10-Q · May 7, 2026
Heritage Global Inc. reported Q1 2026 results reflecting a revenue decline to $12.7 million, down 5% year-over-year, and an operating income of $1.0 million, also showing a decrease of 28%. While EPS improved to $0.03…
Earnings analysis · 10-Q
HGBL earnings analysis
Filed August 13, 2026 · Our reading of the company's report
The latest report
The extracted 10-Q text does not include the income statement, balance sheet, cash-flow statement, segment disclosures, or MD&A, so current-quarter revenue, margins, EPS, cash flow, and year-over-year trends cannot be…
Read full summary
The extracted 10-Q text does not include the income statement, balance sheet, cash-flow statement, segment disclosures, or MD&A, so current-quarter revenue, margins, EPS, cash flow, and year-over-year trends cannot be assessed. The filing does show 103,265 shares repurchased at $1.29 per share, with $7,225,734 remaining under the program, and confirms effective disclosure controls as of June 30, 2026. The transition of David Ludwig to senior advisor and a planned 22,500-share insider sale are the primary disclosed developments.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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Share Repurchases Continued
The company repurchased 103,265 shares during the quarter at a weighted-average price of $1.29 per share. The 2025 Repurchase Program had $7,225,734 remaining for future purchases as of June 30, 2026.
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Controls Remained Effective
Management stated that disclosure controls and procedures were effective as of June 30, 2026, and reported no changes in internal control over financial reporting during the three months ended June 30, 2026 that materially affected, or were reasonably likely to materially affect, those controls.
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Additional Buyback Capacity
The 2025 Repurchase Program authorizes purchases of up to $7.5 million in common shares through June 30, 2028, providing capacity for additional capital returns.
What to watch
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Financial Assets Leadership Transition
David Ludwig transitioned from President of the Financial Assets Division to senior advisor effective August 1, 2026. His amended agreement provides for a $400,000 annual base salary through July 31, 2027, potentially creating execution and transition risk in the Financial Assets Division.
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Planned Insider Share Sales
Executive Vice President, General Counsel and Secretary James Sklar adopted a Rule 10b5-1 plan on May 26, 2026 to sell 22,500 shares between September 1, 2026 and June 1, 2027. Planned insider sales may pressure investor sentiment or signal reduced insider ownership.
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Limited Risk-Factor Disclosure
The filing states that, as a Smaller Reporting Company, it is not required to provide Item 1A risk-factor disclosures. Accordingly, the provided 10-Q does not identify updated risk factors that can be compared directly with the prior 10-K.
Management's outlook
The provided 10-Q text contains no quantitative revenue or EPS outlook. No explicit guidance direction was disclosed; financial statement and MD&A outlook information was not included in the extracted filing text.
Earlier filings 4
10-K · March 12, 2026
Heritage Global describes a diversified, event-driven business spanning Industrial Assets (Auction & Liquidation; Refurbishment & Resale) and Financial Assets (Brokerage; Specialty Lending) and emphasizes growth from…
10-Q · August 7, 2025
Heritage Global reported Q2 revenue of $14.304M, up from $12.023M in Q2 2024 and ahead of consensus; diluted EPS was $0.05, unchanged versus consensus but down from $0.07 a year ago. Gross margin compressed to 58.8%…
10-Q · August 8, 2024
Heritage Global reported Q2 total revenue of $12,023,000 and diluted EPS of $0.07. Revenue declined versus Q2 2023 ($13,098,000) and operating performance ex-equity contributions weakened, but cash increased materially…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.