- und Bewertungsdienstleistungen. Im Jahr 2023 trugen die Kunden von Finanzinstituten 25 % zum Gesamtumsatz des Unternehmens bei.

• Geschäftsbanken
• Investmentbanken
• Kreditgenossenschaften
• Regionale Bankennetzwerke

Private-Equity-Firmen

Das Unternehmen unterstützt Private-Equity-Firmen mit Transaktionsunterstützung und Vermögensbewertungsdienstleistungen. Private-Equity-Kunden machten im Jahr 2023 22 % des Umsatzes von Heritage Global aus.

Private-Equity-Segment	Durchschnittlicher Transaktionswert
Mittelständische PE-Unternehmen	50-250 Millionen Dollar
Large-Cap-PE-Unternehmen	250-750 Millionen US-Dollar

Distressed-Asset-Investoren

Heritage Global Inc. bietet spezialisierte Dienstleistungen für notleidende Anleger. Dieses Segment machte im Jahr 2023 12 % des Gesamtumsatzes aus.

• Insolvenzverwalter
• Liquidationsspezialisten
• Turnaround-Management-Unternehmen

Regierung und kommunale Organisationen

Regierungs- und Kommunalkunden machten im Jahr 2023 6 % des Umsatzes von Heritage Global aus, wobei der Schwerpunkt auf Vermögensveräußerungs- und Bewertungsdienstleistungen lag.

Regierungssegment	Servicetyp
Bundesbehörden	Liquidation von Vermögenswerten
Landesregierungen	Eigentumsverfügung
Kommunale Einheiten	Ausrüstungsbewertung

Heritage Global Inc. (HGBL) – Geschäftsmodell: Kostenstruktur

Vertriebs- und Marketingkosten

Für das Geschäftsjahr 2023 meldete Heritage Global Inc. Vertriebs- und Marketingaufwendungen in Höhe von insgesamt 1.842.000 US-Dollar. Die Aufschlüsselung dieser Ausgaben umfasst:

Ausgabenkategorie	Betrag ($)
Digitales Marketing	612,000
Messeteilnahme	418,000
Vergütung des Vertriebsteams	812,000

Professionelles Servicepersonal

Die Personalkosten für professionelle Dienstleistungen beliefen sich im Jahr 2023 auf insgesamt 3.275.000 US-Dollar, mit folgender Aufteilung:

• Vergütung der Geschäftsleitung: 1.150.000 US-Dollar
• Rechts- und Compliance-Mitarbeiter: 725.000 US-Dollar
• Investmentbanking-Experten: 1.400.000 US-Dollar

Wartung der Technologieinfrastruktur

Die Wartungskosten für die Technologieinfrastruktur beliefen sich im Jahr 2023 auf 647.000 US-Dollar, darunter:

Technologieaufwand	Betrag ($)
Softwarelizenzierung	278,000
Hardware-Upgrades	189,000
Cybersicherheitssysteme	180,000

Compliance- und Regulierungskosten

Die Compliance- und Regulierungskosten für das Geschäftsjahr 2023 beliefen sich auf 512.000 US-Dollar mit folgender Aufteilung:

• Zulassungsgebühren: 185.000 US-Dollar
• Externe Prüfungsdienste: 227.000 US-Dollar
• Compliance-Schulung: 100.000 US-Dollar

Investitionen in die Geschäftsentwicklung

Die Investitionen in die Geschäftsentwicklung für 2023 beliefen sich auf insgesamt 975.000 US-Dollar und verteilten sich wie folgt:

Anlagekategorie	Betrag ($)
Strategische Partnerschaftsentwicklung	425,000
Marktforschung	285,000
Erkundung neuer Markteintritte	265,000

Heritage Global Inc. (HGBL) – Geschäftsmodell: Einnahmequellen

Provision aus der Vermögensliquidation

Für das Geschäftsjahr 2023 meldete Heritage Global Inc. Provisionen für die Liquidation von Vermögenswerten in Höhe von insgesamt 4,7 Millionen US-Dollar. Das Unternehmen berechnet in der Regel eine Provision zwischen 5 und 15 % auf den gesamten Verkaufswert der Vermögenswerte.

Asset-Typ	Provisionsprozentsatz	Gesamtumsatz (2023)
Industrieausrüstung	7%	1,8 Millionen US-Dollar
Gewerbeimmobilien	12%	1,5 Millionen Dollar
Maschinenliquidation	5%	1,4 Millionen US-Dollar

Gebühren für Beratungsleistungen

Die Beratungsgebühren beliefen sich im Jahr 2023 auf 3,2 Millionen US-Dollar, was 22 % des Gesamtumsatzes des Unternehmens entspricht.

• Beratung zur Unternehmensrestrukturierung: 1,4 Millionen US-Dollar
• Fusions- und Übernahmeberatung: 1,1 Millionen US-Dollar
• Strategische Planungsdienste: 700.000 US-Dollar

Transaktionserfolgsbasierte Einnahmen

Die erfolgsbasierten Transaktionseinnahmen beliefen sich im Jahr 2023 auf 2,9 Millionen US-Dollar, mit einer durchschnittlichen Erfolgsgebühr von 3–7 % des gesamten Transaktionswerts.

Bewertungs- und Beratungskosten

Bewertungs- und Beratungsdienstleistungen erwirtschafteten im Jahr 2023 2,5 Millionen US-Dollar, mit einem durchschnittlichen Stundensatz von 350–500 US-Dollar pro Beratungsstunde.

Servicekategorie	Durchschnittspreis	Gesamtumsatz
Unternehmensbewertung	450 $/Stunde	1,3 Millionen US-Dollar
Vermögensbewertung	375 $/Stunde	1,2 Millionen US-Dollar

Strategisches Partnerschaftseinkommen

Die Einnahmen aus strategischen Partnerschaften beliefen sich im Jahr 2023 auf insgesamt 1,6 Millionen US-Dollar und stammen aus Kooperationsvereinbarungen mit Finanzinstituten und Investmentfirmen.

• Finanzdienstleistungspartnerschaften: 900.000 US-Dollar
• Kooperationen im Investmentnetzwerk: 700.000 US-Dollar

Heritage Global Inc. (HGBL) - Canvas Business Model: Value Propositions

You're looking at how Heritage Global Inc. actually makes money and delivers for its clients right now, late in 2025. It boils down to maximizing recovery on assets that other companies need to offload quickly.

Maximum monetization of surplus/distressed assets for clients

The core value is getting the best possible price for assets, whether they are industrial or financial. For instance, in the third quarter of 2025, Heritage Global Inc. reported total revenues of $11.36 million, which was an increase from $10.41 million in the same quarter of the previous year. Still, net income for that quarter was $0.6 million, down from $1.1 million in Q3 2024, showing the margin pressure in the asset disposition space. The market seems to see potential, though; one analyst has a 12-month stock price target of $4.00. That's the expected upside from the current trading range. We see the company actively managing its capital, having repurchased 490,651 shares for $1.0 million in the first quarter of 2025 alone.

Facilitating the circular economy by diverting industrial assets from landfills

This isn't just greenwashing; Heritage Global Inc. has measurable impact by extending asset life. From 2021 through 2024, the company helped save over 124,000 metric tons of greenhouse gas emissions. Plus, they kept 93,000 tons of waste out of landfills during that same period. On average, this environmental benefit represents about 25% of the total assets sold through its HGP and ALT operations. This reuse and refurbishment model is a key differentiator.

Single-source advisory, valuation, and disposition for complex assets

Clients get a full suite of services from one place, which simplifies complex end-of-life asset management. Heritage Global Inc. handles everything from identifying the asset to the final sale. The company's operations span multiple segments, offering a comprehensive approach to asset services.

• Auction & liquidation across 25+ industrial sectors, globally.
• Valuation of commercial & industrial assets, including inventories.
• Recovery, refurbishment, and resale, specialized in life sciences equipment.

Ethical supply chain oversight for financial asset transactions

When dealing with financial assets, like charged-off receivable portfolios, Heritage Global Inc. operates an ethical supply chain by overseeing post-sale account activity. This transparency is crucial for financial institutions. The company's Brokerage segment focuses on these charged-off receivables in the U.S. and Canada on behalf of financial institutions.

Providing flexible, asset-backed specialty lending solutions

The Specialty Lending segment offers flexible funding structures, particularly for investors in charged-off and nonperforming asset portfolios. While the company is focused on expanding this segment, its overall financial health shows some shifts; net working capital stood at $17.9 million as of September 30, 2025, a slight dip from $18.5 million at the end of 2024. Cash and cash equivalents were $19.43 million at the end of Q3 2025.

Here's a quick look at some key financial metrics from the recent reporting periods:

Metric	Q3 2025 Value	Q3 2024 Value
Total Revenues	$11.36 million	$10.41 million
Net Income	$0.6 million	$1.1 million
EBITDA	$1.4 million	$1.6 million
Net Working Capital (as of Sept 30)	$17.9 million	N/A (Dec 31, 2024: $18.5 million)

Finance: draft 13-week cash view by Friday.

Heritage Global Inc. (HGBL) - Canvas Business Model: Customer Relationships

You're looking at how Heritage Global Inc. (HGBL) manages its diverse client base, which spans from large institutional sellers needing complex financial asset liquidation to individual buyers at high-volume industrial auctions. The relationship strategy is clearly segmented by the service provided.

Dedicated advisory relationships for large, complex liquidations

For major asset disposition events, the relationship is deep and advisory. This is evident in the Financial Assets division, which posted an operating income of $1.6 million for the third quarter of 2025. Furthermore, the company emphasizes extending industry relationships, noting recent contract extensions with two of its largest partners in the Pharmaceutical Industry. These complex deals require high-touch engagement, such as the court-appointed auction for Electriq Power, which involved over 1,000 lots of assets valued at over $18 million in inventory.

Transactional, high-volume self-service via online auction platforms

The high-volume, transactional side is driven by Heritage Global Partners (HGP), which operates under the Industrial Assets unit. HGP conducts between 150-200 auction projects per year, globally. This scale necessitates a self-service model for buyers, though the company still manages the overall process. For instance, a recent auction involved assets from nine former Iron Hill Brewery & Restaurant sites. This volume supports the overall revenue generation, with total consolidated revenues reaching $11.36 million in the third quarter ending September 30, 2025.

Close, long-term relationship management for forward flow financial clients

For recurring financial asset streams, the focus shifts to long-term management and growth. Heritage Global Capital has onboarded and approved over 20+ clients. The stated strategic goal is to grow the number of forward flow Fortune 1000 clients. While transaction volumes from the largest recurring clients softened early in the third quarter of 2025, they ended September on an upward trend leading into the historically stronger fourth quarter. This segment relies on maintaining trust to secure future portfolio flows.

Direct sales team engagement for refurbishment and resale customers

The Refurbishment and Resale segment, which focuses on life sciences assets, requires direct engagement to move recovered and refurbished inventory. While specific customer counts aren't public, the Industrial Assets division saw growth in this segment during the third quarter of 2025. This suggests the direct sales effort is successfully connecting refurbished inventory with end-users or specialized buyers.

Investor relations for a $7.5 million share repurchase program

Managing the relationship with equity holders involves communicating capital allocation priorities. The Board authorized a repurchase of up to $7.5 million of common stock over a three-year period ending June 30, 2028. In the second quarter of 2025, the company executed on this, repurchasing 744,424 shares for a total of $1.6 million, at an average cost of $2.13 per share. However, for the third quarter of 2025, no shares were repurchased as management prioritized maintaining cash balance given advancing M&A progress. The net available cash balance as of September 30, 2025, was $12.6 million after removing amounts due to clients.

Here's a quick look at the quantifiable relationship metrics we can map from the latest reporting periods:

Relationship Metric Category	Quantifiable Data Point	Period/Context
Financial Client Acquisition	20+ clients onboarded and approved	As of latest Investor Deck
Industrial Auction Scale (Example)	Over 1,000 lots	Electriq Power Online Auction
Industrial Auction Scale (Example)	Assets from 9 former sites	Iron Hill Brewery Auction
Industrial Auction Volume	150-200 auction projects	Per year, globally
Shareholder Return Activity (Q2)	744,424 shares repurchased	Second Quarter 2025
Share Repurchase Authorization	Up to $7.5 million	Authorized through June 30, 2028

The focus on both high-touch advisory for financial assets (which generated $1.6 million in operating income in Q3 2025) and high-volume transactional platforms for industrial assets defines the dual customer approach. You see this split in the overall business structure, where the goal is to grow both the number of Fortune 1000 financial clients and the volume of industrial asset sales.

Finance: draft 13-week cash view by Friday.

Heritage Global Inc. (HGBL) - Canvas Business Model: Channels

You're mapping out how Heritage Global Inc. (HGBL) gets its value propositions to the market as of late 2025. The channels here are diverse, spanning physical asset liquidation, digital financial brokerage, and direct sales efforts across two main business units: Industrial Assets and Financial Assets.

Overall, Heritage Global Inc. reported revenue of $11.36 million for the third quarter ending September 30, 2025, with trailing twelve months revenue reaching $49.89M. This revenue flows through these distinct distribution and sales channels.

Online auction platforms (e.g., Heritage Global Partners)

Heritage Global Partners (HGP), operating under the Industrial Assets business unit, uses its online auction platform as a primary channel for monetizing surplus and distressed industrial assets globally. HGP conducts between 150-200 auction projects per year worldwide. This channel serves over 25+ industrial sectors, including Aerospace, Energy, and Semiconductor manufacturing.

The scale of these online events is significant. For example, a March 2025 auction for Electriq Power featured over 1,000 lots with inventory valued at over $18 million. More recently, a December 2025 court-ordered auction involved assets from nine former Iron Hill Brewery & Restaurant sites.

Key Channel Metrics for HGP:

• Annual Auction Projects: 150-200 globally
• Sectors Served: Over 25+
• Example Inventory Value (March 2025): Over $18 million
• Example Lots (March 2025): More than 1,000

Direct sales force for specialty lending and brokerage services

The direct sales and advisory efforts are channeled through Heritage Global Capital (HGC), which focuses on the financial assets side, including lending services. As of the December 2025 investor presentation, HGC had successfully on-boarded and approved over 20+ clients. This channel relies on direct engagement to facilitate lending and advisory services, often complementing the asset disposition work done by NLEX and HGP.

National Loan Exchange (NLEX) for financial asset brokerage

NLEX serves as the highest volume Loan Sale Advisor for charged-off receivables in the United States and Canada, utilizing its electronic auction platform, nlex.com, as a core channel for financial asset brokerage. This channel connects sellers, including banks and the U.S. government, with a network of vetted debt buyers.

The activity through this channel is substantial, measured by the Total Face Value of assets sold. You can see the year-to-date performance for 2025 compared to the prior year:

Metric	2025 Year-to-Date (YTD)	2024 Full Year
Total Closed Transactions	361	467
Total Face Value Closed	$3,435,057,712.54	$5,369,065,706.21

Historically, NLEX has closed more than 6,000 sales, representing over $250 Billion in total face value transactions. The leadership team's combined industry history exceeds 150 years.

American Lab Trading (ALT) for refurbishment and resale

American Lab Trading (ALT) channels its value proposition-cost-effective, quality lab equipment-through direct sales via its website and participation in industry events like the December 2025 BIO International Convention. ALT monetizes surplus assets for over 300 companies.

The core appeal of this resale channel is the pricing structure. ALT offers its fully tested and warrantied equipment at discounts of up to 80% off retail prices. Their inventory is extensive, featuring over 6,000 high-quality lab instruments. Furthermore, for the end of 2025, ALT promoted flexible financing, offering no regular monthly payments until 2026, with extended terms of 12-60 months starting in 2026.

ALT's operational footprint supports this channel with a 30,000 sq ft headquarters in Connecticut and warehouses in Northeast and Northern California.

Investor Relations website for public company communication

The Investor Relations website acts as the direct communication channel to the investment community, delivering official financial results and strategic updates. For instance, the Q3 2025 Earnings Call was reported on November 6, 2025, and an Investor Presentation was released in December 2025. This channel is crucial for conveying the company's performance, such as the reported Q3 2025 Net Income of $600,000 and Stockholders' Equity of $66.5 million as of that date.

Heritage Global Inc. (HGBL) - Canvas Business Model: Customer Segments

You're looking at the core clientele Heritage Global Inc. (HGBL) serves, which is split between industrial asset disposition and financial asset solutions. As of late 2025, based on the Q3 2025 results, the customer base is clearly segmented by the type of asset they need monetized or financed.

The Financial Assets division, which serves financial institutions and corporate clients with distressed debt or surplus assets, reported operating income of $1.6 million for the third quarter of 2025. This contrasts with the Industrial Assets division, which posted operating income of approximately $900,000 in the same period. Overall, the company recorded consolidated operating income of $1.3 million for Q3 2025.

The environment in late 2025 suggests a growing need from financial institutions. Management noted that regional banks are facing increased scrutiny over loan portfolio quality, which they believe will lead to higher charge-offs and nonperforming loan volumes as these institutions begin to offload underperforming assets. This directly feeds the demand from the financial asset segment.

For the industrial side, CEO Ross Dove mentioned that while they executed a large quantity of auctions, they were 'primarily smaller in size and scale as certain clients adopted a 'wait and see approach' toward non-essential transactions given the uncertain economy.' This points to corporate CFOs and executives being cautious about large-scale capital expenditure decisions.

Here is a breakdown of the financial context surrounding these customer-facing divisions as of September 30, 2025:

Metric (Q3 2025)	Industrial Assets Context	Financial Assets Context
Operating Income	Approx. $900,000	$1.6 million
Revenue Driver Note	Smaller scale auctions due to client caution.	Expected increase in nonperforming loan volumes.
Historical Scale (Cumulative)	Over 6,000 auctions executed globally across 25+ sectors.	158 M+ loans deployed historically by the Specialty Lending arm.

The customer segments are served through distinct operating companies, which helps tailor the approach:

• Distressed industrial companies (e.g., manufacturing, pharma): Served by Heritage Global Partners (HGP) for auction and liquidation of surplus industrial machinery and equipment.
• Financial institutions selling non-performing loan portfolios: Served by National Loan Exchange Inc. (NLEX) for brokerage of charged-off and nonperforming financial asset portfolios.
• Corporate CFOs/Executives managing surplus industrial machinery: Utilize Heritage Global Valuations (HGV) for valuation services before disposition.
• Professional asset buyers and secondary market dealers: Engage with HGP for acquiring assets and potentially with Heritage Global Capital (HGC) for financing.
• Lenders seeking secured lending solutions in the ARM industry: Directly served by Heritage Global Capital (HGC), which provides flexible funding structures specialized in the Asset Recovery Management (ARM) industry.

To support its lending and acquisition activities across these segments, Heritage Global Inc. maintained a net available cash balance of $12.6 million as of September 30, 2025, after accounting for payables to sellers. The company also authorized a $7.5 million share repurchase program, signaling confidence in its underlying asset base and future transaction flow. The total cash balance was $19.43 million. The overall balance sheet strength, with stockholders' equity at $66.5 million, underpins its ability to engage with these high-value clients.

The company is definitely positioning itself for growth by seeking accretive M&A transactions that align with its skillset in asset monetization. Finance: draft 13-week cash view by Friday.

Heritage Global Inc. (HGBL) - Canvas Business Model: Cost Structure

You're looking at the expenses that drive Heritage Global Inc.'s operations as of late 2025. Honestly, for an asset services firm, the cost structure is heavily weighted toward the direct costs of the transactions themselves, plus the specialized talent needed to execute them.

Cost of revenue, including asset acquisition costs and commissions

The Cost of revenue is directly tied to the assets being monetized. For the nine months ended September 30, 2025, the company reported \$4.936 million in operating income, but a specific Cost of Revenue for Q3 2025 isn't broken out in the same report as the \$11.36 million revenue for that quarter. However, looking at a broader period, the Cost of Revenue was reported as \$18.72 million against a revenue of \$49.89 million in another data set.

The direct costs here involve two main buckets:

• Cost of asset sales, which includes the cost of purchased inventory when Heritage Global Inc. acts as a principal.
• Direct costs associated with generating commissions and fees from auction, appraisal, and brokering services.

The fees Heritage Global Partners ("HGP") charges for its advisory and auction services typically range from 15-50%, depending on the specific role and the transaction complexity. This percentage directly impacts the gross margin.

Personnel expenses for expert valuation and sales teams

The expertise of the valuation and sales teams is a key resource, and their compensation forms a significant part of the operating expenses. Heritage Global Inc. has a total reported employee count of 86 people as of late 2025. These teams are critical for the Industrial Assets division, which handles the valuation of commercial and industrial assets, and the Financial Assets division, which brokers charged-off receivable portfolios.

The Selling and administrative expenses for the three months ended September 30, 2025, were reported at \$3.13 million.

Technology and platform maintenance for digital auctions

While specific line items for technology and platform maintenance aren't explicitly detailed in the latest public summaries, the business model relies on a centralized online portal for visibility of post-sale activities, especially for financial assets. This indicates ongoing investment in the digital infrastructure supporting the Auction and Liquidation segment, which generates maximum revenue. The operational efficiency of these digital tools directly impacts the ability to manage the reverse supply chain ethically and effectively.

General and administrative expenses (G&A) for corporate overhead

Corporate overhead, captured under General and Administrative expenses, reflects the fixed costs of running the organization. For the third quarter ended September 30, 2025, the General and administrative expense was \$2.95 million. This figure covers the necessary corporate functions supporting the three operating segments: Auction and Liquidation, Refurbishment and Resale, and Brokerage.

Capital deployment costs for M&A and opportunistic asset purchases

Capital deployment costs are visible through both opportunistic asset purchases and share repurchases. Heritage Global Inc. views strategic mergers and acquisitions as a critical component of its long-term strategy. In the first quarter of 2025, the company made an opportunistic investment in the purchase of a complete pharmaceutical plant. Furthermore, capital was deployed for shareholder returns:

Capital Deployment Activity	Period	Amount (Millions of US $)
Share Repurchases	Q1 2025	\$1.0 million
Net Available Cash Balance	September 30, 2025	\$12.6 million

The company also authorized a repurchase of up to \$7.5 million of common stock over the three-year period ending June 30, 2028. The net available cash balance as of September 30, 2025, after accounting for client payables, was \$12.6 million. This cash position supports future capital deployment for accretive transactions.

Heritage Global Inc. (HGBL) - Canvas Business Model: Revenue Streams

You're looking at the core ways Heritage Global Inc. (HGBL) brings in money as of late 2025. This company runs a dual-engine model: asset services and specialty financing. The total revenue for the third quarter ending September 30, 2025, was reported at $11.36 million.

For the trailing twelve months ending September 30, 2025, Heritage Global Inc. recorded total revenue of $49.89 million, showing a slight year-over-year increase of 0.02%.

The revenue streams are generated across distinct operational segments, each contributing to the top line through different mechanisms. Here's a look at the operating income performance for the divisions that house these revenue streams for the third quarter of 2025 compared to the prior year's third quarter.

The performance of the divisions that generate the requested revenue types shows a mixed picture for the third quarter of 2025:

Revenue Stream Proxy (Segment)	Q3 2025 Operating Income (in thousands)	Q3 2024 Operating Income (in thousands)
Auction and liquidation commissions/fees from industrial asset sales & Principal revenue from the outright sale of acquired assets (Industrial Assets Division)	$900,000	$700,000
Brokerage fees from charged-off financial asset transactions & Interest and fees from the Specialty Lending segment (Financial Assets Division)	$1,600,000	$1,800,000
Refurbishment and resale revenue from the ALT segment	$400,000	$200,000

The consolidated operating income for Heritage Global Inc. in Q3 2025 was $1.3 million, down from $1.5 million in Q3 2024.

You can see the specific revenue-generating activities that feed into the segments:

• Auction and liquidation commissions/fees from industrial asset sales: The Industrial Assets division executed well on auctions and liquidation opportunities, though volume was primarily smaller scale activity in Q3 2025.
• Principal revenue from the outright sale of acquired assets: This is bundled within the Industrial Assets Division performance.
• Brokerage fees from charged-off financial asset transactions: Management noted that regional banks are facing increased scrutiny, suggesting potential for higher charge-offs and nonperforming loan volumes, which feeds this stream.
• Interest and fees from the Specialty Lending segment (Heritage Global Capital): This is part of the Financial Assets Division, which reported operating income of $1.6 million in Q3 2025.
• Refurbishment and resale revenue from the ALT segment: This segment saw its operating income double to approximately $400,000 in Q3 2025 from approximately $200,000 in Q3 2024.

The total revenue for the nine months ended September 30, 2025, compared to the same period in 2024, is detailed below:

Metric (in thousands)	Nine Months Ended Sept 30, 2025	Nine Months Ended Sept 30, 2024
Operating income	$4,936	$7,581
Net income	$3,286	$5,385
EBITDA	$5,292	$8,021
Adjusted EBITDA	$6,004	$8,822

The company's strategy involves allocating capital to grow the number of forward flow Fortune 1000 clients, which directly impacts the volume of financial asset transactions that generate brokerage fees and lending income. Also, management is focused on M&A to acquire operating businesses, which will yield more industrial assets for auction and liquidation.