Filing Flows › Heritage Global (HGBL) › Q2 2026 › vs Q2 2025
Heritage Global (HGBL) Q2 2026 vs Q2 2025 (year over year)
Heritage Global's revenue fell $2.0M (-14%) from $14.3M in Q2 2025 to $12.3M in Q2 2026. The biggest changes: Service −$2.4M (-23%); Product +$317K (+8%).
Heritage Global, Q2 2026: revenue $12.3M (-14% year over year), operating margin -170.5%, net loss $15.9M, operating cash flow $1.6M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Free cash flow margin | 11.5% | 12.0% | -0.5 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Service | $7.9M | $10.3M | −$2.4M | -23% |
| Product | $4.4M | $4.0M | $317K | +8% |
| Revenue | $12.3M | $14.3M | −$2.0M | -14% |
| Income tax benefit | $5.1M | −$613K | $5.7M | — |
| Net loss | $15.9M | −$1.6M | $17.5M | — |
| Costs & expenses | $33.2M | $14.3M | $18.9M | +132% |
| Operating costs | $33.2M | $12.1M | $21.1M | +175% |
| Interest & other, net | $65K | −$18K | $83K | — |
| SG&A | $10.8M | $6.1M | $4.7M | +77% |
| Other operating costs | $16.3M | $5.9M | $10.4M | +175% |
| Operating cash sources | $17.5M | $242K | $17.3M | 72× |
| Depreciation & amortization | $240K | $118K | $122K | +103% |
| Share-based compensation | $171K | $229K | −$58K | -25% |
| Working capital & other | $17.1M | −$105K | $17.2M | — |
| Net loss absorbed | $15.9M | −$1.6M | $17.5M | — |
| Operating cash flow | $1.6M | $1.9M | −$262K | -14% |
| Free cash flow (OCF − capex) | $1.4M | $1.7M | −$312K | -18% |
| Capital expenditures | $209K | $159K | $50K | +31% |
Questions
How much did Heritage Global's revenue grow year over year in Q2 2026?
Heritage Global's revenue fell $2.0M (-14%) from $14.3M in Q2 2025 to $12.3M in Q2 2026.
What drove Heritage Global's revenue change in Q2 2026?
Service −$2.4M (-23%); Product +$317K (+8%).