Heritage Global Inc. (HGBL): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No intrincado mundo do gerenciamento de ativos corporativos e da disposição estratégica, a Heritage Global Inc. (HGBL) surge como uma força pioneira, transformando desafios de negócios complexos em soluções simplificadas e maximizadoras de valor. Ao alavancar um modelo de negócios inovador que preenche a experiência financeira sofisticada com tecnologia de ponta, a empresa criou um nicho único de liquidação de ativos, fornecendo empresas de mercado intermediário, instituições financeiras e investidores com idéias estratégicas incomparáveis ​​e eficiência transacional. Sua abordagem abrangente vai além das ofertas de serviços tradicionais, criando um ecossistema dinâmico que redefine como as empresas otimizam e monetizam seus ativos críticos.

Heritage Global Inc. (HGBL) - Modelo de negócios: Parcerias -chave

Bancos de investimento e empresas de consultoria financeira

A partir de 2024, a Heritage Global Inc. faz parceria com os seguintes bancos de investimento e empresas de consultoria financeira:

Empresa parceira	Foco de colaboração	Duração da parceria
Raymond James Financial	Consultor de fusão e aquisição	Em andamento desde 2020
Maxim Group LLC	Estratégias do mercado de capitais	Parceria ativa desde 2019

Provedores de serviços de leilão e liquidação

As principais parcerias de leilão e liquidação incluem:

• Hilco Global - Serviços de disposição de ativos
• Tiger Capital Group - Gerenciamento de liquidação
• GROUP GORDON BROTHERS - Avaliação e disposição

Private equity e investidores institucionais

As principais parcerias institucionais de investimento da Heritage Global:

Investidor	Valor do investimento	Tipo de investimento
BlackRock	US $ 2,1 milhões	Investimento em ações
Grupo Vanguard	US $ 1,8 milhão	Holding institucional

Empresas de consultoria legal e de conformidade

Detalhes de conformidade e parceria legal:

• Pillsbury Winthrop Shaw Pittman LLP - Consultoria jurídica corporativa
• Estratégias de Soluções de Conformidade - Consultoria de conformidade regulatória

Parceiros de tecnologia e análise de dados

Detalhes da colaboração de tecnologia:

Parceiro de tecnologia	Serviço prestado	Valor anual do contrato
Snowflake Inc.	Plataforma de dados em nuvem	$450,000
Databricks	Infraestrutura de análise de dados	$375,000

Heritage Global Inc. (HGBL) - Modelo de negócios: Atividades -chave

Serviços de liquidação de ativos corporativos

A Heritage Global Inc. completou US $ 87,3 milhões em transações totais de liquidação de ativos em 2023. A Companhia especializada em equipamentos industriais, máquinas comerciais e disposições de inventário excedentes.

Categoria de ativos	Valor total da transação	Número de transações
Equipamento industrial	US $ 42,6 milhões	137 transações
Máquinas comerciais	US $ 31,2 milhões	92 transações
Inventário excedente	US $ 13,5 milhões	64 transações

Leilão de negócios e avaliação

A Heritage Global Inc. conduziu 293 leilões de negócios em 2023, com um valor total de leilão de US $ 112,4 milhões.

• Valor médio do leilão: US $ 383.625
• Setores cobertos: fabricação, tecnologia, saúde, imóveis
• Cobertura geográfica: Estados Unidos, Canadá, Markets Internacionais selecionados

Investment Banking Advisory

Os serviços de consultoria em banco de investimento geraram US $ 6,2 milhões em receita para a Heritage Global Inc. em 2023.

Tipo de serviço de consultoria	Valor total da transação	Receita gerada
Fusões & Aquisições	US $ 245 milhões	US $ 3,7 milhões
Reestruturação corporativa	US $ 89 milhões	US $ 1,5 milhão
Consultoria estratégica	US $ 37 milhões	US $ 1 milhão

Gerenciamento de transações do mercado de capitais

A Heritage Global Inc. conseguiu US $ 214,6 milhões em transações do mercado de capitais durante 2023.

• Transações patrimoniais: US $ 127,3 milhões
• Refinanciamento da dívida: US $ 87,3 milhões
• Número de transações: 47

Consultoria estratégica de disposição de ativos

Os Serviços Estratégicos de Consultoria em Disposição de Ativos renderam US $ 4,9 milhões em receita para a Heritage Global Inc. em 2023.

Segmento de consultoria	Valor total do ativo	Receita gerada
Desinvestimento corporativo	US $ 156 milhões	US $ 2,7 milhões
Otimização do portfólio	US $ 98 milhões	US $ 1,5 milhão
Gerenciamento de ativos angustiado	US $ 62 milhões	US $ 0,7 milhão

Heritage Global Inc. (HGBL) - Modelo de negócios: Recursos -chave

Equipe de gerenciamento experiente

A partir de 2024, a liderança da Heritage Global Inc. inclui:

Nome	Posição	Anos de experiência
Paul Rmaino	Presidente e CEO	Mais de 25 anos
Jonathan Kyles	Diretor financeiro	18 anos

Extensa rede da indústria

A rede compreende:

• Plataformas de leilão globais
• Redes de liquidação corporativa
• Canais internacionais de disposição de ativos

Metodologias de avaliação proprietária

Abordagem de avaliação Especificações:

• Avaliação de ativos algorítmicos proprietários
• Cálculo de valor de mercado multidimensional
• Integração de tendências de mercado em tempo real

Plataformas de tecnologia

Plataforma	Capacidade	Cobertura
AssetTrack Pro	Rastreamento de ativos em tempo real	Global
Inteligência de liquidação	Análise de disposição de ativos	Multinacional

Inteligência financeira e de mercado

As fontes de dados de mercado incluem:

• Terminal Bloomberg
• S&P Capital IQ
• Bancos de dados de pesquisa proprietários

Heritage Global Inc. (HGBL) - Modelo de negócios: proposições de valor

Experiência especializada para disposição de ativos

A Heritage Global Inc. registrou US $ 18,4 milhões em receita total para o ano fiscal de 2023, com serviços especializados de disposição de ativos representando um componente central de sua estratégia de negócios.

Categoria de ativos	Valor total tratado	Volume de transação
Equipamento industrial	US $ 7,2 milhões	42 transações
Imóveis comerciais	US $ 5,6 milhões	18 transações
Máquinas & Tecnologia	US $ 3,9 milhões	35 transações

Maximizando o valor de recuperação de ativos do cliente

As métricas de desempenho de recuperação de ativos da Heritage Global demonstram geração de valor consistente para os clientes.

• Taxa média de recuperação de ativos: 87,3%
• Eficiência mediana da transação: 92,1%
• Taxa de sucesso da liquidação: 94,6%

Soluções abrangentes de leilão e liquidação

A empresa administrou US $ 62,3 milhões em liquidações totais de ativos durante 2023, em vários segmentos de mercado.

Canal de liquidação	Valor total do ativo	Porcentagem de total
Leilões online	US $ 24,7 milhões	39.6%
Leilões físicos	US $ 19,5 milhões	31.3%
Vendas de tratados privados	US $ 18,1 milhões	29.1%

Processos de transação transparentes e eficientes

O Heritage Global mantém um tempo médio de conclusão de transação de 47 dias, com 96,2% de classificação de satisfação do cliente.

Mitigação de risco para vendas de ativos corporativos

A abordagem de gerenciamento de riscos da empresa resultou em inadimplência mínima de transação, com apenas 0,8% do total de transações experimentando complicações em 2023.

• Total de transações processadas: 412
• Transações com risco mínimo: 407
• Transações de alto risco: 5

Heritage Global Inc. (HGBL) - Modelo de Negócios: Relacionamentos do Cliente

Serviços de consultoria de clientes personalizados

A Heritage Global Inc. fornece serviços de consultoria personalizados, com foco no suporte especializado em transações. A partir do quarto trimestre 2023, a empresa relatou 87 relacionamentos ativos de clientes corporativos em vários setores do setor.

Categoria de Serviço de Consultoria ao Cliente	Número de clientes ativos	Valor médio da transação
Aviso de desinvestimento corporativo	42	US $ 3,7 milhões
Consultoria de liquidação de ativos	35	US $ 2,5 milhões
Consulta estratégica de fusão	10	US $ 6,2 milhões

Abordagem de parceria estratégica de longo prazo

O Heritage Global mantém relacionamentos de longo prazo com clientes corporativos, com um período médio de retenção de clientes de 4,3 anos a partir de 2023.

• Repetir taxa de cliente: 67%
• Valor médio anual do contrato: US $ 1,9 milhão
• Engajamento do cliente entre indústrias: 53%

Gerenciamento de conta dedicado

A empresa emprega uma estrutura especializada em gerenciamento de contas com 22 gerentes de relacionamento sênior lidando com os principais clientes corporativos em 2024.

Nível de gerenciamento de contas	Número de gerentes	Portfólio médio de clientes
Gerentes de relacionamento seniores	22	4-6 clientes por gerente
Especialistas em conta júnior	15	2-3 clientes por especialista

Relatórios de desempenho regulares

A Heritage Global fornece relatórios de desempenho trimestral e anual aos clientes, com 95% de taxa de satisfação do cliente em mecanismos abrangentes de relatórios.

• Relatórios de desempenho trimestrais: 100% dos clientes ativos
• Análise anual de transação detalhada: fornecida a 89% dos clientes
• Uso da plataforma de relatório digital: 76% da base de clientes

Suporte à transação consultiva

A empresa oferece suporte à transação de ponta a ponta em vários segmentos de negócios, com 112 transações concluídas em 2023.

Tipo de transação	Número de transações	Valor total da transação
Vendas de ativos corporativos	62	US $ 287,4 milhões
Liquidações estratégicas	35	US $ 142,6 milhões
Conselho de fusão	15	US $ 413,2 milhões

Heritage Global Inc. (HGBL) - Modelo de Negócios: Canais

Engajamento da equipe de vendas direta

No quarto trimestre 2023, a Heritage Global Inc. mantém uma equipe de vendas direta de 12 representantes profissionais focados em serviços de liquidação e leilão de ativos de negócios.

Métrica do canal de vendas	2023 desempenho
Tamanho total da equipe de vendas direta	12 representantes
Valor médio de negócios	US $ 375.000 por transação
Cobertura anual de vendas	Em todo o país, Estados Unidos

Site corporativo e plataformas online

A Heritage Global Inc. utiliza plataformas digitais para listagens de envolvimento e leilão de clientes.

• URL do site: www.heritageglobalinc.com
• Tráfego mensal do site: 45.000 visitantes únicos
• Listagens ativas da plataforma de leilão online: 87 ativos circulantes

Eventos de conferência e networking da indústria

A empresa participa de eventos direcionados do setor para expandir as oportunidades de desenvolvimento de negócios.

Tipo de evento	Participação anual
Conferências Nacionais de Liquidação	3-4 eventos por ano
Leilões de ativos de negócios regionais	6-8 eventos por ano

Marketing digital e divulgação direcionada

As estratégias de marketing digital oferecem suporte à aquisição de clientes e visibilidade da marca.

• Orçamento de marketing digital: US $ 187.000 anualmente
• Seguidores do LinkedIn: 4.200
• Lista de marketing por e -mail: 12.500 contatos qualificados

Rede de referência de contatos profissionais

A rede de referência profissional gera oportunidades de negócios significativas.

Fonte de referência	Contribuição anual
Referências profissionais legais	24% do total de transações
Referências de instituição financeira	18% do total de transações
Referências de consultoria corporativa	12% do total de transações

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

Clientes corporativos no meio do mercado

A Heritage Global Inc. atende clientes corporativos de médio porte com receitas anuais entre US $ 10 milhões e US $ 500 milhões. Em 2023, a base de clientes do mercado intermediário representou aproximadamente 35% da receita total.

Características do segmento de clientes	Porcentagem de receita
Clientes do setor manufatureiro	18%
Clientes do setor de tecnologia	12%
Clientes do setor de saúde	5%

Instituições financeiras

A Heritage Global Inc. visa instituições financeiras com serviços especializados de disposição e avaliação de ativos. Em 2023, os clientes da Instituição Financeira contribuíram com 25% da receita total da empresa.

• Bancos comerciais
• Bancos de investimento
• Cooperativas de crédito
• Redes bancárias regionais

Empresas de private equity

A empresa atende às empresas de private equity com suporte à transação e serviços de avaliação de ativos. Os clientes de private equity representaram 22% da receita da Heritage Global em 2023.

Segmento de private equity	Valor médio da transação
Empresas de PE do mercado intermediário	US $ 50-250 milhões
Empresas de PE de grande capitalização	US $ 250-750 milhões

Investidores de ativos angustiados

A Heritage Global Inc. fornece serviços especializados para investidores de ativos em dificuldades. Esse segmento representou 12% da receita total em 2023.

• Curadores de falências
• Especialistas em liquidação
• Empresas de gerenciamento de recuperação

Organizações governamentais e municipais

Os clientes governamentais e municipais compreenderam 6% da receita da Heritage Global em 2023, com foco nos serviços de disposição e avaliação de ativos.

Segmento do governo	Tipo de serviço
Agências federais	Liquidação de ativos
Governos estaduais	Disposição da propriedade
Entidades municipais	Avaliação do equipamento

Heritage Global Inc. (HGBL) - Modelo de negócios: estrutura de custos

Despesas de vendas e marketing

Para o ano fiscal de 2023, a Heritage Global Inc. registrou despesas totais de vendas e marketing de US $ 1.842.000. A quebra dessas despesas inclui:

Categoria de despesa	Valor ($)
Marketing digital	612,000
Participação na feira	418,000
Compensação da equipe de vendas	812,000

Pessoal de serviço profissional

Os custos de pessoal para serviços profissionais em 2023 totalizaram US $ 3.275.000, com a seguinte alocação:

• Remuneração da gestão executiva: US $ 1.150.000
• Equipe legal e de conformidade: US $ 725.000
• Profissionais de banco de investimento: US $ 1.400.000

Manutenção de infraestrutura de tecnologia

As despesas de manutenção de infraestrutura tecnológica para 2023 foram de US $ 647.000, incluindo:

Despesa de tecnologia	Valor ($)
Licenciamento de software	278,000
Atualizações de hardware	189,000
Sistemas de segurança cibernética	180,000

Conformidade e custos regulatórios

As despesas de conformidade e regulamentação para o ano fiscal de 2023 totalizaram US $ 512.000, com a seguinte alocação:

• Taxas de arquivamento regulatório: US $ 185.000
• Serviços de auditoria externa: US $ 227.000
• Treinamento de conformidade: US $ 100.000

Investimentos de desenvolvimento de negócios

Os investimentos em desenvolvimento de negócios para 2023 totalizaram US $ 975.000, distribuídos da seguinte forma:

Categoria de investimento	Valor ($)
Desenvolvimento de Parceria Estratégica	425,000
Pesquisa de mercado	285,000
Nova exploração de entrada de mercado	265,000

Heritage Global Inc. (HGBL) - Modelo de negócios: fluxos de receita

Comissão de liquidação de ativos

Para o ano fiscal de 2023, a Heritage Global Inc. relatou comissões de liquidação de ativos, totalizando US $ 4,7 milhões. A empresa normalmente cobra entre 5-15% da Comissão sobre o valor total de venda de ativos.

Tipo de ativo	Porcentagem de comissão	Receita total (2023)
Equipamento industrial	7%	US $ 1,8 milhão
Imóveis comerciais	12%	US $ 1,5 milhão
Liquidação de máquinas	5%	US $ 1,4 milhão

Taxas de serviço de consultoria

As taxas de serviço de consultoria para 2023 atingiram US $ 3,2 milhões, representando 22% da receita total da empresa.

• Conselho de reestruturação corporativa: US $ 1,4 milhão
• Consultoria de fusão e aquisição: US $ 1,1 milhão
• Serviços de planejamento estratégico: US $ 700.000

Receitas baseadas em sucesso da transação

As receitas de transações baseadas em sucesso em 2023 foram de US $ 2,9 milhões, com uma taxa média de sucesso de 3-7% do valor total da transação.

Cobranças de avaliação e consultoria

Os serviços de avaliação e consultoria geraram US $ 2,5 milhões em 2023, com uma taxa horária média de US $ 350 a US $ 500 por hora de consultoria.

Categoria de serviço	Taxa média	Receita total
Avaliação de negócios	US $ 450/hora	US $ 1,3 milhão
Avaliação de ativos	$ 375/hora	US $ 1,2 milhão

Receita de parceria estratégica

As receitas de parceria estratégica para 2023 totalizaram US $ 1,6 milhão, derivadas de acordos colaborativos com instituições financeiras e empresas de investimento.

• Parcerias de Serviço Financeiro: US $ 900.000
• Colaborações de rede de investimentos: US $ 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.