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HGBL on Nasdaq

Heritage Global Inc.

In its 2026 annual report the company says: “We are an asset services company specializing in financial and industrial asset transactions. We provide a full suite of services including market making, acquisitions, refurbishment, dispositions, valuations and secured lending. We focus on identifying, valuing, acquiring and monetizing underlying tangible assets across more than twenty-five global sectors.”5 It is headquartered in San Diego, California.1 Its shares trade on Nasdaq under the symbol HGBL.1

$1.25 down 0.01 (0.79%)Price as of Oct 15, 2026 at 17:33 UTC

Last updated Oct 21, 2026.

Overview

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  • TickerHGBL on Nasdaq1
  • IndustryServices-Business Services, NEC1
  • HeadquartersSan Diego, California1
  • Incorporated inFL3
  • Business address6130 Nancy Ridge Drive, San Diego, Ca 921213
  • Filer categoryNon-accelerated filer, Smaller reporting company3

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We are an asset services company specializing in financial and industrial asset transactions. We provide a full suite of services including market making, acquisitions, refurbishment, dispositions, valuations and secured lending. We focus on identifying, valuing, acquiring and monetizing underlying tangible assets across more than twenty-five global sectors. We act as an advisor as well as a principal, acquiring or brokering turnkey manufacturing facilities, surplus industrial machinery and equipment, industrial inventories, and charged-off receivable portfolios.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

11.2%Operating margin6
7.0%Net margin6
12.4%Revenue growth, 20256
5.4%Return on equity6
-$2.3MFree cash flow6

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Service brought in 65% of the revenue Heritage Global Inc. broke down this way in fiscal 2025.

  1. Service$33.3M665%up 2% from 2024
  2. Product$17.7M635%up 39% from 2024
Products and services by year
Products and services20242025
Service$32.6M$33.3M
Product$12.8M$17.7M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue55¢$37.0M
  • Selling, general and admin37¢$25.0M
  • Income tax3¢$2.3M
  • Profit5¢$3.6M

Out of $51.0M in revenue.6

Where each dollar of operating cash went, fiscal 2025

  • Capital spending76¢$8.5M
  • Share buybacks24¢$2.6M

Out of $6.1M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.6

Financial statements

Revenue78910116$51.0M in 2025+95% since 2019
0$20.0M$40.0M$60.0M$80.0M2019: $26.2M$26.2M20192020: $26.2M$26.2M2020+0%2021: $25.8M$25.8M2021−1%2022: $46.9M$46.9M2022+82%2023: $60.5M$60.5M2023+29%2024: $45.4M$45.4M2024−25%2025: $51.0M$51.0M2025+12%
Operating income78910116$5.7M in 2025+87% since 2019
0$5.0M$10.0M$15.0M2019: $3.0M$3.0M20192020: $6.1M$6.1M2020+99%2021: $3.0M$3.0M2021−50%2022: $11.1M$11.1M2022+269%2023: $14.3M$14.3M2023+29%2024: $9.1M$9.1M2024−37%2025: $5.7M$5.7M2025−37%
Net income78910116$3.6M in 2025−8% since 2019
0$5.0M$10.0M$15.0M$20.0M2019: $3.9M$3.9M20192020: $9.7M$9.7M2020+148%2021: $3.1M$3.1M2021−68%2022: $15.5M$15.5M2022+407%2023: $12.5M$12.5M2023−19%2024: $5.2M$5.2M2024−58%2025: $3.6M$3.6M2025−31%

Every line of the income statement as filed: the last 2 fiscal years, latest first.6

Period ending2025-12-312024-12-31
Total revenues$51.0M$45.4M
Selling, general and administrative$25.0M$24.3M
Depreciation and amortization$472.0K$591.0K
Total operating costs and expenses$45.4M$39.0M
Earnings of equity method investments$123.0K$2.7M
Operating income$5.7M$9.1M
Interest income (expense), net$134.0K-$93.0K
Income before income tax expense$5.8M$9.0M
Income tax expense$2.3M$3.8M
Net income$3.6M$5.2M
Weighted average common shares outstanding basic34.8M shares36.4M shares
Weighted average common shares outstanding diluted35.4M shares37.1M shares
Net income per share basic$0.10$0.14
Net income per share diluted$0.10$0.14

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Corporate structure

Heritage Global Inc. sits at the top of its group. 11 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Heritage Global Inc.

  • Heritage Global Inc. San Diego, California
    • Heritage ALT LLC Subsidiary · Delaware, United States
    • Heritage DebtX LLC Subsidiary · Delaware, United States
    • Heritage Global Capital LLC Subsidiary · Delaware, United States
    • Heritage Global Partners, Inc. Subsidiary · California, United States
    • Heritage Nancy Ridge LLC Subsidiary · California, United States
    • HG ALT LLC Subsidiary · Connecticut, United States
    • HGC AR SPV LLC Subsidiary · Delaware, United States
    • HGC MPG LLC Subsidiary · Delaware, United States
    • HGC OH SPV LLC Subsidiary · Delaware, United States
    • National Loan Exchange, Inc. Subsidiary · Illinois, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Heritage Global Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$11.6M6 Dec 31, 2025$7.4M6 Feb 11, 2025+57.3%
Accumulated depreciation$753.0K6 Dec 31, 2025$545.0K6 Dec 31, 2024+38.2%
Property and equipment, net$10.9M6 Dec 31, 2025$1.6M6 Dec 31, 2024+562.4%
Operating-lease assets (leased space)$1.5M6 Dec 31, 2025$2.2M6 Dec 31, 2024−31.2%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$20.5M6 Dec 31, 2025$21.7M6 Dec 31, 2024−5.6%
Stakes in other companies (equity method)$21.1M6 Dec 31, 2025$20.9M6 Dec 31, 2024+0.8%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$7.4M6 Dec 31, 2025$7.4M6 Dec 31, 20240%
Intangible assets, net (excluding goodwill)$3.1M6 Dec 31, 2025$3.4M6 Dec 31, 2024−7.8%
Finite-lived intangibles, net$663.0K6 Dec 31, 2025$925.0K11 Dec 31, 2024−28.3%

Inventory

ItemLatestA year beforeChange
Inventory, total$5.9M6 Dec 31, 2025$5.3M6 Dec 31, 2024+10.9%

Properties, in its own words

We lease or rent office space in several locations in the United States. The principal locations are Del Mar, CA, Hayward, CA, and San Diego, CA, which are related to HGP’s operations, and Edwardsville, IL, which is related to NLEX’s operations. The Edwardsville office is leased from a related party, as discussed in Note 14 to our consolidated financial statements. We own a warehouse and office space located in East Lyme, CT, which is related to our ALT operations, and a warehouse and office space located in San Diego, CA which is used as the Company’s corporate headquarters and as warehouse and office space for the operations of HGP.

As of March 2026, we have moved from our leased office space in Del Mar, CA, to our newly owned and renovated office space and warehouse located in San Diego, CA. Our intention is to sublease the Del Mar office space for the remaining term, while still utilizing the previous warehouse space, also in San Diego near the new building.

Item 2 of the 10-K filed Mar 12, 2026.5

Leadership

Who has led Heritage Global Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Allan C. Silber2006
  2. Adam Marc Reich2010–2013
  3. Ross Dove2015–now

President

  1. Allan C. Silber2011–2014
  2. Ross Dove2012–2014
  3. Kirk Dove2014–2018
  4. David Van Ludwig2014–2025
  5. Nicholas Kirk Dove2020–2026
  6. Bruce Kenneth Hounsell2026
  7. Thomas Van Ludwig2026–now

Chief financial officer

  1. Stephen Wentraub2006
  2. Scott Allen West2014–2020
  3. Brian J. Cobb2023–now

Chief operating officer

  1. Kirk Dove2015–2018
2010201520202025
Board members and other officers (20)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • HG ALT LLC Connecticut4
  • HGC AR SPV LLC Delaware4
  • HGC MPG LLC Delaware4
  • HGC OH SPV LLC Delaware4
  • Heritage ALT LLC Delaware4
  • Heritage DebtX LLC Delaware4
  • Heritage Global Capital LLC Delaware4
  • Heritage Global LLC Delaware4
  • Heritage Global Partners, Inc. California4
  • Heritage Nancy Ridge LLC California4
  • National Loan Exchange, Inc. Illinois4

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • Counsel RB Capital Inc.Jan 21, 2011 to Aug 14, 20133
  • C2 Global Technologies IncAug 19, 2005 to Dec 23, 20103
  • ACCERIS COMMUNICATIONS INCMar 8, 2004 to Aug 9, 20053
  • I LINK INCOct 20, 1997 to Dec 3, 20033
  • MEDCROSS INCAug 14, 1995 to Sep 8, 19973

Timeline

  1. Sep 22, 20268-K Entered a material agreement; New debt or obligation47
  2. Aug 3, 20268-K Regulation FD disclosure48
  3. Jul 31, 20268-K Exit or restructuring costs; Impairment; Regulation FD disclosure49
  4. Jun 4, 20268-K Shareholder vote50
  5. Jan 12, 20268-K Entered a material agreement; Completed an acquisition or sale; Regulation FD disclosure51
  6. Jun 9, 20258-K Shareholder vote52
  7. Feb 12, 20258-K Entered a material agreement; New debt or obligation53
  8. Jan 3, 20258-K Executive or director change54
  9. Sep 16, 20248-K Other events55
  10. Jun 7, 20248-K Bylaws or fiscal year changed; Shareholder vote56
  11. Dec 4, 20238-K Other events57
  12. Aug 16, 20238-K Executive or director change58
  13. Jun 1, 2015New chief executive Ross Dove becomes CEO14
  14. Dec 15, 2010New chief executive Adam Marc Reich becomes CEO15
  15. Aug 3, 2006New chief executive Allan C. Silber becomes CEO16

Calendar

Coming up

  1. Nov 5, 2026 · After the closeReports results for the quarter ending Sep/202659

When it reported results

  1. Mar 9, 2023Reported quarterly or annual results60

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

226 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 22 major events, 133 insider forms, 15 large holders, 35 other. The latest 20:

  1. Oct 2, 20264 EDGAR
  2. Oct 1, 2026144 EDGAR
  3. Sep 29, 2026SCHEDULE 13D/A EDGAR
  4. Sep 29, 20264 EDGAR
  5. Sep 29, 20264 EDGAR
  6. Sep 22, 20268-K EDGAR
  7. Sep 2, 20264 EDGAR
  8. Sep 1, 2026144 EDGAR
  9. Aug 20, 20264 EDGAR
  10. Aug 17, 20264 EDGAR
  11. Aug 17, 20264 EDGAR
  12. Aug 13, 202610-Q EDGAR
  13. Aug 3, 20268-K EDGAR
  14. Jul 31, 2026SCHEDULE 13G/A EDGAR
  15. Jul 31, 20268-K EDGAR
  16. Jun 4, 20268-K EDGAR
  17. May 27, 20264 EDGAR
  18. May 18, 20264 EDGAR
  19. May 15, 2026SCHEDULE 13G/A EDGAR
  20. May 8, 20264 EDGAR

The 226 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

96 open-market trades by officers, directors and large owners since October 2021: 41 buys and 55 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 25, 2026DOVE ROSSCEOSale300,000$1.33$399.0KForm 4
Sep 25, 2026Burnham William LDirectorBuy300,000$1.33$399.0KForm 4
Sep 1, 2026Sklar James EdwardEVP, Gen Counsel & SecretarySale2,500$1.27$3.2KForm 4
Aug 20, 2026COBB BRIAN J.CFOBuy20,000$1.10$22.0KForm 4
Aug 17, 2026Hounsell Bruce KennethPresident, Heritage DebtX LLCBuy10,000$1.14$11.4KForm 4
Aug 17, 2026Dove Nicholas KirkPresident, Industrial AssetsBuy60,000$1.10$66.0KForm 4
May 21, 2026Dove Nicholas KirkPresident, Industrial AssetsBuy26,000$1.22$31.7KForm 4
May 1, 2026Sklar James EdwardEVP, Gen Counsel & SecretarySale3,734$1.33$5.0KForm 4
Apr 1, 2026Sklar James EdwardEVP, Gen Counsel & SecretarySale3,734$1.35$5.0KForm 4
Mar 2, 2026Sklar James EdwardEVP, Gen Counsel & SecretarySale3,734$1.30$4.9KForm 4
Feb 2, 2026Sklar James EdwardEVP, Gen Counsel & SecretarySale3,734$1.37$5.1KForm 4
Jan 2, 2026Sklar James EdwardEVP, Gen Counsel & SecretarySale3,734$1.23$4.6KForm 4
Dec 1, 2025Sklar James EdwardEVP, Gen Counsel & SecretarySale3,734$1.31$4.9KForm 4
Nov 3, 2025Sklar James EdwardEVP, Gen Counsel & SecretarySale3,734$1.43$5.3KForm 4
Oct 1, 2025Sklar James EdwardEVP, Gen Counsel & SecretarySale7,468$1.63$12.2KForm 4
Mar 11, 2025Ludwig David VanPresident of subsidiarySale7,000$1.97$13.8KForm 4
Mar 6, 2025Ludwig David VanPresident of subsidiarySale10,000$2.07$20.7KForm 4
Mar 4, 2025Ludwig David VanPresident of subsidiarySale10,000$2.05$20.5KForm 4
Feb 26, 2025Ludwig David VanPresident of subsidiarySale10,000$2.02$20.2KForm 4
Feb 19, 2025Ludwig David VanPresident of subsidiarySale10,000$2.24$22.4KForm 4

All 96 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025David Ludwig$400.0K$1.0M69
2025Ross Dove$425.0K$649.3K69
2025Nicholas Dove$250.0K$542.6K69
2024President, FinancialAssets$400.0K$1.4M69
2024President and ChiefExecutive Officer$425.0K$945.0K69
2024President, IndustrialAssets$250.0K$569.2K69

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 36. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Mink Brook Asset Management LLC2,273,077$2.8M1.2%+34,821
Punch & Associates Investment Management, Inc.2,021,458$2.4M0.1%−222,690
Topline Capital Management, LLC1,785,488$2.2M0.6%No change
Vanguard Capital Management LLC1,393,638$1.7M0.0%−263,909
Truffle Hound Capital, LLC1,100,000$1.3M0.8%No change
Koshinski Asset Management, Inc.917,304$1.1M0.1%No change
Militia Capital Management LLC563,873$682.3K0.1%−1,127,746
Geode Capital Management, LLC359,349$434.9K0.0%+17,215
Renaissance Technologies LLC249,617$302.0K0.0%+5,300
Ridgewood Investments LLC222,165$268.8K0.1%−15,000
Dimensional Fund Advisors LP179,234$216.9K0.0%−25,310
BlackRock, Inc.168,422$203.8K0.0%+21,383
Vanguard Fiduciary Trust Co167,270$202.4K0.0%+1,222
State Street Corp116,566$141.0K0.0%No change
Northern Trust Corp51,204$62.0K0.0%+14,339
Jane Street Group, LLC42,957$52.0K0.0%+23,948
Citadel Advisors LLC38,312$46.4K0.0%New
Goldman Sachs Group Inc34,800$42.1K0.0%−421
NorthRock Partners, LLC34,139$41.3K0.0%No change
Wealth Enhancement Advisory Services, LLC25,758$32.2K0.0%No change
Morgan Stanley18,668$22.6K0.0%No change
Evergreen Capital Management LLC11,878$14.4K0.0%No change
Vanguard Global Advisers, LLC10,769$13.0K0.0%No change
XTX Topco Ltd10,000$12.1K0.0%−3,934
Royal Bank Of Canada5,782$7.0K0.0%No change

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Heritage Global Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARHeritage Global Inc.1
  • CIK0000849145
  • Employer ID (EIN)59-22913445
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company5
  • Incorporated inFlorida5
  • Fiscal year endsDecember 311
  • Industry code (SIC)7389 Services-Business Services, NEC1
  • SEC reviewing officeOffice of Trade & Services, Division of Corporation Finance1
  • Business address6130 Nancy Ridge Drive, San Diego, CA 921211
  • Phone858-847-06551
  • Shares outstanding34,639,445 as of Aug 1, 202613
  • Public float$66.8M as of Jun 30, 20255
  • AuditorUHY LLP, West Des Moines, Iowa PCAOB ID 1195; no auditor attestation of internal control over financial reporting5
  • On EDGAR sinceMay 12, 19951
  • Filings896 in all: 4 (357), 8-K (124), 10-Q (85), 3 (33), 10-K (28), SC 13D/A (24), NT 10-Q (16), 10-Q/A (15)1
    All 59 form types

    8-K/A (15), DEF 14A (15), 144 (12), 10QSB (10), 10QSB/A (9), DEFA14A (9), S-8 (9), 10-K/A (8), NT 10-K (8), SC 13D (8), SC 13G/A (8), D (7), PRE 14A (7), S-3/A (6), 4/A (5), S-3 (5), SCHEDULE 13G/A (5), UPLOAD (5), 424B3 (4), ARS (4), CORRESP (4), PRER14A (4), SC 13G (4), EFFECT (3), PRES14A (3), SB-2/A (3), 10KSB (2), 10KSB/A (2), DEF 14C (2), DEFS14A (2), NT 10-Q/A (2), PRE 14C (2), S-1 (2), S-2/A (2), SCHEDULE 13G (2), 10-K405 (1), 11-K (1), 424B2 (1), 424B5 (1), 5 (1), 5/A (1), 8-A12B (1), CERT (1), NTN 10Q (1), REGDEX (1), RW (1), S-1/A (1), S-2 (1), S-8 POS (1), SB-2 (1), SCHEDULE 13D/A (1)

  • Latest filingsAnnual report (10-K) Mar 12, 2026
    Quarterly report (10-Q) Aug 13, 2026
    Proxy statement (DEF 14A) Apr 21, 2026
    Latest 8-K (8-K) Sep 22, 2026

Securities registered for trading

ClassSymbolExchange
Common stock, $0.01 par valueHGBLNasdaq Stock Market LLC

From the cover page of the 10-K filed Mar 12, 2026 (Section 12(b) of the Exchange Act).5

Risk factors and legal proceedings

The risks Heritage Global Inc. names in Item 1A of its 10-K filed Mar 12, 2026: 27 risks under these headings, as written.5

  • We face significant competition in our business.
  • Our Specialty Lending segment is concentrated.
  • Our Specialty Lending segment depends on the expertise, efforts and financial health of our borrowers.
  • Our Specialty Lending segment depends on the ability of our borrowers to purchase charged off receivables at favorable prices.
  • Liens on collateral securing loans that we make to our borrowers may be subject to control by our senior lenders based on our contractual arrangements with those senior lenders. If there is a default, the value of the collateral may not be sufficient to repay in full both the senior lender(s) and us.
  • Our operating results are subject to significant fluctuation.
  • We are subject to the risks associated with managing growth.
  • A portion of our business is conducted through Joint Ventures.
  • We are dependent upon key personnel.
  • Disruptions to information systems and those of certain third-party service providers utilized by us could adversely impact our operations, reputation and brand.
  • The auction portion of our business may be subject to a variety of additional costly government regulations.
  • Certain categories of merchandise that we sell are subject to government restrictions.
The other 15 risks
  • We are subject to the U.S. Foreign Corrupt Practices Act (“FCPA”).
  • Changes in tax laws or their interpretations, or becoming subject to additional foreign, U.S. federal, state or local taxes, could negatively affect our business, financial condition and results of operations.
  • If we fail to maintain an effective system of internal control over financial reporting, we may not be able to accurately report our financial results or prevent fraud.
  • We may require additional financing in the future, which may not be available, or may not be available on favorable terms.
  • Provisions in our organizational documents and Florida or certain other state laws could delay or prevent a change in control of our company, which could adversely affect the price of our common stock.
  • Our Board of Directors may issue additional shares of preferred stock without stockholder approval.
  • We may conduct future offerings of our common stock and preferred stock that may diminish our investors’ pro rata ownership and depress our stock price.
  • The market price of our common stock may be volatile and this may adversely affect our stockholders.
  • We have a material amount of goodwill which, if it becomes impaired, would result in a reduction in our net income.
  • We may not be able to utilize income tax loss carry forwards.
  • We have not declared any dividends on our common stock to date and have no expectation of doing so in the foreseeable future.
  • Our executive officers, directors and their affiliates hold a large percentage of our common stock and their interests may differ from other stockholders.
  • There is a limited public trading market for our common stock. Our stock price could be extremely volatile and may decline substantially from the public offering price. As a result, you may not be able to resell your shares at or above the price you paid for them.
  • We could be delisted from Nasdaq, which could seriously harm the liquidity of our stock and our ability to raise capital.
  • The financial reporting obligations of being a public company in the United States are expensive and time consuming and place significant additional demands on our management.

Legal proceedings

We are involved in various legal matters arising out of our operations in the normal course of business, none of which are expected, individually or in the aggregate, to have a material adverse effect on our business and results of operations.

The opening of Item 3, Legal Proceedings.5

Sources

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