Filing Flows › Heritage Global (HGBL) › Q3 2025
Heritage Global (HGBL) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Heritage Global (HGBL) reported revenue of $11.4M for the third quarter 2025 (Q3 2025), +9% from a year earlier and -21% from the quarter before. Operating margin was 11.5%, net earnings $585K (5.1% of revenue).
Heritage Global, Q3 2025: revenue $11.4M (+9% year over year), operating margin 11.5%, net earnings $585K, operating cash flow $61K. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $11.4M | -21% | +9% |
| Operating profit | $1.3M | -42% | — |
| Net earnings | $585K | -64% | — |
| Operating cash flow | $61K | -97% | -99% |
What changed
Revenue was $11.4M in Q3 2025, up 9% year over year and down 21% from the previous quarter. Service was the largest line at 66% of revenue. Product added $1.5M year over year (up 66%), 162% of the total change. Service declined 7%.
Operating profit was $1.3M, a 11.5% margin (down 2.8 points year over year). Operating profit fell $178K even though revenue rose $0.9M versus a year earlier, so costs grew faster than sales. Total costs grew 13% against revenue growth of 9%. The fastest-growing cost line was Other operating costs (+26%). Net earnings were $585K, down 46% year over year.
Operating cash flow was $61K (down 99% year over year), 10% of net earnings. Non-cash charges added back $120K of depreciation and amortization and $204K of share-based compensation. Working capital and other items used $848K. Capital expenditures of $294K exceeded it, leaving free cash flow of −$233K.
Questions
What was Heritage Global's revenue in the third quarter 2025?
Heritage Global (HGBL) reported revenue of $11.4M for the third quarter 2025 (Q3 2025), +9% from a year earlier and -21% from the quarter before.
Was Heritage Global profitable in the third quarter 2025?
Operating profit was $1.3M (11.5% of revenue) and net earnings $585K.
Source: Heritage Global 10-Q on SEC EDGAR.