Tóm tắt Cuộc họp Báo cáo Kết quả Kinh doanh Quý 2/2026 của Heritage Global (HGBL)

Heritage Global, Inc. đã báo cáo khoản lỗ lớn trong quý 2 sau khi quyết định thu hẹp và đóng cửa Heritage Global Capital. Ban lãnh đạo cho biết động thái này sẽ chuyển hướng vốn và sự chú ý sang mảng kinh doanh đấu giá công nghiệp và nền tảng môi giới tài chính ít tiêu tốn tài sản (asset-light).

Những điểm chính

• Heritage Global đã ghi nhận khoảng 21,7 triệu USD chi phí phi tiền mặt liên quan đến việc trích lập giảm giá các khoản nợ xấu thuộc Heritage Global Capital.
• Doanh thu quý 2/2026 giảm xuống 12,3 triệu USD từ mức 14,3 triệu USD trong quý 2/2025. EBITDA điều chỉnh giảm xuống 1,2 triệu USD từ mức 2,8 triệu USD.
• Công ty báo cáo khoản lỗ ròng 15,9 triệu USD, tương đương 0,46 USD trên mỗi cổ phiếu pha loãng, so với thu nhập ròng 1,6 triệu USD, tương đương 0,05 USD trên mỗi cổ phiếu pha loãng cùng kỳ năm trước.
• Bộ phận Tài sản Công nghiệp đạt khoảng 0,6 triệu USD thu nhập hoạt động, so với 1,3 triệu USD trong quý 2/2025, do hoạt động đấu giá vẫn tập trung chủ yếu vào các cơ hội quy mô nhỏ hơn.
• Heritage Global đã hoàn tất việc mua lại phần lớn tài sản của Boston Note Company sau khi kết thúc quý, bổ sung các giấy nợ bất động sản do người bán tài trợ vốn vào nền tảng môi giới DedEx và NLEX của mình.
• Ban lãnh đạo cho biết danh mục dự án đấu giá công nghiệp hiện chứa các cuộc đấu giá lớn hơn so với quý 1 và quý 2, đồng thời bày tỏ sự tự tin vào nửa cuối năm khởi sắc hơn, dù lưu ý rằng thời điểm diễn ra các cuộc đấu giá vẫn chưa đồng đều.

Dữ liệu tài chính chính

Hiệu quả Hoạt động và Kinh doanh

Thu hẹp và đóng cửa Heritage Global Capital

Ban lãnh đạo cho biết Heritage Global Capital đã trở thành một yếu tố gây xao nhãng vận hành đáng kể khi việc thu hồi nợ tiếp tục trì trệ và không có sự cải thiện. Công ty xác định rằng việc tiếp tục rót thêm vốn vào hoạt động cho vay thứ cấp không phải là cách sử dụng nguồn lực tối ưu.

Việc đóng cửa đã dẫn đến khoản chi phí phi tiền mặt khoảng 21,7 triệu USD. Ban lãnh đạo kỳ vọng quyết định này sẽ giải phóng thời gian và nguồn vốn cho các mảng kinh doanh mà công ty đánh giá là có lợi nhuận, có khả năng mở rộng quy mô và đóng vai trò trung tâm đối với tương lai của Heritage Global.

Bộ phận Tài sản Tài chính

Nếu không tính các khoản chi phí liên quan đến HGC, ban lãnh đạo đánh giá kết quả quý của bộ phận này ở mức khá tốt. NLEX tiếp tục hoạt động tích cực trong các giao dịch nợ xóa sổ và nợ xấu, trong khi Heritage Global bắt đầu ghi nhận lợi nhuận từ DedEx, công ty mà họ đã mua lại vào tháng 1 năm 2026.

DedEx phục vụ các ngân hàng và bên bán khác với tư cách là đơn vị tư vấn bán khoản vay trọn gói. Ban lãnh đạo lưu ý rằng từ trước đến nay, 50% đến 60%, và đôi khi lên tới hai phần ba doanh thu hàng năm của DedEx được tạo ra trong quý 4. Công ty cho biết danh mục dự án đang mở rộng, nhưng đưa ra cảnh báo rằng kết quả hoạt động sẽ rõ ràng hơn vào ngày 1 tháng 1.

Boston Note Company giúp mở rộng nền tảng sang mảng giấy nợ bất động sản nhà ở và thương mại do người bán tài trợ vốn. Trước khi hoàn tất việc mua lại, Heritage Global đã tiến hành thử nghiệm kéo dài nhiều tháng, chốt được 8 giao dịch và tạo ra doanh thu hơn 500.000 USD.

Ban lãnh đạo tin rằng Boston Note, DedEx và NLEX có thể vận hành như một nền tảng phân phối kết hợp, bao phủ cả tài sản tài chính đủ tiêu chuẩn và nợ xấu. Boston Note có thể tìm kiếm nguồn giấy nợ do người bán tài trợ vốn, DedEx cung cấp nền tảng thoái vốn, còn NLEX bổ sung năng lực xử lý các khoản nợ xấu.

Bộ phận Tài sản Công nghiệp

Thu nhập hoạt động của Bộ phận Tài sản Công nghiệp đã giảm xuống còn khoảng 0,6 triệu USD do thị trường tiếp tục tạo ra các hợp đồng nhiệm vụ quy mô nhỏ hơn và ít cuộc đấu giá lớn hơn. Hoạt động tân trang và bán lại có kết quả tốt hơn, nhờ chất lượng hàng tồn kho được cải thiện hỗ trợ vòng quay tài sản nhanh hơn và lợi nhuận cao hơn, theo ban lãnh đạo.

Công ty đã mở rộng lực lượng bán hàng một cách có chọn lọc và đang theo đuổi các dự án trong nhiều lĩnh vực như dược phẩm, thực phẩm và đồ uống, xe điện, cần sa, xây dựng và vận tải. Ban lãnh đạo cho biết danh mục dự án hiện tại bao gồm các cuộc đấu giá lớn hơn so với nửa đầu năm và một số hợp đồng đang được ký kết.

Trong lĩnh vực xây dựng và vận tải, Heritage Global đang hướng tới các dự án cấp khu vực và các chủ sở hữu tự vận hành thay vì cạnh tranh trong các cuộc đấu giá đội xe quy mô lớn nhất. Ban lãnh đạo mô tả các cuộc đấu giá trị giá từ khoảng 500.000 USD đến 5 triệu–10 triệu USD là phân khúc ưa thích của công ty.

Rủi ro và các khía cạnh cần theo dõi

• Hoạt động thu hồi nợ của HGC tiếp tục trì trệ, và ban lãnh đạo nhấn mạnh tính không chắc chắn của khả năng thu hồi trên hàng nghìn tài khoản, đặc biệt là ở những khoản vay mà công ty nắm giữ vị thế thứ cấp.
• Mảng kinh doanh đấu giá công nghiệp vẫn diễn ra không đồng đều, với những giai đoạn giao dịch nhỏ lẻ tiếp nối bằng các giao dịch lớn hơn. Do đó, thời điểm và việc hoàn tất các cơ hội trong danh mục dự án vẫn mang tính không chắc chắn.
• Doanh thu của DedEx tập trung phần lớn vào quý 4, làm hạn chế khả năng đánh giá hiệu quả kinh doanh cả năm từ thương vụ thâu tóm này cho đến thời điểm muộn hơn trong năm.
• Việc tích hợp Boston Note với DedEx và NLEX sẽ diễn ra trong vòng 6 tháng đến 2 năm tới, theo ban lãnh đạo, và các hiệu ứng cộng hưởng dự kiến vẫn chưa được hiện thực hóa đầy đủ.

Điểm tin Hỏi & Đáp với Chuyên gia Phân tích

• Phù hợp chiến lược của Boston Note: Ban lãnh đạo cho biết vụ thâu tóm trở nên hấp dẫn hơn sau khi Heritage Global mua lại DedEx. Boston Note có thể mở rộng từ các giấy nợ bất động sản nhà ở do người bán tài trợ vốn sang các khoản vay bất động sản thương mại, quy mô lớn (jumbo) và nợ xấu thông qua việc sử dụng các kênh phân phối hiện có của công ty.
• Thị trường tiềm năng cho giấy nợ do người bán tài trợ: Dựa trên phân tích ban đầu của Heritage Global, ban lãnh đạo cho biết Boston Note chiếm chưa đến 2% thị trường nhà ở và đánh giá cơ hội tổng thể rộng lớn hơn đáng kể so với quy mô kinh doanh hiện tại của Boston Note.
• Danh mục dự án công nghiệp: Ban lãnh đạo cho biết các cuộc đấu giá lớn hơn đang gia nhập danh mục dự án và kỳ vọng hoạt động sẽ cải thiện trong nửa cuối năm. Các cơ hội cũng đang trở nên đa dạng hơn trên nhiều lĩnh vực.
• Chiến lược trong lĩnh vực xây dựng và vận tải: Heritage Global sẽ tập trung vào các cuộc đấu giá cấp khu vực và các bên bán cá thể yêu cầu dịch vụ hỗ trợ trực tiếp, thay vì theo đuổi các giao dịch đội xe trị giá khoảng 50 triệu USD vốn bị chi phối bởi các đối thủ cạnh tranh lớn hơn.
• Phân bổ vốn và trọng tâm quản lý: Việc đóng cửa HGC cho phép ban lãnh đạo ngừng phân bổ nguồn lực cho một nền tảng cho vay khó khắc phục và tập trung vào việc mở rộng các mảng kinh doanh mà công ty đánh giá là có vị thế tốt hơn để tăng trưởng.

Toàn văn Biên bản Cuộc họp Báo cáo Kết quả Kinh doanh

Toàn văn cuộc gọi công bố kết quả kinh doanh

Phần trình bày của ban lãnh đạo

Operator

Thank you. assistance at any time, please press star zero and a member of our team will be happy to help you. Hello and welcome everyone joining today's Heritage Global, Inc. second quarter 2026 earnings call. This time all participants are in a listen-only mode. Later you will have the opportunity to ask questions during the question and answer session. To register to ask a question at any time, please press star 1 on your telephone keypad. Please note this call has been recorded. We are standing by should you need any assistance.

Unknown Speaker

It is now my pleasure to turn the meeting over to Jen Belladeau. Please go ahead. Thank you, and good afternoon, everyone. Before we begin, I'd like to remind everyone that this conference call contains forward-looking statements based on our current expectations and projections about future events and are subject to change based on various important factors. In light of these risks, uncertainties, and assumptions, you should not place undue reliance forward-looking statements, which speak only as of the date of this call. For more details on factors that could affect these expectations, please see our filings at the Securities and Exchange Commission. Now I'd like to turn the call over to Heritage Global's Chief Executive Officer, Mr. Ross Dove. Please go ahead, Ross.

Ross Dove

Welcome everyone and thanks for joining us today. Before I turn it over to Brian to go through the financials, I want to take a few minutes to add some color to our recent news. Closing Heritage Capital was at a point of no return where it became both obvious and necessary on multiple fronts. First, the distraction on managed management team, then coupled with the continued lag on collections that was not improving. Our board and many investors had weighed in for several months that all focus should now be on growing the business units that are both profitable and strong and core to our future. Honestly, it's a relief moving forward to just do that. It can be hard to fold, but I look at the great poker player Stu Unger, and maybe he had the best advice of all.

Fold to live to fold again. With that, everyone here is moving on, building the business units that are built to last. On the financial side, our acquisition of Boston Note that followed the DedEx acquisition is very exciting. With DedEx, along with NLEX and Boston Note, we have an asset-light brokerage now that truly serves a broad and diverse range of purposes. financial asset classes, both performing and non-performing, and covering institutional and private sellers, with all the building blocks ready to accelerate growth. It's exciting. On the industrial side, we have expanded our sales force and already see an expanded and more diverse sector pipeline with more bankruptcy assignments and also added transportation and construction products which are additive to our well respected and key manufacturing and processing auctions. We have built an extremely robust inventory holding at ALT us more buyers to the HG family as well. The trucker is simple and up to us. grow it strong, and build to last.

With that, I pass it back to Brian.

Brian Cobb

Thank you, Ross, and welcome, everyone. During the second quarter, we made the strategic decision to substantially wind down Heritage Global Capital in In connection with this wind down, we recorded approximately $21.7 million in non-cash charges during the second quarter related to the write down of non-performing loans within our specialty lending business. The second quarter impact, we believe this is the right path forward in order to create a stronger platform anchored in the fundamentals of our core business that allows for growth and long-term shareholder value. We recorded a consolidated operating loss of 20.9 million in the second quarter of 2026 compared to consolidated operating income of 2.2 million in the prior quarter. Our Industrial Assets Division reported operating income of approximately $600,000 in the second quarter of 2026, compared to $1.3 million in the second quarter of 2025. In our financial assets division, due to the wind down of HGC, we reported an operating loss of 20.4 million in the second quarter of 2026, compared to operating income of 2.2 million in the prior year quarter. Our Industrial Assets Division continued to execute on a steady volume of auction activity, though we've continued to see a similar trend of smaller-scale opportunities absent larger auctions in the marketplace.

With that said, we're seeing a solid pipeline of activity and remain confident in our ability to capitalize on opportunities in this space as they arise. Our refurbishment and resale business has been performing well, as we're seeing our improvements to the quality of inventory continuing to translate to meaningful increases in asset turnover and improved profitability. Our financial assets division was impacted this quarter by non-cash charges associated with the wind down of HCC. Excluding these charges, the division reported a decent quarter as we saw continued activity in NLEX across the charge-off and non-performing loan space and began to realize gains from DedEx, a leading full-service loan sale advisor that we acquired in January of 2026. Subsequent to the quarter, we completed the acquisition of substantially all of the assets of the Boston Note Company, a seller financed real estate brokerage with over 30 years of operating history in the residential space. The transaction acts as a bolt onto DedEx and expands our financial assets platform as we look to enter additional asset classes and distribution channels while expanding upon the seller note category, which we believe is ripe with opportunity. We look forward to integrating Boston Note into the business and building upon their well-earned reputation in the marketplace.

Additional consolidated financial results include the following. Revenue was 12.3 million in the second quarter of 2026, compared to 14.3 million in the second quarter of 2025. Adjusted EBITDA was 1.2 million compared to 2.8 million in the prior year period. Net loss was 15.9 million or 46 cents per diluted share compared to net income of 1.6 million or 5 cents per diluted share in the second quarter of 2025. Our balance sheet remains a strength with stockholders equity of 51.9 million as of June 30, 2026, compared to 67 million at December 31, 2025. with a net working capital of 9.4 million. Our cash balance reflects a total of 13.2 million as of June 30, 2026. And after removing amounts due to our clients or payables to sellers on our balance sheet, net available cash balance was 6.5 million.

With that, Ross, I'll turn it back over to you.

Ross Dove

Thank you, Brian. So just as an ending, my thinking on all of this. 50 years ago, when I lost my first deal, I took the long walk from the front of our warehouse to the back of the warehouse to face my grandfather. And I told my grandfather, I feel really, really bad about the loss. He was at 5 o'clock having his normal bourbon, sitting at his desk, and he said to me, Rossy boy, kid, I feel really, really good that you feel really bad. Now, flash forward 50 years to where I'm the age he was then, and I understand exactly what he meant, and I know exactly what we need to do to get out of feeling really bad and start feeling really good. So that is the plan. That is all the effort, and that is everything we're going to do. to move forward on the platforms that are strong and say goodbye to the platform that held us back. So, an onward and upward, I'm proud to announce, thank you all for everything you've done, sticking with us and staying with us, and we're on our way in the right direction. Best to all, and we're around to answer any questions.

Operator

Thank you. At this time, we will open the floor for questions. And we'll take our first question from Jacob Steffen with Lake Street Capital Market. Please go ahead. Your line is open.

Unknown Speaker

Hey, guys, appreciate you taking the questions. Maybe just first, kind of focusing on, you know, the two businesses that were recently acquired and maybe, you know, touching on how they kind of fit together. I'm wondering if you could talk about, you know, DedX's performance relative to Q1. And then also just, you know, how does Boston Note fit in with that?.

Ross Dove

I'll start with how Boston Note fits in. This is Ross talking. We originally looked at Boston Note, and we didn't see where we were the perfect partner to Boston Note until after we acquired DedEx. Once we acquired DedEx, we really saw that there was an opportunity for Boston Note to convert from just doing seller financed residential products to also seller financed commercial products. And we knew that Dedex had an unparalleled exit platform if as long as they could find the assets. We ran a trial for several months and during the trial we closed eight transactions. and over a half a million dollars in revenue. And it really became kind of air apparent that they fit like a glove. We had already acquired Dedex and we knew that putting Boston Note in tandem with them was going to really create some synergy.

We also knew that Boston Note turned down pretty much every kind of non-performing loan that was brought to them and we had an avenue, second to none, on non-performing loans with NLEX. So when we looked at it, we said, putting these three companies under one roof will give us a commanding position in the marketplace. And we feel that on a go-forward basis, you're going to see that over the next six months, year, two years as we blend them together, unify our sales pitch, and get them all working in consortiums. So we're really excited about what we think we can build there.

Unknown Speaker

Got it. And then, sorry, I might have missed this in the comments, but the DedEx acquisition relative to Q1,.

Ross Dove

I guess your comments made it seem like things have improved off of a seasonally slow quarter, but any kind of comments there? They're a company that over the last, maybe, and Brian can give you the exact details, but over at least the last half decade, almost... 50 to 60 percent, sometimes even two-thirds of their revenue comes in Q4. Their revenue primarily comes from banks, and while their revenue comes from banks, it's very common for the banks to wait until the end of the year for a lot of the asset flow. So we'll we'll know a lot better by January 1st, how well we're doing, but the pipeline is growing and transactions are closing, and we're also adding the Boston note transaction. So, you know, I don't want to overstate, you know, what hasn't happened yet, but we're on the right track.

Unknown Speaker

Okay. And then maybe just touching on the auction activity, it sounded like the larger type auctions were a little bit softer or few and far between in the first half. I guess, what are you seeing in the second half that kind of gives you confidence in the pipeline that you referenced? Yes.

Ross Dove

It's almost like when we're slow for one or two quarters, we almost follow with one or two, three strong quarters afterwards. I've been doing this for five decades, and it's just the nature of the business that everything kind of comes in shifts. Yes. you go from doing a bunch of smaller auctions to do a bunch of bigger auctions just to just by the sheer nature of the macro economy. Our pipeline has larger auctions now than it did in Q1 or Q2, and we're signing several of those. So all roads lead to a positive second half of the year. And the good news is a lot of the things we're signing now are not just in our strongest sectors, the pharma sector, the food and beverage sector, but they're in a lot of diverse sectors where we're also good. So, you know, I think there's bright days ahead on the industrial side.

Operator

Great. I appreciate all the color. I'll turn it over. Thank you. We'll take our next question from George Sutton with Kirk Callum. Please go ahead. Your line is open.

Phần hỏi đáp

Logan W Lillehaug

George hey hey Ross Brian you actually have Logan on for George here thanks for taking the question so First one, Ross, obviously the capital segment has been in a tough spot here for several quarters. I wonder if you could just talk about what moving away from that opens up in terms of time and management focus. I guess how should we think about this move kind of lending itself to your desire to do more acquisitions? Yes, it became a real burden because in the end of the day,.

Ross Dove

it was taking a lot of management time without us necessarily doing anything really, truly effective to improve it. And in the end of the day, I mean, nobody can ever be sure with thousands of accounts what you're going to collect back. But if you're in a junior position, there's always risk. So it just got to the point where we said, look, this is not the best place for us going forward to either operate or to put more capital. That there's way better places to put our capital. It's time to... It's time to basically end trying to fix something that is difficult to fix and try to focus all the energy on building what doesn't need fixing but is ripe for growing. So it became kind of obvious. of investors kept saying it's the right move.

Lots of board members kept saying it was the right move. And at some point in time, everyone in management kind of all stood up together and said, all right, if we're ever going to do it, let's do it now. So, you know, the best thing I can tell you is it does feel good to have it over.

Logan W Lillehaug

with. Got it. And you mentioned doing some more hiring on the industrial side. I mean, in the past, you've talked about maybe trying to add more business on that side that's outside the building. I'm curious if any of that hiring is focused there, or maybe just in general, help us understand kind of where you see opportunity to win new business there. We've been winning in most of the time.

Ross Dove

more diverse auctions, not just outside the building, but in other sectors. You know, there's lots of new sectors that are basically getting busy now. The EV sector is getting busy. The cannabis sector is getting busy. Lots of the food and beverage sectors are getting busy. So there's lots of kind of inside the building manufacturing getting busy, coupled with a lot of outside the building construction and transportation transportation. So when you see this kind of broad group of asset classes getting busy, We're just building up because we think the amount of auctions and the size of auctions are going to grow over the next year or two years.

And we want to make sure that we have the right sector and geographic coverage. So, you know, this is not the type of business where we're looking to hire dozens of people. but we're going to add some select people to make sure we get as broad a coverage as we can.

Operator

Okay, thanks for taking the questions. Thank you. Thank you. We'll take our next question from Michael Diana with Maxim Group. Please go ahead. Your line is open. Hi, Michael.

Michael Diana

Thank you. Hey, Ross. So you mentioned construction and transportation, which has been very successful for other people. What is your strategy or niche or whatever that you're going for there?.

Ross Dove

Yes, the really, really big firms doing it, and there's obviously one monster firm, we're not out to try to take them on. There are lots of regional auctions. where in the end of the day, they're underneath the radar of somebody at that size. Half a million dollar auctions, million dollar, two million dollar auctions. And those are really kind of our sweet spot. The auctions, you know. from basically half a million to five to 10 million of our sweet spot. We're not looking to win the $50 million fleet auctions, but the individual owner retiring or the struggled company with some financial trouble that needs someone to come in right away with a lot of hand holding, kind of really fits our DNA and culture. And we've won what I'll call kind of one-off transactions that aren't from the biggest institutions or the biggest rental companies, but from individual sellers who were looking to really with somebody on a one-on-one basis and and we think there's a lot of that coming forward right now and so we just want to make sure we can serve that market Michael.

Michael Diana

Yes, okay, that's what I figured, that's great. So you're in an area where you can compete well. Going to Boston Node, I'm somewhat ignorant on the terminology there. Could you just explain to us what a seller node and a carryback node is?.

Ross Dove

I sure can. So when an individual sells a property, it could be his residential property. It could be multifamily. It could be any really category of property. It could be any kind of commercial property. And an individual sells that property. And for whatever reason. The buyer won't either qualify for a bank loan or the seller of the property wanted a steady income and said, you don't need to go to the bank. I will become your lender. He carries back the loan. So the seller carried back a first deed of trust. trust secured by the collateral of the property he used to own.

Now, one year later, two years later, three years, four years later, for whatever reason, he wishes he could monetize that loan and he really would like to get all of this cash, not get the month. payments anymore. So he didn't really know where to go. He or she, as an individual, it wasn't that simple to go find a bank, to sell it to. So Boston Note for the last 30 years, primarily on the residential side, it says, come to us. and we will get you all cash and get you out of that seller carry back and you'll be done with it and have the money in the bank. We figured out with the CEO of Boston Note, what if you did this for commercial loans, which is, you know, 50X bigger business, and what if you did this for larger jumbo real estate loans and non-performing loans and really extended the offering, what would it look like? And he said, would it look like a lot more profitable, a lot larger company? How can you execute this? And we said, we think because of the two companies we already own, that putting everything together, we think it can really scale.

Michael Diana

Okay, that sounds very logical. Do you have any idea, does anybody keep track of the magnitude of just the residential part of the market? I mean, how many of these carry-back notes are out there? Yes.

Ross Dove

All I know, I don't have the exact number, when we did the original... basically analysis you know we were under two percent of the market so the market is you know a hundred times bigger than what boston note which is the boutique firm was doing.

Michael Diana

Okay. Okay, great. Okay. Thanks, Ross. Thank you, Michael.

Operator

Thank you. I'm showing no additional questions at this time. I'd like to now turn the meeting back to Rosto for any additional or closing remarks.

Ross Dove

Thank you all for attending. We got our work cut out for us, but we're very comfortable that we're in the right place at the right time with the right plan. So, you know, keep an eye on us and I think you'll be very pleased as we move forward through the year. Thank you all and anybody who has questions, And just you can contact us at any time, and we'd love to chat with you. Thank you again. Bye-bye.

Operator

Thank you. This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.

This live transcript is auto-generated without human intervention or review.

[Call has ended.]