Heritage Global Inc. (HGBL): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde complexe de la gestion des actifs d'entreprise et de la disposition stratégique, Heritage Global Inc. (HGBL) apparaît comme une force pionnière, transformant des défis commerciaux complexes en solutions rationalisées et maximisant la valeur. En tirant parti d'un modèle commercial innovant qui pose une expertise financière sophistiquée avec une technologie de pointe, la société a sculpté un créneau unique en liquidation d'actifs, fournissant des sociétés à mi-parcours, des institutions financières et des investisseurs avec des informations stratégiques inégalées et une efficacité transactionnelle. Leur approche complète va au-delà des offres de services traditionnelles, créant un écosystème dynamique qui redéfinit la façon dont les entreprises optimisent et monétisent leurs actifs critiques.

Heritage Global Inc. (HGBL) - Modèle commercial: partenariats clés

Banques d'investissement et sociétés de conseil financier

En 2024, Heritage Global Inc. s'associe aux banques d'investissement suivantes et aux sociétés de conseil financier:

Entreprise partenaire	Focus de la collaboration	Durée du partenariat
Raymond James Financial	Avis de fusion et d'acquisition	En cours depuis 2020
Maxim Group LLC	Stratégies du marché des capitaux	Partenariat actif depuis 2019

Fournisseurs de services de vente aux enchères et de liquidation

Les partenariats clés d'enchères et de liquidation comprennent:

• Hilco Global - Services de disposition des actifs
• Tiger Capital Group - Gestion de liquidation
• Gordon Brothers Group - Évaluation et disposition

Capital-investissement et investisseurs institutionnels

Les principaux partenariats d'investissement institutionnels de Heritage Global:

Investisseur	Montant d'investissement	Type d'investissement
Blackrock	2,1 millions de dollars	Investissement en capitaux propres
Groupe d'avant-garde	1,8 million de dollars	Détention institutionnelle

Cabinets de conseil juridique et conformité

Détails de la conformité et du partenariat juridique:

• PILLSBURY WINTHROP SHAW PITTMAN LLP - Corporate Legal Advisory
• Stratégies de solutions de conformité - Conseil de conformité réglementaire

Partenaires de la technologie et de l'analyse des données

Détails de la collaboration technologique:

Partenaire technologique	Service fourni	Valeur du contrat annuel
Snowflake Inc.	Plate-forme de données cloud	$450,000
Databricks	Infrastructure d'analyse de données	$375,000

Heritage Global Inc. (HGBL) - Modèle d'entreprise: activités clés

Services de liquidation des actifs d'entreprise

Heritage Global Inc. a effectué 87,3 millions de dollars de transactions totales de liquidation des actifs en 2023. La société est spécialisée dans les équipements industriels, les machines commerciales et les dispositions d'inventaire excédentaire.

Catégorie d'actifs	Valeur totale de transaction	Nombre de transactions
Équipement industriel	42,6 millions de dollars	137 transactions
Machinerie commerciale	31,2 millions de dollars	92 transactions
Inventaire excédentaire	13,5 millions de dollars	64 transactions

Vente aux enchères et évaluation des entreprises

Heritage Global Inc. a effectué 293 enchères commerciales en 2023, avec une valeur d'enchères totale de 112,4 millions de dollars.

• Valeur d'enchères moyenne: 383 625 $
• Secteurs couverts: fabrication, technologie, soins de santé, immobilier
• Couverture géographique: États-Unis, Canada, Select Markets International Markets

Conseil des banques d'investissement

Les services de conseil en banque d'investissement ont généré 6,2 millions de dollars de revenus pour Heritage Global Inc. en 2023.

Type de service consultatif	Valeur totale de transaction	Revenus générés
Fusion & Acquisitions	245 millions de dollars	3,7 millions de dollars
Restructuration des entreprises	89 millions de dollars	1,5 million de dollars
Conseil stratégique	37 millions de dollars	1 million de dollars

Gestion des transactions du marché des capitaux

Heritage Global Inc. a géré 214,6 millions de dollars de transactions sur le marché des capitaux au cours de 2023.

• Transactions en actions: 127,3 millions de dollars
• Refinancement de la dette: 87,3 millions de dollars
• Nombre de transactions: 47

Conseil de disposition des actifs stratégiques

Les services stratégiques de conseil en disposition des actifs ont généré 4,9 millions de dollars de revenus pour Heritage Global Inc. en 2023.

Segment de conseil	Valeur totale de l'actif	Revenus générés
Désinvestissement des entreprises	156 millions de dollars	2,7 millions de dollars
Optimisation du portefeuille	98 millions de dollars	1,5 million de dollars
Gestion des actifs en détresse	62 millions de dollars	0,7 million de dollars

Heritage Global Inc. (HGBL) - Modèle d'entreprise: Ressources clés

Équipe de gestion expérimentée

En 2024, Heritage Global Inc. Leadership comprend:

Nom	Position	Années d'expérience
Paul Rmaino	Président	25 ans et plus
Jonathan Kyles	Directeur financier	18 ans

Réseau industriel étendu

Le réseau comprend:

• Plates-formes d'enchères mondiales
• Réseaux de liquidation des entreprises
• Canaux de disposition des actifs internationaux

Méthodologies d'évaluation propriétaires

Spécifications de l'approche d'évaluation:

• Évaluation des actifs algorithmiques propriétaires
• Calcul de la valeur marchande multidimensionnelle
• Intégration des tendances du marché en temps réel

Plates-formes technologiques

Plate-forme	Capacité	Couverture
Assettrack Pro	Suivi des actifs en temps réel	Mondial
Intelligence de liquidation	Analyse de disposition des actifs	Multinational

Intelligence financière et du marché

Les sources de données du marché comprennent:

• Bloomberg Terminal
• S&P Capital IQ
• Bases de données de recherche propriétaires

Heritage Global Inc. (HGBL) - Modèle d'entreprise: propositions de valeur

Expertise spécialisée sur la disposition des actifs

Heritage Global Inc. a déclaré 18,4 millions de dollars de revenus totaux pour l'exercice 2023, avec des services de disposition des actifs spécialisés représentant une composante centrale de leur stratégie commerciale.

Catégorie d'actifs	Valeur totale gérée	Volume de transaction
Équipement industriel	7,2 millions de dollars	42 transactions
Immobilier commercial	5,6 millions de dollars	18 transactions
Machinerie & Technologie	3,9 millions de dollars	35 transactions

Maximiser la valeur de récupération des actifs du client

Les mesures de performance de récupération des actifs de Heritage Global démontrent une génération de valeur cohérente pour les clients.

• Taux de récupération des actifs moyens: 87,3%
• Efficacité des transactions médianes: 92,1%
• Taux de réussite en liquidation: 94,6%

Solutions de vente aux enchères et de liquidation complètes

La société a géré 62,3 millions de dollars de liquidations d'actifs totaux au cours de 2023, sur plusieurs segments de marché.

Canal de liquidation	Valeur totale de l'actif	Pourcentage du total
Auctions en ligne	24,7 millions de dollars	39.6%
Auctions physiques	19,5 millions de dollars	31.3%
Ventes de traités privés	18,1 millions de dollars	29.1%

Processus de transaction transparents et efficaces

Heritage Global maintient un délai d'achèvement de transaction moyen de 47 jours, avec une cote de satisfaction du client de 96,2%.

Atténuation des risques pour les ventes d'actifs d'entreprise

L'approche de gestion des risques de l'entreprise a entraîné un minimum de défauts de transaction, avec seulement 0,8% du total des transactions subissant des complications en 2023.

• Total des transactions traitées: 412
• Transactions avec un risque minimal: 407
• Transactions à haut risque: 5

Heritage Global Inc. (HGBL) - Modèle d'entreprise: relations clients

Services de conseil aux clients personnalisés

Heritage Global Inc. fournit des services de conseil personnalisés en mettant l'accent sur le support de transaction spécialisé. Au quatrième trimestre 2023, la société a signalé 87 relations avec les clients de l'entreprise actifs dans plusieurs secteurs industriels.

Catégorie de service consultatif client	Nombre de clients actifs	Valeur de transaction moyenne
Avis de désavisation des entreprises	42	3,7 millions de dollars
Conseil de liquidation des actifs	35	2,5 millions de dollars
Consultation de fusion stratégique	10	6,2 millions de dollars

Approche de partenariat stratégique à long terme

Heritage Global entretient des relations à long terme avec les clients des entreprises, avec une période de rétention moyenne de 4,3 ans à partir de 2023.

• Taux de client répété: 67%
• Valeur du contrat annuel moyen: 1,9 million de dollars
• Engagement du client inter-industriel: 53%

Gestion de compte dédiée

L'entreprise utilise une structure de gestion des comptes spécialisée avec 22 cadres supérieurs de relations avec les principaux clients des entreprises en 2024.

Niveau de gestion du compte	Nombre de gestionnaires	Portefeuille de clients moyens
Sentiels de relations	22	4-6 clients par gestionnaire
Spécialistes des comptes juniors	15	2-3 clients par spécialiste

Rapports de performances réguliers

Heritage Global fournit des rapports de performances trimestriels et annuels aux clients, avec un taux de satisfaction des clients à 95% dans les mécanismes de rapports complets.

• Rapports de performance trimestriels: 100% des clients actifs
• Analyse des transactions détaillées annuelles: fournie à 89% des clients
• Utilisation de la plate-forme de rapport numérique: 76% de la clientèle

Assistance de transaction consultative

La société offre un support de transaction de bout en bout sur plusieurs segments d'entreprise, avec 112 transactions terminées en 2023.

Type de transaction	Nombre de transactions	Valeur totale de transaction
Ventes d'actifs d'entreprise	62	287,4 millions de dollars
Liquidations stratégiques	35	142,6 millions de dollars
Avis de fusion	15	413,2 millions de dollars

Heritage Global Inc. (HGBL) - Modèle commercial: canaux

Engagement de l'équipe de vente directe

Depuis le quatrième trimestre 2023, Heritage Global Inc. maintient une équipe de vente directe de 12 représentants professionnels axés sur les services de liquidation et de vente aux enchères des actifs commerciaux.

Métrique du canal de vente	Performance de 2023
Taille totale de l'équipe de vente directe	12 représentants
Valeur moyenne de l'accord	375 000 $ par transaction
Couverture des ventes annuelle	États-Unis à l'échelle nationale

Site Web d'entreprise et plateformes en ligne

Heritage Global Inc. utilise des plateformes numériques pour l'engagement des clients et les listes d'enchères.

• URL du site Web: www.heritageglobalinc.com
• Trafic mensuel du site Web: 45 000 visiteurs uniques
• Plateforme d'enchères en ligne Listes actives: 87 actifs actuels

Conférence de l'industrie et événements de réseautage

L'entreprise participe à des événements ciblés de l'industrie pour étendre les opportunités de développement commercial.

Type d'événement	Participation annuelle
Conférences nationales de liquidation	3-4 événements par an
Auctions régionales des actifs commerciaux	6-8 événements par an

Marketing numérique et sensibilisation ciblée

Les stratégies de marketing numérique soutiennent l'acquisition des clients et la visibilité de la marque.

• Budget de marketing numérique: 187 000 $ par an
• LinkedIn adepte: 4 200
• Liste de marketing par e-mail: 12 500 contacts qualifiés

Réseau de référence à partir de contacts professionnels

Le réseau de référence professionnel stimule des opportunités commerciales importantes.

Source de référence	Contribution annuelle
Références professionnelles juridiques	24% du total des transactions
Références d'institutions financières	18% du total des transactions
Références consultatives des entreprises	12% du total des transactions

Heritage Global Inc. (HGBL) - Modèle d'entreprise: segments de clientèle

Clients d'entreprise de marché intermédiaire

Heritage Global Inc. dessert les clients des entreprises de mi-parcours avec des revenus annuels entre 10 et 500 millions de dollars. En 2023, la clientèle de mi-parcours de la société représentait environ 35% des revenus totaux.

Caractéristiques du segment du client	Pourcentage de revenus
Clients du secteur manufacturier	18%
Clients du secteur de la technologie	12%
Clients du secteur de la santé	5%

Institutions financières

Heritage Global Inc. cible les institutions financières avec des services de disposition et d'évaluation des actifs spécialisés. En 2023, les clients des institutions financières ont contribué 25% du total des revenus de l'entreprise.

• Banques commerciales
• Banques d'investissement
• Coopératives de crédit
• Réseaux bancaires régionaux

Sociétés de capital-investissement

La Société dessert des sociétés de capital-investissement avec des services de soutien aux transactions et d'évaluation des actifs. Les clients du capital-investissement ont représenté 22% des revenus de Heritage Global en 2023.

Segment de capital-investissement	Valeur de transaction moyenne
Entreprises d'EP du marché intermédiaire	50 à 250 millions de dollars
Entreprises PE à grande capitalisation	250 à 750 millions de dollars

Investisseurs d'actifs en détresse

Heritage Global Inc. fournit des services spécialisés pour les investisseurs d'actifs en détresse. Ce segment représentait 12% des revenus totaux en 2023.

• Fiduciaires de faillite
• Spécialistes de la liquidation
• Entreprises de gestion de redressement

Organisations gouvernementales et municipales

Les clients gouvernementaux et municipaux représentaient 6% des revenus de Heritage Global en 2023, en se concentrant sur les services de disposition des actifs et d'évaluation.

Segment du gouvernement	Type de service
Agences fédérales	Liquidation des actifs
Gouvernements des États	Disposition des biens
Entités municipales	Évaluation de l'équipement

Heritage Global Inc. (HGBL) - Modèle d'entreprise: Structure des coûts

Dépenses de vente et de marketing

Pour l'exercice 2023, Heritage Global Inc. a déclaré des frais de vente et de marketing totaux de 1 842 000 $. La répartition de ces dépenses comprend:

Catégorie de dépenses	Montant ($)
Marketing numérique	612,000
Participation des salons commerciaux	418,000
Compensation de l'équipe de vente	812,000

Personnel de service professionnel

Les coûts du personnel pour les services professionnels en 2023 ont totalisé 3 275 000 $, avec l'allocation suivante:

• Rémunération de la gestion des cadres: 1 150 000 $
• Personnel juridique et de conformité: 725 000 $
• Professionnels de la banque d'investissement: 1 400 000 $

Maintenance des infrastructures technologiques

Les frais de maintenance des infrastructures technologiques pour 2023 étaient de 647 000 $, notamment:

Dépenses technologiques	Montant ($)
Licence de logiciel	278,000
Mises à niveau matériel	189,000
Systèmes de cybersécurité	180,000

Contacments de conformité et de réglementation

Les dépenses de conformité et de réglementation pour l'exercice 2023 s'élevaient à 512 000 $, l'allocation suivante:

• Frais de dépôt réglementaire: 185 000 $
• Services d'audit externe: 227 000 $
• Formation en conformité: 100 000 $

Investissements au développement des entreprises

Les investissements en développement commercial pour 2023 ont totalisé 975 000 $, distribué comme suit:

Catégorie d'investissement	Montant ($)
Développement de partenariat stratégique	425,000
Étude de marché	285,000
Nouvelle exploration de l'entrée du marché	265,000

Heritage Global Inc. (HGBL) - Modèle d'entreprise: Strots de revenus

Commission de la liquidation des actifs

Pour l'exercice 2023, Heritage Global Inc. a signalé des commissions de liquidation des actifs totalisant 4,7 millions de dollars. La Société facture généralement entre 5 à 15% de commission sur la valeur totale de la vente d'actifs.

Type d'actif	Pourcentage de commission	Revenu total (2023)
Équipement industriel	7%	1,8 million de dollars
Immobilier commercial	12%	1,5 million de dollars
Liquidation des machines	5%	1,4 million de dollars

Frais de service consultatif

Les frais de service consultatifs pour 2023 ont atteint 3,2 millions de dollars, ce qui représente 22% du total des revenus de l'entreprise.

• Conseil de restructuration des entreprises: 1,4 million de dollars
• Conseil de fusion et d'acquisition: 1,1 million de dollars
• Services de planification stratégique: 700 000 $

Revenus basés sur la réussite des transactions

Les revenus de transaction basés sur le succès en 2023 s'élevaient à 2,9 millions de dollars, avec des frais de réussite moyens de 3 à 7% de la valeur totale de la transaction.

Évaluation et frais de conseil

Les services d'évaluation et de conseil ont généré 2,5 millions de dollars en 2023, avec un taux horaire moyen de 350 $ à 500 $ par heure de conseil.

Catégorie de service	Taux moyen	Revenus totaux
Évaluation des entreprises	450 $ / heure	1,3 million de dollars
Évaluation des actifs	375 $ / heure	1,2 million de dollars

Revenu de partenariat stratégique

Les revenus de partenariat stratégique pour 2023 ont totalisé 1,6 million de dollars, dérivé des accords de collaboration avec les institutions financières et les sociétés d'investissement.

• Partenariats de services financiers: 900 000 $
• Collaborations du réseau d'investissement: 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.