Filing Flows › Heritage Global (HGBL) › Q2 2025
Heritage Global (HGBL) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 7, 2025
Heritage Global (HGBL) reported revenue of $14.3M for the second quarter 2025 (Q2 2025), +19% from a year earlier and +6% from the quarter before. Operating margin was 15.6%, net earnings $1.6M (11.4% of revenue).
Heritage Global, Q2 2025: revenue $14.3M (+19% year over year), operating margin 15.6%, net earnings $1.6M, operating cash flow $1.9M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $14.3M | +6% | +19% |
| Operating profit | $2.2M | +59% | -37% |
| Net earnings | $1.6M | +54% | -34% |
| Operating cash flow | $1.9M | -28% | -69% |
| Free cash flow | $1.7M | — | -71% |
What changed
Revenue was $14.3M in Q2 2025, up 19% year over year and up 6% from the previous quarter. Service was the largest line at 72% of revenue. Service added $1.8M year over year (up 21%), 78% of the total change.
Operating profit was $2.2M, a 15.6% margin (down 13.9 points year over year). Operating profit fell $1.3M even though revenue rose $2.3M versus a year earlier, so costs grew faster than sales. Total costs grew 42% against revenue growth of 19%. The fastest-growing cost line was Other operating costs (+178%). Net earnings were $1.6M, down 34% year over year. The effective tax rate was 27.2%.
Operating cash flow was $1.9M (down 69% year over year), 115% of net earnings. Non-cash charges added back $118K of depreciation and amortization and $229K of share-based compensation. Working capital and other items used $105K. Capital expenditures of $159K left free cash flow of $1.7M.
Questions
What was Heritage Global's revenue in the second quarter 2025?
Heritage Global (HGBL) reported revenue of $14.3M for the second quarter 2025 (Q2 2025), +19% from a year earlier and +6% from the quarter before.
Was Heritage Global profitable in the second quarter 2025?
Operating profit was $2.2M (15.6% of revenue) and net earnings $1.6M.
Source: Heritage Global 10-Q on SEC EDGAR.