HGBL

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management made the strategic decision to wind down Heritage Global Capital (HGC) to eliminate management distractions and address persistent lags in loan collections. The wind-down resulted in a $21.7 million non-cash charge, which management views as a necessary step to refocus capital on profitable, core business units. The Financial Assets division is transitioning toward an asset-light brokerage model, integrating DebtX and NLEX to serve a broader range of institutional and private sellers. Industrial Assets performance was characterized by a steady volume of smaller-scale auctions, though management noted a lack of larger market opportunities during the period. Operational improvements in the refurbishment and resale business (ALT) have led to higher quality inventory, resulting in increased asset turnover and improved profitability. The company expanded its industrial sales force to target a more diverse pipeline, including increased activity in bankruptcy assignments and new sectors like transportation and construction. Management expects a stronger second half of the year for the Industrial division, citing a pipeline that includes larger auctions across diverse sectors like pharma, food and beverage, and EV. The acquisition of Boston Note is intended to scale the seller-financed note business by expanding from residential products into the significantly larger commercial loan market. Revenue for the DebtX business is historically back-weighted, with approximately 50% to 66% of annual revenue typically occurring in the fourth quarter due to bank asset flow cycles. Strategic hiring in the industrial segment will focus on select geographic and sector coverage to capture mid-market auction opportunities ranging from $0.5 million to $10 million. The integration of Boston Note, DebtX, and NLEX is expected to create a unified sales pitch and commanding market position in non-performing and performing financial assets over the next two years. Recorded a consolidated operating loss of $20.9 million, primarily driven by the $21.7 million non-cash write-down of non-performing loans in the specialty lending business. Completed the acquisition of Boston Note Company post-quarter, a strategic bolt-on to DebtX aimed at capturing the underserved seller-financed real estate note market. Net available cash stood at $6.5 million as of June 30, 2026, after accounting for $6.7 million in payables due to clients and sellers. Management acknowledged the inherent risk in junior lending positions as a primary driver for exiting the specialty lending space. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management explained that Boston Note provides the sourcing for seller-financed notes, while DebtX provides the exit platform for performing assets and NLEX handles non-performing leads. A pre-acquisition trial of this synergy resulted in 8 closed transactions and over $0.5 million in revenue. Management expressed confidence in a positive second half, noting that the current pipeline contains larger auctions than those seen in Q1 or Q2. The recovery is expected to be broad-based, spanning pharma, food and beverage, EV, and cannabis sectors. Heritage Global intends to avoid competing with 'monster' firms for $50 million fleet auctions, instead focusing on a 'sweet spot' of $0.5 million to $10 million regional auctions. The strategy relies on high-touch 'handholding' for individual owners or struggling companies that are often overlooked by larger competitors. Management estimates they are currently addressing less than 2% of the total market, suggesting significant room for growth. The primary growth lever will be applying Boston Note's residential expertise to the commercial loan market, which management described as 50 times larger.

This article first appeared on GuruFocus. Revenue: $12.3 million in Q2 2026, down from $14.3 million in Q2 2025. Consolidated Operating Loss: $20.9 million in Q2 2026, compared to operating income of $2.2 million in the prior quarter. Industrial Assets Division Operating Income: Approximately $600,000 in Q2 2026, down from $1.3 million in Q2 2025. Financial Assets Division Operating Loss: $20.4 million in Q2 2026, compared to operating income of $2.2 million in the prior year quarter, driven by non-cash charges. Non-Cash Charges: Approximately $21.7 million in Q2 2026 related to the write-down of non-performing loans in the specialty lending business (Heritage Global Capital). Adjusted EBITDA: $1.2 million in Q2 2026, compared to $2.8 million in the prior year period. Net Loss: $15.9 million, or $0.46 per diluted share, in Q2 2026, compared to net income of $1.6 million, or $0.05 per diluted share, in Q2 2025. Stockholders' Equity: $51.9 million as of June 30, 2026, compared to $67 million at December 31, 2025. Net Working Capital: $9.4 million as of June 30, 2026. Cash Balance: $13.2 million as of June 30, 2026; net available cash balance was $6.5 million after removing client and seller payables. Warning! GuruFocus has detected 3 Warning Signs with HGBL. Is HGBL fairly valued? Test your thesis with our free DCF calculator. Release Date: August 13, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Strategic wind-down of Heritage Global Capital removes a major management distraction and allows focus on profitable core business units. Acquisition of Boston Note Company, following DebtX, expands the Financial Assets Division into new asset classes and distribution channels, with a successful trial generating over $500,000 in revenue. Industrial Assets Division shows a solid pipeline of larger auctions and diversification into new sectors like EV, cannabis, construction, and transportation. Refurbishment and resale business is performing well, with improved inventory quality leading to higher asset turnover and profitability. Balance sheet remains strong with $51.9 million in stockholders' equity and $13.2 million in cash, providing a solid foundation for future growth. Recorded $21.7 million in non-cash charges related to the wind-down of Heritage Global Capital, leading to a consolidated operating loss of $20.9 million in Q2 2026. Revenue declined to $12.3 million in Q2 2026 from $14.3 million in the prior year period, reflecting softer auction activity. Adjusted EBITDA fell to $1.2 million from $2.8 million year-over-year, indicating reduced profitability. Net loss of $15.9 million or $0.46 per diluted share, compared to net income of $1.6 million in Q2 2025, significantly impacted shareholder value. Industrial Assets Division operating income dropped to $600,000 from $1.3 million in the prior year quarter, due to a lack of larger auction opportunities. Q: Can you discuss DebtX's performance relative to Q1 and how Boston Note fits in with it? A: Ross Dove (CEO) explained that Boston Note was initially not seen as a perfect fit until after the DebtX acquisition. The combined platform allows Boston Note to expand from residential seller-financed products into commercial products, leveraging DebtX's exit platform. A trial period closed eight transactions with over $500,000 in revenue, proving the synergy. The CEO highlighted that Boston Note's non-performing loan referrals can be handled by NLEX, creating a commanding market position when all three companies are combined. Q: What does moving away from the capital segment open up in terms of time and management focus, and how does this lend itself to more acquisitions? A: Ross Dove (CEO) stated that the capital segment had become a real burden, consuming significant management time without effective improvement. The decision to wind down was supported by investors and board members. Management now focuses energy on building business units that are "ripe for growing" rather than trying to fix something difficult to fix, allowing for better capital allocation and a clearer path for future acquisitions. Q: What is your strategy or niche in the construction and transportation auction space? A: Ross Dove (CEO) clarified that Heritage Global is not targeting the massive $50 million fleet auctions dominated by larger firms. Instead, their sweet spot is regional auctions ranging from $500,000 to $5 million or $10 million. They focus on individual sellers, retiring owners, or struggling companies that need immediate, hands-on service, which fits the company's DNA and culture of one-on-one relationships. Q: Can you explain what a seller note and a carryback note is, and what is the magnitude of this market? A: Ross Dove (CEO) explained that a seller carryback note occurs when a property seller becomes the lender instead of the buyer using a bank, carrying back a first deed of trust. Boston Note has helped residential sellers monetize these notes for 30 years. The CEO noted that Boston Note was operating at under 2% of the market, indicating the market is roughly 100 times larger than what the boutique firm was handling, with significant expansion potential into commercial and jumbo real estate loans. Q: What are you seeing in the second half that gives you confidence in the auction pipeline, given softer larger auction activity in the first half? A: Ross Dove (CEO) noted that the business tends to follow slow quarters with strong ones, based on his five decades of experience. The current pipeline has larger auctions than in Q1 or Q2, with several being signed. The new business is not only in their strongest sectors (pharma, food and beverage) but also in diverse sectors, pointing to a positive second half of the year. Q: Are the recent hires on the industrial side focused on expanding outside the building, and where do you see opportunities to win new business? A: Ross Dove (CEO) indicated that the company is winning more diverse auctions across new sectors, including EV, cannabis, and food and beverage, alongside construction and transportation. The hiring is selective, not dozens of people, but aimed at ensuring broad sector and geographic coverage to capitalize on the expected growth in auction size and volume over the next one to two years. Q: How did the second quarter financial results reflect the strategic decision to wind down Heritage Global Capital? A: Brian Cobb (CFO) reported that the company recorded approximately $21.7 million in non-cash charges related to the write-down of non-performing loans. This resulted in a consolidated operating loss of $20.9 million for Q2 2026, compared to operating income of $2.2 million in the prior year quarter. The Financial Assets Division reported an operating loss of $20.4 million due to the wind down, while the Industrial Assets Division reported operating income of approximately $600,000. Q: What were the key consolidated financial metrics for the second quarter of 2026? A: Brian Cobb (CFO) reported revenue of $12.3 million, down from $14.3 million in Q2 2025. Adjusted EBITDA was $1.2 million compared to $2.8 million in the prior year period. Net loss was $15.9 million or $0.46 per diluted share, versus net income of $1.6 million or $0.05 per diluted share in Q2 2025. Stockholders' equity stood at $51.9 million with a net available cash balance of $6.5 million as of June 30, 2026. Q: How is the Industrial Assets Division performing, and what trends are you seeing in auction activity? A: Brian Cobb (CFO) noted that the Industrial Assets Division continued to execute on a steady volume of auction activity, though there is a trend of smaller-scale opportunities absent larger auctions. The refurbishment and resale business is performing well, with improvements in inventory quality translating to meaningful increases in asset turnover and improved profitability. The company remains confident in its ability to capitalize on opportunities as they arise. Q: What is the outlook for DebtX's revenue given its historical seasonality? A: Ross Dove (CEO) explained that DebtX typically generates 50% to 60%, sometimes even two-thirds, of its revenue in Q4, as its primary clients (banks) often wait until year-end for asset flow. While the pipeline is growing and transactions are closing, the company will have a much clearer picture of performance by January 1. The addition of Boston Note is expected to contribute to growth as well. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

SAN DIEGO, August 13, 2026--(BUSINESS WIRE)--Heritage Global Inc. (NASDAQ: HGBL) ("Heritage Global," "HG" or "the Company"), an asset services company specializing in financial and industrial asset transactions, today reported financial results for the second quarter and six months ended June 30, 2026. Second Quarter and First Six Months 2026 Summary of Financial Results (unaudited): EBITDA and Adjusted EBITDA are commonly used non-GAAP financial measures utilized by management as a supplemental tool to evaluate the underlying operating performance of the Company on an ongoing basis and should be considered together with Heritage Global’s GAAP financial measures. Definitions and disclosures regarding non-GAAP financial information including reconciliations are included at the end of the press release. Strategic Update As previously disclosed, the Company has made the strategic decision to substantially wind down Heritage Global Capital ("HGC"). In connection with this wind down, during the second quarter of 2026, Heritage Global recorded approximately $21.7 million in noncash charges related to the write-down of non-performing loans within its specialty lending business. Second Quarter 2026 Review Revenue of $12.3 million compared to revenue of $14.3 million in the second quarter of 2025. The Company recorded an operating loss of $20.9 million for the second quarter of 2026, compared to operating income of $2.2 million in the second quarter of 2025. The second quarter of 2026 includes a noncash impairment charge of approximately $18.2 million and a noncash provision for credit losses of approximately $3.5 million, in connection with the Company’s strategic shift to exit the specialty lending business. Adjusted EBITDA totaled $1.2 million in the second quarter of 2026 versus Adjusted EBITDA of $2.8 million in the second quarter of 2025. The Company had net working capital of $9.4 million at June 30, 2026 as compared to working capital of $18.1 million at December 31, 2025. Subsequent to quarter end, on July 31, 2026, Heritage Global completed the acquisition of substantially all of the assets of Boston Note & Mortgage III, LLC ("Boston Note Company"), a seller-financed real estate note brokerage with over 30 years of operating history. The transaction expands Heritage Global's Financial Assets platform with a complementary origination channel and is expected to contribute to segment revenue in the second half of 2026. Ross Dove, Chief Executive Officer of Heritage Global commented, "Our second quarter was shaped by our decision to substantially exit HGC - a deliberate strategic move to focus our efforts on growing our core, capital-light businesses. While this decision comes with a significant one-time non-cash impact, we believe that it is the right path forward, creating a stronger platform to grow long term shareholder value. "Just after the close of the quarter we closed our acquisition of Boston Note, which will roll into DebtX, and is in keeping with our strategy to expand our capabilities across key asset classes. Our balance sheet remains healthy, providing us with the financial flexibility to drive growth and enhanced profitability in our business." Second Quarter Conference Call Management will host a webcast and conference call on Thursday, August 13, 2026, at 5:00 p.m. ET to discuss financial results for the second quarter of 2026. Analysts and investors may participate via conference call, using the following dial-in information: 1-800-274-8461 (Domestic) 1-203-518-9814 (International) Conference ID: HGBLQ2 To access the webcast, individuals can use this link. The conference call will also be available in the Investor Relations section of the Company’s website. To listen to a live broadcast, go to the site or click on the webcast link at least 10 minutes prior to the scheduled start time in order to register. Individuals can click here to add the call details to their calendar. Replay A replay of the call will be available approximately three hours after the call ends through August 27, 2026. To access the replay, dial 1-844-512-2921 (domestic) or 1-412-317-6671 (international). The replay pin number is 11162103. A webcast replay can also be accessed on the Investor Relations section of the Company’s website. About Heritage Global Inc. ("HG") Heritage Global Inc. (NASDAQ: HGBL) values and monetizes industrial & financial assets by providing acquisition, disposition, valuation, and lending services for surplus and distressed assets. This aids in facilitating the circular economy by diverting useful industrial assets from landfills and operating an ethical supply chain by overseeing post-sale account activity of financial assets. Specialties consist of acting as an adviser, in addition to acquiring or brokering turnkey manufacturing facilities, surplus industrial machinery and equipment, industrial inventories, real estate, and charged-off account receivable portfolios through its two business units: Industrial Assets and Financial Assets. Definitions and Disclosures Regarding non-GAAP Financial Information The Company defines EBITDA as net income/loss plus depreciation and amortization, interest and other expense, and provision for income taxes. Adjusted EBITDA reflects EBITDA adjusted further to eliminate the effects of stock-based compensation. Management uses EBITDA and Adjusted EBITDA in assessing the Company’s results, evaluating the Company’s performance and in reaching operating and strategic decisions. Management believes that the presentation of EBITDA and Adjusted EBITDA, when considered together with our GAAP financial statements and the reconciliation to the most directly comparable GAAP financial measure, is useful in providing investors a more complete understanding of the factors and trends affecting the underlying performance of the Company on a historical and ongoing basis. The Company’s use of EBITDA and Adjusted EBITDA is not meant to be, and should not be, considered in isolation or as a substitute for, or superior to, any GAAP financial measure. You should carefully evaluate the financial information, below, which reconciles our GAAP reported net income to EBITDA and Adjusted EBITDA for the periods presented (in thousands). Forward-Looking Statements This communication includes forward-looking statements based on our current expectations and projections about future events. For these statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. While the Company believes the forward-looking statements contained in this communication are accurate, these forward-looking statements represent the Company’s beliefs only as of the date of this communication, and there are a number of factors that could cause actual events or results to differ materially from those indicated by such forward-looking statements, including variability in magnitude and timing of asset liquidation transactions, the collectability of the charged off receivables that secure our loan portfolio, the impact of changes in the U.S. national and global economies, and interest rate and foreign exchange rate sensitivity, as well as other factors beyond the Company’s control. Unless required by law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements, which speak only as of the date of this release. For more details on factors that could affect these expectations, please see our filings with the Securities and Exchange Commission. HERITAGE GLOBAL INC.CONDENSED CONSOLIDATED STATEMENTS OF INCOME(In thousands of US dollars, except share and per share amounts)(unaudited) HERITAGE GLOBAL INC.CONDENSED CONSOLIDATED BALANCE SHEETS(In thousands of US dollars, except share and per share amounts) HERITAGE GLOBAL INC.Reconciliation of EBITDA and Adjusted EBITDA (Non-GAAP Measures)(In thousands of US dollars) (unaudited) View source version on businesswire.com: https://www.businesswire.com/news/home/20260813946064/en/ Contacts Investor Relations: John Nesbett/Jennifer BelodeauIMS Investor Relations203/[email protected]

- Company Expects Material Non-Cash Charge in Connection With Write-Down of Non-Performing Loans Within HGC – SAN DIEGO, July 31, 2026--(BUSINESS WIRE)--Heritage Global Inc. (NASDAQ: HGBL) ("Heritage Global," "HG" or "the Company"), an asset services company specializing in financial and industrial asset transactions, today announced that it has made the strategic decision to substantially wind down Heritage Global Capital ("HGC"), the Company's specialty lending business. In connection with this wind down, Heritage Global expects to recognize a material non-cash charge in the second quarter of 2026 related to the write-down of non-performing loans within HGC. To provide additional time to determine the amount of the non-cash charge, the Company's second quarter 2026 financial results conference call has been rescheduled from Thursday, August 6, 2026 to Thursday, August 13, 2026 at 5:00 p.m. ET. Webcast and Earnings Conference Call Details Management will host a webcast and conference call on Thursday, August 13, 2026, at 5:00 p.m. ET to discuss financial results for the second quarter of 2026. Analysts and investors may participate via conference call, using the following dial-in information: 1-800-274-8461 (Domestic) 1-203-518-9814 (International) Conference ID: HGBLQ2 To access the webcast, individuals can use this link. The conference call will also be available in the Investor Relations section of the Company’s website. To listen to a live broadcast, go to the site or click on the webcast link at least 10 minutes prior to the scheduled start time in order to register. Individuals can click here to add the call details to their calendar. Replay A replay of the call will be available approximately three hours after the call ends through August 27, 2026. To access the replay, dial 1-844-512-2921 (domestic) or 1-412-317-6671 (international). The replay pin number is 11162103. A webcast replay can also be accessed on the Investor Relations section of the Company’s website. About Heritage Global Inc. ("HG") Heritage Global Inc. (NASDAQ: HGBL) values and monetizes industrial & financial assets by providing acquisition, disposition, valuation, and lending services for surplus and distressed assets. This aids in facilitating the circular economy by diverting useful industrial assets from landfills and operating an ethical supply chain by overseeing post-sale account activity of financial assets. Specialties consist of acting as an adviser, in addition to acquiring or brokering turnkey manufacturing facilities, surplus industrial machinery and equipment, industrial inventories, real estate, and charged-off account receivable portfolios through its two business units: Industrial Assets and Financial Assets. Forward Looking Statements This communication includes forward-looking statements based on our current expectations and projections about future events. For these statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. While the Company believes the forward-looking statements contained in this communication are accurate, these forward-looking statements represent the Company’s beliefs only as of the date of this communication, and there are a number of factors that could cause actual events or results to differ materially from those indicated by such forward-looking statements, including variability in magnitude and timing of asset liquidation transactions, the impact of changes in the U.S. national and global economies, and interest rate and foreign exchange rate sensitivity, as well as other factors beyond the Company’s control. Unless required by law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements, which speak only as of the date of this release. For more details on factors that could affect these expectations, please see our filings with the Securities and Exchange Commission. View source version on businesswire.com: https://www.businesswire.com/news/home/20260731806209/en/ Contacts Investor Relations: John Nesbett/Jennifer BelodeauIMS Investor Relations203/[email protected]

SAN DIEGO, July 07, 2026--(BUSINESS WIRE)--Heritage Global Inc. (NASDAQ: HGBL) ("Heritage Global," "HG" or "the Company"), an asset services company specializing in financial and industrial asset transactions, today announced that the Company will release its second quarter 2026 financial results after the market closes on Thursday, August 6, 2026. Webcast and Earnings Conference Call Management will host a webcast and conference call on Thursday, August 6, 2026, at 5:00 p.m. ET to discuss financial results for the second quarter of 2026. Analysts and investors may participate via conference call, using the following dial-in information: 1-800-274-8461 (Domestic) 1-203-518-9814 (International) Conference ID: HGBLQ2 To access the webcast, individuals can use this link. The conference call will also be available in the Investor Relations section of the Company’s website. To listen to a live broadcast, go to the site or click on the webcast link at least 10 minutes prior to the scheduled start time in order to register. Individuals can click here to add the call details to their calendar. Replay A replay of the call will be available approximately three hours after the call ends through August 20, 2026. To access the replay, dial 1-844-512-2921 (domestic) or 1-412-317-6671 (international). The replay pin number is 11162103. A webcast replay can also be accessed on the Investor Relations section of the Company’s website. About Heritage Global Inc. ("HG") Heritage Global Inc. (NASDAQ: HGBL) values and monetizes industrial & financial assets by providing acquisition, disposition, valuation, and lending services for surplus and distressed assets. This aids in facilitating the circular economy by diverting useful industrial assets from landfills and operating an ethical supply chain by overseeing post-sale account activity of financial assets. Specialties consist of acting as an adviser, in addition to acquiring or brokering turnkey manufacturing facilities, surplus industrial machinery and equipment, industrial inventories, real estate, and charged-off account receivable portfolios through its two business units: Industrial Assets and Financial Assets. Forward Looking Statements This communication includes forward-looking statements based on our current expectations and projections about future events. For these statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. While the Company believes the forward-looking statements contained in this communication are accurate, these forward-looking statements represent the Company’s beliefs only as of the date of this communication, and there are a number of factors that could cause actual events or results to differ materially from those indicated by such forward-looking statements, including variability in magnitude and timing of asset liquidation transactions, the impact of changes in the U.S. national and global economies, and interest rate and foreign exchange rate sensitivity, as well as other factors beyond the Company’s control. Unless required by law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements, which speak only as of the date of this release. For more details on factors that could affect these expectations, please see our filings with the Securities and Exchange Commission. View source version on businesswire.com: https://www.businesswire.com/news/home/20260707446453/en/ Contacts Investor Relations: John Nesbett/Jennifer BelodeauIMS Investor Relations203/[email protected]

Image source: The Motley Fool. May 7, 2026 at 5 p.m. ET Chief Executive Officer — Ross Dove Chief Financial Officer — Brian Cobb Need a quote from a Motley Fool analyst? Email [email protected] Ross Dove: Thank you, John. Good afternoon, everyone, and welcome, and thank you for joining. As always, I will add a bit of color, and then I will turn the call over to Brian to drill down line by line and dime by dime. For me, I can tell you, I now really understand the saying, "a million bucks ain't what it used to be". I can hear my mom saying, "just okay, isn't okay". And I hear you mom. Q1 earning $1 million NOI was the story really truly in two parts. It was a respectable profit but less than our goals and leaving us with some ground to make up as we move forward. Personally, I like this better not having as fast a start and having the challenge of making it up than worrying about fizzling later on. I feel good about where we're at. We're used to a challenge here at HG and excited to get the job done. The 2-part story was a solid growth performance across our existing business units and a loss that was larger than expected or anticipated in our newest DebtX acquisition. It is truly not unusual to get out of the starting gate slow right after an acquisition, and I believe that's just the story here. We have fine-tuned our growth plans and set goals across not just DebtX, but they're company-wide. After you hear from Brian, I will give you somewhat of an inside look at some of those ongoing programs that have not only begun but are in progress. Brian, you're up now. Brian Cobb: Thank you, Ross, and welcome, everyone. We started 2026 with a profitable quarter that reflects both the resilience of our core segments and the expansion of our financial asset capabilities, positioning us for improved performance over the course of the year. Consolidated operating income was approximately $1 million in the first quarter of 2026 compared to $1.4 million in the prior year quarter. Our Industrial Assets division reported steady performance with operating income of approximately $1.2 million in the first quarter of 2026 compared to $1 million in the first quarter of 2025. And in our Financial Assets division, we reported operating income of $1 million in the first quarter of 2026 compared to $1.7 million in the prior year quarter. Our Industrial Assets division saw a continued trend of high-volume auction activity throughout the quarter with limited opportunity to execute large-scale auctions. Against that backdrop, our Auction and Liquidation business saw sequential quarter-over-quarter growth while capitalizing on our real estate investment in Huntsville, Alabama. We realized a positive impact to operating income of approximately $400,000 as a result of the seller and tenants repurchase of the real estate assets in early March. The final exit of our investment in Huntsville related to the machinery and equipment is expected to occur within the next few months. In our Refurbishment and Resale business, our continued focus on upgrading inventory quality is now translating into tangible results, including faster turnover and increased profitability. Our Financial Assets division saw a sequential improvement over the fourth quarter of 2025 as well, as NLEX continues to see strong activity across key consumer asset classes, including subprime auto, where elevated delinquencies and charge-offs are driving asset supply. The first quarter transactions reflected meaningful contribution from this asset class, and we remain well positioned given our deep seller relationships and consistent execution. In January, and as mentioned on our fourth quarter 2025 earnings call, we acquired substantially all of the assets of the Debt Exchange, a leading full-service loan sale adviser that expands our capabilities in the growing secondary loan market. DebtX reported a first quarter operating loss of approximately $600,000, reflecting the seasonal nature of the business where transaction activity is typically lowest. That said, we remain excited about the segment's prospects for the remainder of 2026 and beyond, particularly as we integrate the platform and expand our business development capacity to drive incremental opportunities across our broader Financial Assets division. Additional consolidated financial results include the following: revenue was $12.7 million in the first quarter of 2026 compared to $13.5 million in the first quarter of 2025. Adjusted EBITDA was $1.4 million compared to $1.8 million in the prior year period. Net income was approximately $700,000 or $0.02 per diluted share compared to $1.1 million or $0.03 per diluted share in the first quarter of 2025. Our balance sheet is strong with stockholders' equity of $67.8 million as of March 31, 2026, compared to $67 million at December 31, 2025, with net working capital of $11.6 million. Our cash balance reflects a total of $11.6 million as of March 31, 2026, and after removing amounts due to our clients or payables to sellers on our balance sheet. Our net available cash balance was $6.2 million. And lastly, we repurchased approximately 107,000 shares in the open market during the first quarter of 2026 at an average cost per share of $1.32. We have approximately $7.4 million in remaining aggregate dollar value of shares that may be purchased under the 2025 repurchase program. And with that, Ross, I'll turn it back over to you. Ross Dove: Thank you, Brian. So our commitment across the board is entirely to growth right now. That is 100% of our focus, and I'll give you a few reasons why I think we're right on track. Not counting DebtX, everyone else had a quarter where they grew and everyone else has a pipeline where they believe they can grow throughout the rest of the year, looking at everything they're doing. We've made investments in technology. We've made investments in people. We've added sales and business development people almost across the board, and we're still in a hiring and training phase where we believe that headcount will matter and getting more people out there in front of more people is really the answer. There are a lot of openings right now. Just a few examples of some openings. NLEX had a record quarter in the subprime auto sector. It is a rapidly growing sector, one we're very good at and really believe can be the needle mover this year, and we anticipate a record year in the subprime auto sector, and we're very confident about it. HGP has added four business development sales personnel, and we believe that not too far down the road, that will expand our reach. Our valuation group is bringing in more team members going after more sectors, focusing on both the banks and also with a harder push into the nonbanks. Overall, we're comfortable with our plan. We're comfortable with our prospects, and we're comfortable with our position in the marketplace. So really, at this point in time, it is all about execution and making a solid push for growth. And that is my role as the leader, and that's what my team and I are putting every bit of effort into. Thank you for sticking with us. We look forward to talking to you throughout the year and showing you how we grow this business. Best to you all, and we're here to answer questions now or any time you wish. Operator: [Operator Instructions] And we will take our first question from Jacob Stephan with Lake Street Capital Markets. Jacob Stephan: So it seems like overall, the debt market is -- you have a solid positioning there. I'm just curious, I would like to hear a little bit more on the trends that you're seeing, notably in NLEX and also the DebtX business on the commercial residential side. Ross Dove: So on the NLEX side, we have a really, really strong pipeline now. It's led by subprime auto. It changes quarter-to-quarter and year-to-year based upon everything out there and where the supply is. We still have plenty of headroom in the credit card sector. We have plenty of headroom and some new wins in the buy now, pay later sector. And we have some of our clients that are expanding the amount of assets they're giving us. So overall, I think it's a very healthy place to be right now. We're very busy on all fronts. If you said, what are we leading with right now? I think the subprime auto loans would be at least our leader over the next quarter or two of where we think there's the most expansion, but we're looking at everything there. And we're also doing some HELOC loans and a lot of diversified loans. On the DebtX side, -- we had a slow start that's rapidly picking up. We're looking right now at very high prospects for Q2 that we're excited about bringing to fruition. The slow start sometimes can just be after an M&A deal, and it can also be after the fact that sometimes the lenders and everybody just don't get out the gate selling. They get out the gate figuring out what they want to sell. So a lot of times, you have a first 90 days where they're doing the in-house analytics and then bringing the product to market. That sales staff is out every day talking to people. We've signed up a bunch of business I don't think there's any one single CRE sector that's dominated. And that's kind of good news that it's very diverse and across the board. We have some very large deals and some smaller deals. And on the good side, they're coming from not just banks, but they're coming from specialty lenders and nonbanks and insurance companies. So we've really got a broad-based offering in Q2 and beyond. And it's kind of why we're optimistic. I'll end it there. Jacob Stephan: Great. And maybe just one more. It seems like gross margins were pretty solid this quarter. I'm curious, as we look forward with better kind of revenue, it sounds like in the future, especially from DebtX, what's kind of a good gross margin kind of level that you feel like you can reach? Ross Dove: Brian, I'll let you handle that one. Brian Cobb: Yes. So our margins -- our gross margin this quarter was improved if you look at a year ago. That really has to do with higher-margin service revenue coming from DebtX or other sides of the Financial Asset business division. So the more revenue we generate at DebtX, the higher the margins should go. We've historically had a mix of industrial and financial margins between 50% and 70%. I think as we get higher to 70% is a good target with a strong performance from the financial side. Operator: And at this time, this concludes our question-and-answer session. I will now turn the meeting back to management for closing remarks. Ross Dove: Thank you all for listening in, and thank you all for paying attention. I feel good about where we're at. I would have liked to have delivered a larger profit in Q1. But at the same time, I'm very proud that we delivered a respectable profit, although not as large as we hoped. I think as the year moves on, we have lots of upside to improve from here. We're very ambitious to do so and very bullish on our products as the year moves by. So stay tuned, and we're going to get to work. Thank you. Operator: Thank you. This concludes today's meeting. We appreciate your time and participation. You may now disconnect. 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Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management attributed the Q1 performance to a 'two-part story' featuring solid growth in legacy business units offset by a larger-than-anticipated loss in the newly acquired DebtX segment. The Financial Assets division benefited from elevated delinquencies and charge-offs in the subprime auto sector, which is currently driving significant asset supply and record activity for NLEX. Industrial Assets performance was characterized by high-volume auction activity but lacked large-scale 'needle-moving' events, though the segment benefited from a $400,000 gain on a real estate repurchase in Huntsville. The Refurbishment and Resale business is seeing faster inventory turnover and increased profitability following a strategic shift toward higher-quality inventory. Management characterized the $600,000 operating loss at DebtX as a typical post-acquisition 'slow start' exacerbated by seasonal lows in transaction activity. The company is shifting toward a headcount-driven growth strategy, adding sales and business development personnel across HGP and the valuation group to expand market reach. Management anticipates a record year in the subprime auto sector, citing a strong pipeline and deep seller relationships as primary drivers for the remainder of 2026. The DebtX segment is expected to see a rapid pickup in Q2 as lenders move from internal analytics to bringing diversified loan products to market. The company expects to finalize the exit of its Huntsville investment related to machinery and equipment within the next few months. Strategic focus is shifting toward non-bank and insurance company clients to diversify the source of loan portfolios beyond traditional banking institutions. Management expressed confidence in making up the Q1 profit shortfall throughout the year, supported by investments in technology and a broader sales force. A $600,000 operating loss was recorded for the DebtX acquisition, which management attributed to the first 90 days being focused on integration and internal analytics rather than sales execution. The company realized a $400,000 positive impact to operating income from a specific real estate repurchase by a tenant in Alabama. Heritage Global continued its capital return program, repurchasing approximately 107,000 shares at an average price of $1.32 during the quarter. Gross margins improved year-over-year due to a higher mix of service revenue from the Financial Assets division, specifically from DebtX. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. NLEX is seeing expansion in subprime auto, buy now pay later (BNPL), and HELOC loans, with existing clients increasing the volume of assets provided. DebtX prospects for Q2 are described as 'very high' and diverse, with deals coming from specialty lenders and insurance companies rather than just banks. Management targets a gross margin of approximately 70% when the financial side of the business performs strongly. Historical margins have fluctuated between 50% and 70%, but the higher-margin service revenue from DebtX is expected to drive the figure toward the upper end of that range.

SAN DIEGO, May 07, 2026--(BUSINESS WIRE)--Heritage Global Inc. (NASDAQ: HGBL) ("Heritage Global," "HG" or "the Company"), an asset services company specializing in financial and industrial asset transactions, today reported financial results for the first quarter ended March 31, 2026. First Quarter 2026 Summary of Financial Results (unaudited): First Quarter 2026 Review: Revenue of $12.7 million compared to revenue of $13.5 million in the first quarter of 2025. The Company recorded operating income of $1.0 million for the first quarter of 2026, compared to operating income of $1.4 million in the first quarter of 2025. Net income was $0.7 million or $0.02 per diluted share for first quarter of 2026, compared to net income of $1.1 million or $0.03 per diluted share in the prior-year quarter. EBITDA totaled $1.2 million in the first quarter of 2026 versus EBITDA of $1.5 million in the first quarter of 2025, and Adjusted EBITDA was $1.4 million compared to $1.8 million in the prior-year quarter. The Company had net working capital of $11.6 million at March 31, 2026 as compared to working capital of $18.1 million at December 31, 2025. The Company repurchased 106,799 shares in the open market during the first quarter ended March 31, 2026 for a total of $0.1 million, or an average cost per share of $1.32. The Company has approximately $7.4 million in remaining aggregative dollar value of shares that may be purchased under the 2025 Repurchase Program. Ross Dove, Chief Executive Officer of Heritage Global commented, "We delivered continued profitability to start 2026, with our Industrial Assets and legacy Financial Assets divisions generating positive sequential performance and improvement year-over-year. Early in the first quarter we acquired DebtX, a significant addition to our Financial Assets division that fits our strategic plans, expanding our presence in the growing secondary loan market. DebtX’s first quarter is seasonally its slowest, and together with the transition to a new parent company, the business underperformed and was the primary driver of our year-over-year decline in consolidated first quarter operating income. DebtX is expected to stabilize in the second quarter, and we remain confident in its prospects for the remainder of 2026. Finally, our balance sheet is healthy, which will allow us to invest further in driving organic growth while also evaluating additional value-enhancing acquisition opportunities." First Quarter Conference Call Management will host a webcast and conference call on Thursday, May 7, 2026, at 5:00 p.m. ET to discuss financial results for the first quarter of 2026. Analysts and investors may participate via conference call, using the following dial-in information: 1-800-274-8461 (Domestic) 1-203-518-9814 (International) Conference ID: HGBLQ1 To access the webcast, individuals can use this link. The conference call will also be available in the Investor Relations section of the Company’s website. To listen to a live broadcast, go to the site or click on the webcast link at least 10 minutes prior to the scheduled start time in order to register. Individuals can click here to add the call details to their calendar. Replay A replay of the call will be available approximately three hours after the call ends through May 21, 2026. To access the replay, dial 1-844-512-2921 (domestic) or 1-412-317-6671 (international). The replay pin number is 1161436. A webcast replay can also be accessed on the Investor Relations section of the Company’s website. About Heritage Global Inc. ("HG") Heritage Global Inc. (NASDAQ: HGBL) values and monetizes industrial & financial assets by providing acquisition, disposition, valuation, and lending services for surplus and distressed assets. This aids in facilitating the circular economy by diverting useful industrial assets from landfills and operating an ethical supply chain by overseeing post-sale account activity of financial assets. Specialties consist of acting as an adviser, in addition to acquiring or brokering turnkey manufacturing facilities, surplus industrial machinery and equipment, industrial inventories, real estate, and charged-off account receivable portfolios through its two business units: Industrial Assets and Financial Assets. Definitions and Disclosures Regarding non-GAAP Financial Information The Company defines EBITDA as net income/loss plus depreciation and amortization, interest and other expense, and provision for income taxes. Adjusted EBITDA reflects EBITDA adjusted further to eliminate the effects of stock-based compensation. Management uses EBITDA and Adjusted EBITDA in assessing the Company’s results, evaluating the Company’s performance and in reaching operating and strategic decisions. Management believes that the presentation of EBITDA and Adjusted EBITDA, when considered together with our GAAP financial statements and the reconciliation to the most directly comparable GAAP financial measure, is useful in providing investors a more complete understanding of the factors and trends affecting the underlying performance of the Company on a historical and ongoing basis. The Company’s use of EBITDA and Adjusted EBITDA is not meant to be, and should not be, considered in isolation or as a substitute for, or superior to, any GAAP financial measure. You should carefully evaluate the financial information, below, which reconciles our GAAP reported net income to EBITDA and Adjusted EBITDA for the periods presented (in thousands). Forward-Looking Statements This communication includes forward-looking statements based on our current expectations and projections about future events. For these statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. While the Company believes the forward-looking statements contained in this communication are accurate, these forward-looking statements represent the Company’s beliefs only as of the date of this communication, and there are a number of factors that could cause actual events or results to differ materially from those indicated by such forward-looking statements, including variability in magnitude and timing of asset liquidation transactions, the collectability of the charged off receivables that secure our loan portfolio, the impact of changes in the U.S. national and global economies, and interest rate and foreign exchange rate sensitivity, as well as other factors beyond the Company’s control. Unless required by law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements, which speak only as of the date of this release. For more details on factors that could affect these expectations, please see our filings with the Securities and Exchange Commission. -financial tables follow- View source version on businesswire.com: https://www.businesswire.com/news/home/20260507197207/en/ Contacts Investor Relations Contact: John Nesbett/Jennifer Belodeau IMS Investor Relations 203/972.9200 [email protected]

SAN DIEGO, April 07, 2026--(BUSINESS WIRE)--Heritage Global Inc. (NASDAQ: HGBL) ("Heritage Global," "HG" or "the Company"), an asset services company specializing in financial and industrial asset transactions, today announced that the Company will release its first quarter 2026 financial results after the market closes on Thursday, May 7, 2026. Webcast and Earnings Conference Call Management will host a webcast and conference call on Thursday, May 7, 2026, at 5:00 p.m. ET to discuss financial results for the first quarter of 2026. Analysts and investors may participate via conference call, using the following dial-in information: 1-800-274-8461 (Domestic) 1-203-518-9814 (International) Conference ID: HGBLQ1 To access the webcast, individuals can use this link. The conference call will also be available in the Investor Relations section of the Company’s website. To listen to a live broadcast, go to the site or click on the webcast link at least 10 minutes prior to the scheduled start time in order to register. Individuals can click here to add the call details to their calendar. Replay A replay of the call will be available approximately three hours after the call ends through May 21, 2026. To access the replay, dial 1-844-512-2921 (domestic) or 1-412-317-6671 (international). The replay pin number is 1161436. A webcast replay can also be accessed on the Investor Relations section of the Company’s website. About Heritage Global Inc. ("HG") Heritage Global Inc. (NASDAQ: HGBL) values and monetizes industrial & financial assets by providing acquisition, disposition, valuation, and lending services for surplus and distressed assets. This aids in facilitating the circular economy by diverting useful industrial assets from landfills and operating an ethical supply chain by overseeing post-sale account activity of financial assets. Specialties consist of acting as an adviser, in addition to acquiring or brokering turnkey manufacturing facilities, surplus industrial machinery and equipment, industrial inventories, real estate, and charged-off account receivable portfolios through its two business units: Industrial Assets and Financial Assets. Forward Looking Statements This communication includes forward-looking statements based on our current expectations and projections about future events. For these statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. While the Company believes the forward-looking statements contained in this communication are accurate, these forward-looking statements represent the Company’s beliefs only as of the date of this communication, and there are a number of factors that could cause actual events or results to differ materially from those indicated by such forward-looking statements, including variability in magnitude and timing of asset liquidation transactions, the impact of changes in the U.S. national and global economies, and interest rate and foreign exchange rate sensitivity, as well as other factors beyond the Company’s control. Unless required by law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements, which speak only as of the date of this release. For more details on factors that could affect these expectations, please see our filings with the Securities and Exchange Commission. View source version on businesswire.com: https://www.businesswire.com/news/home/20260407619233/en/ Contacts Investor Relations: John Nesbett/Jennifer Belodeau IMS Investor Relations 203/972.9200 [email protected]

12% revenue growth for the year with continued profitability and cash generation Executing on M&A strategy with recent acquisition of The Debt Exchange subsequent to year end SAN DIEGO, March 12, 2026--(BUSINESS WIRE)--Heritage Global Inc. (NASDAQ: HGBL) ("Heritage Global," "HG" or "the Company"), an asset services company specializing in financial and industrial asset transactions, today reported financial results for the fourth quarter and year ended December 31, 2025. Fourth Quarter and Year-End 2025 Summary of Financial Results (unaudited): Fourth Quarter 2025 Review: Revenue grew 10% to $11.9 million compared to revenue of $10.8 million in the fourth quarter of 2024. The Company recorded operating income of $0.8 million for the fourth quarter of 2025, compared to operating income of $1.5 million in the fourth quarter of 2024. Included within the fourth quarter of 2025 was approximately $0.4 million of expenses related to due diligence associated with M&A efforts. Net income was $0.3 million or $0.01 per diluted share for the fourth quarter of 2025, compared to net loss of $0.2 million or a loss of $0.01 per diluted share in the prior-year quarter. Fourth quarter 2025 net income was impacted by a non-cash tax allowance adjustment of $0.1 million related to expiring net operating loss carryforwards, compared to a non-cash adjustment of $1.3 million in the fourth quarter of 2024. EBITDA totaled $0.9 million in the fourth quarter of 2025 versus EBITDA of $1.6 million in the fourth quarter of 2024, and Adjusted EBITDA was $1.1 million compared to $2.1 million in the prior-year quarter. The Company had net working capital of $18.1 million at December 31, 2025 as compared to working capital of $18.5 million at December 31, 2024. Ross Dove, Chief Executive Officer of Heritage Global commented, "We reported continued solid profitability in 2025, as we capitalized on key opportunities throughout the year with strong execution across our business units. While many companies held off on larger non-essential asset sales during the year given the uncertain economy, we managed to conduct a high volume of transactions throughout the year in both our industrial and financial assets segments and continue to be well positioned to service the needs of our expanding customer base. "Most notably, we have executed an accretive and synergistic acquisition, securing a significant and defensible cornerstone within our strategic roadmap. As noted, subsequent to the end of the fourth quarter, we announced the acquisition of substantially all of the assets of The Debt Exchange ("DebtX"), a leading full-service commercial and residential real estate loan-sale brokerage and advisory platform. DebtX further strengthens our financial assets division by expanding our presence in the growing secondary loan market. As we move through 2026 and integrate DebtX, we will continue to leverage our core capabilities to drive long-term growth and profitability." Fourth Quarter and Year-End Conference Call Management will host a webcast and conference call today, Thursday, March 12, 2026, at 5:00 p.m. ET to discuss financial results for the fourth quarter and year-end 2025. Analysts and investors may participate via conference call, using the following dial-in information: 1-800-274-8461 (Domestic) 1-203-518-9814 (International) Conference ID: HGBLQ4 To access the webcast, individuals can use this link. The conference call will also be available in the Investor Relations section of the Company’s website. To listen to a live broadcast, go to the site or click on the webcast link at least 10 minutes prior to the scheduled start time in order to register. Individuals can click here to add the call details to their calendar. Replay A replay of the call will be available approximately three hours after the call ends through March 26, 2026. To access the replay, dial 1-844-512-2921 (domestic) or 1-412-317-6671 (international). The replay pin number is 11161063. A webcast replay can also be accessed on the Investor Relations section of the Company’s website. About Heritage Global Inc. ("HG") Heritage Global Inc. (NASDAQ: HGBL) values and monetizes industrial & financial assets by providing acquisition, disposition, valuation, and lending services for surplus and distressed assets. This aids in facilitating the circular economy by diverting useful industrial assets from landfills and operating an ethical supply chain by overseeing post-sale account activity of financial assets. Specialties consist of acting as an adviser, in addition to acquiring or brokering turnkey manufacturing facilities, surplus industrial machinery and equipment, industrial inventories, real estate, and charged-off account receivable portfolios through its two business units: Industrial Assets and Financial Assets. Definitions and Disclosures Regarding non-GAAP Financial Information The Company defines EBITDA as net income/loss plus depreciation and amortization, interest and other expense, and provision for income taxes. Adjusted EBITDA reflects EBITDA adjusted further to eliminate the effects of stock-based compensation. Management uses EBITDA and Adjusted EBITDA in assessing the Company’s results, evaluating the Company’s performance and in reaching operating and strategic decisions. Management believes that the presentation of EBITDA and Adjusted EBITDA, when considered together with our GAAP financial statements and the reconciliation to the most directly comparable GAAP financial measure, is useful in providing investors a more complete understanding of the factors and trends affecting the underlying performance of the Company on a historical and ongoing basis. The Company’s use of EBITDA and Adjusted EBITDA is not meant to be, and should not be, considered in isolation or as a substitute for, or superior to, any GAAP financial measure. You should carefully evaluate the financial information, below, which reconciles our GAAP reported net income to EBITDA and Adjusted EBITDA for the periods presented (in thousands). Forward-Looking Statements This communication includes forward-looking statements based on our current expectations and projections about future events. For these statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. While the Company believes the forward-looking statements contained in this communication are accurate, these forward-looking statements represent the Company’s beliefs only as of the date of this communication, and there are a number of factors that could cause actual events or results to differ materially from those indicated by such forward-looking statements, including variability in magnitude and timing of asset liquidation transactions, the collectability of the charged off receivables that secure our loan portfolio, the impact of changes in the U.S. national and global economies, and interest rate and foreign exchange rate sensitivity, as well as other factors beyond the Company’s control. Unless required by law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements, which speak only as of the date of this release. For more details on factors that could affect these expectations, please see our filings with the Securities and Exchange Commission. -financial tables follow- View source version on businesswire.com: https://www.businesswire.com/news/home/20260312681085/en/ Contacts Investor Relations Contact: John Nesbett/Jennifer Belodeau IMS Investor Relations 203/972.9200 [email protected]