Heritage Global Inc. (HGBL): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el intrincado mundo de la gestión de activos corporativos y la disposición estratégica, Heritage Global Inc. (HGBL) surge como una fuerza pionera, transformando desafíos comerciales complejos en soluciones simplificadas y maximizantes de valor. Al aprovechar un modelo de negocio innovador que une una experiencia financiera sofisticada con tecnología de punta, la compañía ha tallado un nicho único en liquidación de activos, proporcionando corporaciones de mercado medio, instituciones financieras e inversores con ideas estratégicas incomparables y eficiencia transaccional. Su enfoque integral va más allá de las ofertas de servicios tradicionales, creando un ecosistema dinámico que redefine cómo las empresas optimizan y monetizan sus activos críticos.

Heritage Global Inc. (HGBL) - Modelo de negocios: asociaciones clave

Bancos de inversión y firmas de asesoramiento financiero

A partir de 2024, Heritage Global Inc. se asocia con los siguientes bancos de inversión y firmas de asesoramiento financiero:

Empresa asociada	Enfoque de colaboración	Duración de la asociación
Raymond James Financial	Aviso de fusión y adquisición	En curso desde 2020
Maxim Group LLC	Estrategias del mercado de capitales	Asociación activa desde 2019

Proveedores de servicios de subasta y liquidación

Las asociaciones de subasta y liquidación clave incluyen:

• Hilco Global - Servicios de disposición de activos
• Tiger Capital Group - Gestión de liquidación
• Grupo Gordon Brothers - Valoración y disposición

Equidad privada e inversores institucionales

Asociaciones clave de inversión institucional de Heritage Global:

Inversor	Monto de la inversión	Tipo de inversión
Roca negra	$ 2.1 millones	Inversión de capital
Grupo de vanguardia	$ 1.8 millones	Tenencia institucional

Empresas de consultoría legales y de cumplimiento

Cumplimiento y detalles de asociación legal:

• Pillsbury Winthrop Shaw Pittman LLP - Asesoramiento legal corporativo
• Estrategias de soluciones de cumplimiento - Consultoría de cumplimiento regulatoria

Socios de tecnología y análisis de datos

Detalles de la colaboración tecnológica:

Socio tecnológico	Servicio proporcionado	Valor anual del contrato
Snowflake Inc.	Plataforma de datos en la nube	$450,000
Databricks	Infraestructura de análisis de datos	$375,000

Heritage Global Inc. (HGBL) - Modelo de negocio: actividades clave

Servicios de liquidación de activos corporativos

Heritage Global Inc. completó $ 87.3 millones en transacciones de liquidación de activos totales en 2023. La compañía se especializó en equipos industriales, maquinaria comercial y disposiciones de inventario excedentes.

Categoría de activos	Valor de transacción total	Número de transacciones
Equipo industrial	$ 42.6 millones	137 transacciones
Maquinaria comercial	$ 31.2 millones	92 transacciones
Inventario excedente	$ 13.5 millones	64 transacciones

Subasta y valoración de negocios

Heritage Global Inc. realizó 293 subastas comerciales en 2023, con un valor de subasta total de $ 112.4 millones.

• Valor de subasta promedio: $ 383,625
• Sectores cubiertos: fabricación, tecnología, atención médica, bienes raíces
• Cobertura geográfica: Estados Unidos, Canadá, Select International Markets

Aviso de banca de inversión

Los servicios de asesoramiento de banca de inversión generaron $ 6.2 millones en ingresos para Heritage Global Inc. en 2023.

Tipo de servicio de asesoramiento	Valor de transacción total	Ingresos generados
Fusiones & Adquisiciones	$ 245 millones	$ 3.7 millones
Reestructuración corporativa	$ 89 millones	$ 1.5 millones
Consultoría estratégica	$ 37 millones	$ 1 millón

Gestión de transacciones del mercado de capitales

Heritage Global Inc. logró $ 214.6 millones en transacciones en el mercado de capitales durante 2023.

• Transacciones de capital: $ 127.3 millones
• Refinanciación de la deuda: $ 87.3 millones
• Número de transacciones: 47

Consultoría de disposición de activos estratégicos

Los servicios de consultoría de disposición de activos estratégicos arrojaron $ 4.9 millones en ingresos para Heritage Global Inc. en 2023.

Segmento de consultoría	Valor total del activo	Ingresos generados
Desinversión corporativa	$ 156 millones	$ 2.7 millones
Optimización de cartera	$ 98 millones	$ 1.5 millones
Gestión de activos en dificultades	$ 62 millones	$ 0.7 millones

Heritage Global Inc. (HGBL) - Modelo de negocios: recursos clave

Equipo de gestión experimentado

A partir de 2024, el liderazgo de Heritage Global Inc. incluye:

Nombre	Posición	Años de experiencia
Paul Rmaino	Presidente y CEO	Más de 25 años
Jonathan Kyles	Director financiero	18 años

Red de la industria extensa

La red comprende:

• Plataformas de subastas globales
• Redes de liquidación corporativa
• Canales de disposición de activos internacionales

Metodologías de valoración patentadas

Depecientes de enfoque de valoración:

• Evaluación de activos algorítmicos patentados
• Cálculo de valor de mercado multidimensional
• Integración de tendencias de mercado en tiempo real

Plataformas tecnológicas

Plataforma	Capacidad	Cobertura
AssetTrack Pro	Seguimiento de activos en tiempo real	Global
Inteligencia de liquidación	Análisis de disposición de activos	Multinacional

Inteligencia financiera y de mercado

Las fuentes de datos del mercado incluyen:

• Terminal de Bloomberg
• S&P Capital IQ
• Bases de datos de investigación patentadas

Heritage Global Inc. (HGBL) - Modelo de negocio: propuestas de valor

Experiencia de disposición de activos especializados

Heritage Global Inc. reportó $ 18.4 millones en ingresos totales para el año fiscal 2023, con servicios especializados de disposición de activos que representan un componente central de su estrategia comercial.

Categoría de activos	Valor total manejado	Volumen de transacción
Equipo industrial	$ 7.2 millones	42 transacciones
Inmobiliario comercial	$ 5.6 millones	18 transacciones
Maquinaria & Tecnología	$ 3.9 millones	35 transacciones

Maximizar el valor de recuperación de activos del cliente

Las métricas de rendimiento de la recuperación de activos de Heritage Global demuestran una generación de valor consistente para los clientes.

• Tasa promedio de recuperación de activos: 87.3%
• Eficiencia de transacción media: 92.1%
• Tasa de éxito de liquidación: 94.6%

Soluciones integrales de subasta y liquidación

La compañía gestionó $ 62.3 millones en liquidaciones de activos totales durante 2023, en múltiples segmentos de mercado.

Canal de liquidación	Valor total del activo	Porcentaje de total
Subastas en línea	$ 24.7 millones	39.6%
Subastas físicas	$ 19.5 millones	31.3%
Venta de tratados privados	$ 18.1 millones	29.1%

Procesos de transacción transparentes y eficientes

Heritage Global mantiene un tiempo promedio de finalización de la transacción de 47 días, con un 96.2% de calificación de satisfacción del cliente.

Mitigación de riesgos para ventas de activos corporativos

El enfoque de gestión de riesgos de la Compañía dio como resultado incumplimientos mínimos de transacciones, con solo el 0.8% de las transacciones totales que experimentan complicaciones en 2023.

• Transacciones totales procesadas: 412
• Transacciones con riesgo mínimo: 407
• Transacciones de alto riesgo: 5

Heritage Global Inc. (HGBL) - Modelo de negocios: relaciones con los clientes

Servicios de asesoramiento de clientes personalizados

Heritage Global Inc. proporciona servicios de asesoramiento personalizados con un enfoque en el soporte de transacciones especializado. A partir del cuarto trimestre de 2023, la compañía reportó 87 relaciones activas de clientes corporativos en múltiples sectores de la industria.

Categoría de servicio de asesoramiento del cliente	Número de clientes activos	Valor de transacción promedio
Aviso de desinversión corporativa	42	$ 3.7 millones
Consultoría de liquidación de activos	35	$ 2.5 millones
Consulta de fusión estratégica	10	$ 6.2 millones

Enfoque de asociación estratégica a largo plazo

Heritage Global mantiene relaciones a largo plazo con clientes corporativos, con un período promedio de retención de clientes de 4.3 años a partir de 2023.

• Tasa de cliente repetida: 67%
• Valor promedio de contrato anual: $ 1.9 millones
• Compromiso del cliente entre la industria: 53%

Gestión de cuentas dedicada

La compañía emplea una estructura de gestión de cuentas especializada con 22 gerentes de relaciones senior que manejan clientes corporativos clave en 2024.

Nivel de gestión de cuentas	Número de gerentes	Cartera promedio de clientes
Gerentes de relaciones senior	22	4-6 clientes por gerente
Especialistas en cuentas junior	15	2-3 clientes por especialista

Informes de rendimiento regulares

Heritage Global proporciona informes de rendimiento trimestrales y anuales a los clientes, con una tasa de satisfacción del cliente del 95% en mecanismos integrales de informes.

• Informes de rendimiento trimestrales: 100% de los clientes activos
• Análisis anual de transacciones detalladas: proporcionado al 89% de los clientes
• Uso de la plataforma de informes digitales: 76% de la base de clientes

Soporte de transacciones consultivas

La compañía ofrece soporte de transacciones de extremo a extremo en múltiples segmentos comerciales, con 112 transacciones completadas en 2023.

Tipo de transacción	Número de transacciones	Valor de transacción total
Ventas de activos corporativos	62	$ 287.4 millones
Liquidaciones estratégicas	35	$ 142.6 millones
Aviso	15	$ 413.2 millones

Heritage Global Inc. (HGBL) - Modelo de negocios: canales

Compromiso del equipo de ventas directo

A partir del cuarto trimestre de 2023, Heritage Global Inc. mantiene un equipo de ventas directo de 12 representantes profesionales centrados en la liquidación de activos comerciales y los servicios de subastas.

Métrico de canal de ventas	2023 rendimiento
Tamaño total del equipo de ventas directas	12 representantes
Valor promedio de trato	$ 375,000 por transacción
Cobertura de ventas anual	Estados Unidos a nivel nacional

Sitio web corporativo y plataformas en línea

Heritage Global Inc. utiliza plataformas digitales para la participación del cliente y los listados de subastas.

• URL del sitio web: www.heritageglobalinc.com
• Tráfico mensual del sitio web: 45,000 visitantes únicos
• Listados activos de plataforma de subastas en línea: 87 activos actuales

Conferencia de la industria y eventos de redes

La compañía participa en eventos de la industria específicos para expandir las oportunidades de desarrollo empresarial.

Tipo de evento	Participación anual
Conferencias nacionales de liquidación	3-4 eventos por año
Subastas regionales de activos comerciales	6-8 eventos por año

Marketing digital y divulgación específica

Las estrategias de marketing digital admiten la adquisición del cliente y la visibilidad de la marca.

• Presupuesto de marketing digital: $ 187,000 anualmente
• Seguidores de LinkedIn: 4.200
• Lista de marketing por correo electrónico: 12,500 contactos calificados

Red de referencia de contactos profesionales

La red de referencia profesional impulsa importantes oportunidades comerciales.

Fuente de referencia	Contribución anual
Referencias profesionales legales	24% de las transacciones totales
Referencias de la institución financiera	18% de las transacciones totales
Referencias de asesoramiento corporativo	12% de las transacciones totales

Heritage Global Inc. (HGBL) - Modelo de negocios: segmentos de clientes

Clientes corporativos de mercado medio

Heritage Global Inc. atiende a clientes corporativos del mercado medio con ingresos anuales entre $ 10 millones y $ 500 millones. A partir de 2023, la base de clientes del mercado medio de la compañía representaba aproximadamente el 35% de los ingresos totales.

Características del segmento del cliente	Porcentaje de ingresos
Clientes del sector manufacturero	18%
Clientes del sector tecnológico	12%
Clientes del sector de la salud	5%

Instituciones financieras

Heritage Global Inc. se dirige a instituciones financieras con servicios especializados de disposición y valoración de activos. En 2023, los clientes de instituciones financieras contribuyeron con el 25% de los ingresos totales de la compañía.

• Bancos comerciales
• Bancos de inversión
• Coeficientes de crédito
• Redes bancarias regionales

Empresas de capital privado

La compañía atiende a empresas de capital privado con soporte de transacciones y servicios de valoración de activos. Los clientes de capital privado representaron el 22% de los ingresos de Heritage Global en 2023.

Segmento de capital privado	Valor de transacción promedio
Empresas de educación física del mercado medio	$ 50-250 millones
Firmas de educación física de gran capitalización	$ 250-750 millones

Inversores de activos angustiados

Heritage Global Inc. ofrece servicios especializados para inversores de activos en dificultades. Este segmento representaba el 12% de los ingresos totales en 2023.

• Fideicomisarios de bancarrota
• Especialistas en liquidación
• Empresas de gestión de respuesta

Organizaciones gubernamentales y municipales

Los clientes gubernamentales y municipales comprendían el 6% de los ingresos de Heritage Global en 2023, centrándose en los servicios de disposición y valoración de activos.

Segmento gubernamental	Tipo de servicio
Agencias federales	Liquidación de activos
Gobiernos estatales	Disposición de la propiedad
Entidades municipales	Valoración del equipo

Heritage Global Inc. (HGBL) - Modelo de negocio: Estructura de costos

Gastos de ventas y marketing

Para el año fiscal 2023, Heritage Global Inc. reportó gastos totales de ventas y marketing de $ 1,842,000. El desglose de estos gastos incluye:

Categoría de gastos	Monto ($)
Marketing digital	612,000
Participación de la feria comercial	418,000
Compensación del equipo de ventas	812,000

Personal de servicio profesional

Los costos de personal para servicios profesionales en 2023 totalizaron $ 3,275,000, con la siguiente asignación:

• Compensación de gestión ejecutiva: $ 1,150,000
• Personal legal y de cumplimiento: $ 725,000
• Profesionales de banca de inversión: $ 1,400,000

Mantenimiento de la infraestructura tecnológica

Los gastos de mantenimiento de la infraestructura tecnológica para 2023 fueron de $ 647,000, que incluyen:

Gasto tecnológico	Monto ($)
Licencia de software	278,000
Actualizaciones de hardware	189,000
Sistemas de ciberseguridad	180,000

Cumplimiento y costos regulatorios

Cumplimiento y gastos reglamentarios para el año fiscal 2023 ascendieron a $ 512,000, con la siguiente asignación:

• Tarifas de presentación regulatoria: $ 185,000
• Servicios de auditoría externa: $ 227,000
• Capacitación de cumplimiento: $ 100,000

Inversiones de desarrollo empresarial

Las inversiones de desarrollo empresarial para 2023 totalizaron $ 975,000, distribuidos de la siguiente manera:

Categoría de inversión	Monto ($)
Desarrollo de asociación estratégica	425,000
Investigación de mercado	285,000
Nueva exploración de entrada de mercado	265,000

Heritage Global Inc. (HGBL) - Modelo de negocios: flujos de ingresos

Comisión de la liquidación de activos

Para el año fiscal 2023, Heritage Global Inc. informó comisiones de liquidación de activos por un total de $ 4.7 millones. La Compañía generalmente cobra entre 5 y 15% de la Comisión sobre el valor de venta total de activos.

Tipo de activo	Porcentaje de comisión	Ingresos totales (2023)
Equipo industrial	7%	$ 1.8 millones
Inmobiliario comercial	12%	$ 1.5 millones
Liquidación de maquinaria	5%	$ 1.4 millones

Tarifas de servicio de asesoramiento

Las tarifas de servicio de asesoramiento para 2023 alcanzaron los $ 3.2 millones, lo que representa el 22% de los ingresos totales de la compañía.

• Aviso de reestructuración corporativa: $ 1.4 millones
• Consultoría de fusión y adquisición: $ 1.1 millones
• Servicios de planificación estratégica: $ 700,000

Ingresos basados ​​en el éxito de la transacción

Los ingresos por transacciones basados ​​en el éxito en 2023 ascendieron a $ 2.9 millones, con una tarifa de éxito promedio de 3-7% del valor total de la transacción.

Cargos de valoración y consultoría

Los servicios de valoración y consultoría generaron $ 2.5 millones en 2023, con una tarifa promedio por hora de $ 350- $ 500 por hora de consultoría.

Categoría de servicio	Tasa promedio	Ingresos totales
Valoración comercial	$ 450/hora	$ 1.3 millones
Evaluación de activos	$ 375/hora	$ 1.2 millones

Ingresos de asociación estratégica

Los ingresos por asociación estratégica para 2023 totalizaron $ 1.6 millones, derivados de acuerdos de colaboración con instituciones financieras y empresas de inversión.

• Asociaciones de servicio financiero: $ 900,000
• Colaboraciones de redes de inversión: $ 700,000

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.