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Heritage Global Inc. (HGBL) is a prominent player in the industrial and financial asset sectors, specializing in the acquisition, disposition, valuation, and lending services for surplus and distressed assets. The company plays a vital role in the circular economy by diverting useful industrial assets from landfills and maintaining an ethical supply chain through comprehensive post-sale account activity oversight of financial assets.
Heritage Global Inc. operates through two main business units: Industrial Assets and Financial Assets. Within the Industrial Assets segment, the company has three primary revenue streams:
- Heritage Global Partners (HGP): A globally recognized, full-service auction, liquidation, and asset advisory firm with a strong foothold in the industrial sector.
- Heritage Global Valuations (HGV): Specializes in the valuation of commercial and industrial assets, including inventories and machinery.
- Asset Refurbishment and Resale: Focuses on refurbishing and reselling used industrial machinery and equipment.
The Financial Assets segment involves the brokerage and specialty lending services, addressing the needs of account receivable portfolios and intellectual property transactions. Heritage Global Inc. has established itself as a reliable advisor and broker, helping clients manage and monetize their industrial and financial assets efficiently.
Heritage Global Inc. has made significant strides in recent years, expanding its global reach and enhancing its service offerings. It generates maximum revenue through its Auction and Liquidation segment, underscoring its expertise in the field. The company continues to innovate and adapt to market demands, positioning itself as a leader in asset monetization and ethical supply chain management.
Stay tuned for the latest news and updates on Heritage Global Inc. as the company continues to grow and navigate the ever-evolving industrial and financial landscapes.
Heritage Global (NASDAQ: HGBL) reported its Q3 2024 financial results, showing a decline in performance compared to the same period in 2023. Operating income decreased to $1.5 million from $2.8 million, while net income fell to $1.1 million ($0.03 per diluted share) from $2.0 million ($0.05 per diluted share). The company strengthened its balance sheet, increasing stockholders' equity to $66.1 million and net working capital to $16.2 million. The Board approved an increase in share repurchase authorization to $6.0 million, with $4.1 million remaining. The industrial segment experienced lower revenue due to fewer large auctions, while the financial assets division performed as expected.
Heritage Global Inc. (NASDAQ: HGBL), an asset services company specializing in financial and industrial asset transactions, has announced it will release its third quarter 2024 financial results after market close on Thursday, November 7, 2024. The company will host a webcast and conference call at 5:00 p.m. ET on the same day to discuss the results.
Analysts and investors can participate in the conference call using the following dial-in information:
- Domestic: 1-800-717-1738
- International: 1-646-307-1865
- Conference ID: 59480
Heritage Global Partners (HGP), a subsidiary of Heritage Global Inc. (NASDAQ: HGBL), has been appointed to conduct two major online auctions of Cue Health's assets by order of the US Bankruptcy Court. The auctions feature over 2,000 lots of state-of-the-art equipment from Cue Health, a San Diego-based healthcare technology and Covid-19 testing company.
The first auction, scheduled for August 19-20, 2024, will offer cutting-edge research, development, and laboratory equipment from Cue Health's Carrol Canyon location. The second auction, set for August 27-29, 2024, will include machine tools, packaging and assembly equipment, and facility support assets from Cue Health's manufacturing plant in Vista, CA.
Heritage Global Inc. (NASDAQ: HGBL) reported financial results for Q2 2024, showing operating income of $3.5 million, up from $3.1 million in Q2 2023. Net income was $2.5 million or $0.07 per diluted share. The company's industrial assets division performed well, with high demand for auction services. However, the specialty lending segment faced challenges as its largest borrower defaulted, leading to loans being placed in nonaccrual status. This is expected to reduce 2024 operating income by approximately $1.6 million. Despite this setback, Heritage Global's other operating businesses continue to perform well, maintaining consistent profitability.
Heritage Global Partners (HGP), a subsidiary of Heritage Global Inc. (NASDAQ: HGBL), is set to host an exclusive online auction featuring premium assets of Waitr Holdings Inc. The auction, scheduled to close on September 5, 2024, offers a unique opportunity for businesses and entrepreneurs to acquire valuable intellectual property, including:
- Over 45 premium domain names (e.g., ASAP.COM, AlcoholASAP.com)
- More than 15 trademarks (including Bite Squad, Foodify)
- Copyrights and patents for innovative products
- Exclusive customer and restaurant lists
This sale presents a rare chance to obtain top-tier assets that can significantly enhance business operations and market presence in the on-demand delivery and online ordering space.
Heritage Global (NASDAQ: HGBL), a company specializing in financial and industrial asset transactions, announced it will release its second quarter 2024 financial results after market close on Thursday, August 8, 2024.
Additionally, the company will host a webcast and conference call at 5:00 p.m. ET on the same day to discuss the results. The call will be accessible via provided domestic and international dial-in numbers and will also be available on the company's Investor Relations website.
A replay of the call will be available approximately three hours after the call concludes, with access details provided for both domestic and international participants. The webcast replay will also be available on the Investor Relations section of the company's website.
Heritage Global Partners and Integra Asset Solutions are hosting an exclusive online auction featuring woodworking and furniture manufacturing equipment from Flexsteel Industries. Bidding closes on May 21, 2024, providing businesses and individuals with the opportunity to acquire machinery and equipment tailored for furniture production. Flexsteel Industries, a leading furniture manufacturer in the U.S., offers a wide range of equipment at the auction, including routers, fabric cutters, material handling vehicles, sewing machines, and compressors. Prospective bidders can preview the equipment on May 20, 2024, and participate in the online auction through the auction website.
Heritage Global Inc. reported solid financial results for the first quarter of 2024, with operating income of $2.6 million and net income of $1.8 million. EBITDA and Adjusted EBITDA were $2.7 million and $2.9 million, respectively. The Company strengthened its balance sheet, increasing stockholders' equity to $63.0 million and net working capital to $15.0 million. M&A remains a strategic focus for future growth.
Heritage Global Partners, a subsidiary of Heritage Global Inc. (NASDAQ: HGBL), will conduct an online auction of solar assets featuring ~8.8MW of solar panels, trucks, trailers, hardware, racking, inverters, and intellectual property. The auction will run from April 30 to May 1, 2024, presenting a unique opportunity for buyers across various industries. Assets originate from Sunworks, Inc., Solcius, , Commercial Solar Energy Inc., and Sunworks United Inc.
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