Heritage Global (HGBL) 2026年第三季度财报电话会：工业资产领跑业绩

核心要点

• 2026年第三季度营收从上年同期的1140万美元增至1460万美元，而合并营业利润则从130万美元降至100万美元。
• 净利润增至100万美元，稀释每股收益为0.03美元；而2025年第三季度净利润约为60万美元，稀释每股收益为0.02美元。
• 工业资产业务领跑本季度业绩，营业利润从约90万美元增至150万美元。管理层指出，这主要得益于健康的拍卖交易量、规模更大的交易以及涉及行业领域的进一步拓宽。
• 金融资产业务营业利润从160万美元降至约80万美元。Bossa Nova的表现超出了管理层的初期目标，但DebtX仍不及预期。
• Heritage Global向一家合资企业投资了200万美元，该合资企业收购了科罗拉多州的两处制药基地。设备变现工作正在进行中，而房地产相关的损益影响预计将从2027年开始显现，并可能延续至2028年。
• 在收购DebtX和Bossa Nova之后，管理层正优先推进有机增长、业务整合和可用流动性管理。开展额外并购的紧迫性有所降低，但公司仍打算保持灵活性，以把握极具吸引力的机遇。

核心财务数据

此外，Heritage Global还与C3 Bank达成了一项新的1000万美元循环信贷额度，期限至2028年1月。截至2026年9月30日，公司已提取200万美元，用于为其最新的HGP合资企业支付首期现金出资。

业务与经营表现

工业资产业务

工业资产业务是主要的利润驱动力。除深耕已久的生物技术和制药领域外，Heritage Global还在交通运输、金属加工和半导体市场开展了多场拍卖活动。

管理层表示，储备项目中包含货运卡车、食品加工和医疗器械领域的多个大型机遇。尽管未提供正式的财务预测，但管理层预计更为多元化的业务组合将对2026年第四季度及2027年的业务活跃度形成支撑。

在库存质量改善和新增资产的推动下，该公司的ALT翻新与转售业务同样交出了管理层口中“又一个表现良好季度”的成绩单。

科罗拉多州制药基地

HGP向一家合资企业投资了200万美元，该合资企业收购了科罗拉多州的两处制药基地。Heritage Global计划举行五场拍卖，涵盖超过5000批次的制药与生物技术资产。

该公司还在考虑出租、出售或开发这些物业。管理层表示，房地产变现过程预计要到2027年才会对损益产生影响，且可能要到2028年才能完成。该项目可能需要追加支出并做出战略决策。

金融资产业务

在呆账核销和不良贷款交易平稳的背景下，NLEX取得了稳健的业绩。管理层表示，供应增加导致定价有所放缓，这意味着需要更高的交易量来驱动增长。该公司正在物色更多的远期协议客户，包括金融科技公司和另类借贷机构。

7月下旬被收购的Bossa Nova超出了管理层的初期目标，并迅速完成了整合。然而，DebtX第三季度的表现未达预期。管理层将这一不及预期的表现部分归因于商业地产贷款出售进度慢于预期，目前正扩大销售与营销覆盖范围，以拓展非银行类卖家客户。

HGC的停业清算正按计划进行。该专业借贷部门在第三季度产生了约25万美元的成本，预计第四季度的成本规模与此相当，并在新年开始逐步下降。具体的清算法律费用被认定为对财务影响不重大。

管理层展望

在工业资产业务项目储备以及DebtX更为强劲的第四季度预测支撑下，管理层对2026年的强势收官表示信心。上述表态属于定性评价，并未提供合并营收或利润指引。

展望2027年，管理层预计将迎来更广阔的工业拍卖机遇，NLEX、DebtX与Bossa Nova之间的协同效应也将进一步增强。同时，随着清算工作的推进，公司预计与HGC相关的运营成本将有所下降。

资本配置重心正转向有机增长、业务整合以及保留现金以备潜在的更大规模工业资产收购。管理层表示，并购的紧迫性已不如DebtX和Bossa Nova交易前那般迫切，而现有的股份回购计划仍是董事会正在评估的数个选项之一。

风险与关注要点

• DebtX的表现仍低于管理层预期，其改善在一定程度上取决于商业地产资产出售的时间节点和交易规模。
• 随着市场供应增加，NLEX面临交易价格下行的压力，需要更高的成交量和新客户来支撑增长。
• HGC在停业清算期间继续产生行政管理和薪酬成本，预计第四季度的支出水平将与第三季度的约25万美元相当。
• 科罗拉多州制药基地投资的变现周期较长，房地产处置结果存在不确定性，且可能需要追加支出。
• 尽管营业收入和净利润实现增长，但调整后EBITDA和合并营业利润同比均出现下滑。

分析师问答要点

DebtX业绩表现：管理层表示，其对DebtX长期潜力的看法并未改变，但商业化变现进展慢于预期。Heritage Global计划扩充销售团队，并将目标对准商业地产资产的非银行持有者。

工业拍卖增长势头：管理层指出，项目储备与裁员、破产保护申请（第11章）以及转为破产清算（第7章）后延期的资产出售密切相关。除生物技术和制药业务外，管理层还强调了货运卡车、食品加工和医疗器械领域的潜在受托项目。

NLEX增长制约因素：市场供应增加对定价构成压力，因此NLEX需要更大的交易量。管理层正在拓展远期协议客户，并在拥有不良或核销资产的金融科技借贷机构中看到了机遇。

资本配置：近期重点是整合近期收购的资产、挖掘内部协同效应以及增加可用资本。管理层对选择性收购仍持开放态度，但并未将进行另一笔交易列为当务之急。

HGC停业清算：具体的清算成本目前较为有限，但仍存在运营费用。管理层致力于尽快完成这一进程，并预计将在3月的财报电话会议上提供关于潜在资产回收的更多信息。

财报电话会议完整实录

完整财报电话会议逐字稿

管理层陈述

John Nesbett

looking statements, which speak only as of the date of this call. For more details and factors that could affect these expectations, please see our filings with the Securities and Exchange Commission. I'd like to turn the call over to Heritage Global's Chief Executive Officer, Mr. Ross Dove. Ross, please go ahead.

Ross Dove

Thank you, John. Welcome, everyone, to our third quarter call. Thank you all for joining. Before Brian walks you through the numbers in detail, I want to just take a few moments to give you my thoughts on what the numbers say to me from my up-front close view. Making $1 million in NOI was positive movement forward, but there is more to digest. It's always also about how we made it and what worked and what still needs work. On the real good news front, we had a great industrial quarter with diverse auction sectors and larger transactions. It was highlighted by also winning many quality assignments for 4Q along with a major acquisition of plant and real estate in Longmont, Boulder, Colorado, with our great partner team. Our pipeline now has multiple large opportunities that include other campuses and potential acquisitions, which is really very refreshing after a pause and slowdown.

We're back with fences to swing at and a feeling many stalled projects are now really in motion. We've got our seat belts fastened to drive it hard and fast. As I often say, we're not the leading indicator, but the trailing benefactor. And in the marketplaces we see, they're open for business across multiple sectors, and we're very busy. On the financial assets side, financial assets has lots of promise, but also plenty of work to be done. We're winding down the business of HGC that was problematic and a distraction and putting all of our focus now completely on 3 complementary asset-light sectors. We have a very solid [ inlet ] and indicators the business has a bright finish to the year and well, well beyond.

Our 2 newest acquisitions have had mixed results, with Bossa Nova exceeding early goals and DebtX not yet where it needs to be or where it can and will be and should be. We liked our plan of integrating the offering of all 3 and expanding the service lines, and believe in 2027 getting our capability and our stories out to the market along with the HGC cost eventually gone and finally compete, we're poised to capture our full potential. Morale and confidence in our team is high for a strong close to 2026 and a great next year and beyond. We're very confident, and we feel good about our position today. Brian, take it away.

Brian Cobb

Thank you, and welcome, everyone. We delivered a profitable third quarter that reflects solid execution across our core business, led by a strong performance from our Industrial Assets division. Consolidated operating income was $1 million in the third quarter of 2026, compared to $1.3 million in the prior year quarter. Our Industrial Assets division reported operating income of $1.5 million in the third quarter of 2026, compared to approximately $900,000 in the third quarter of 2025. In our Financial Assets division, we reported operating income of approximately $800,000 in the third quarter of 2026, compared to $1.6 million in the prior year quarter. Our Industrial Assets division had a strong quarter, highlighted by healthy auction volume and a return of larger-scale transactions. The industry range of our auction activity was also more diverse than prior quarters. We executed auctions across the transportation, metalworking, and semiconductor sectors, among others, in addition to continuing our long-standing biotech and pharma activity.

We're encouraged by the depth and quality of our auction pipeline as we move into the fourth quarter and 2027. During the quarter, HGP also made a $2 million investment in a joint venture that acquired 2 pharmaceutical sites in Colorado. We currently have multiple planned auctions to monetize the equipment assets and are evaluating strategic options to maximize the real estate potential of the sites through lease sale or development. In our refurbishment and resale business, ALT delivered another good quarter as we've continued to upgrade the quality of our inventory and add assets to the business. Our Financial Assets division delivered another profitable quarter as NLEX reported solid results, and we continue to see steady activity across the charge-off and non-performing loan space. We're also very pleased with the early performance of Bossa Nova, which we acquired late July as the team delivered strong execution during the quarter while integrating quickly with the business. Results from DebtX did not meet our expectations for the third quarter.

However, we remain confident in the business. We continue to see real opportunities in the CRE marketplace, and we're strengthening our sales and marketing efforts to better drive deal flow. Meanwhile, the wind-down of HGC is progressing as planned and is allowing us to sharpen our focus on growing our core asset-light business. Additional consolidated financial results include the following. Revenue was $14.6 million in third quarter of 2026, compared to $11.4 million in the third quarter of 2025. Adjusted EBITDA was $1.4 million compared to $1.6 million in the prior year period. Net income was $1 million or $0.03 per diluted share compared to approximately $600,000 or $0.02 per diluted share in the third quarter of 2025.

Our balance sheet continues to be a strength. Stockholders' equity was $53.1 million as of September 30, 2026, compared to $67 million at December 31, 2025, with net working capital of $8 million. Our cash balance reflects a total of $15.6 million as of September 30, 2026. After removing amounts due to our clients, our net available cash balance was $6.4 million. And further, in September, we strengthened our financial flexibility by entering into a new $10 million revolving line of credit with C3 Bank that runs through January 2028, replacing our prior facility that matured this past July. As of September 30, 2026, we had a $2 million outstanding balance on the facility, drawn in connection with the initial cash outlay for our most recent HGP joint venture investment.

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

Ross Dove

Thank you, Brian. So, watching my son run 100-mile races, it's challenging. It changed my thinking about quarters. I don't see them as finish lines anymore, but actually as rest stops, a time to take a quick breather and refuel, head back up and down the hills until you run the tape, and then get ready for the next 100 miles. It's a long race, and hopefully we can take a few moments again in 90 days to talk about it again. If you guys want to chat sooner, just reach out, because we can run and talk at the same time. We're ready now for any questions. We thank you for participating, and we look forward to continued participation and us performing at a level to get you excited.

Thanks a lot, guys.

Operator

[Operator Instructions]

We'll take our first question from George Sutton with Craig-Hallum. Please go ahead.

分析师问答

Logan W Lillehaug

This is Logan on for George. So, Ross, I wanted to start with DebtX. I mean, hear your comments that, you know, the performance hasn't been kind of up to par so far this year. Just wondering if you could give us some more details on kind of what's driving that. Is it just performance? Has something changed in the market? I guess, can you just speak to if your perspective on that business has changed at all as we head into next year?

Ross Dove

I remain just as excited about the business as I was before we bought it and after we closed it. So, it hasn't changed my encouragement, but it's been slower than I expected in a marketplace where, you know, we've got $1 trillion of commercial loans coming due and there's been a lot of struggle with a lot of companies to refinance them. I just think there's been a bit of a lag in my anticipation of how fast we'd be able to jump in and monetize those. So, you know, the solution, if there is a solution, some of it is timing, to be honest with you, and they're forecasting a much stronger 4Q, so it's a little bit of a wait-and-see there, but we're not operating it like a wait-and-see company. We're looking to expand our sales force to reach a broader audience. There's more sales coming from non-banks than traditionally where most of the CRE sales were coming from banks selling the assets. Plenty of assets have been transferred to non-banks who are also looking to monetize assets. So, we're just going to expand and broaden our coverage and keep pushing forward in a market that we know is solid and growing.

So, we're ambitious about proving the acquisition right and confident we're going to.

Logan W Lillehaug

So, it was nice to see the auction results this quarter, and it certainly sounds like, I know you guys have been doing work across some different verticals, and it sounds like you're seeing good momentum there. So, I just wonder if you could speak a little bit to kind of what signals you're seeing to give you confidence that quarters like this are repeatable going forward?

Ross Dove

So, like I've said many, many times, we're not the leading indicator, we're the trailing benefactor for what's happened over the last 2 years. And what's happened over the last 2 years is we saw a lot of layoffs, we saw a lot of companies file Chapter 11s, many of those have been converting to Chapter 7s now as there's been a time lag, and on the layoffs, obviously, those layoffs produce assets 6 months, a year, and a year and a half later. So, the pendulum has swung in our favor now, and we've just seen a lot of larger assets, some of which we've been able to monetize in a very solid 3Q, some of which will monetize in 4Q. And the pipeline has multiple large opportunities in it right now across multiple sectors. You know, there's a lot of potential trucking auctions. There's a lot of potential food and process auctions. There's a lot of medical device potential auctions. So, there's lots of broadened opportunity besides just our core business of the pharma and the bio. So, our core business is now expanding to a lot of different core business sectors, which bodes well for not just 4Q, but it bodes very well for 2027.

Logan W Lillehaug

Okay, last one for me. I think you referred to NLEX as kind of performing steady. Could you just walk through maybe the supply and demand sides over there and just talk about kind of what's the limiting factor on growth right now?

Ross Dove

So, right now, we're doing a lot of sales. The prices have slowed down a bit from the rising tide you saw, you know, kind of during the pandemic and right post-pandemic, because there's actually increased supply, but there's increased supply at a little lower price. So, that means we need more volume to grow, which we're working on and signing up more new forward-flow clients. Why do I feel really good about it? Because what hasn't slowed down is the capital raise in alternative lending. So, as the capital raise in alternative lending continues over a period of time, that turns into sales for us. And we've seen now that a lot of the non-performing loans are beginning to convert to charge-offs that were non-performing loans 6 months ago, 9 months ago, a year ago. So, if you just look at it and step back and say, "Are we getting more and more charge-offs or less charge-offs? Is it decreasing or is it growing?" It is growing. So, it's us getting new clients.

And there are a lot of new clients out there that are fintech clients that are just starting to see that over the last 2 or 3 years, they've created part of their asset portfolio that needs to be monetized in an NPL-focused fashion. So, I think we've got a strong couple-year run.

Logan W Lillehaug

Okay.

Ross Dove

Thank you for asking.

Operator

We'll take our next question with Mikhail Paramonov with Freedom Broker. Please go ahead.

Mike Paramonov

I don't hear. Hello, everybody. Can you hear me?

Ross Dove

Now, yes.

Mike Paramonov

My question will be on capital allocation. So, following the investments in DebtX and Bossa Nova, how are you thinking about capital allocation priorities going forward? Is the focus now more on scaling these businesses, or do you continue to see opportunities for additional investments?

Ross Dove

So, it's a good question. We have, you know, a very active board discussing capital allocation and what's the best use of our money and what's the best use of our funds. And, you know, there's multiple choices right now. I would say M&A does not have the same urgency it did before our last 2 acquisitions. Right now, we really want to focus internally on getting everything in sync, finding all of the synergies in all of our core businesses. There's lots of opportunities that look like they're coming up that basically put out capital and potentially larger capital on industrial acquisitions. So, we're really kind of more focused on building our capital, building the amount of cash we have available, than we are deploying it.

There's talk, obviously, always about keeping a buyback program in place that exists. There's talk about always wanting to have capital available if an M&A transaction comes up that it's just such a good fit that we don't want to wait. But if you ask me, the primary concern right now is let's grow organically what we have this quarter.

Mike Paramonov

All right, understood. Thank you. And 1 more question from me about your new joint venture investment. Could you please provide some additional color on that $2 million investment in pharmaceutical facilities in Colorado? How does this opportunity fit into your broader industrial asset strategy?

Ross Dove

Right. So, you're not really going to see the revenue this year. We're doing sales this year of the capital assets, so it's a significant amount of sales this year. We're doing 5 auctions of over 5,000 lots of pharma assets, biotech assets, et cetera, that will bring back a substantial amount of money, but until we monetize the real estate, which is multiple buildings on 2 campuses, you won't see the revenue from it. That's anticipated not to begin until 2027 and very possibly not to be completed until 2028. There'll be some significant potential expenditures and decisions to make. So, look at that as something you'll see, you know, from a P&L basis next year and the year after.

Mike Paramonov

Okay, got it. Thank you. That will be it for me.

Ross Dove

Thank you for asking.

Mike Paramonov

Thank you.

Operator

[Operator Instructions]

We'll take our next question from Greg Weaver with Invicta Capital. Please go ahead.

Unknown Speaker

Hi, Ross. Just a quick one on this HGC wind-down. Are there any costs running through the P&L that we see in 3Q here?

Ross Dove

I'll give that to my CFO, Brian.

Brian Cobb

Yes, hi. The costs related to the wind-down specifically, there is not much. You have an immaterial amount of legal costs going through 3Q and probably into 4Q. But mainly, we are looking at operating costs. So, when attacking the legal in this wind-down, I'm really thinking about how to limit operating costs, which is mainly made up of administrative and compensation, and quickly wrap it up so those costs don't trail out multiple quarters into 2027 and beyond. So, when you think about specific wind-down costs, right now, they're not significant.

Unknown Speaker

And the admin costs in the quarter, is there any kind of revenue to offset that, or is it just straight-up cost?

Brian Cobb

In 3Q, we had a minor amount of revenue from a servicing standpoint. But all of our assets are held in non-accrual status at cost recovery. So, not much. You'll see on our segment reporting that the specialty lending segment had a $250,000 approximate cost in 3Q. I'd expect that to be somewhat similar in 4Q and wind down starting in the new year.

Unknown Speaker

Okay, helpful. Thanks, Brian. And just any color on any recovery hope there? It sounds like you were pretty aggressive with the write-down and hopeful that maybe something will roll back. Any thoughts there on progress or timing?

Brian Cobb

Oh, well, on the timing side, I think that our goals are to work through this as quickly as possible. And the best-case scenario would be in 4Q. I think I'd hold on any type of data on recovery right now, as we're kind of right in the middle of working through the last item. So, that's probably more of a report in our March call.

Unknown Speaker

Okay. Appreciate the color. Thank you.

Brian Cobb

Thank you.

Operator

At this time, there are no further questions. I will now turn the meeting back to management for closing remarks.

Ross Dove

So, thank you all for joining. We're feeling pretty darn good about the go-forward. Like I said earlier, there are things to fix, but I don't know if there's ever been a time in my career where everything was perfect and there was nothing to fix. But I like our plan, and I like our go-forward plan, and I like our prospects. So, we are feeling confident, but we're not feeling overconfident because we know we have work to do, but we're ready to get to work. So, thank you all, and we'll talk soon.

Operator

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

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