Heritage Global (HGBL) 2026年第三季法說會：工業資產帶動業績

重點摘要

• 2026 年第三季營收由去年同期的 1,140 萬美元增至 1,460 萬美元，合併營業利益則從 130 萬美元降至 100 萬美元。
• 淨利增至 100 萬美元，即稀釋每股盈餘 0.03 美元；相較之下，2025 年第三季淨利約為 60 萬美元，即稀釋每股盈餘 0.02 美元。
• 工業資產部門領跑本季表現，營業利益由約 90 萬美元增至 150 萬美元。管理層指出，這主要受惠於拍賣量穩健、交易規模擴大，以及涵蓋更廣泛的產業領域。
• 金融資產部門營業利益由 160 萬美元降至約 80 萬美元。Bossa Nova 的表現超越管理層初期目標，但 DebtX 仍低於預期。
• Heritage Global 出資 200 萬美元成立合資企業，收購了位於科羅拉多州的兩處製藥廠房。設備變現目前正在進行中，房地產相關損益預計於 2027 年開始顯現，並可能延續至 2028 年。
• 在完成收購 DebtX 與 Bossa Nova 後，管理層正優先聚焦於有機成長、業務整合與維持可用流動性。推動進一步併購已不具急迫性，但公司仍打算保持彈性，以把握極具吸引力的機會。

核心財務數據

Heritage Global 亦向 C3 Bank 取得一筆至 2028 年 1 月到期的新 1,000 萬美元循環信貸額度。截至 2026 年 9 月 30 日，公司已動支 200 萬美元，用於支付對最新 HGP 合資企業的初始現金出資。

業務與營運表現

工業資產

工業資產是主要的獲利推動引擎。Heritage Global 除深耕既有的生物技術與製藥領域外，亦在運輸、金屬加工與半導體市場舉辦拍賣。

管理層表示，儲備專案涵蓋卡車運輸、食品加工及醫療器材等多個大型機會。儘管未提供正式財務預測，但公司預期更多元化的業務委託將支撐 2026 年第四季與 2027 年的營運活動。

在存貨品質提升與資產增加的推動下，公司的 ALT 翻新與轉售業務亦繳出管理層所稱「又一個良好季度」的成績。

科羅拉多州製藥廠房

HGP 向一家合資企業投資 200 萬美元，該企業收購了科羅拉多州的兩處製藥廠房。Heritage Global 計劃舉辦五場拍賣，涵蓋逾 5,000 批製藥與生物技術資產。

公司亦正在評估出租、出售或開發這些物業。管理層表示，房地產變現流程預計要到 2027 年才會反映於損益表，且可能要到 2028 年才會完成。該專案可能需要追加支出並面臨策略性決策。

金融資產

在呆帳沖銷與不良貸款活動持穩下，NLEX 繳出穩健表現。管理層表示，供給增加使得定價受到抑制，意味著需要更高的交易量來推動成長。公司正積極爭取更多遠期合約客戶，包括金融科技與替代借貸業者。

7 月底收購的 Bossa Nova 超越了管理層的初期目標，且整合迅速。然而，DebtX 未達第三季預期。管理層將此未達標部分歸因於商用不動產貸款出售進度慢於預期，目前正擴大業務與行銷覆蓋範圍，以觸及非銀行賣方。

HGC 的逐步結束業務工作正如期推進。該專業借貸部門第三季錄得約 25 萬美元的成本，預計第四季維持相仿水準，隨後成本將於新的一年開始下降。具體的法定清算費用被評估為不具重大性。

管理層展望

在工業資產儲備專案以及 DebtX 更加強勁的第四季預測支撐下，管理層對 2026 年底繳出更亮眼表現表達了信心。上述評論屬質性描述，未包含合併營收或獲利指引。

展望 2027 年，管理層預期工業拍賣機會將更為廣泛，且 NLEX、DebtX 與 Bossa Nova 之間的協同配合將進一步增強。公司亦預期隨著業務結束進程推進，與 HGC 相關的營運成本將會下降。

資本配置重心正轉向有機成長、業務整合，以及保留現金以供未來可能進行的較大規模工業資產收購。管理層表示，併購已不再具備 DebtX 與 Bossa Nova 交易前的那種急迫性，而現有的股票回購計畫仍是董事會研議的選項之一。

風險與關注領域

• DebtX 的表現仍低於管理層預期，未來的改善在一定程度上取決於商用不動產資產出售的時間點與交易量。
• 隨著供給增加，NLEX 面臨交易定價下滑的壓力，需要增加交易量並開拓新客戶來支撐成長。
• HGC 在業務結束期間持續產生管理與薪酬費用，預計第四季費用水準將與第三季的約 25 萬美元相仿。
• 科羅拉多州製藥廠房投資的變現週期較長，房地產處分結果存在不確定性，且可能需要追加支出。
• 儘管營收與淨利有所增長，但調整後 EBITDA 與合併營業利益仍較去年同期下滑。

分析師問答重點

DebtX 表現：管理層表示，對 DebtX 長期潛力的看法並未改變，但變現進展比預期緩慢。Heritage Global 計劃擴充業務團隊，鎖定持有商用不動產資產的非銀行機構。

工業拍賣動能：管理層指出，專案儲備動能與裁員、申請破產法第 11 章破產保護以及轉為第 7 章破產清算後被推遲的資產出售有關。除了生物技術與製藥業務外，管理層還強調了卡車運輸、食品加工及醫療器材領域的潛在委託專案。

NLEX 成長限制：供給增加對價格形成壓力，因此 NLEX 需要更多交易量。管理層正在增加遠期合約客戶，並在擁有不良或沖銷資產的金融科技借貸業者中看到機會。

資本配置：近期優先事項是整合近期收購的業務、發揮內部綜效並提高可用資金。管理層對選擇性收購仍持開放態度，但並未將進行下一筆交易列為優先事項。

HGC 業務結束：目前具體的清算費用有限，但營運費用依然存在。管理層致力於儘速完成該流程，並預計在 3 月的財報電話會議上提供更多有關潛在資產回收的資訊。

財報電話會議完整逐字稿

完整財報電話會議逐字稿

管理層陳述

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.

分析師問答

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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