Heritage Global (HGBL) 2026 年第 2 季財報電話會議摘要

Heritage Global, Inc. 在決定清算 Heritage Global Capital 後，公布第二季出現大幅虧損。管理層表示，此舉將把資金和精力重新轉向其工業拍賣業務及輕資產金融經紀平台。

重點摘要

• Heritage Global 認列了約 2,170 萬美元的非現金費用，主要與 Heritage Global Capital 內不良貸款的沖銷有關。
• 2026 年第 2 季營收從 2025 年第 2 季的 1,430 萬美元降至 1,230 萬美元。調整後 EBITDA 從 280 萬美元降至 120 萬美元。
• 該公司公布淨虧損 1,590 萬美元，即每股稀釋虧損 0.46 美元；而去年同期淨利為 160 萬美元，即每股稀釋盈餘 0.05 美元。
• 工業資產部門產生約 60 萬美元的營業利益，低於 2025 年第 2 季的 130 萬美元，主因拍賣活動仍偏向規模較小的機會。
• Heritage Global 在本季結束後完成了對 Boston Note Company 絕大部分資產的收購，為其 DedEx 和 NLEX 經紀平台增添了賣方融資房地產票據業務。
• 管理層表示，工業拍賣案源目前包含比第 1 季和第 2 季規模更大的拍賣項目，並對下半年表現更加強勁表達信心，同時指出拍賣時程仍不均衡。

關鍵財務數據

業務與營運表現

Heritage Global Capital 清算

管理層表示，由於催收持續落後且未見改善，Heritage Global Capital 已成為營運上的重大干擾。該公司認為，將額外資金投入次順位放款並非資源的最佳運用方式。

清算導致約 2,170 萬美元的非現金費用。管理層預期此決定將釋出時間與資金，投入到其認為具獲利能力、可擴充規模且對 Heritage Global 未來至關重要的業務。

金融資產部門

若扣除 HGC 費用，管理層認為該部門在本季表現尚可。NLEX 在呆帳認列與不良貸款交易方面保持活躍，而 Heritage Global 也開始認列於 2026 年 1 月收購的 DedEx 所帶來的收益。

DedEx 作為全方位服務的貸款出售顧問，服務銀行與其他賣方。管理層指出，歷史上 DedEx 年營收的 50% 至 60%（有時甚至高達三分之二）集中在第四季。公司表示案源正在擴大，但也提醒實際表現要到 1 月 1 日才會更加明朗。

Boston Note Company 將平台業務拓展至賣方融資的住宅與商業房地產票據。在完成收購前，Heritage Global 進行了為期數月的試營運，完成了 8 筆交易並產生超過 50 萬美元的營收。

管理層相信 Boston Note、DedEx 與 NLEX 能整合為單一分銷平台，涵蓋正常與不良金融資產。Boston Note 可以開發賣方融資票據來源，DedEx 提供退場平台，而 NLEX 則補充不良貸款的處理能力。

工業資產部門

由於市場持續以小規模委託為主且大型拍賣減少，工業資產營業利益降至約 60 萬美元。管理層指出，整修與轉售業務表現較佳，存貨品質改善有助於加快資產週轉率並提升獲利能力。

該公司已選擇性地擴充銷售團隊，並正在爭取製藥、食品飲料、電動車、大麻、營造與運輸等領域的委託案。管理層表示，目前的案源包含比上半年規模更大的拍賣項目，且有數案正在簽約中。

在營造與運輸領域，Heritage Global 的目標是區域性與業主自行營運的委託案，而非競逐由大型競爭對手主導的最大型車隊拍賣。管理層將金額約在 50 萬美元至 500 萬至 1,000 萬美元之間的拍賣描述為公司最青睞的區間。

風險與關注焦點

• HGC 的催收持續落後，管理層強調數千個帳戶的回收狀況存在不確定性，特別是在公司持有次順位債權的情況下。
• 工業拍賣業務依然較不穩定，常出現小額委託期過後才有大型交易的情況。因此，案源機會的時間點與完成度仍具不確定性。
• DedEx 的營收高度集中在第四季，使得收購案的全年效益要到今年較後續的時間點才能有更高的能見度。
• 管理層表示，將 Boston Note 與 DedEx 及 NLEX 整合將耗時未來 6 個月至 2 年，預期的綜效尚未完全實現。

分析師問答亮點

• Boston Note 戰略契合度：管理層表示，在 Heritage Global 收購 DedEx 後，此收購案變得更有吸引力。Boston Note 能運用公司現有的分銷管道，從住宅賣方融資票據擴展至商業、巨額及不良房地產貸款。
• 賣方票據可定址市場：根據 Heritage Global 的初步分析，管理層表示 Boston Note 在住宅市場的佔有率不到 2%，並認為更廣泛的市場機會遠大於 Boston Note 現有的業務規模。
• 工業拍賣案源：管理層表示，規模較大的拍賣正陸續進入案源，並預期下半年活動將有所改善。跨產業的機會也變得更加多元化。
• 營造與運輸策略：Heritage Global 將專注於區域性拍賣以及需要親力親為服務的個別賣方，而非爭取由較大競爭對手主導的約 5,000 萬美元車隊交易。
• 資本配置與管理重心：結束 HGC 讓管理層能停止對難以修復的放款平台投入資源，並集中精力擴展其認為更具成長優勢的業務。

財報電話會議完整記錄

完整財報電話會議逐字稿

管理層陳述

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.

分析師問答

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.

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